Ftc Solar, Inc. · NASDAQ:FTCI
Ftc Solar — Q1 2021 Earnings Presentation
16 slides from Ftc Solar's earnings presentation, Jun 8, 2021
Slide 1: First Quarter 2021 Earnings Results
June 8, 2021 First Quarter 2021 Earnings Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures 2 This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding the Company’s
Slide 3: First Quarter Highlights
First Quarter Highlights 3 Doubled revenue year-over-year to $65.7 million Secured first sales of new SunPath performance enhancement software product Awarded two international projects - Australia Added over $280 million to executed contracts and awarded orders YTD*, including $55 million since IPO
Slide 4: Growing Solar Demand Drives Revenue Expansion
Growing Solar Demand Drives Revenue Expansion 4 Source: Wood Mackenzie Global PV Outlook 1Q 2021.
Slide 5: Differentiated Product Impacts Customer Cost and Performance
Differentiated Product Impacts Customer Cost and Performance 5 Two-in-Portrait (2P) Tracker Advantages Improved bifacial energy yield Increased design flexibility Higher panel density Better site accessibility + Reduced Part Direct Current (“DC”) Industry-Leading High Slope Performance Count
Slide 6: Multiple Growth Drivers for Further Upside
Multiple Growth Drivers for Further Upside 6 Market and Sector Broaden and Deepen Expand Value Increase Operating Tailwinds Customer Relationships per Unit Leverage from Scale Long-term + + Build on software offerings + Scalable corporate = Sustainable Income & FCF Fossil fuels → solar energy New U.
Slide 7: Solar input pricing continues to increase
Solar input pricing continues to increase 7 Steel Freight $/Ton (Hot Rolled Coil by Export Port) $/Container (Baltic Index China/East Asia – NAMR East Coast) FTC IPO FTC IPO Up 19% since IPO Up 18% since IPO Modules $/Kg % Change Polysilicon (SSX Morning Ray Spot) FTC IPO FTC IPO Up 49% since IPO Up
Slide 8: FTC Solar's Response to current market conditions
FTC Solar’s Response to current market conditions 8 Commodity Cost Product Cost Roadmap Steel costs fixed at or prior to customer purchase order Good progress on our cost structure reduction pillars No long-term contracts without secured steel pricing • Design to Value (DTV) component cost reduction
Slide 9: Q1 Financial Performance
77/1 Financial Performance GAAP Non-GAAP Q1 2021 Q1 2020 Q1 2021 Q1 2020 EE a el Revenue $ 65,707 $ 32,376 $ 65,707 $ 32,376 Gross profit $ 119 $ 6,980 $ 185 $ 7,062 Operating expense $ 8,138 $ 4,084 $ 6,849 $ 3,672 Operating income (loss) $ (8,019) $ 2,896 $ (6,664) $ 3,390 Net income (loss) $ (7,4
Slide 10: Outlook
Outlook 10 $ mil., except per share Q2 2021 Outlook Total Revenue $41.0- $46.0 Non-GAAP Operating Expenses $9.5 - $10.5 Non-GAAP Net Income ($17.3 – $10.4) Based on current visibility, we believe: • Second quarter will be the low point for the year from which we’ll grow • Third quarter revenue will
Slide 11: ATTEN SAAN
ATTEN SAAN SS SSS aN SS
Slide 12: Appendix
Appendix
Slide 13: Reconciliation of Non-GAAP Gross Margin and Operating Expense
Reconciliation of Non-GAAP Gross Margin and Operating Expense 13
Slide 14: Reconciliation of Non-GAAP Operating Income
Reconciliation of Non-GAAP Operating Income 14
Slide 15: Reconciliation of Non-GAAP Net Income
Reconciliation of Non-GAAP Net Income 15
Slide 16: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 16