FTC Solar Q3 revenue down 69% YoY to $16.6M; backlog hits $961M, Q4 guidance lower

FTC Solar, Inc.

2022-Q3 EPS reported -$0.79 revenue$96,846,000

Revenue $16.6M (-69% YoY); GAAP net loss $25.6M ($0.25/shr); Adjusted EBITDA loss $17.7M.
Backlog reached $961M, up $203M since Aug 9; record 90GW project pipeline.
Launched Pioneer 1P tracker with initial 500MW agreement; awarded 128MW Australia project.
Q4 guidance: rev $23-27M, adj EBITDA loss $(14.5)-$(10)M; sees Q3 as low point.
UFLPA-related module delays continue impacting US market; international expansion progressing.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FTC Solar, Inc. reported the third quarter ended September 30, 2022 results: revenue $16,572, net income $(25,636), EPS $(0.25).

Period: the third quarter ended September 30, 2022
Revenue: $16,572
Net income: $(25,636)
EPS: $(0.25)
Result: reported results

Exact text from the filing

Summary Financial Performance: Q3 2022 compared to Q3 2021 GAAP Non-GAAP Three months ended September 30, (in thousands, except per share data) 2022 2021 2022 2021 Revenue $ 16,572 $ 52,989 $ 16,572 $ 52,989 Gross margin percentage (57.4 %) (15.2 %) (49.8 %) (14.5 %) Total operating expenses $ 17,179 $ 14,731 $ 9,147 $ 8,412 Loss from operations (a) $

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Source: SEC EDGAR

accession 0000950170-22-023488

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