FTC Solar Q4 revenue $26.2M, down 74% YoY; backlog hits $1.2B; guides Q1 $36-40M

FTC Solar, Inc.

2022-FY EPS reported -$0.98 revenue$123,066,000

GAAP net loss $20.5M ($0.20 loss per share); non-GAAP adjusted EBITDA loss $11.0M.
Revenue up 58% sequentially from Q3 lows; non-GAAP gross margin improved to (3.4%) from (57.4%) prior quarter.
Backlog crosses $1B for first time at $1.2B, with $240M added in period; pipeline record 110GW.
Q1 2023 guidance: revenue $36-40M, non-GAAP gross margin 2%-8%, adjusted EBITDA loss $(10.3)-(6.8)M.
Announced U.S. manufacturing joint venture using domestic steel to capture IRA benefits.

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 fourth quarter ended December 31, 2022 results: revenue $26.2 million, net income $20.5 million, EPS $0.20 per share. Guidance initiated.

Period: the fourth quarter ended December 31, 2022
Revenue: $26.2 million
Net income: $20.5 million
EPS: $0.20 per share
Guidance: initiated
Result: reported results

Exact text from the filing

$ (20,501 ) $ (23,882 ) $ (11,499 ) $ (16,653 ) Diluted loss per share $ (0.20 ) $ (0.25 ) $ (0.11 ) $ (0.17 ) (a) Adjusted EBITDA for Non-GAAP Total fourth quarter revenue was $26.2 million, in line with our prior guidance range. This revenue level reflects the lower demand environment in the U.S., as customers struggle to navigate the regulatory environment and get

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Source: SEC EDGAR

accession 0000950170-23-004848

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