FTC Solar Q4 revenue $23.2M, net loss $11.2M; backlog $1.7B; expects Q1 trough, profitability by Q4

FTC Solar, Inc.

Revenue $23.2M, down 24.1% QoQ and 11.5% YoY; GAAP net loss $0.09/share vs $0.20 loss in Q4 2022.
Non-GAAP adjusted EBITDA loss $10.1M; Non-GAAP gross margin improved to 4.8% vs -3.4% YoY.
Added $213M to backlog since Nov 8, total backlog ~$1.7B; Q1 2024 revenue guidance $10M-$15M.
Expects breakeven Adj. EBITDA by Q3 2024 and profitability in Q4 2024; CEO search underway.
Operating expenses reduced; Anthony Carroll appointed Chairman of Customer Advisory Board.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FTC Solar, Inc. reported the fourth quarter ended December 31, 2023 results: revenue $23.2 million, net income $11.2 million, EPS $0.09 per share. Guidance initiated.

Period: the fourth quarter ended December 31, 2023
Revenue: $23.2 million
Net income: $11.2 million
EPS: $0.09 per share
Guidance: initiated
Result: reported results

Exact text from the filing

(EX-99.1) --- EX-99.1 Exhibit 99.1 FTC Solar Announces Fourth Quarter 2023 Financial Results Fourth Quarter Highlights and Recent Developments • Fourth quarter revenue of $23.2 million • Continue to improve cost structure to lower break-even revenue level • Added approximately $213 million to backlog 1 since Nov. 8; acceleration in contracted projects • Anthony

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Source: SEC EDGAR

accession 0000950170-24-030775

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