FTC Solar Q1 revenue $12.6M, down 69% YoY; net loss $0.07/share; backlog $1.8B

FTC Solar, Inc.

2024-Q1 EPS reported -$0.07 revenue$12,587,000

Revenue $12.6M, down 69% YoY vs $40.9M; GAAP gross margin negative 16.7%.
GAAP net loss $8.8M ($0.07 EPS) vs $11.8M loss ($0.11 EPS) in Q1 2023.
Backlog stands at $1.8B; company expects revenue weighted to H2 2024.
Guidance: Q2 rev $10.5-15.5M; targeting positive adjusted EBITDA by Q4 2024.
Non-GAAP adjusted EBITDA loss $10.7M; operating expenses $8.7M (non-GAAP).

item 2.02 item 9.01

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 first quarter ended March 31, 2024 results: revenue $12.6 million, net income $8.8 million or $0.07 per share, EPS $0.07 per share.

Period: the first quarter ended March 31, 2024
Revenue: $12.6 million
Net income: $8.8 million or $0.07 per share
EPS: $0.07 per share
Result: reported results

Exact text from the filing

EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 FTC Solar Announces First Quarter 2024 Financial Results First Quarter Highlights and Recent Developments • First quarter revenue of $12.6 million • Company remains focused on purchase orders, operational efficiencies, quality and customer service • Total backlog now stands at $1.8 billion • Continue to expect to achieve

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Source: SEC EDGAR

accession 0000950170-24-057437

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