FTC Solar, a global provider of solar tracker systems, technology, software, and engineering services, announced its Q3 2024 earnings.
The company posted a loss of $0.10 per share, coming it slightly worse than the expected loss of $0.09 per share. Revenues marginally beat consensus estimates, landing at $10.14 million, or a 5% beat.
Revenues were 11.3% lower compared to the prior quarter and decreased 66.8% compared to the year-earlier quarter due to lower product volumes.
Shares are down roughly 12% in the trading day following the earnings report.
The company added $18 million in new purchase orders since August 8, 2024. The contracted portion of the company’s backlog now stands at $513 million.
In-quarter, the company hired industry veteran Yann Brandt as chief executive officer. On the earnings call, he highlighted FTC Solar’s expanded 1P product set that the company says opens new markets previously not accessed by the company.
The company inked a couple large, long-term contracts, including a 500 MW, scalable supply agreement with industry leader Strata Clean Energy, a 1 GW+ agreement with new customer Dunlieh Energy, additional project detail on 1 GW worth of projects with Sandhills Energy.
“The company is in a strong position as it relates to some of the most critical aspects of the business, and I can’t wait to work alongside our team to scale our market share,” said Brandt.
The company also secured a $15 million note placement and a $4.7 million earn out on prior investments, which Brandt said would add incremental strength to the company’s balance sheet.
The company issued guidance for Q4 2024, expecting $10 million to $14 million in revenue, and gross margin losses of 10.7% to 42.2%.
“Looking ahead to 2025, for the first quarter we expect continued improvement in revenue, margin and adjusted EBITDA. We remain confident we will achieve adjusted EBITDA breakeven on a quarterly basis in 2025,” said the company.
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