Ftc Solar, Inc. ( (FTCI) ) has released its Q4 earnings. Here is a breakdown of the information Ftc Solar, Inc. presented to its investors.
FTC Solar, Inc. is a global provider of solar tracker systems, technology, software, and engineering services, specializing in optimizing solar panel orientation to maximize energy production.
FTC Solar recently announced its financial results for the fourth quarter of 2024, highlighting a revenue of $13.2 million, which was at the high end of their target range. The company also secured significant supply arrangements and project awards, indicating strong strategic progress.
Key financial metrics revealed a decrease in revenue by 43.1% compared to the previous year, attributed to lower product volumes. Despite a net loss of $12.2 million, the company reported improvements in operating expenses and a reduction in adjusted EBITDA loss compared to the prior quarter. Strategic highlights included a 5-gigawatt supply arrangement with Recurrent Energy and project awards in Australia and the U.S., enhancing their backlog and liquidity.
Looking ahead, FTC Solar anticipates a revenue increase of approximately 44% in the first quarter of 2025. The company remains focused on achieving adjusted EBITDA breakeven within 2025, leveraging its strengthened sales team and expanded project pipeline.