FTC Solar, Inc. is a top provider of solar tracker systems, software, and several engineering services. The company just disclosed its financial performance for the first quarter of this year. FTC Solar’s first-quarter financial report for 2024 showed an overall revenue of $12.6 million. The company’s backlog stands at $1.8 billion; however, it has also faced some challenges, like revenue loss due to operational expenses. Some experts think their revenue might increase slightly in the next quarter. The company remains focused on operational efficiencies, improving customer management, and enhancing the gross margin potential. Here we are talking about FTC SOLAR Reports First Quarter 2024 Revenue Of $12.6 Million.
The company remains committed to advancing key steps for future growth and profitability, including improved business processes. The company’s total backlog is approximately $1.8 billion, showcasing the impressive demand for its services and solar tracker system. FTC Solar also faced various challenges due to reduced revenue levels in the previous quarter, as the GAAP gross loss was $2.1 million, while the non-GAPP gross loss for the quarter was $1.7 million. The net GAP loss reported by the company was $8.8 million. Adjusted EBITDA loss for this quarter stood at $10.7 million, indicating the ongoing efforts by FTC on its operational expenses.
According to some reports, FTC Solar is predicted to have a slight increase in its revenue for the second quarter of 2024 compared to the first quarter. Shaker Sadasivam is pleased with how things went in the first quarter and says they’re on track with their goals. They’re focusing on improving their profits, driving more customer engagement, and planning for the future.
FTC Solar plans to get a breakeven on an adjusted EBITDA basis in the third quarter and utilize it in the fourth quarter to achieve profitability. FTC Solar will host an online conference for investors to give them deep insights into plans. Despite the decrease in revenue compared to the previous quarter and challenges faced in operational expenses, the company is committed to profitability and future growth in the solar energy sector.
Shaker Sadasivam emphasized that the company’s first-quarter results were up to expectations and aligned with FTC’s target. During this quarter, he mentioned that the company remained focused on advancing key initiatives to support future growth, including gross margin potential, lowering breakeven revenue level, and improving customer engagement and purchase orders.
Conclusion
FTC Solar announced its financial report for the first part of 2024. They earned $12.6 million in revenue during this time. Even though it has a slight decrease compared to last year, Shaker Sadasivam, the board chairman, looked satisfied with it as he talked about the company’s plan to keep improving and staying efficient. The company’s backlog stands at $1.8 billion; however, it has also faced some challenges, like revenue loss due to operational expenses.
Some experts think their revenue might increase slightly in the next quarter. They’re aiming to break even in the third quarter and start making a profit in the fourth. FTC Solar will discuss its plans at an online conference for investors. FTC Solar remains determined to grow and succeed in the solar energy industry. Shaker Sadasivam is pleased with how things went in the first quarter and says they’re on track with their goals. They’re focusing on improving their profits, driving more customer engagement, and planning for the future.
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