US tracker company FTC Solar has announced its financial results for the first quarter of 2024, which include revenue of US$12.6 million, and a net loss of US$8.8 million.
While this revenue figure, for the quarter ended on 31 March, is lower than the US$23.2 million posted by the company in Q4 2024, this falls within the US$10-15 million forecast made by FTC Solar in 2023. In addition, the company’s net loss is smaller than the US$11.2 million net loss endured in Q4 2023, and means that the company’s losses have more than halved since Q4 2022.
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FTC Solar’s financial performance also met the upper end of its forecasts in this quarter. The company posted non-GAAP gross losses of US$1.7 million, in excess of its forecast of US$1.8-3.8 million, and posted a non-GAAP gross margin of -13.7%, compared to its forecast of a margin of -12 to -38%.
“The company’s first-quarter results were in line with our targets,” said Shaker Sadasivam, chairman of the board of FTC Solar. “During the quarter, the company remained focused on advancing key initiatives that will support future growth and profitability including improving gross margin potential, lowering the breakeven revenue level, improving business processes and driving customer engagement and purchase orders.”
The stabilisation of financial performance will also be of benefit to a company that is still facing questions over its future, having not yet replaced former CEO Sean Hunkler, who left his position last November.
FTC Solar has not announced involvement in any new projects since its provision of trackers to the Butler County project in Nebraska last October, and noted that its order backlog, referring to projects to which it has agreed but not yet delivered, has grown from US$1.4 billion in the first quarter of 2023 to US$1.8 billion in the first quarter of 2024.
The company has also announced forecasts for the upcoming financial quarter in line with its forecasts for the first quarter of the year, aiming for revenue of US$10.5-15.5 million. FTC Solar also expects to post non-GAAP gross losses of US$1.1-3.1 million, and non-GAAP gross margins of -7.1% to -29.5%.
