FTC Solar, Inc. (NASDAQ:FTCI) reported first-quarter FY24 revenue of $12.59 million, missing the consensus of $12.91 million. Revenue declined 45.7% Y/Y due to lower product and logistics volumes.

Total backlog stood at roughly $1.8 billion in the quarter. Adjusted gross loss stood at $(1.7) million compared to adjusted gross profit of $3.0 million in the prior-year period.

Adjusted EBITDA loss came in at $(10.7) million vs. $(7.15) million a year ago quarter. Adjusted EPS of $(0.09) was in line with the consensus.

Shaker Sadasivam, Chairman of the Board of FTC Solar, said, "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."

Outlook: The company anticipates second-quarter FY24 revenue of $10.5 million-$15.5 million versus the consensus of $23.58 million.

In the second quarter of 2024, revenue at the mid-point will be slightly up from the first quarter, expecting revenue to be weighted toward the second half of the year.

FTC Solar projects to be approximately breakeven on an adjusted EBITDA basis in the third quarter and be profitable on that basis in the fourth quarter.

Price Action: FTCI shares are down 3.49% at $0.5308 at the last check Friday.

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