The following is a summary of the FTC Solar, Inc. (FTCI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FTC Solar reported Q1 revenue of $12.6 million, a significant decrease compared to previous periods.

• The company had a GAAP gross loss of $2.1 million or 16.7% of revenue down from previous gross profit.

• GAAP net loss is reported at $8.8 million or $0.07 per share.

• The project backlog stands at $1.8 billion, with the contracted portion being $485 million.

Business Progress:

• FTC Solar has seen accelerated growth in contracted project rates, with monthly contracts increasing significantly in the past ten months.

• The company received its first purchase order for the Pioneer 1P tracker adapted for high wind conditions, showcasing growth in their product range.

• They are driving efficiency by improving business processes, enhancing customer engagement and working towards cost optimization enabling the goal for over 20% gross margins.

• Outcome of ongoing CEO search is expected by the next earnings call.

More details: FTC Solar IR

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