FTC Solar, Inc. announced its financial results for the third quarter ending September 30, 2024, on November 12, 2024, reporting total revenue of $10.1 million. This figure was within the company's target range but represented a decrease of 11.3% quarter-over-quarter and a 66.8% decrease compared to the prior year, primarily due to lower product volumes.
The company reported a GAAP gross loss of $4.3 million, or 42.5% of revenue, and a non-GAAP gross loss of $3.9 million, or 38.3% of revenue. Despite the revenue decline, non-GAAP operating expenses were reduced to $8.1 million, compared to $13.2 million in the year-ago quarter, reflecting ongoing cost control efforts. The GAAP net loss for the quarter was $15.4 million, or $0.12 per diluted share, with an Adjusted EBITDA loss of $12.2 million.
Subsequent to the quarter's end, FTC Solar received a $4.7 million cash earn-out related to a prior investment in Dimension Energy. The company also entered into a binding term sheet for a $15 million private placement of senior secured promissory notes and warrants, which is expected to strengthen its balance sheet. The contracted backlog stood at $513 million, with $18 million in new purchase orders added since August 8, 2024.
Looking ahead, FTC Solar projects fourth-quarter revenue to be approximately flat to up 39% relative to the third quarter. The company anticipates continued improvement in revenue, margin, and adjusted EBITDA in the first quarter of 2025, and reiterates its expectation to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.
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