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Associated Press
01-05-2025
- Business
- Associated Press
FTC Solar Announces First Quarter 2025 Financial Results
AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the first quarter that ended March 31, 2025. 'We're pleased to report first quarter results which were ahead of target mid-points on all metrics,' said Yann Brandt, President and Chief Executive Officer of FTC Solar. 'In recent months we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 gigawatts with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects. 'Much of our recent momentum has been driven by the significant expansion of our innovative and differentiated 1P product line, including high wind offerings up to 150mph, terrain-following options, large stow range, compatibility across module manufacturers and types, and the upcoming availability of 100% domestic content. This compelling product line has helped drive significant increases in customer visits, bidding volume, average project size and customer access. 'Overall, I'm bullish on the long-term potential and prospects for FTC Solar. We're well positioned in a growth market to take significant share, with the right combination of people and products, providing the best value for our customers. Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.' Summary Financial Performance: Q1 2025 compared to Q1 2024 The contracted portion of the company's backlog1 now stands at approximately $482 million. First Quarter Results Total first-quarter revenue was $20.8 million, which was above our target range. This revenue level represents an increase of 57.6% compared to the prior quarter and an increase of 65.3% compared to the year-earlier quarter due to higher product volumes. GAAP gross loss was $3.4 million, or 16.6% of revenue, compared to gross loss of $3.8 million, or 29.1% of revenue, in the prior quarter. Non-GAAP gross loss was $3.0 million or 14.4% of revenue. The result for this quarter compares to non-GAAP gross loss of $1.7 million in the prior-year period. GAAP operating expenses were $7.1 million. On a non-GAAP basis, operating expenses were $6.6 million. This result compares to non-GAAP operating expenses of $8.7 million in the year-ago quarter. GAAP net loss was $3.8 million or $0.58 per diluted share, compared to a loss of $12.2 million or $0.96 per diluted share in the prior quarter and a net loss of $8.8 million or $0.70 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $5.9 million net gain from the change in fair value of the warrant liability, gain from collection of a contingent earnout payment and other non-cash items, was $9.8 million, compared to Adjusted EBITDA losses of $9.8 million(2) in the prior quarter and $10.7 million in the year-ago quarter. Subsequent Events The company announced today the appointments of Darrell Jackson and Max Sultan to its Board of Directors. The appointments were effective as of April 28, 2025. Mr. Jackson brings more than 30 years of executive and Board leadership experience to FTC Solar. He has been the CEO of The Efficace Group, an executive coaching and consulting firm, since 2018. Prior to Efficace, he served as President and CEO of Seaway Bank and Trust Company. Earlier in his career, he spent more than 19 years at Northern Trust Company, serving in various roles, including as EVP and President of Wealth Management, and spent approximately 14 years with BMO Harris. Mr. Jackson currently serves on the Janus Henderson Funds Board of Trustees, is an independent director for Amalgamated Financial Corporation, and is on the Board of Directors of two privately held companies, Dome Construction, Inc., and William R. Gray and Company. Mr. Jackson earned a BA in Communications from St. Xavier University and holds an Executive MBA degree from the Kellogg Graduate School of Management at Northwestern University. Mr. Sultan is currently a partner at Applied Value Group, a strategy and operations management consulting firm, having joined the firm in August 2013. He has led consulting engagements on issues including sourcing and supply chain, product design and innovation, and commercial excellence, and has worked with several renewable energy clients. Mr. Sultan has been a member of the Board of Directors of ES Solar, a private residential and commercial installer based in Utah since June 2023. He has previously served on the Boards of Applied Value Technologies and Division 5, LLC. Mr. Sultan holds a Bachelor of Business Administration degree from the Goizueta Business School at Emory University. Mr. Sultan was nominated to the Board by AV Securities, Inc., pursuant to the terms of the Promissory Note placement which closed in December 2024. Outlook For the second quarter, we expect revenue at the midpoint of our guidance range to show continued sequential growth relative to the first quarter. We continue to expect 2025 revenue to be weighted toward the second half and continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025. First Quarter 2025 Earnings Conference Call FTC Solar's senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its first quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar's website at A replay of the conference call will also be available on the website for 30 days following the webcast. About FTC Solar Inc. Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar's innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage. Footnotes 1. The term 'backlog' or 'contracted and awarded' refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors. 2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on March 31, 2025. 3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures. Forward-Looking Statements This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as 'may,' 'will,' 'could,' 'would,' 'should,' 'anticipate,' 'predict,' 'potential,' 'continue,' 'expects,' 'intends,' 'plans,' 'projects,' 'believes,' 'estimates' and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the 'SEC'), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law. FTC Solar Investor Contact: Bill Michalek Vice President, Investor Relations FTC Solar T: (737) 241-8618 E: [email protected] ___________ Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer ('CEO') transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding. Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles ('GAAP'). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies. Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below. The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively: The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively: The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three months ended March 31, 2025 and 2024, respectively: The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended March 31, 2025 and 2024, respectively:
Yahoo
04-04-2025
- Business
- Yahoo
April 2025's Top Penny Stocks To Consider
The U.S. stock market experienced a significant downturn recently, with major indexes suffering their worst day since 2020 due to newly announced tariffs, sparking concerns about economic growth and inflation. In such volatile conditions, investors often look beyond the large-cap stocks to explore opportunities in penny stocks—companies that may be smaller or newer but hold potential for substantial returns. Despite being considered somewhat outdated, the term 'penny stock' still signifies a sector where strong balance sheets and solid fundamentals can lead to impressive gains. Name Share Price Market Cap Financial Health Rating Safe Bulkers (NYSE:SB) $3.51 $392.12M ★★★★☆☆ Tuya (NYSE:TUYA) $2.79 $1.83B ★★★★★★ Smith Micro Software (NasdaqCM:SMSI) $0.742 $13.53M ★★★★☆☆ Kiora Pharmaceuticals (NasdaqCM:KPRX) $2.8327 $8.43M ★★★★★★ Flexible Solutions International (NYSEAM:FSI) $4.55 $61.59M ★★★★★★ Sensus Healthcare (NasdaqCM:SRTS) $4.90 $82.97M ★★★★★★ TETRA Technologies (NYSE:TTI) $3.02 $458.08M ★★★★☆☆ Imperial Petroleum (NasdaqCM:IMPP) $2.32 $74.01M ★★★★★★ BAB (OTCPK:BABB) $0.76 $5.74M ★★★★★★ CBAK Energy Technology (NasdaqCM:CBAT) $0.727 $68.37M ★★★★★☆ Click here to see the full list of 777 stocks from our US Penny Stocks screener. Let's uncover some gems from our specialized screener. Simply Wall St Financial Health Rating: ★★★★★☆ Overview: FTC Solar, Inc. provides solar tracker systems, software, and engineering services across various regions including the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia with a market cap of $37.92 million. Operations: FTC Solar has not reported any specific revenue segments. Market Cap: $37.92M FTC Solar, Inc. recently reported a decline in fourth-quarter revenue to US$13.2 million from US$23.2 million the previous year, with a net loss of US$12.24 million, highlighting ongoing financial challenges despite expectations for revenue growth in Q1 2025. The company secured additional funding through a private placement of senior secured promissory notes totaling approximately US$10 million, enhancing its cash position relative to debt obligations. With short-term assets exceeding both short and long-term liabilities, FTC Solar maintains some financial stability but remains unprofitable with high share price volatility and limited cash runway beyond four months without further capital infusion. Jump into the full analysis health report here for a deeper understanding of FTC Solar. Examine FTC Solar's earnings growth report to understand how analysts expect it to perform. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Nephros, Inc. is a commercial-stage company that develops and sells water solutions for the medical and commercial markets in the United States, with a market cap of $21.52 million. Operations: The company's revenue segment includes Water Filtration (Excluding Pathogen Detection) with $14.16 million in sales. 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Simply Wall St Financial Health Rating: ★★★★☆☆ Overview: Duluth Holdings Inc. operates in the United States, offering casual wear, workwear, outdoor apparel, and accessories under the Duluth Trading brand, with a market cap of $63.95 million. Operations: The company generates revenue from online retail, amounting to $626.63 million. Market Cap: $63.95M Duluth Holdings Inc. faces challenges as it navigates a period of transition, marked by executive changes and financial hurdles. The recent appointment of Stephanie Pugliese as CEO may provide strategic direction given her extensive retail experience. However, the company reported a net loss of US$43.67 million for the fiscal year ending February 2025, with declining sales and profitability issues over recent years. Despite these setbacks, Duluth's short-term assets exceed both its short- and long-term liabilities, suggesting some balance sheet resilience. The company's debt to equity ratio has improved significantly over five years to 14%, indicating prudent financial management amidst ongoing operational pressures. Click to explore a detailed breakdown of our findings in Duluth Holdings' financial health report. Assess Duluth Holdings' future earnings estimates with our detailed growth reports. Gain an insight into the universe of 777 US Penny Stocks by clicking here. Seeking Other Investments? These 11 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqCM:FTCI NasdaqCM:NEPH and NasdaqGS:DLTH. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
Yahoo
03-04-2025
- Business
- Yahoo
FTC Solar price target lowered to $5 from $10 at TD Cowen
TD Cowen lowered the firm's price target on FTC Solar (FTCI) to $5 from $10 and keeps a Buy rating on the shares. The firm said FTC Solar delivered solid sequential revenue growth and a rising contracted backlog, but margins remain under pressure due to lack of scale. Management reiterated its 2025 Adj. EBITDA breakeven goal, hinging on 2H project execution. Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks. Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on FTCI: Disclaimer & DisclosureReport an Issue FTC Solar price target raised to $3 from 50c at Roth MKM FTC Solar Reports Q4 2024 Financial Results FTC Solar: Strong Revenue Growth and Strategic Partnerships Drive Buy Rating Despite Margin Challenges Rocket acquires Mr. Cooper, Musk's xAI acquires X: Morning Buzz FTC Solar reports Q4 adjusted EPS (80c), consensus (84c)
Yahoo
29-01-2025
- Business
- Yahoo
US Penny Stocks To Watch In January 2025
As the U.S. stock market navigates a period of cautious anticipation, with investors closely watching the Federal Reserve's upcoming decisions and major tech earnings reports, there remains interest in exploring diverse investment opportunities. Though the term 'penny stock' might sound like a relic of past trading days, the opportunity it points to is still relevant. These smaller or newer companies can offer a mix of affordability and growth potential when paired with strong financials, making them intriguing options for investors seeking hidden value in quality stocks. Name Share Price Market Cap Financial Health Rating Kiora Pharmaceuticals (NasdaqCM:KPRX) $3.69 $11.4M ★★★★★★ BAB (OTCPK:BABB) $0.8985 $6.25M ★★★★★★ QuantaSing Group (NasdaqGM:QSG) $3.08 $121.65M ★★★★★★ ZTEST Electronics (OTCPK:ZTST.F) $0.283 $10.58M ★★★★★★ Imperial Petroleum (NasdaqCM:IMPP) $2.73 $84.93M ★★★★★★ North European Oil Royalty Trust (NYSE:NRT) $4.57 $42M ★★★★★★ Golden Growers Cooperative (OTCPK:GGRO.U) $4.50 $67.38M ★★★★★★ BTCS (NasdaqCM:BTCS) $3.11 $52.57M ★★★★★★ Smith Micro Software (NasdaqCM:SMSI) $1.29 $23.06M ★★★★★☆ CBAK Energy Technology (NasdaqCM:CBAT) $0.90 $79.98M ★★★★★☆ Click here to see the full list of 709 stocks from our US Penny Stocks screener. Let's take a closer look at a couple of our picks from the screened companies. Simply Wall St Financial Health Rating: ★★★★★☆ Overview: FTC Solar, Inc. provides solar tracker systems, software, and engineering services across various regions including the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia with a market cap of $51.03 million. Operations: The company generates revenue of $57.35 million from the manufacturing and servicing of solar tracker systems. Market Cap: $51.03M FTC Solar, Inc. is navigating the challenges typical of penny stocks with a volatile share price and ongoing unprofitability. Despite its current financial struggles, including a net loss of US$36.37 million over nine months in 2024, the company has secured significant projects such as supplying trackers for Dunlieh Energy's utility-scale solar projects beginning in 2025. Recent strategic moves include appointing Kent James as Chief Commercial Officer to bolster North American operations and raising capital through shelf registration and private placements, indicating efforts to stabilize finances and drive future growth. Click here to discover the nuances of FTC Solar with our detailed analytical financial health report. Understand FTC Solar's earnings outlook by examining our growth report. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Intevac, Inc. designs, develops, and manufactures thin-film processing systems across the United States, Europe, and Asia with a market cap of $94.41 million. Operations: The company generates revenue primarily from its Thin-Film Equipment (TFE) segment, totaling $65.57 million. Market Cap: $94.41M Intevac, Inc. remains unprofitable with a net loss of US$7.04 million over the first nine months of 2024, yet it maintains a strong balance sheet with short-term assets significantly exceeding liabilities and no debt for five years. The company's revenue guidance for 2025 is projected between US$52 million and US$55 million, reflecting disciplined financial management aimed at long-term sustainability. Recent strategic initiatives include forming a Strategic Committee to explore options for enhancing shareholder value, alongside initiating quarterly dividends and completing substantial share buybacks to strengthen investor confidence amidst ongoing challenges. Get an in-depth perspective on Intevac's performance by reading our balance sheet health report here. Explore Intevac's analyst forecasts in our growth report. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Puma Biotechnology, Inc. is a biopharmaceutical company dedicated to developing and commercializing cancer care products both in the United States and internationally, with a market cap of approximately $146.28 million. Operations: The company generates $243.57 million from its segment focused on the development and commercialization of innovative cancer care products. Market Cap: $146.28M Puma Biotechnology's recent developments highlight its dynamic position in the biotech sector. The company reported strong earnings growth, with third-quarter revenue rising to US$80.54 million from US$56.1 million the previous year, and net income reaching US$20.32 million. Its financial health is underpinned by short-term assets exceeding liabilities and more cash than total debt, reflecting prudent fiscal management. Recent inclusion of neratinib in NCCN guidelines for cervical cancer treatment and initiation of a Phase II trial for alisertib demonstrate Puma's commitment to expanding its oncology portfolio, potentially enhancing future revenue streams despite forecasted earnings decline over the next three years. Unlock comprehensive insights into our analysis of Puma Biotechnology stock in this financial health report. Learn about Puma Biotechnology's future growth trajectory here. Unlock more gems! Our US Penny Stocks screener has unearthed 706 more companies for you to here to unveil our expertly curated list of 709 US Penny Stocks. Shareholder in one or more of these companies? Ensure you're never caught off-guard by adding your portfolio in Simply Wall St for timely alerts on significant stock developments. Simply Wall St is your key to unlocking global market trends, a free user-friendly app for forward-thinking investors. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Jump on the AI train with fast growing tech companies forging a new era of innovation. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqCM:FTCI NasdaqGS:IVAC and NasdaqGS:PBYI. Have feedback on this article? 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