Latest news with #RecurrentEnergy
Yahoo
3 days ago
- Automotive
- Yahoo
GKN Automotive continues to drive progress towards its net zero 2045 target
Key highlights from GKN Automotive's Sustainability Progress Report 2024 LONDON, June 05, 2025 (GLOBE NEWSWIRE) -- GKN Automotive, the global leader in drive systems, today launched its Sustainability Progress Report 2024, which showcases the company's continued progress across all areas of its sustainability strategy. In January 2024, GKN Automotive's near- and long-term carbon reduction targets were approved by the Science Based Targets initiative (SBTi), while it reduced its total direct CO2e emissions (Scope 1 and 2) by 30% versus the previous year. Dr. Clare Wyatt, Chief People, Communications and Sustainability Officer at GKN Automotive, said: 'As the global leader in drive systems and trusted partner to 90% of the world's global automotive manufacturers, we have a critical role in ensuring that we are reducing our environmental footprint, while having a positive impact on the lives of our employees and communities in which we operate. Our continued resilience and future growth are reliant on our long-term commitment to embedding sustainability at the heart of our operations to drive a cleaner, more sustainable world.' The organisation also launched a global philanthropic science, technology, engineering, and mathematics (STEM) programme across three strategically important locations, Poland, Mexico, and India, to support hands-on educational opportunities for over 1,000 children and develop tomorrow's engineers. Further highlights across the four pillars of its sustainability strategy - Climate Action, Our Impact, Responsible Sourcing and Our People - include: Climate Action: Signed a Virtual Power Purchase Agreement (VPPA) with Recurrent Energy to cover 65% of the company's European electricity load from 2026, while developing net zero action plans for its top 20 sites, ranked by GHG emissions, to continue to drive progress on its net zero ambitions Our Impact: 85% of GKN Automotive's research and development spend contributed to the decarbonisation of the sector, while 86% of its sites had local charitable relationships and as a business, it made a total of £740,000 in charitable cash donations in 2024, maintaining its contributions versus the previous year Responsible Sourcing: Following the introduction of the Supplier Assessment Questionnaire (SAQ) platform to strengthen its sustainable procurement practices in 2023, 80% of GKN Automotive's direct material spend is now covered by supplier assessment questionnaires, while 78% of steel is now procured from electric arc furnaces Our People: Achieved a 0.1% accident frequency rate, while 98% of eligible employees completed annual performance reviews, reinforcing the business' commitment to ongoing employee development. The Tier One supplier, which is the trusted partner of 90% of the world's global automotive manufacturers, has also announced the expansion of its responsible sourcing targets to include: 95% of supplier spend required to be with partners to be SAQ rating of 'C' or above; 50% of supplier spend to have SBTi accredited emission reduction targets; and 90% of steel to be sourced from electric arc furnaces (EAFs). Tom Salisbury, Director of Sustainability at GKN Automotive, said: 'There is continuing demand from our customers to consistently improve the sustainability of our products, processes, and operations, and we are actively partnering with them across the business to drive this forward. Our focus has been on Scope 1 and 2 reductions to achieve our aim of decarbonising our operations and value chain and we are proud of the progress made to date.' In November 2024, the company was awarded a prestigious EcoVadis Gold rating, placing it in the top 1% of participants in the automotive category and further building on the successes of its Silver rating in 2023 and Bronze in 2022. ABOUT GKN AUTOMOTIVE: GKN Automotive is the global leader in drive systems and trusted partner to 90% of the world's global automotive companies. It specialises in market-leading propulsion agnostic drive system technologies, from sideshafts to advanced torque management systems and devices, with core capabilities in systems integration. The business has a clear purpose to 'drive a cleaner, more sustainable world' and is committed to leading the transition to net zero whilst delivering ambitious sustainability goals related to its people, its approach to responsible sourcing and the impact it has on local communities around the world. GKN Automotive is at the forefront of innovation, with origins dating back to 1759. Today, it operates in 21 countries employing around 24,000 people across its core business and joint ventures and is part of Dowlais Group plc, a specialist engineering group focused on the automotive sector. Contact: Shona Inglis, email: gknautomotive-comms@ A photo accompanying this announcement is available at in to access your portfolio
Yahoo
3 days ago
- Automotive
- Yahoo
GKN Automotive continues to drive progress towards its net zero 2045 target
Key highlights from GKN Automotive's Sustainability Progress Report 2024 LONDON, June 05, 2025 (GLOBE NEWSWIRE) -- GKN Automotive, the global leader in drive systems, today launched its Sustainability Progress Report 2024, which showcases the company's continued progress across all areas of its sustainability strategy. In January 2024, GKN Automotive's near- and long-term carbon reduction targets were approved by the Science Based Targets initiative (SBTi), while it reduced its total direct CO2e emissions (Scope 1 and 2) by 30% versus the previous year. Dr. Clare Wyatt, Chief People, Communications and Sustainability Officer at GKN Automotive, said: 'As the global leader in drive systems and trusted partner to 90% of the world's global automotive manufacturers, we have a critical role in ensuring that we are reducing our environmental footprint, while having a positive impact on the lives of our employees and communities in which we operate. Our continued resilience and future growth are reliant on our long-term commitment to embedding sustainability at the heart of our operations to drive a cleaner, more sustainable world.' The organisation also launched a global philanthropic science, technology, engineering, and mathematics (STEM) programme across three strategically important locations, Poland, Mexico, and India, to support hands-on educational opportunities for over 1,000 children and develop tomorrow's engineers. Further highlights across the four pillars of its sustainability strategy - Climate Action, Our Impact, Responsible Sourcing and Our People - include: Climate Action: Signed a Virtual Power Purchase Agreement (VPPA) with Recurrent Energy to cover 65% of the company's European electricity load from 2026, while developing net zero action plans for its top 20 sites, ranked by GHG emissions, to continue to drive progress on its net zero ambitions Our Impact: 85% of GKN Automotive's research and development spend contributed to the decarbonisation of the sector, while 86% of its sites had local charitable relationships and as a business, it made a total of £740,000 in charitable cash donations in 2024, maintaining its contributions versus the previous year Responsible Sourcing: Following the introduction of the Supplier Assessment Questionnaire (SAQ) platform to strengthen its sustainable procurement practices in 2023, 80% of GKN Automotive's direct material spend is now covered by supplier assessment questionnaires, while 78% of steel is now procured from electric arc furnaces Our People: Achieved a 0.1% accident frequency rate, while 98% of eligible employees completed annual performance reviews, reinforcing the business' commitment to ongoing employee development. The Tier One supplier, which is the trusted partner of 90% of the world's global automotive manufacturers, has also announced the expansion of its responsible sourcing targets to include: 95% of supplier spend required to be with partners to be SAQ rating of 'C' or above; 50% of supplier spend to have SBTi accredited emission reduction targets; and 90% of steel to be sourced from electric arc furnaces (EAFs). Tom Salisbury, Director of Sustainability at GKN Automotive, said: 'There is continuing demand from our customers to consistently improve the sustainability of our products, processes, and operations, and we are actively partnering with them across the business to drive this forward. Our focus has been on Scope 1 and 2 reductions to achieve our aim of decarbonising our operations and value chain and we are proud of the progress made to date.' In November 2024, the company was awarded a prestigious EcoVadis Gold rating, placing it in the top 1% of participants in the automotive category and further building on the successes of its Silver rating in 2023 and Bronze in 2022. ABOUT GKN AUTOMOTIVE: GKN Automotive is the global leader in drive systems and trusted partner to 90% of the world's global automotive companies. It specialises in market-leading propulsion agnostic drive system technologies, from sideshafts to advanced torque management systems and devices, with core capabilities in systems integration. The business has a clear purpose to 'drive a cleaner, more sustainable world' and is committed to leading the transition to net zero whilst delivering ambitious sustainability goals related to its people, its approach to responsible sourcing and the impact it has on local communities around the world. GKN Automotive is at the forefront of innovation, with origins dating back to 1759. Today, it operates in 21 countries employing around 24,000 people across its core business and joint ventures and is part of Dowlais Group plc, a specialist engineering group focused on the automotive sector. Contact: Shona Inglis, email: gknautomotive-comms@ A photo accompanying this announcement is available at
BBC News
22-05-2025
- General
- BBC News
Warwickshire campaigners celebrate as solar farm rejected
A local campaigner has said she is "overjoyed" after plans to construct a solar farm next to a Warwickshire village have been Pittel led the drive against the proposed 212-acre site to the west of Fosse Way, near Radford Semele. The plans sparked significant pushback from residents with more than 300 objections, including a petition signed by more than 1,200 at Warwick District Council voted eight to one to reject the plans at a meeting on Tuesday evening as the impact to the landscape outweighed the benefits of the source of renewable energy. Recurrent Energy, who were behind the project, said the site would generate enough renewable energy to power about 20,651 homes and save 14,000 tonnes of carbon dioxide per year. However, the number of other solar farms in close proximity to the planned site led the councillors to acknowledge the "cumulative impact". Matt Western, MP for Warwick and Leamington, Radford Semele Parish Council and landscape professionals from Warwickshire County Council also objected to the plans. In addition to the "cumulative impact", they added that the plans would also lead to landscape harm, the loss of good quality agricultural land and open space."There was an awful lot of opposition to it," Ms Pittel said. 'Site would have dominated village' In a statement on social media, Western said the site would have "dominated" the nearby village, but added that he "cared deeply" about green energy. He suggested onshore wind sites could be used as a renewable source in Warwickshire instead. Ms Pittel said she was "very hopeful" the rejection would not be overturned if it were to be appealed as local policy "protected against the cumulative impacts" that resulted "from all the other developments here". She added that the impacts "can't be mitigated" as a result of the neighbouring sites. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.
Yahoo
22-04-2025
- Business
- Yahoo
Recurrent Energy's 127MW Bayou Galion solar project in Louisiana starts operations
Recurrent Energy, a subsidiary of Canadian Solar, has announced the commencement of operations of the Bayou Galion Solar Project, a 127MWdc (megawatts direct current) solar power plant in north-east Louisiana, US. The project, which occupies roughly 1,080 acres in Morehouse Parish, began generating power in November 2024. It is capable of powering around 20,500 homes annually. The solar project reflects increasing solar energy investment in Louisiana, fuelled by heightened electricity demand from manufacturing and data centres. By the end of 2024, the cumulative solar investment in Louisiana had reached more than $2bn. Recurrent Energy CEO Ismael Guerrero said: "The successful completion of Bayou Galion Solar marks a significant milestone for Recurrent Energy – our first project in Louisiana. This $160m investment not only brings clean, reliable power to the region but also drives local economic development, creates jobs and strengthens the state's energy infrastructure. 'We are honoured by the trust placed in us by Morehouse Parish. Louisiana has long been an energy leader. We look forward to deepening our partnerships as we develop and operate projects across the state." The Bayou Galion Solar facility is set to provide a significant source of new tax revenue for the community. Morehouse Economic Development CEO Kay King said: "Congratulations to Recurrent Energy on the completion of the Bayou Galion Project. Solar development in our parish improves our tax base, adds income to landowners and diversifies our area's electrical power sources. 'Morehouse Parish supports this development, which is building a foundation for a strong electrical grid system that will power future growth here and across our region." The project financing, amounting to $160m, was arranged by Mitsubishi UFJ Financial Group (MUFG) as the coordinating lead arranger. Primoris Renewables Energy completed the project's construction, leveraging local vendors. In a related development, Recurrent Energy secured a ten-year power purchase agreement (PPA) with a US technology company in December last year. This PPA pertains to the Tordesillas solar photovoltaic project in Valladolid, Castilla y León, Spain, which boasts an installed capacity of 300MW. "Recurrent Energy's 127MW Bayou Galion solar project in Louisiana starts operations" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Associated Press
31-03-2025
- Business
- Associated Press
FTC Solar Announces Fourth Quarter 2024 Financial Results
Fourth quarter revenue of $13.2 million, at the high end of our prior target Entered into 5-gigawatt supply arrangement with Recurrent Energy Awarded 330+ megawatt project in Australia from GPG Naturgy Awarded 280-megawatt project in U.S. from Rosendin Appointed industry veteran Kent James as U.S. Chief Commercial Officer Received additional $3.2 million earn-out on prior investment post quarter end Announced upsizing of promissory note offering for up to additional $10-$15 mil. to close in Q2 AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the fourth quarter that ended December 31, 2024. 'In addition to reporting favorable quarterly results relative to our targets, I'm pleased to say that we have had a number of recent wins and building momentum,' said Yann Brandt, President and Chief Executive Officer of FTC Solar. 'Last quarter I highlighted a new 1-gigawatt supply agreement with Dunlieh Energy, a 500+ megawatt supply agreement with Strata Clean Energy, additional detail on a 1-gigawatt agreement with Sandhills Energy, a $15 million note placement and a $4.7 million cash earn-out on a prior investment. Building on those successes, today we announced several additional wins, including a new 5-gigawatt supply arrangement with Recurrent Energy, a 330+ megawatt project award from GPG Naturgy, a 280-megawatt project award from Rosendin, an additional earn-out payment, and an upsizing to our promissory note offering. 'During the first six months of my tenure, we have been focused on shoring up our near-term backlog. In aggregate we have added multiples of our current annual revenue run rate to our backlog, signing several gigawatts of agreements with Tier 1 accounts along with other awards, added more than $30 million in additional liquidity to our balance sheet, strengthened our sales team with new hires including Kent James, further strengthened our product offering and capabilities and increased our commercial traction with bids on many gigawatts of future projects. 'I believe that FTC Solar is in an incredibly fortunate situation in many respects with products that customers love, a business they enjoy working with, a cost structure that will enable strong margin growth and profitability, and a compelling 1P product set that opens up the 85% of the market that wasn't available to us in the past. We believe our revenue bottomed in Q3, we saw growth in Q4, expect growth in Q1, and have been winning many new awards that we believe will help us ramp our revenue, achieve adjusted EBITDA breakeven, and become a strong and significant competitor in the industry.' Summary Financial Performance: Q4 2024 compared to Q4 2023 U.S. GAAP Non-GAAP(c) Three months ended December 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenue $ 13,202 $ 23,201 $ 13,202 $ 23,201 Gross margin percentage (29.1 %) 3.0 % (25.6 %) 4.8 % Total operating expenses $ 9,591 $ 12,428 $ 7,391 $ 10,848 Loss from operations(a) $ (13,428) $ (11,736) $ (9,840) $ (10,050) Net loss $ (12,235) $ (11,177) $ (10,228) $ (9,657) Diluted loss per share(b) $ (0.96) $ (0.89) $ (0.80) $ (0.77) (a) Adjusted EBITDA for Non-GAAP (b) Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024 (c) See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures Reflecting net purchase order additions and adjustments since November 12, 2024, the contracted portion of the company's backlog1 now stands at approximately $502 million. Fourth Quarter Results Total fourth-quarter revenue was $13.2 million, within our target range. This revenue level represents an increase of 30.2% compared to the prior quarter and a decrease of 43.1% compared to the year-earlier quarter due to lower product volumes. GAAP gross loss was $3.8 million, or 29.1% of revenue, compared to gross loss of $4.3 million, or 42.5% of revenue, in the prior quarter. Non-GAAP gross loss was $3.4 million or 25.6% of revenue. The result for this quarter compares to non-GAAP gross profit of $1.1 million in the prior-year period, with the difference driven primarily by the impact of lower current quarter revenues which were not sufficient to cover certain fixed indirect costs. GAAP operating expenses were $9.6 million. On a non-GAAP basis, operating expenses were $7.4 million. This result compares to non-GAAP operating expenses of $10.8 million in the year-ago quarter. GAAP net loss was $12.2 million or $0.96 per diluted share, compared to a loss of $15.4 million or $1.21 per diluted share in the prior quarter (post-split) and a net loss of $11.2 million or $0.89 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $2.4 million net loss from stock-based compensation expense and other non-cash items, was $9.8 million, compared to losses of $12.2 million(2) in the prior quarter and $10.1 million in the year-ago quarter. Subsequent Events The company announced today a number of agreements, awards or other items which occurred subsequent to the end of the fourth quarter, including: A 5-gigawatt supply arrangement with Recurrent Energy. Recurrent is one of the world's largest and most geographically diversified utility-scale solar developers. The projects are expected to be located in the U.S., Europe and Australia and utilize a combination of our 1P and 2P tracker technologies. It's anticipated that the first project revenue under this arrangement will begin in the second half of 2025. A 333-megawatt project award from GPG, the power generation subsidiary of multinational energy leader Naturgy, which operates in more than 20 countries with 16 million customers. The project, which is located in Australia, will utilize our 1P Pioneer tracker and is expected to begin tracker production in mid-2025. A 280-megawatt project award from Rosendin, a top 5 EPC and the largest employee-owned electrical contractor in the U.S. The project, which is located on the U.S. West Coast, will also utilize our 1P Pioneer solution and is expected to begin tracker production in mid-2025. A $3.2 million earn-out on the company's prior investment in Dimension Energy. The payment, which was received in the first quarter of 2025, brings the total escrow release and earn-outs received since 2021 to more than $15 million. And finally, on March 4, 2024, the company entered into a binding term sheet to upsize the previously announced promissory note offering. Under the terms of the upsized agreement the company will issue to the Investor, in a private placement, senior secured promissory notes in an aggregate principal amount of up to an additional $10-$15 million dollars and common stock purchase warrants. The transaction is expected to close during the second quarter. This is in addition to the $15 million received in the fourth quarter of 2024. Outlook For the first quarter, we expect revenue at the midpoint of our guidance range to be up approximately 44% relative to the fourth quarter. (in millions) 4Q'24 Guidance 4Q'24 Actual 1Q'25 Guidance(3) Revenue $10.0 – $14.0 $13.2 $18.0 – $20.0 Non-GAAP Gross Loss $(4.2) – $(1.5) $(3.4) $(4.8) – $(2.3) Non-GAAP Gross Margin (42.2%) – (10.7%) (25.6%) (26.6%) – (11.7%) Non-GAAP operating expenses $8.2 – $9.0 $7.4 $7.7 – $8.4 Non-GAAP adjusted EBITDA $(13.7) – $(9.9) $(9.8) $(13.3) – $(10.0) We continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025. Fourth Quarter 2024 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 fourth 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 November 12, 2024. 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 T: (737) 241-8618 FTC Solar, Inc. Condensed Consolidated Statements of Comprehensive Loss (unaudited) Three months ended December 31, Year ended December 31, (in thousands, except shares and per share data) 2024 2023 2024 2023 Revenue: Product $ 10,428 $ 20,945 $ 37,520 $ 101,872 Service 2,774 2,256 9,835 25,130 Total revenue 13,202 23,201 47,355 127,002 Cost of revenue: Product 13,553 19,620 48,185 93,314 Service 3,486 2,889 11,764 25,381 Total cost of revenue 17,039 22,509 59,949 118,695 Gross profit (loss) (3,837) 692 (12,594) 8,307 Operating expenses Research and development 1,474 1,450 5,915 7,166 Selling and marketing 2,051 4,924 8,881 14,811 General and administrative 6,066 6,054 25,440 37,107 Total operating expenses 9,591 12,428 40,236 59,084 Loss from operations (13,428) (11,736) (52,830) (50,777) Interest expense, net (208) (59) (319) (253) Gain from disposal of investment in unconsolidated subsidiary 4,722 421 8,807 1,319 Gain on sale of Atlas 906 — 906 — Loss from change in fair value of warrant liability (4,322) — (4,322) — Other income (expense), net 346 8 468 (257) Loss from unconsolidated subsidiary (319) (324) (1,086) (660) Loss before income taxes (12,303) (11,690) (48,376) (50,628) (Provision for) benefit from income taxes 68 513 (230) 338 Net loss (12,235) (11,177) (48,606) (50,290) Other comprehensive income (loss): Foreign currency translation adjustments (311) 219 (249) (232) Comprehensive loss $ (12,546) $ (10,958) $ (48,855) $ (50,522) Net loss per share: Basic and diluted (*) $ (0.96) $ (0.89) $ (3.83) $ (4.35) Weighted-average common shares outstanding: Basic and diluted (*) 12,787,050 12,510,743 12,675,923 11,554,615 ___________ (*) Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024. FTC Solar, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except shares and per share data) December 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 11,247 $ 25,235 Accounts receivable, net of allowance for credit losses of $1,717 and $8,557 at December 31, 2024 and December 31, 2023, respectively 39,709 65,279 Inventories 10,144 3,905 Prepaid and other current assets 15,028 14,089 Total current assets 76,128 108,508 Operating lease right-of-use assets 1,149 1,819 Property and equipment, net 2,217 1,823 Intangible assets, net — 542 Goodwill 7,139 7,353 Equity method investment 954 240 Other assets 2,341 2,785 Total assets $ 89,928 $ 123,070 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 12,995 $ 7,979 Accrued expenses 20,134 34,848 Income taxes payable 325 88 Deferred revenue 5,306 3,612 Other current liabilities 10,313 8,138 Total current liabilities 49,073 54,665 Long-term debt 9,466 — Operating lease liability, net of current portion 411 1,124 Warrant liability 9,520 — Other non-current liabilities 2,422 4,810 Total liabilities 70,892 60,599 Commitments and contingencies Stockholders' equity Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2024 and December 31, 2023 — — Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 12,853,823 and 12,544,533 shares issued and outstanding as of December 31, 2024 and December 31, 2023(*) 1 1 Treasury stock, at cost; 1,076,257 shares as of December 31, 2024 and December 31, 2023 — — Additional paid-in capital(*) 367,318 361,898 Accumulated other comprehensive loss (542) (293) Accumulated deficit (347,741) (299,135) Total stockholders' equity 19,036 62,471 Total liabilities and stockholders' equity $ 89,928 $ 123,070 ___________ (*) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024. FTC Solar, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) Year ended December 31, (in thousands) 2024 2023 Cash flows from operating activities Net loss $ (48,606) $ (50,290) Adjustments to reconcile net loss to cash used in operating activities: Stock-based compensation 5,412 8,295 Depreciation and amortization 1,671 1,375 Loss from change in fair value of warrant liability 4,322 — Gain from sale of property and equipment — (2) Amortization of debt discount and issue costs 296 709 Paid-in-kind non-cash interest 146 — Provision for obsolete and slow-moving inventory 177 706 Loss from unconsolidated subsidiary 1,086 660 Gain from disposal of investment in unconsolidated subsidiary (8,807) (1,319) Gain on sale of Atlas (906) — Warranties issued and remediation added 7,204 4,310 Warranty recoverable from manufacturer 558 90 Credit loss provisions 2,072 7,373 Deferred income taxes 83 138 Lease expense and other 1,123 996 Impact on cash from changes in operating assets and liabilities: Accounts receivable 23,498 (23,600) Inventories (6,416) 10,338 Prepaid and other current assets (934) (3,681) Other assets (376) 383 Accounts payable 4,963 (7,960) Accruals and other current liabilities (19,292) 10,582 Deferred revenue 1,754 (7,704) Other non-current liabilities (2,696) (3,083) Lease payments and other, net (1,031) (972) Net cash used in operations (34,699) (52,656) Cash flows from investing activities: Purchases of property and equipment (1,645) (816) Proceeds from sale of Atlas software platform 900 — Equity method investment in Alpha Steel (1,800) (900) Proceeds from disposal of investment in unconsolidated subsidiary 8,807 1,319 Net cash provided by (used in) investing activities 6,262 (397) Cash flows from financing activities: Proceeds from borrowings 14,550 — Sale of common stock — 34,007 Stock offering costs paid — (283) Financing costs paid (60) — Proceeds from stock option exercises 8 226 Net cash provided by financing activities 14,498 33,950 Effect of exchange rate changes on cash and cash equivalents (49) (47) Decrease in cash and cash equivalents (13,988) (19,150) Cash and cash equivalents at beginning of period 25,235 44,385 Cash and cash equivalents at end of period $ 11,247 $ 25,235 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 and twelve months ended December 31, 2024 and 2023, respectively: Three months ended December 31, Year ended December 31, (in thousands, except percentages) 2024 2023 2024 2023 U.S. GAAP revenue $ 13,202 $ 23,201 $ 47,355 $ 127,002 U.S. GAAP gross profit (loss) $ (3,837) $ 692 $ (12,594) $ 8,307 Depreciation expense 182 139 716 478 Stock-based compensation 203 283 902 1,596 Severance costs 70 — 70 252 Non-GAAP gross profit (loss) $ (3,382) $ 1,114 $ (10,906) $ 10,633 Non-GAAP gross margin percentage (25.6 %) 4.8 % (23.0 %) 8.4 % The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively: Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 U.S. GAAP operating expenses $ 9,591 $ 12,428 $ 40,236 $ 59,084 Depreciation expense (126) (99) (420) (355) Amortization expense (134) (133) (535) (542) Stock-based compensation (966) 1,032 (4,510) (6,699) CEO transition (194) — (1,423) — Non-routine legal fees — (33) (66) (214) Reverse stock split (212) — (212) — Severance costs (568) (2,347) (568) (4,170) Other (costs) credits — — — (3,241) Non-GAAP operating expenses $ 7,391 $ 10,848 $ 32,502 $ 43,863 The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and twelve months ended December 31, 2024 and 2023, respectively: Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 U.S. GAAP loss from operations $ (13,428) $ (11,736) $ (52,830) $ (50,777) Depreciation expense 308 238 1,136 833 Amortization expense 134 133 535 542 Stock-based compensation 1,169 (749) 5,412 8,295 CEO transition 194 — 1,423 — Non-routine legal fees — 33 66 214 Reverse stock split 212 — 212 — Severance costs 638 2,347 638 4,422 Other costs — — — 3,241 Other income (expense), net 346 8 468 (257) Gain on sale of Atlas 906 — 906 — Loss from unconsolidated subsidiary (319) (324) (1,086) (660) Adjusted EBITDA $ (9,840) $ (10,050) $ (43,120) $ (34,147) 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 December 31, 2024 and 2023, respectively: Three months ended December 31, 2024 2023 (in thousands, except shares and per share data) Adjusted EBITDA Adjusted Net Loss Adjusted EBITDA Adjusted Net Loss Net loss per U.S. GAAP $ (12,235) $ (12,235) $ (11,177) $ (11,177) Reconciling items - Provision for (benefit from) income taxes (68) — (513) — Interest (income) expense, net 208 — 59 — Amortization of debt discount and issue costs in interest expense — 60 — 177 Depreciation expense 308 — 238 — Amortization of intangibles 134 134 133 133 Stock-based compensation 1,169 1,169 (749) (749) Gain from disposal of investment in unconsolidated subsidiary(a) (4,722) (4,722) (421) (421) Loss from change in fair value of warrant liability(b) 4,322 4,322 — — CEO transition(c) 194 194 — — Non-routine legal fees(d) — — 33 33 Reverse stock split(e) 212 212 — — Severance costs(f) 638 638 2,347 2,347 Adjusted Non-GAAP amounts $ (9,840) $ (10,228) $ (10,050) $ (9,657) Adjusted Non-GAAP net loss per share (Adjusted EPS): Basic and diluted(g) N/A $ (0.80) N/A $ (0.77) Weighted-average common shares outstanding: Basic and diluted(g) N/A 12,787,050 N/A 12,510,743 (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations. (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance. (c) In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the 'sign-on bonuses'), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO. (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business. (e) We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations. (f) Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained. (g) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024. The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the twelve months ended December 31, 2024 and 2023, respectively: Year ended December 31, 2024 2023 (in thousands, except shares and per share data) Adjusted EBITDA Adjusted Net Loss Adjusted EBITDA Adjusted Net Loss Net loss per U.S. GAAP $ (48,606) $ (48,606) $ (50,290) $ (50,290) Reconciling items - Provision for (benefit from) income taxes 230 — (338) — Interest expense, net 319 — 253 — Amortization of debt discount and issue costs in interest expense — 296 — 709 Depreciation expense 1,136 — 833 — Amortization of intangibles 535 535 542 542 Stock-based compensation 5,412 5,412 8,295 8,295 Gain from disposal of investment in unconsolidated subsidiary(a) (8,807) (8,807) (1,319) (1,319) Loss from change in fair value of warrant liability(b) 4,322 4,322 — — CEO transition(c) 1,423 1,423 — — Non-routine legal fees(d) 66 66 214 214 Reverse stock split(e) 212 212 — — Severance costs(f) 638 638 4,422 4,422 Other costs(g) — — 3,241 3,241 Adjusted Non-GAAP amounts $ (43,120) $ (44,509) $ (34,147) $ (34,186) Adjusted Non-GAAP net loss per share (Adjusted EPS): Basic and diluted(h) N/A $ (3.51) N/A $ (2.96) Weighted-average common shares outstanding: Basic and diluted(h) N/A 12,675,923 N/A 11,554,615 (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations. (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance. (c) We incurred one-time incremental recruitment fees in connection with hiring a new CEO in August 2024. In addition, we agreed to upfront and incremental sign-on bonuses (collectively, the 'sign-on bonuses'), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO. (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business. (e) We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations. (f) Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained. (g) Other costs in 2023 included the write-off of remaining prepaid costs resulting from termination of our consulting agreement with a related party. (h) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
