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FTC Solar, Inc. (NASDAQ:FTCI) Q1 2024 Earnings Call Transcript

FTC Solar, Inc. reported their first quarter 2024 earnings on May 10, 2024, beating expectations with an EPS of $-0.06985 compared to the expected $-0.09. The company’s stock, FTCI, is not among the 30 most popular stocks among hedge funds at the end of the third quarter.

During the earnings conference call, Bill Michalek, Vice President of Investor Relations, introduced the speakers for the call: Ahmad Chatila, a Member of the Board of Directors and Company Founder; Cathy Behnen, Chief Financial Officer; and Patrick Cook, Chief Commercial Officer. Ahmad Chatila highlighted the company’s focus on advancing key initiatives for future growth and profitability, aiming to achieve breakeven on an adjusted EBITDA basis in the third quarter and profitability in the fourth quarter.

Chatila discussed the company’s progress in accelerating contracted projects and signed purchase orders, with bookings increasing to approximately $50 million per month. The company remains dedicated to enhancing its product portfolio and recently received their first purchase order for a high wind version of their Pioneer 1P tracker. Additionally, the market for 2P trackers has improved, and the company’s strong product portfolio positions them well to meet customer needs.

FTC Solar continues to improve business processes, including customer engagement and satisfaction, as well as cost optimization initiatives to increase sustainable long-term gross margins. The company has also made progress in reducing breakeven costs and is actively searching for a new CEO with significant industry knowledge.

Overall, FTC Solar remains optimistic about their future growth and profitability prospects as they continue to focus on key initiatives and strategic goals. the same tone and information provided in the original article.

We anticipate that we may be able to share an update on or before our upcoming earnings call in August. Our company is making solid progress towards a strong recovery. We have a diverse and growing product portfolio that is highly respected in the industry and can enhance our customers’ project portfolios. Customer engagement remains a top priority, and we are seeing positive booking trends. The market for 2P trackers is showing signs of improvement, and we are enhancing our systems and processes, including pricing strategies. Our product cost structure supports long-term gross margins of over 20%, and we have streamlined our company cost structure to achieve quarterly profitability by 2024.

In terms of our financial performance, in the first quarter, our revenue reached $12.6 million, within our target range. Despite a decrease compared to previous quarters, our project margins remain healthy, and our costs are more efficient. We believe there is significant potential for margin improvement as our revenue levels recover. Our operating expenses have been reduced, reflecting efficiencies across the company while supporting growth initiatives.

We ended the quarter with $60 million in cash and restricted cash, with no debt on our balance sheet. Our backlog stands at $1.8 billion, with a contracted portion of $485 million. Looking ahead, we expect revenue to increase in the second half of the year, with the goal of achieving breakeven on an adjusted EBITDA basis in the third quarter and profitability in the fourth quarter.

Overall, we are optimistic about the future of our company and look forward to sharing more updates in the coming months. Thank you for your attention. The Art of Crafting a Perfect Cup of Coffee

There is nothing quite like the satisfaction of sipping on a perfectly brewed cup of coffee. Whether you enjoy it black, with cream and sugar, or as a frothy latte, the art of crafting a great cup of coffee is something that coffee lovers take pride in.

To begin with, it all starts with the beans. Investing in high-quality, freshly roasted beans is essential for a delicious cup of coffee. Look for beans that are roasted within the past week and have a rich aroma. Experiment with different blends and origins to find the flavor profile that suits your taste buds.

Next, consider the grind. The grind size of the coffee beans will greatly affect the flavor of your brew. A finer grind is typically used for espresso, while a coarser grind is better suited for French press or drip coffee makers. Adjusting the grind size can help you achieve the perfect balance of flavor and strength in your coffee.

The brewing method is also crucial in creating a great cup of coffee. Whether you prefer a traditional drip coffee maker, a French press, a pour-over, or an espresso machine, each method has its own unique way of extracting the flavors from the beans. Experiment with different brewing techniques to find the one that brings out the best in your coffee.

Temperature and water quality are two often-overlooked factors in the coffee-making process. The ideal brewing temperature for coffee is between 195-205 degrees Fahrenheit. Using filtered water can also make a significant difference in the taste of your coffee, as tap water can contain impurities that affect the flavor.

Finally, don’t forget to consider the ratio of coffee to water. The standard ratio is typically one to two tablespoons of coffee per six ounces of water, but feel free to adjust this to suit your personal taste preferences. Remember, the key to crafting a perfect cup of coffee is to experiment and fine-tune the process until you find the brew that satisfies your coffee cravings.

In conclusion, brewing the perfect cup of coffee is a true art form that requires attention to detail and a passion for the craft. By starting with high-quality beans, experimenting with different grinds and brewing methods, and paying attention to factors like temperature and water quality, you can elevate your coffee game and enjoy a truly exceptional cup of joe.

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