The following is a summary of the FTC Solar, Inc. (FTCI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue was $11.4 million, a decrease of 9.2% from the previous quarter and a significant drop of 64.7% year-over-year.

• GAAP gross loss was $2.3 million or 20.5% of revenue, compared to a gross loss of $2.1 million or 16.7% of revenue in the prior quarter. Non-GAAP gross loss bettered the midpoint guidance at $1.9 million or 16.8% of revenue.

• GAAP net loss widened to $12.2 million or $0.10 per share from $8.8 million or $0.07 per share in the previous quarter. Adjusted EBITDA loss was $10.5 million.

Business Progress:

• Announced the appointment of new CEO Yann Brandt.

• Hired industry veterans Alberto Echeverria and Tamara Mullings to boost international and North American sales efforts, respectively.

• FTC Solar maintains a strong technology portfolio with robust customer relationships and a comprehensive range of products geared towards both 1P and 2P markets.

• Planned revenue recovery to begin in Q4 with bookings of over $500 million laying the foundation.

Opportunities:

• Continual strategic investments in expanding global sales capabilities show promise in capturing growth potential in international markets.

• The extensive $500 million backlog indicates substantial future revenue possibilities pending customer execution.

Risks:

• Previously anticipated second-half growth for 2024 has been adjusted downwards due to customer project delays relating to interconnection and financing issues, pushing expected stronger financial performance to 2025.

More details: FTC Solar IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.