FTC Solar (FTCI) The 38th Annual Roth Conference summary

Key business developments

• Announced major MSAs totaling over 3 GW, including deals in South Africa and with Strata Solar, expanding both 1P and 2P tracker offerings.

• MSAs are preferred over volume commitment agreements, fostering closer collaboration with EPCs and IPPs and enabling flexible project timelines.

• Added to approved vendor lists (AVLs) of eight out of the top 10 EPCs, a significant step for future bookings and market positioning.

• Targeting continued growth in bookings from top EPCs, aiming to double bookings from $50M in 2024 to $100M in 2025.

• Backlog stands at $491M, with 44% growth in the second half of last year and expectations to outpace market growth.

Product and technology strategy

• Expanded from a niche 2P tracker provider to offering both 1P and 2P solutions, focusing on customer diversification and supply base flexibility.

• Emphasizes single-row architecture with slew drives, aligning with market trends and offering terrain-following and high-wind features.

• Proprietary installation process reduces labor hours per module, achieving up to 40%+ time savings and supporting robotics integration.

• Software suite for operations and backtracking is competitive with industry leaders, supporting single-row architecture and enhancing project performance.

• 2P trackers expected to remain 15%-20% of revenue mix, with ongoing opportunities in challenging site conditions.

Financial and operational outlook

• Achieved near breakeven Adjusted EBITDA in Q4 with $32M revenue, driven by product mix and operational discipline.

• Breakeven revenue level guided at $50M-$60M, with growth aspirations beyond that.

• Liquidity supported by access to facilities and opportunistic use of ATM; balance sheet strength seen as key for commercial efforts.

• Recent technical covenant issue with a lender is being resolved collaboratively, with no anticipated default.

• Acquired full ownership of Alpha Steel to ensure FEOC compliance and clarity for customers regarding domestic content.