FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker
systems, software and engineering services, today announced
financial results for the first quarter ended March 31, 2024.
First Quarter Results“The
company's first-quarter results were in line with our targets,”
said Shaker Sadasivam, Chairman of the Board of FTC Solar. "During
the quarter, the company remained focused on advancing key
initiatives that will support future growth and profitability
including improving gross margin potential, lowering the breakeven
revenue level, improving business processes and driving customer
engagement and purchase orders.”
Total backlog now stands at approximately $1.8
billion.
Summary Financial Performance: Q1 2024
compared to Q1 2023
|
|
U.S. GAAP |
|
|
Non-GAAP |
|
|
|
Three months ended March 31, |
|
(in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
12,587 |
|
|
$ |
40,894 |
|
|
$ |
12,587 |
|
|
$ |
40,894 |
|
Gross margin percentage |
|
|
(16.7 |
%) |
|
|
5.0 |
% |
|
|
(13.7 |
%) |
|
|
7.3 |
% |
Total operating expenses |
|
$ |
10,394 |
|
|
$ |
14,432 |
|
|
$ |
8,702 |
|
|
$ |
10,053 |
|
Loss from operations(a) |
|
$ |
(12,502 |
) |
|
$ |
(12,397 |
) |
|
$ |
(10,655 |
) |
|
$ |
(7,152 |
) |
Net loss |
|
$ |
(8,771 |
) |
|
$ |
(11,762 |
) |
|
$ |
(10,873 |
) |
|
$ |
(7,358 |
) |
Diluted loss per share |
|
$ |
(0.07 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.07 |
) |
|
(a) Adjusted EBITDA for Non-GAAP |
|
Total first-quarter revenue was $12.6 million,
coming in at the mid-point of our target range. This revenue level
represents a decrease of 45.7% compared to the prior quarter and a
decrease of 69.2% compared to the year-earlier quarter, on both
lower product and logistics volumes.
GAAP gross loss was $2.1 million, or 16.7% of
revenue, compared to gross profit of $0.7 million, or 3.0% of
revenue, in the prior quarter. Non-GAAP gross loss was $1.7 million
or 13.7% of revenue. The result for this quarter compares to
non-GAAP gross profit of $3.0 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
relatively fixed indirect costs.
GAAP operating expenses were $10.4 million. On a
non-GAAP basis, operating expenses were $8.7 million,
which included a credit loss provision of $0.7 million, primarily
related to a specific customer. This result compares to
non-GAAP operating expenses of $10.1 million in the year-ago
quarter.
GAAP net loss was $8.8 million or
$0.07 per share, compared to a loss of $11.2 million or $0.09 per
share in the prior quarter and a net loss of
$11.8 million or $0.11 per share in the year-ago
quarter. Adjusted EBITDA loss, which excludes an approximate
$1.9 million net benefit from an earn out on a previously sold
investment, less stock-based compensation expense and other
non-cash items, was $10.7 million, compared to losses of $10.1
million in the prior quarter and $7.2 million in the year-ago
quarter.
OutlookWe expect second quarter
2024 revenue at the mid-point to be slightly up from the first
quarter. We continue to expect revenue to be weighted toward the
second half of the year, and that the company will approximate
breakeven on an Adjusted EBITDA basis in the third quarter and be
profitable on that basis in the fourth quarter.
(in millions) |
|
1Q'24Guidance |
|
1Q'24Actual |
|
2Q'24Guidance |
Revenue |
|
$10.0 – $15.0 |
|
$12.6 |
|
$10.5 – $15.5 |
Non-GAAP Gross Profit |
|
$(3.8) – $(1.8) |
|
$(1.7) |
|
$(3.1) – $(1.1) |
Non-GAAP Gross Margin |
|
(38%) – (12%) |
|
(13.7%) |
|
(29.5%) – (7.1%) |
Non-GAAP operating
expenses |
|
$8.0 – $8.9 |
|
$8.7 |
|
$8.6 – $9.2 |
Non-GAAP adjusted EBITDA |
|
$(12.6) – $(9.8) |
|
$(10.7) |
|
$(12.6) – $(9.8) |
|
|
|
|
|
|
|
First Quarter 2024 Earnings Conference
CallFTC 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 https://investor.ftcsolar.com. 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 and awarded orders, 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. |
|
Forward-Looking StatementsThis
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.
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 because of
several factors, including those described in more detail above and
in our filings with the U.S. Securities and Exchange Commission,
including the section entitled “Risk Factors” contained therein.
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 SolarT: (737) 241-8618 E:
IR@FTCSolar.com
FTC Solar, Inc.Condensed Consolidated Statements of
Comprehensive Loss(unaudited) |
|
|
Three months ended March 31, |
|
(in thousands, except shares and per share
data) |
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
Product |
|
$ |
10,905 |
|
|
$ |
32,579 |
|
Service |
|
|
1,682 |
|
|
|
8,315 |
|
Total revenue |
|
|
12,587 |
|
|
|
40,894 |
|
Cost of revenue: |
|
|
|
|
|
|
Product |
|
|
12,367 |
|
|
|
31,767 |
|
Service |
|
|
2,328 |
|
|
|
7,092 |
|
Total cost of revenue |
|
|
14,695 |
|
|
|
38,859 |
|
Gross profit (loss) |
|
|
(2,108 |
) |
|
|
2,035 |
|
Operating expenses |
|
|
|
|
|
|
Research and development |
|
|
1,439 |
|
|
|
1,922 |
|
Selling and marketing |
|
|
2,388 |
|
|
|
1,711 |
|
General and administrative |
|
|
6,567 |
|
|
|
10,799 |
|
Total operating expenses |
|
|
10,394 |
|
|
|
14,432 |
|
Loss from operations |
|
|
(12,502 |
) |
|
|
(12,397 |
) |
Interest expense, net |
|
|
(136 |
) |
|
|
(58 |
) |
Gain from disposal of
investment in unconsolidated subsidiary |
|
|
4,085 |
|
|
|
898 |
|
Other income (expense),
net |
|
|
36 |
|
|
|
(74 |
) |
Loss from unconsolidated
subsidiary |
|
|
(265 |
) |
|
|
— |
|
Loss before income taxes |
|
|
(8,782 |
) |
|
|
(11,631 |
) |
(Provision for) benefit from
income taxes |
|
|
11 |
|
|
|
(131 |
) |
Net loss |
|
|
(8,771 |
) |
|
|
(11,762 |
) |
Other comprehensive
loss: |
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(181 |
) |
|
|
(5 |
) |
Comprehensive loss |
|
$ |
(8,952 |
) |
|
$ |
(11,767 |
) |
Net loss per
share: |
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.11 |
) |
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
Basic and diluted |
|
|
125,569,375 |
|
|
|
106,791,198 |
|
FTC Solar, Inc.Condensed Consolidated Balance
Sheets(unaudited) |
(in thousands, except shares and per share
data) |
|
March 31,2024 |
|
|
December 31,2023 |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,041 |
|
|
$ |
25,235 |
|
Restricted cash |
|
|
1,896 |
|
|
|
— |
|
Accounts receivable, net |
|
|
66,379 |
|
|
|
65,279 |
|
Inventories |
|
|
3,844 |
|
|
|
3,905 |
|
Prepaid and other current assets |
|
|
14,069 |
|
|
|
14,089 |
|
Total current assets |
|
|
100,229 |
|
|
|
108,508 |
|
Operating lease right-of-use
assets |
|
|
1,637 |
|
|
|
1,819 |
|
Property and equipment,
net |
|
|
1,994 |
|
|
|
1,823 |
|
Intangible assets, net |
|
|
399 |
|
|
|
542 |
|
Goodwill |
|
|
7,213 |
|
|
|
7,353 |
|
Equity method investment |
|
|
1,010 |
|
|
|
240 |
|
Other assets |
|
|
2,548 |
|
|
|
2,785 |
|
Total assets |
|
$ |
115,030 |
|
|
$ |
123,070 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
12,059 |
|
|
$ |
7,979 |
|
Accrued expenses |
|
|
29,690 |
|
|
|
34,848 |
|
Income taxes payable |
|
|
27 |
|
|
|
88 |
|
Deferred revenue |
|
|
4,897 |
|
|
|
3,612 |
|
Other current liabilities |
|
|
7,859 |
|
|
|
8,138 |
|
Total current liabilities |
|
|
54,532 |
|
|
|
54,665 |
|
Operating lease liability, net
of current portion |
|
|
934 |
|
|
|
1,124 |
|
Other non-current
liabilities |
|
|
4,406 |
|
|
|
4,810 |
|
Total liabilities |
|
|
59,872 |
|
|
|
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 March 31, 2024 and
December 31, 2023 |
|
|
— |
|
|
|
— |
|
Common stock par value of $0.0001 per share, 850,000,000 shares
authorized; 125,952,253 and 125,445,325 shares issued and
outstanding as of March 31, 2024 and December 31,
2023 |
|
|
13 |
|
|
|
13 |
|
Treasury stock, at cost; 10,762,566 shares as of March 31,
2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
363,525 |
|
|
|
361,886 |
|
Accumulated other comprehensive loss |
|
|
(474 |
) |
|
|
(293 |
) |
Accumulated deficit |
|
|
(307,906 |
) |
|
|
(299,135 |
) |
Total stockholders’ equity |
|
|
55,158 |
|
|
|
62,471 |
|
Total liabilities and stockholders’ equity |
|
$ |
115,030 |
|
|
$ |
123,070 |
|
FTC Solar, Inc.Condensed Consolidated Statements
of Cash Flows(unaudited) |
|
|
Three months ended March 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(8,771 |
) |
|
$ |
(11,762 |
) |
Adjustments to reconcile net
loss to cash used in operating activities: |
|
|
|
|
|
|
Stock-based compensation |
|
|
1,639 |
|
|
|
4,890 |
|
Depreciation and amortization |
|
|
404 |
|
|
|
334 |
|
Amortization of debt issue costs |
|
|
177 |
|
|
|
177 |
|
Provision for obsolete and slow-moving inventory |
|
|
177 |
|
|
|
1,261 |
|
Loss from unconsolidated subsidiary |
|
|
265 |
|
|
|
— |
|
Gain from disposal of investment in unconsolidated subsidiary |
|
|
(4,085 |
) |
|
|
(898 |
) |
Warranty and remediation provisions |
|
|
838 |
|
|
|
1,543 |
|
Warranty recoverable from manufacturer |
|
|
98 |
|
|
|
(54 |
) |
Credit losses and bad debt expense (credits) |
|
|
670 |
|
|
|
— |
|
Deferred income taxes |
|
|
225 |
|
|
|
216 |
|
Lease expense and other |
|
|
309 |
|
|
|
229 |
|
Impact on cash from changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,770 |
) |
|
|
(11,412 |
) |
Inventories |
|
|
(116 |
) |
|
|
5,078 |
|
Prepaid and other current assets |
|
|
45 |
|
|
|
817 |
|
Other assets |
|
|
(226 |
) |
|
|
(882 |
) |
Accounts payable |
|
|
3,989 |
|
|
|
7,882 |
|
Accruals and other current liabilities |
|
|
(6,200 |
) |
|
|
(616 |
) |
Deferred revenue |
|
|
1,285 |
|
|
|
(2,677 |
) |
Other non-current liabilities |
|
|
(523 |
) |
|
|
(2,212 |
) |
Lease payments and other, net |
|
|
(287 |
) |
|
|
(230 |
) |
Net cash used in operations |
|
|
(11,857 |
) |
|
|
(8,316 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(432 |
) |
|
|
(28 |
) |
Equity method investment in Alpha Steel |
|
|
(1,035 |
) |
|
|
(900 |
) |
Proceeds from disposal of investment in unconsolidated
subsidiary |
|
|
4,085 |
|
|
|
898 |
|
Net cash provided by (used in) investing activities |
|
|
2,618 |
|
|
|
(30 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Sale of common stock |
|
|
— |
|
|
|
5,450 |
|
Stock offering costs paid |
|
|
— |
|
|
|
(32 |
) |
Proceeds from stock option exercises |
|
|
— |
|
|
|
51 |
|
Net cash provided by financing activities |
|
|
— |
|
|
|
5,469 |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
|
(59 |
) |
|
|
(15 |
) |
Decrease in cash, cash
equivalents and restricted cash |
|
|
(9,298 |
) |
|
|
(2,892 |
) |
Cash and cash equivalents at
beginning of period |
|
|
25,235 |
|
|
|
44,385 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
15,937 |
|
|
$ |
41,493 |
|
|
|
|
|
|
|
|
|
|
Notes to Reconciliations of Non-GAAP
Financial Measures to Nearest Comparable GAAP MeasuresWe
present Non-GAAP gross profit (loss), Non-GAAP operating expense,
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, and (vi) non-routine
legal fees, severance and certain other costs (credits). We also
deduct the contingent gains from the disposal of our investment in
an unconsolidated subsidiary from net loss in arriving at Adjusted
EBITDA. We define Adjusted Net Loss as net loss plus (i)
amortization of debt issue costs and intangibles, (ii) stock-based
compensation, (iii) non-routine legal fees, severance and certain
other costs (credits), and (iv) the income tax expense (benefit) of
those adjustments, if any. We also deduct the contingent gains from
the disposal of our investment in an unconsolidated subsidiary 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, 2024 and 2023, respectively:
|
|
Three months ended March 31, |
|
(in thousands, except percentages) |
|
2024 |
|
|
2023 |
|
U.S. GAAP revenue |
|
$ |
12,587 |
|
|
$ |
40,894 |
|
U.S. GAAP gross profit
(loss) |
|
$ |
(2,108 |
) |
|
$ |
2,035 |
|
Depreciation expense |
|
|
168 |
|
|
|
124 |
|
Stock-based compensation |
|
|
216 |
|
|
|
816 |
|
Non-GAAP gross profit
(loss) |
|
$ |
(1,724 |
) |
|
$ |
2,975 |
|
Non-GAAP gross margin
percentage |
|
|
(13.7 |
%) |
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
The following table reconciles Non-GAAP
operating expenses to the most closely related GAAP measure for the
three months ended March 31, 2024 and 2023, respectively:
|
|
Three months ended March 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
U.S. GAAP operating expenses |
|
$ |
10,394 |
|
|
$ |
14,432 |
|
Depreciation expense |
|
|
(102 |
) |
|
|
(70 |
) |
Amortization expense |
|
|
(134 |
) |
|
|
(140 |
) |
Stock-based compensation |
|
|
(1,423 |
) |
|
|
(4,074 |
) |
Non-routine legal fees |
|
|
(33 |
) |
|
|
(108 |
) |
Severance |
|
|
— |
|
|
|
13 |
|
Non-GAAP operating
expenses |
|
$ |
8,702 |
|
|
$ |
10,053 |
|
|
|
|
|
|
|
|
|
|
The following table reconciles Non-GAAP Adjusted
EBITDA to the related GAAP measure of loss from operations for the
three months ended March 31, 2024 and 2023, respectively:
|
|
Three months ended March 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
U.S. GAAP loss from operations |
|
$ |
(12,502 |
) |
|
$ |
(12,397 |
) |
Depreciation expense |
|
|
270 |
|
|
|
194 |
|
Amortization expense |
|
|
134 |
|
|
|
140 |
|
Stock-based compensation |
|
|
1,639 |
|
|
|
4,890 |
|
Non-routine legal fees |
|
|
33 |
|
|
|
108 |
|
Severance |
|
|
— |
|
|
|
(13 |
) |
Other income (expense), net |
|
|
36 |
|
|
|
(74 |
) |
Loss from unconsolidated subsidiary |
|
|
(265 |
) |
|
|
— |
|
Adjusted
EBITDA |
|
$ |
(10,655 |
) |
|
$ |
(7,152 |
) |
|
|
|
|
|
|
|
|
|
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, 2024 and 2023,
respectively:
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
(in thousands, except shares and per share
data) |
|
AdjustedEBITDA |
|
|
AdjustedNet Loss |
|
|
AdjustedEBITDA |
|
|
AdjustedNet Loss |
|
Net loss per U.S. GAAP |
|
$ |
(8,771 |
) |
|
$ |
(8,771 |
) |
|
$ |
(11,762 |
) |
|
$ |
(11,762 |
) |
Reconciling items – |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from) income taxes |
|
|
(11 |
) |
|
|
— |
|
|
|
131 |
|
|
|
— |
|
Interest expense, net |
|
|
136 |
|
|
|
— |
|
|
|
58 |
|
|
|
— |
|
Amortization of debt issue costs in interest expense |
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
|
177 |
|
Depreciation expense |
|
|
270 |
|
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Amortization of intangibles |
|
|
134 |
|
|
|
134 |
|
|
|
140 |
|
|
|
140 |
|
Stock-based compensation |
|
|
1,639 |
|
|
|
1,639 |
|
|
|
4,890 |
|
|
|
4,890 |
|
Gain from disposal of investment in unconsolidated
subsidiary(a) |
|
|
(4,085 |
) |
|
|
(4,085 |
) |
|
|
(898 |
) |
|
|
(898 |
) |
Non-routine legal fees(b) |
|
|
33 |
|
|
|
33 |
|
|
|
108 |
|
|
|
108 |
|
Severance |
|
|
— |
|
|
|
— |
|
|
|
(13 |
) |
|
|
(13 |
) |
Adjusted Non-GAAP
amounts |
|
$ |
(10,655 |
) |
|
$ |
(10,873 |
) |
|
$ |
(7,152 |
) |
|
$ |
(7,358 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net
loss per share (Adjusted EPS): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
N/A |
|
|
$ |
(0.09 |
) |
|
N/A |
|
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
N/A |
|
|
|
125,569,375 |
|
|
N/A |
|
|
|
106,791,198 |
|
|
(a) Our management excludes the gain from collections of
contingent contractual amounts from the sale in 2021 of our
investment in an unconsolidated subsidiary. |
(b) 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. |
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