FTC Solar, Inc. reported significant declines in revenue and profitability for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 was $10.1 million, a decrease of 66.8% from $30.5 million in Q3 2023. For the nine months, revenue fell to $34.2 million, down 67.1% from $103.8 million in the prior year. The company attributed these declines primarily to project delays caused by interconnection issues, permit delays, equipment shortages, and financing challenges.

The gross loss for Q3 2024 was $(4.3 million), compared to a gross profit of $3.4 million in Q3 2023. For the nine months, the gross loss was $(8.8 million), a stark contrast to the gross profit of $7.6 million in the same period last year. The total cost of revenue for Q3 2024 was $14.4 million, representing 142.5% of revenue, compared to 88.9% in Q3 2023. Operating expenses for Q3 2024 were $10.7 million, down from $19.7 million in Q3 2023, while the loss from operations improved slightly to $(15.0 million) from $(16.3 million) year-over-year.

The net loss for Q3 2024 was $(15.4 million), a decrease from $(16.9 million) in Q3 2023. For the nine months, the net loss was $(36.4 million), down from $(39.1 million) in the same period last year. The company reported a net loss per share of $(0.12) for Q3 2024, compared to $(0.14) in Q3 2023.

As of September 30, 2024, FTC Solar's cash and cash equivalents stood at $8.3 million, a significant drop from $25.2 million at the end of 2023. Total current assets decreased to $76.2 million from $108.5 million, and total assets fell to $91.7 million from $123.1 million. Stockholders' equity also declined sharply to $30.4 million from $62.5 million at the end of 2023.

Strategically, the company has made several management changes, including the appointment of Yann Brandt as CEO in August 2024. Additionally, FTC Solar is addressing liquidity needs through a planned issuance of $15 million in senior secured promissory notes, expected to close by November 30, 2024. The company has also been diversifying its supply chain to reduce reliance on Chinese suppliers, which has decreased from 90% in 2019 to less than 20% as of September 30, 2024.

The company continues to face challenges, including compliance with Nasdaq's minimum bid price requirement, which has led to a transfer of its stock listing to the Nasdaq Capital Market. A reverse stock split was approved by stockholders to help regain compliance.