FTC Solar, Inc. (NASDAQ:FTCI) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET

Company Participants

Bill Michalek - VP-IR

Sean Hunkler - President and CEO

Phelps Morris - CFO

Patrick Cook - CCO

Conference Call Participants

Maheep Mandloi - Credit Suisse

Philip Shen - ROTH MKM

Donovan Schafer - Northland Capital Markets

Amit Dayal - H.C. Wainwright

Jeff Osborne - TD Cowen

Pavel Molchanov - Raymond James

Julien Dumoulin-Smith - the Bank of America

Kasope Harrison - Piper Sandler

Operator

Good day, and thank you for standing by. Welcome to the FTC Solar First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker, Bill Michalek, Vice President, Investor Relations.

Bill Michalek

Thank you, and welcome, everyone, to FTC Solar's first quarter 2023 earnings conference call. Before today's call, you may have likely reviewed the earnings release, supplemental financial information and slide presentation, which were posted earlier today. If you've not yet reviewed these documents are available on the Investor Relations section of our website at ftcsolar.com.

I'm joined today by Sean Hunkler, FTC Solar's President and Chief Executive Officer; Phelps Morris, the company's Chief Financial Officer; and Patrick Cook, the company's Chief Commercial Officer. Before we begin, I remind everyone that today's discussion contains forward-looking statements based on our assumptions and beliefs in the current environment and speak only as of the current date.

As such, these forward-looking statements include risks and uncertainties, and actual results and events could differ materially from our current expectations. Please refer to our press release and other SEC filings for more information on the specific risk factors. We assume no obligation to update such information, except as required by law.

As you'd expect, we'll be discussing both GAAP and non-GAAP financial measures today. Please note that the earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure. In addition, we'll discuss our backlog and our definition of this metric is also included in our press release.

With that, I'll turn the call over to Sean.

Sean Hunkler

Thanks, Bill, and good morning, everyone.

I'm very pleased to be speaking with you today, not only because we're reporting another quarter of results at the high end of our expectations, but because I believe we are at a significant inflection point in our history as a company. As we prepare to emerge from a module supply-driven downturn, we do so with a stronger and broader product offering, a strengthening team and a much lower product cost structure, a cost structure that not only allowed us to post our first positive gross margins since our IPO, but a gross margin that is 14 points higher today than it was in the fourth quarter of 2021 on 2.5x the revenue. I believe we're much better positioned to win than ever before, and I'm very excited about our opportunity, particularly as we look to the back half of 2023 and into '24. So, let's jump into it.