FTC Solar, Inc. (NASDAQ:FTCI) Q1 2024 Earnings Conference Call May 10, 2024 9:30 AM ET

Company Participants

Bill Michalek – Vice President-Investor Relations
Ahmad Chatila – Director
Cathy Behnen – Chief Financial Officer
Patrick Cook – Chief Commercial Officer

Conference Call Participants

Philip Shen – ROTH MKM
Pavel Molchanov – Raymond James
Sameer Joshi – H.C. Wainwright
Jeff Osborne – TD Cowen
Kashy Harrison – Piper Sandler

Operator

Good day and thank you for standing by. Welcome to the FTC Solar First Quarter 2024 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] Please be advised that today's conference is being recorded.

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

Bill Michalek

Thank you and welcome everyone to FTC Solar's first quarter 2024 earnings conference call. Before today's call, you may have reviewed our earnings release and supplemental financial information, which were posted earlier today. If you've not reviewed these documents, they're available on the Investor Relations section of our website at ftcsolar.com. I'm joined today by Ahmad Chatila, a Member of the Board of Directors and a Company Founder; Cathy Behnen, 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 speaks 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 as required by law. As you’d expect, we'll discuss both GAAP and non-GAAP financial measures today. Please note that 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 Ahmad.

Ahmad Chatila

Thanks Bill and good morning everyone. It's been a relatively short time since our last call, so our remarks today will be fairly brief. The key takeaways from my perspective are: one, first quarter financial results were in line with the targets we provided; two, the company continues to focus on advancing key initiatives that will support future growth and profitability; and three, we continue to target being breakeven on an adjusted EBITDA basis in the third quarter and crossing into profitability in the fourth quarter.