Graham Price • Raymond James

Question 1

Graham Price's questions to FTC Solar Inc (FTCI) leadership • Q3 2024

Nov 12, 2024

Question

Graham Price of Raymond James asked for confirmation on the breakeven revenue range, the expected cadence of revenue recognition in 2025, and details on the Strata supply agreement, including potential 1P cross-selling opportunities.

Answer

CFO Cathy Behnen confirmed that the breakeven revenue target remains in the $50 million to $60 million range, with similar margins for both 1P and 2P products. CEO Yann Brandt stated that approximately 60% of the current signed backlog is expected to convert to revenue in 2025. Regarding the Strata agreement, Brandt clarified it is currently for 2P trackers but sees significant future opportunities to cross-sell their 1P solutions, as the two products serve different project site requirements.

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Question 2

Graham Price's questions to Emeren Group Ltd (SOL) leadership • Q2 2024

Aug 20, 2024

Question

Graham Price of Roth MKM inquired about the reasons for the 1.3 GW downward revision of the early-stage project pipeline in Spain and asked for clarification on the Development Service Agreement (DSA) sales forecast, specifically the quarterly cadence for the second half and the valuation difference between contracted and negotiated DSA portfolios.

Answer

CEO Yumin Liu explained that the Spain pipeline was reduced due to government approval challenges, prompting a strategic decision to cancel or slow down projects to manage risk. CFO Ke Chen stated the $20 million in H2 2024 DSA revenue is expected to be evenly split between Q3 and Q4. Yumin Liu added that the higher valuation for the negotiated DSA pipeline ($100M for 2 GW) versus the contracted one ($60M for 2 GW) is because the negotiated deals are global, include more valuable mid-stage projects, and cover both solar and storage assets, unlike the existing, primarily early-stage Italian contracts.