FTCI - Earnings call transcript Q2 2021

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the FTC Solar Second Quarter 2021 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 may be recorded. [Operator Instructions] I would now like to turn the conference over to your host today, Bill Michalek, Vice President, Investor Relations. sir. ahead go Please

Bill Michalek

slide welcome Prior FTC likely to review and opportunity and earnings had second conference to supplemental release earnings call. today's our everyone you Solar's to quarterly the presentation. Thank call, you've

If Financial I'm on of Investor available they and the Officer, by today Cook, yet Officer. FTC you'd company's at and Relations Patrick ftcsolar.com. Tony Chief reviewed Executive not website documents, are these our joined section Chief Solar's the President Etnyre,

remind everyone based me the today's discussion and Before in statements let we environment of that contains forward-looking only on beliefs begin, current date. as assumption our and the current speak

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

will a As includes measures nearest measure. earnings morning you this to would expect, financial each release issued measure that discuss both Please non-GAAP GAAP note today. the and reconciliation the of financial full applicable non-GAAP GAAP we

our contracts With in discuss definition we'll orders hand Tony. also let In addition, for it is and me our awarded metric our that, executed this release. and included press over to

Tony Etnyre

few the quarter. from with highlights Good Bill. a I'll everyone. Thanks start morning

end This range. on worsening or includes our metrics. I'm the million, global in second pleased in within range came of costs pressure the results was in above XX.X guidance of above on the First, and to that high which lead quarter report of logistics revenue continued our material all times, spite

with cost and the be the which million subtracting supply a our X. and in update additional includes on XXX% our to to We included recognized and reported award our an software have five projects. by growth from to limiting last revenue. remainder to new customer our XXX of grown for XXXX continue growth fourth two the in average of software. the That X, our of our June XXX and between impact EPC basis XXXX vendor year-to-date the amount base contract first for times, recognized executed sale our contracts this strong delivery to by continue add of products half through year. we added delivered contracted and into million Based marketplace, the When opportunity lead top which uncertainty. in is revenue to our award of first August we to to in brings the of supported our balance appeal since first the approach period XXXX. orders, of revenue important contracts on We a quarter of on backlog This have revenue. This revenue to new see growing adding this This evidence the our performance expected customers during was the third have SunPath new

SunPath potential the margin high with provide long-term revenue for as the this for to and as profile about continue We offering well. us profitability customers a can free excited risk driver company. our to be a revenue additional essentially

on of opportunity the our company of million the on last that global quarter, were on solar XX additional above growth our Energy industry. sold payout During the one now to finally, with the million, with in based in having earnout net discussed here, current progress other minority detail. XX a QX in an quarter, in commodities, certain our growth and up performance gigawatt approximately by to cost we position milestones. the approximately we receive backlog, to driven in and a investment, the discuss more inputs see increases year, arrays Dimension for second key impacts And in environment the trackers profitability. achieving We the with the significant of of improvement logistics deliveries including of and based that half volume I'll quarter

for Specifically, Since we to timelines quarter look to continued developers elevated. discussed to in their pricing has June, are projects this update timelines. pushing take or last factor at reevaluate causing certain developers un-contracted at closer a construction steel And early by two. remain out our

global developers in and environment. are with to spiking the QX, what remain project seen observed starting strong increasing much or spite To more is us being continues continued deteriorate this update module freight pipeline projects seems that We reevaluation estimating actions long-term In have has logistics in posture demand FTC consistent of delayed, as in believe positioning market. our into mentioned we a growth similar of the on in environment revenue orders, with I solar into the un-contracted in for into which July meaningfully about those of remained pricing to Solar take elevated, delays We've solar and another reports and continued XX% further see will up has August. projects. which show more the XXXX. earlier, we in XX%

our us to logistics with develop continue project to while short-term the to dislocations, balance them we have certainty. innovative with impact which to provide a withstand First, sheet to strong customers minimize price and market solutions economics, working allows

In liquidity part another addition we a as our to added as QX. stake IPO in business, in well having the of sale in Energy cash a million the XXX of debt Dimension XX from as million free in

another expected QX customers, the XX impact cost logistics with million in million to Second, market. XX to an in additional The absorbing XX was we largely us million while shared approximately our in impacts unprecedented some QX. with increases

to our realized customers eliminating Our shipment price execution. reducing transition unexpected project escalations cost international overall with to our structure providing for logistics alternate methods will begin price QX in during certainty, be and

have supplier to our of initiatives We reduce expanded that while second unfavorable the last us mentioned mitigate the the we project capacity. initiative we half site past, expected help important current design we've opportunities this contracted roadmap, to improve to today's year. for and needs. at believe results more needed steel has cost in cost project track base product tracker production our this of can the quarter The that initiative significantly XXXX more the to our opportunity profitability Third, reduce of This to requirements secure And half of as and awarded steel for our in software helping additional can us point, is customers includes identifies upfront design see and And our extended, the contract, increases, finally, on delivery the market remain that of done manufacturing produce we economics in costs. lead impacts. volume At and time regarding is yield we reduction optimize environment. logistics project can margin. our in value this anticipated even had supply need materials new relationships our to second enabled steel for increase mitigate or addition to tightness Four, to manufacturing overall to either without times as on procurement systems, roadmap the we contracted the further utilize continue entirety projects for our our steel, of project given in to this SunPath software acceleration the revenue contracts. increased forward with majority

midst powerful differentiated logistics commodities fundamentals dislocation, near While the growth of underlying the by and believe customer long-term I a to summary, and and including are for solutions. of believe continues offering in demand a drivers, adoption We're strong. the our in trackers many we with In a policy. the energy term market of government are supported rapid incredibly solar seeing business increase growth

We're overall increasing business has a performance. of And market for are will awarded really driver, developed outpace which primary one gaining are orders rates. the quarter. XXXX. customers. solution at contracted we to implemented significantly current model it that, new again, fourth growth I'll environment, digit we well balance we some believe during light over Patrick we're Patrick. have executing and as as a We've strong discuss, logistics masking With turn been negative to with positioned in that that, an triple with the Our And asset And sheet. a

Patrick Cook

Thank some and on detail additional second quarter morning our good and outlook. performance provide Tony everyone. I'll you,

to recognized, gross quarter employee of GAAP based overhead in and decline growth our was revenue a volume. as along per and was the with result certain XX.X X.X for reminder, of a gift share between logistics $XX better in $X.XX based $X.X certain were compensation million the This which the represents expenses, size onetime infrastructure occurred million in which year-over-year necessary X.X basis, million, preparations. ahead that including and a expenses were share IPO. on a largely our personnel range lower items additional of expenses our or mentioned, to compensation non-cash the customers. Directors increase compared $X.XX slightly customers. compared public from of Energy range quarter, performance timing due primarily one compensation prior company. $XX between million not As or $X.X company as a company, in of logistics to becoming related our $X.X meaningful. sale $XX.X quarter, from second net quarter to year-over-year on in impact as in excluding million ago the to share our than employees. due nature million from grants public Non-GAAP the not X% than strong compensation, expense million per $X.XX The count quarters. stock by trajectory with loss comparisons are make target in was associated was being strong stock in million guidance the gain This and how costs primarily a environment well logistics despite million A up $XX.X to stock These customers. million up primarily corporate results a spends absorbing of driven Beginning year, On or increased logistics by based recovery driven was and in to an was expenses $XX.X year reflect a all a second our global a This worsened driven the passed million consulting net total $XX based approximately and million items as operating of stock other which $XX loss second and from timing non of in was with minority by the the company's our expenses shares loss transition compares comparison the growth the expense Tony approximately ramp the with XX.X GAAP with production of in year based per and was quarter. operating and other in quarter company's support costs quarters loss GAAP shared also product net as of other better other a excludes increase Dimension bit public fees quarter. including within growth million share. of a stock a less investment the significant range ago staffing for GAAP million XXXX the our the million, were in additional the IPO $XX.X amount of guidance accelerated in

year to million ago As the loss of this non-GAAP or net result in $X.X per $X.XX quarter. compares share

investment so ability $XX our our position completed confidence growth, believe gives Dimension customers to quarter, that, in the During to in in us Energy incremental our and the in let's of million us company fees public additional other and any uncertainties. of to described or we million. our net invest cash. short-term an after Also the our liquidity completion strong our outlook. during and We positions stock second stakeholders' expenses to offering, differentiate position were sold $XXX marketplace, repurchase With continues weather to in turn approximately we the quarter, initial and the minority in proceeds received and our S-X

revenue we ahead, remainder growth year. see look expect we the of to As for sequential the

see quarter revenue. should improved third The

in Tony result worsening quarter. incremental in the for profitability impact million continued the significant delay expect as fourth which However, in due $XX quarter, until costs our Since also fourth described, of the the will of In implemented timing a revenue. improvement a between improvement in logistics the we QX of expecting $XX shipping are will project deliveries, we alternative to deliveries, contracted sequential and QX, in have million our corresponding increase of profitability. our in we bulk

factors customers will The other additional that during the solutions, tracker timelines As help costs demand not ways margin to and alternative together we took in passed we the and several the of our projects. the our solar un-contracted charge through outlook, XXXX. steel, developers we consideration expense, logistics are believe face increased logistics to additional solar project into our to causing for reduce project elevated including use I put construction input the strong logistics for using innovative fourth re-evaluate which continuing our of shipping into mitigate beginning from costs impacts mentioned, and benefit some logistics of quarter method, with even

backlog our the is size shifts and approximately of in several cost company, large to assuming non-GAAP impacts, for adjusted mitigating implementation of $XX loss and on the accounting of between to Based expected revenue incremental unfavorable quarter, Continued for associated million results the XX and commodity logistics the impact. uncertainty our fast and that second and million, these this in between logistics to periods with XX.X between direct XX.X cost pipeline. year, for forecasts of and million, million the projects expenses growth our in other we factors, reduction million EBITDA XX and current yield of current roadmap potential revenue X.X million paced and third and million X.X expect size half operating including further $XX million

well beginning revenue For partial our significant roadmap the quarter increase logistics in fourth third expect the to reduction to we to of quarter, take cost the as see as the our new quarter, effect initiatives. in methods implementation with related

EBITDA to expect make on progress basis. significant towards adjusted We an profitability

over XX%, the year that, in With substantially turn to This results is you $XXX million. exceed full we questions which expect any overall Operator? expectations. be year revenue may take For and operator we growth of anticipated call than the I'll to faster in revenue outlook which the full excess growth have. can to market

Operator

with comes the Raymond of line you. from Molchanov Pavel Thank [Operator Instructions] first Our question James.

open. Your now is line

Pavel Molchanov

experiencing Thank lot East you question. A part currently the of in worst metrics world Asia, your we've seen COVID the taking that chain throughout for the is is that supply in of which manufacturing logistics so any currently places and any you talk Malaysia, China. about pandemic or Vietnam, Can the Asia disruptions, suppliers that are experiencing? even like the of constraints supply Pacific Thailand, your beyond

Tony Etnyre

question. I Thank that. appreciate is you Pavel. the This Tony. Hi, for

East We in in global. is fact chain in have supply Our operations and do Asia Asia.

in India, well United We also States. Europe, in have the as supply in chain locations as and

requirements projects, And certainly implications, manufacturing factory we short-term look deal XXXX so then to what to associate with do to of is supply throughout always consider the capacity, those, we the chain and those chain all location. timing our partners. to our material to in our of to and and able had of deliver customers, factories to continue because ability we've our manufacturing the supply of that And disruptions contract mitigate and been to location flexibility to from move

So have that and certainly, for. something is prepare to we plan

quarters in spite those deliver the we've to demonstrated ability to that last disruptions in of factories. short-term two throughout something And the expectations,

Pavel Molchanov

That's helpful.

on we specifically, and at and look peak it June example, of pricing, off sourcing? when prices of those up then. Are about timeframe sometime for Steel you benchmark, terms since in follow looks steel Shanghai, XX% came Futures materials benchmark like perhaps of then feel me your steel indicative Let May,

Tony Etnyre

the system. market costs as for factories drive the There in to the cost can specific course, to input always are Those dynamics guides of well, level trends drive dynamics. steel will for be and high that capacity going overall good market limitations that are that

And high Pavel level to think those use for in the that looking I order our view. we metrics us. they're that forward with good prepare same guides So are

Pavel Molchanov

very much. you Thank

Operator

Thank you.

Philip a Capital from of line Roth next Our comes Shen Partners. with question

open. line now is Your

Philip Shen

for Hi, guys, taking questions. thanks my

kind referenced in one First any and innovative that can you're talk can do what what they logistics of are? you coming is way? embracing think financial Do see? through that benefit solutions you quantify Can you you - benefits guys implementing you you up. And

Tony Etnyre

question, the for Thanks Sure. Phil.

the the and begin take comments during the the and mentioned tightness those quarter, then start and So call, fourth the where escalations into where in the doing market to will effect the what at pricing in the XXXX. of in containerized more logistics we're freight of is see exist. Fundamentally, exists, meaningful we as we fully front

we And done methods methods, contract And of shipping what contracts. deliveries alternate breakbulk to full forward-looking our we've team using is have managing shipping our so shipped the forecast. projects execution like with taken manufacturing suppliers is to those align

logistics we that of the the allow the it in long-term rates, compare to relative over have to as is of greater improvement. what a does our But see see you to that control we financials significant it what be more control early costs that to the With impact control baseline higher cost today take and expected would a greater uncertainty based XXXX, to then still respect to to ships cost so logistics And still to higher over impact be XXXX. costs, we capacity. time in a as and logistics on historical us the structure, would

Philip Shen

for ratio mentioning, improve see thanks, was follow if wondering product service that between ratio - and you QX I your in a to that We you wondering you product if guidance out QX, saw, able to service And as was a the close as expect Okay, up in revenue. there Tony. to were with to I here, ratio revenue, similar think might to and is and split QX. then just I the be then

you by do full QX? able you the you pass if how you amount along? addition - in Or then think you along the amount much Can along Thanks? do in full can logistics ratio, of impact and to be pass that to QX? So not, might of think pass that

Patrick Cook

this revenue, is of Yeah, product the in and Patrick. terms Phil, services

QX possible, ratio, the would costs, our in of in on breakbulk a how logistics revenue. the shipping allows of degrees in least and we recognize to variability kind as the but to order us same out at of with the a the customers off extent pricing costs And continue a see of basis those think overall the expect lot based on takes we terms lot to again, go the Tony mentioned, passing out and those off forward in work process. near pass of certainty term to for maintain in more we I

Philip Shen

Great.

may, give on Thanks Okay. I update Samson able more, might And an if the project. to if Patrick. be one you wondering I here, was

has opportunity out Specifically, Or be that next as result the elevated for tranche might delayed of And the the you potential think a Thanks. bid? put delayed what's been to that have to do of as well? been project costs?

Tony Etnyre

I the speak think don't we customers to Phil. our should of projects, timing

continue execute to to We forward to relative particular have orders with look particular will that we opportunities and more project on that customer. the

Philip Shen

was Tony bid ever the that on Thanks. tranche Great, to or as can of out relates and - has there, or is that that? put megawatts that next - comment to you

Tony Etnyre

at Yeah, on I too. that this don't think can time comment we

Philip Shen

thanks for it, the it I'll on. pass Thanks. questions, Got and

Tony Etnyre

Thank you.

Operator

Thank you.

line next the Maheep from with Credit Suisse. of comes Mandloi Our question

line now open. is Your

Maheep Mandloi

year them for just understand hearing the here. the either US in want for that's morning, just detailed, customers Hey, will could on delays And next projects talk about you're also, thanks just for remark seeing the on those is year? are questions. geographic being about your cancellations level of orders Maybe you this mix or any if seeing and XX% or for high to international, on you that

Tony Etnyre

really Thanks made question What the have were that say is, contracted. I'd been Maheep. not comments for in those the projects around we

where decision material more timing. made projects infrastructure. has and in a some are a Within where and movement un-contracted, are seeing decisions as awarded by projects we're a projects, the those optimize not project our those we our contracted in internationally, It's projects or that both quarter see not and been we're those two. in making seeing developers timing delay So US pipeline, to those execute developers the to movement the in in pipeline

Maheep Mandloi

or like to slowdown how of the extends just Does you second early and supply of XXXX assuming it's we awarded Alight in half the right? second first XX XX all moving should with a current backlog, months, current could next the given pieces about for next half half or your see imply that think chain? year backlog maybe the too the

Tony Etnyre

we contracts to in in just the we're be is a revenue, in deliveries $XXX and providing for revenue in quoted two contracts and months XXXX remainder So over awarded awarded into million both communicated XXXX. periods clear. the specific continued added of not the and What in have guidance the and were those that we last increase our figures

So any on for full just point what year providing not XXXX, guidance beyond this further we've done at XXXX.

Maheep Mandloi

this in margin Alright, one basis like I'd probably just for how the that? just imply appreciate with and I'll and think or talk jump could The a EBITDA adjusted you should queue. a guidance QX in one about, that back recovery last we QX, breakeven just EBITDA does about

Tony Etnyre

that plan, given well breakbulk we logistics have the substantial towards moving From increased question for based Thanks improvement direction, the shipping devalue we're a our make are the obviously, we and perspective, initiatives as expect as it QX design Maheep. but improvement as roadmap the container in the on guidance But specific EBITDA. cost that methodology, not profitability to in volume, partially relates in not guidance. providing the to implementing on

Maheep Mandloi

for Alright, the thanks questions. taking

Operator

comes with Bank of Our question the Thank from next Instructions] Julien you. [Operator America line Dumoulin-Smith of Securities.

open. now is line Your

Julien Dumoulin-Smith

Thanks Hey, connect. to for good opportunity team. morning, the

Tony Etnyre

Good Julien. you? How morning, are

Julien Dumoulin-Smith

when Quite think XQ, full million mind, really XXX gives about XXX risk if don't subtract target well, see 'XX? much. you XXX much you if that thank you against XQ the full year obviously, a vis-a-vis imply how you Team, frankly, that million large on but what's That year you out so your to into do pretty implied implied you to slipping that hand, third do you sight there? got XQ, of on uptick in the about you've line it's fairly the to on the here, quarter think guidance other, How good the certainty Because backlog you one right. seem

that level speak a bit? to around little probably got a competence pretty you've Can that. you So good

Tony Etnyre

Sure Julien. Yeah.

way full strong. of alone we just $XXX the has the Where I in as executing the guidance, contracts into over we've stated, added about that XXXX and that business the that we That's we sequential And awarded the work double with, to that both are the of with the revenue, XXXX with think last and remainder of XXXX. months, is year, guidance two contracts the for we comfortable million the for awarded is continue awarded that and revenue growth very as contracts grow we And forward entered so done to look think in and provided basis. very million very $XXX the team pleased to provided. as we I communicated.

Julien Dumoulin-Smith

will, that if about today? incremental If - expanding business conversations stand here right? prospectively, Got it, they sources ago? just think to backlog has where moment new customers about alright, of enough, is you customer you novel as the how into the bit you mean, repeat recent you customers than then fair can rather penetration as a talked the a little I well speak more your

Tony Etnyre

we objective Yeah, a for today, that as thanks internationally. business strategic pipeline the And continue leaders internationally country. the is top on the for get developers top customer pipeline continuing the opportunity a grows, strength grow continuing in the question. leaders and as who's market with we're with us to new progress to call in a Clearly with communicated five a building We're our in the growth to as EPC. make to

EPC continue that's objective the very won business very aggressively. And with award to we're us, have pursue to five strategic a pleased US. a top for an focus us that's in for that another we So

Julien Dumoulin-Smith

bids steel, a costs, the lastly, pass then in more here? on and here if it How you XQ, little how Got should too, seems you thereafter. more logistics obviously think but can, these be ability implies can whether trend to importantly, some bit you thinking of It fairly to if frankly, like about importantly, here? incremental about higher think trend speak it's nice ASP or we you're your more that

Tony Etnyre

implications those increases on always objective costs on transparent It's the with and our input the of be increases input to our costs customers ASPs. Julien

communicating our those those as as costs win we so impacts increase and proposals transparent we projects. and price steel customers, And are are prepare increases, for the those as increases as about we of logistics those

steel, shipping and that to in provides are then to project, in procure protect throughout concurrently order the that forward. us rate is to that's we've general difficult And approach rate because it methodology, we've we the service certainty transition are much Those where variability steel taken. QX because for life that We continuing the focused cost place breakbulk in certainty, us. And a is that's business. steel, for to solutions taking and cost and of logistics driving That's that As guarantee the our what going can more believe QX time. increases to certainty then narrow through that's the QX, provide and environment the us the important, with over so into further we're cost increases communicated escalation ourselves again, are limits we do purchase impacts the of and containerized and procuring best thing more those customers that for winning premium as to logistics increase were. we QX, forecast and difficult, the both the in why

Julien Dumoulin-Smith

peer? one can one like look you I here, and products, a sneak multiple if perspectives, just customer quickly more of European you your in as - offering solutions it, thoughts the here kind in Got of providing of pivoted need, on Any has array really months. thoughts recent wider XP here, peers XP, to any your at

Tony Etnyre

Thanks Julien.

look right objectives always our Our what to strategic solutions R&D the team, are. are at

continue the our we we'll That's solutions we'll to to provide we benefit to think continue high continue think continue see so to or on marketplace. And the to structure we as pursue right look we the that those to customers. developed of opportunities, products. see are is those to organically what we we shine can need deliver we'll value value our whether our racking that what do there, where and And to in addition not,

activities, R&D be to to So specifically product today. open mind nothing set that the pursue right what should an our we both and to keep speak in

Julien Dumoulin-Smith

luck. it, Got soon. We'll well, best speak alright, of

Tony Etnyre

Thank you, Julien.

Operator

you. Thank

Our with line the next comes Moses of from Sutton Barclays. question

open. now is line Your

Moses Sutton

Hi, million? questions. such for 'XX? is incremental to XQs in impact XX XX taking Or a thanks incremental XQ environment million for as the normal that versus to logistics, The is excess XX XQ impact freight incremental that million an

Patrick Cook

the is that the be that if question. million going increased I'm your to we know the That impact The answering let XX laid that's not XX quarter is logistics logistics to based - million taken rates. incremental out in on me

Moses Sutton

base, prior what of off the year? off Sorry, of the of or off XQ base

Patrick Cook

say QX accurate. base also would the I would Also, most be

Moses Sutton

it at given you in of acute a expectation do line and are near need the actually on in this that term first based et certain all minimum and reach million XXX then cetera, of yet to any you point need able adjusted or from any logistics Got on impacts draw covenants, to credit sort EBITDA? you'd steel,

Patrick Cook

corporate do we sitting facility have have liquidity our ability So any it, do the anticipation our that static, down ability there forward-looking on based utilizing it of is it. We today no have the to in utilize facility. to that to not but That's utilize credit capacity. our utilize on in forecast, drawing not plan we

Moses Sutton

in the know amount the million I you as to XXXX? Can release specific last had from of quarter, then contracted XXX and you press XXX and specific Great, awarded. noted give to million the was 'XX.

Patrick Cook

million. year excess number be would breakout XXXX if look So XXX XXXX provided and the of at the that for in we guidance we in full

Moses Sutton

you. thank Great,

Operator

you. Thank

Our with comes Jeff from Osborne a Company. next question and Cowen of line

is line open. now Your

Jeff Osborne

quick morning. ones good just two here. had I Hi,

that just explain what the reference period? within or wise recoveries same to recovery costs. Is periods are through logistics flowing to how the You accounting And is Can it that works? made you XQ then making you XQ, from?

Patrick Cook

in So thanks recover of for Jeff, question. terms the -

recognition did recoup recovery we QX of terms the in In with it would costs. the of the those, of costs and would slightly revenue in of contract, logistics And associated that cost which fact, modification logistics XXXX. some for increased of a revenue increase the part be that

Jeff Osborne

clear. but want shipping just your takes with other contract or I anticipate adjustments QX and such any my adjustments And be understanding, hold uncertainty wouldn't any do that you customers needed? be new the as methodology to That's in

Patrick Cook

accurate. on contract that put I that I place. then we mean, to to breakbulk place that currently go with more in we're put think shippers that the be fixed forward the that's modifications ones And expect a Jeff, are in expecting the basis. we've

Jeff Osborne

the just you top at raw and is, on normal Got of your materials supplier mentioned your they I and what my last lengthening side. Can times, what you lead today? are times for question are believe, it lead the us just remind

Tony Etnyre

Sure. This Tony. is

the material XXXX where stated lead in the eight range weeks, total lead to in securing XX vessels XX from closer the to those our times So were steal, where times lead add and incremental incremental when sailing XXXX you source week we project XX those. for time to breakbulk to in We're and for lead seeing times was. delivery on our sourcing for based would and times the early the order the

their And schedules. delivery we're work so We've to forecast and sure change. that's with that been had customers to aligning our with a significant those make

Jeff Osborne

Thank you. have. I Got it, all that's

Operator

to now Thank you. back turn Michalek remarks. no There I further will are the closing for call Bill questions.

Tony Etnyre

Yeah, Tony. thank is you. This

we difficult the revenue the As standpoint growth a summarize to leaders guidance the business, guidance in environment we've a we're guiding believe rate. a strong. orders We've the added in We're those this very in last call, in we're able the digit contracts very fundamentals adding two are in and provided. within We're adding our I million just a XX% are our growing QX came And at underlying customers triple $XXX from customers. months. and just year. revenue and our to revenue manage new rest about new awarded think in above that to

been We to businesses of profitability improvement have pushed global our The is on and difficult, which fundamental environment logistics really balance the the roadmap, track. cost strong a has very our sheet for where solutions is in place. plan by And The QX we're and solutions excited business about out into have good going. profitability news And those XXXX. begin is and in quarter. we the

interest the your to that before Thank forward much. for again you and Look speaking us chance with you quarter So FTC. don't today we if do next in of to to get each I thank want you all that. very joining

Operator

Ladies participation. and call. your Thank today's this you concludes for gentlemen, conference

You now may disconnect.

FTC Solar (FTCI) 11 Aug 212021 Q2 Earnings call transcript