U.S.-based solar tracker systems provider FTC Solar‘s net loss narrowed to $8.8 million during the first quarter (Q1) of 2024 from a loss of ₹11.8 million a year ago.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) loss, which excludes certain items like stock-based compensation expense and non-cash items, stood at $10.7 million, an increase of 48.6% YoY from $7.2 million.

During the quarter, the company’s revenue dipped 69.2% YoY to $12.6 million, a 69.2% YoY decrease due to lower product and logistics volumes.

The company said its order book continues to thrive, setting the stage for a revenue rebound in the latter half of the year.

“The company’s first-quarter results were in line with our targets,” said Shaker Sadasivam, Chairman of the Board of FTC Solar. “During the quarter, the company remained focused on advancing key initiatives that will support future growth and profitability, including improving gross margin potential, lowering the breakeven revenue level, improving business processes, and driving customer engagement and purchase orders.”

The current backlog totals around $1.8 billion.

Operating expenses amounted to $8.7 million, including a credit loss provision of $0.7 million related to a specific customer, down from $10.1 million in the same quarter last year.

FTC Solar said its product portfolio is expanding, with a focus on optimizing customer project portfolios.

Improvement in the “2P tracker” market has prompted ongoing systems, processes, and pricing enhancements. The compan’’s product cost structure targets long-term gross margins exceeding 20%.

FTC Solar’s net loss for the fourth quarter of 2023 amounted to $11.2 million from a loss of $20.5 million as operating expenses declined in light of lower product volume.

The company recorded a net loss of $16.94 million during the third quarter of 2023, a YoY improvement of 34% from a loss of $25.64 million.