Revenues rose 84% Y/Y to $30.5 million, beating the analyst consensus of $29.2 million, led by higher product volume. Revenues fell 5.6% sequentially.

Non-GAAP gross profit was $3.90 million (margin at 12.8%) vs. a loss of $(8.2) million in the prior-year period, led by significantly improved product direct margins and lower warranty, retrofit, and other indirect costs.

Non-GAAP operating expenses rose to $13.2 million from $9.1 million a year ago.

Adjusted EBITDA loss was $(9.7) million in Q3, narrower than the $(17.7) million loss in the year-ago quarter.

Adjusted EPS loss of $(0.08) missed the consensus of $(0.07) loss.

Since August 9, the company added around $60 million to the backlog and the total backlog stood at approximately $1.6 billion.

CEO & CFO Departure: The company disclosed the departure of CEO Sean Hunkler and CFO Phelps Morris from their roles in December 2023. 

FTCI named Cathy Behnen, who has served as its Chief Accounting Officer since 2020, as the interim CFO.

Adjusted gross margin is expected to be (7)% to 7%, reflecting lower cost absorption, with adjusted EBITDA to be $(13.0) million - $(2.5) million.

For Q1 FY24, FTCI projects revenue of $40.0 million - $50.0 million, adjusted gross profit of $3.2 million - $6.3 million, and adjusted EBITDA of $(7.3) million - $(3.0) million. 

The company continues to be optimistic about the growth prospects, supported by its large and growing backlog and improved competitive positioning, and expects to cross into profitability in 2024.

Price Action: FTCI shares are trading down 36.97% at $0.75 premarket on the last check Wednesday.