Gross margin improvement of approximately 1,500 basis points q/q and 4,900 points y/y
Awarded 1GW supply agreement with leading developer for 1P and 2P trackers in U.S.
Secured 840MW supply agreement with Lubanzi for 1P and 2P trackers in South Africa
AUSTIN, Texas, March 05, 2026 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (NASDAQ:FTCI), a leading provider of solar tracker systems, today announced financial results for the fourth quarter that ended December 31, 2025.
"I'm pleased to share that our fourth quarter results came in at the high-end of our target ranges and we continued to position the company for long-term success," said Yann Brandt, President and Chief Executive Officer of FTC Solar. "Quarterly revenue grew 26% sequentially, and nearly 150% year-over-year, gross margin was one of the highest in company history, and we posted our best Adjusted EBITDA performance in six years.
On the commercial front, our compelling product lineup has led to significant advancement in customer positioning, including positive and accelerating net bookings for the period, new multi-year supply agreements, and being added to multiple Tier 1 approved vendor lists. FTC is well positioned to gain significant share in the dynamic tracker market."
"Our fourth quarter results were a fitting end to a full-year 2025 that saw us grow revenue by more than 110%, as we continued our recovery, launched compelling new product features, and expanded our pipeline with more customers and larger projects. While the company is not immune to the impacts of regulatory uncertainty-related booking delays in 2025, our commercial traction continues to improve. Overall, we expect to see continued acceleration in our bookings in 2026 and to continue outpacing industry revenue growth rates as our recovery progresses."
Fourth Quarter ResultsTotal fourth-quarter revenue was $32.9 million, which was in line with our target range. This revenue level represents an increase of 26.2% compared to the prior quarter and an increase of 148.9% compared to the year-earlier quarter.
GAAP gross profit was $6.9 million, or 21.0% of revenue, compared to gross profit of $1.6 million, or 6.1% of revenue, in the prior quarter. Non-GAAP gross profit was $7.7 million or 23.4% of revenue, and represented one of the highest levels in company history, and our best as a public company. This compares to Non-GAAP gross loss of $3.4 million in the prior-year period.
Summary Financial Performance: Q4 2025 compared to Q4 2024
U.S. GAAP
Non-GAAP(b)
Three months ended December 31,
(in thousands, except per share data)
2025
2024
2025
2024
Revenue
$
32,861
$
13,202
$
32,861
$
13,202
Gross margin percentage
21.0
%
(29.1
%)
23.4
%
(25.6
%)
Total operating expenses
$
10,551
$
9,591
$
8,187
$
7,391
Loss from operations(a)
$
(3,651
)
$
(13,428
)
$
(267
)
$
(9,840
)
Net loss
$
(33,734
)
$
(12,235
)
$
(2,543
)
$
(10,228
)
Diluted loss per share
$
(2.23
)
$
(0.96
)
$
(0.17
)
$
(0.80
)
(a)
Adjusted EBITDA for Non-GAAP
(b)
See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures
GAAP operating expenses were $10.6 million. On a Non-GAAP basis, operating expenses were $8.2 million. This compares to Non-GAAP operating expenses of $7.4 million in the year-ago quarter.
GAAP net loss was $33.7 million or $2.23 per diluted share, compared to a loss of $23.9 million or $1.61 per diluted share in the prior quarter and a net loss of $12.2 million or $0.96 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes approximately $33.5 million for (i) a loss from the change in fair value of the warrant liability, (ii) loss on extinguishment of debt, (iii) certain CEO transition costs, and (iv) costs for a special stockholders' meeting in September 2025 and other non-cash items, was $0.3 million, compared to Adjusted EBITDA losses of $4.0 million1 in the prior quarter and $9.8 million in the year-ago quarter.
Subsequent EventsIn addition to its financial results, the company also announced that it has been selected by a leading developer and operators of wind and solar farms, to supply approximately 1 gigawatt of solar trackers for multiple project sites in the U.S., over an initial three-year term. The customer is expected to utilize a combination of FTC's 1P (Pioneer) and 2P (Voyager) trackers, as well as FTC's innovative SunPath performance-enhancing software.
On February 23, the company announced a three-year supply agreement with Lubanzi Inala, a leading South African solar procurement company part of the EPC consortium Green Axis Africa. The agreement calls for FTC Solar to supply Lubanzi with approximately 840 megawatts of solar trackers over the 3-year term. The projects are expected to be located in South Africa and utilize a combination of 1P and 2P tracker technologies. The first project under this agreement is expected to begin in mid-2026.
The contracted portion of the company's backlog2, which does not include any portion of the two agreements noted above, which are not yet contracted, now stands at approximately $491 million.
OutlookAfter a very strong conclusion to 2025, which included signing nearly half of our bookings for the year in the fourth quarter, we enter the first quarter of 2026 with a bit of seasonality and leftover effects of the regulatory uncertainty-related project delays in mid-2025. At the midpoint of our target range for the first quarter, we are guiding for an 8% year-over-year increase in revenue, with significant improvements in gross margin and Adjusted EBITDA. This should also compare favorably relative to the industry.
The new bookings from 2025, as well as the conversion of prior year MSAs to contracted, should begin to layer in the coming quarters, resulting in significant and meaningful growth throughout the year that we expect will outpace the market thanks to our positioning with customers, AVL gains and competitiveness from our product portfolio.
(in millions)
4Q'25Guidance
4Q'25Actual
1Q'26Guidance(3)
Revenue
$30.0, $35.0
$32.9
$20.0, $25.0
Non-GAAP Gross Profit (Loss)
$3.8, $8.2
$7.7
$(0.5), $2.3
Non-GAAP Gross Margin
12.7%, 23.4%
23.4%
(2.5%), 9.2%
Non-GAAP operating expenses
$8.2, $9.0
$8.2
$8.2, $8.9
Non-GAAP adjusted EBITDA
$(5.4), $0.0
$(0.3)
$(9.6), $(5.9)
Fourth Quarter 2025 Earnings Conference CallFTC Solar's senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its fourth quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar's website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.
About FTC Solar Inc. Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar's innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.
Footnotes1. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on November 12, 2025.2. The term ‘backlog' or ‘contracted and awarded' refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.3. We do not provide a quantitative reconciliation of our forward-looking Non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.
Forward-Looking StatementsThis press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC"), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
FTC Solar Investor Contact:Bill Michalek Vice President, Investor Relations FTC SolarT: (737) 241-8618 E: [email protected]
FTC Solar, Inc.Condensed Consolidated Statements of Comprehensive Loss(unaudited)
Three months ended December 31,
Year ended December 31,
(in thousands, except shares and per share data)
2025
2024
2025
2024
Revenue:
Product
$
26,181
$
10,428
$
80,311
$
37,520
Service
6,680
2,774
19,376
9,835
Total revenue
32,861
13,202
99,687
47,355
Cost of revenue:
Product
18,863
13,553
76,400
48,185
Service
7,098
3,486
22,159
11,764
Total cost of revenue
25,961
17,039
98,559
59,949
Gross profit (loss)
6,900
(3,837
)
1,128
(12,594
)
Operating expenses
Research and development
1,106
1,474
4,387
5,915
Selling and marketing
2,102
2,051
6,201
8,881
General and administrative
7,343
6,066
23,955
25,440
Total operating expenses
10,551
9,591
34,543
40,236
Loss from operations
(3,651
)
(13,428
)
(33,415
)
(52,830
)
Interest expense
(4,127
)
(217
)
(7,557
)
(665
)
Interest income
6
9
23
346
Gain from disposal of investment in unconsolidated subsidiary
—
4,722
3,204
8,807
Gain on sale of Atlas
—
906
140
906
Loss from change in fair value of warrant liability
(26,388
)
(4,322
)
(40,686
)
(4,322
)
Loss on extinguishment of debt
—
—
(173
)
—
Bargain purchase gain
377
—
377
—
Other income, net
30
346
140
468
Income (loss) from unconsolidated subsidiary
207
(319
)
1,551
(1,086
)
Loss before income taxes
(33,546
)
(12,303
)
(76,396
)
(48,376
)
(Provision) benefit for income taxes
(188
)
68
(525
)
(230
)
Net loss
(33,734
)
(12,235
)
(76,921
)
(48,606
)
Other comprehensive income (loss):
Foreign currency translation adjustments
106
(311
)
252
(249
)
Comprehensive loss
$
(33,628
)
$
(12,546
)
$
(76,669
)
$
(48,855
)
Net loss per share:
Basic and diluted
$
(2.23
)
$
(0.96
)
$
(5.49
)
$
(3.83
)
Weighted-average common shares outstanding:
Basic and diluted
15,140,410
12,787,050
14,012,298
12,675,923
FTC Solar, Inc.Condensed Consolidated Balance Sheets(unaudited)
(in thousands, except shares and per share data)
December 31,2025
December 31,2024
ASSETS
Current assets
