FTC Solar Announces Third Quarter 2025 Financial Results
FTC Solar, Inc. reported its Q3 2025 financial results, showing a revenue increase of 156.8% year-over-year to $26.0 million. The company achieved a GAAP gross profit of $1.6 million, improving from a gross loss in the previous quarter. Despite a net loss of $23.9 million, adjusted EBITDA loss improved significantly. FTC Solar secured a $75 million financing facility and a 1GW supply agreement with Levona Renewables. The company also plans to acquire a 55% interest in Alpha Steel, enhancing its capabilities. For Q4 2025, revenue is expected between $30.0 million and $35.0 million.
FTC Solar, Inc., a prominent provider of solar tracker systems, has released its financial results for the third quarter ending September 30, 2025. The company has shown significant growth and improvement across various financial metrics, reflecting its ongoing efforts to enhance its market position and operational efficiency.
Financial Highlights
FTC Solar reported a third-quarter revenue of $26.0 million, marking a substantial increase of 156.8% year-over-year and 30.2% quarter-over-quarter. The company's GAAP gross profit stood at $1.6 million, translating to a gross margin of 6.1%, a notable improvement from the gross loss of $3.9 million in the previous quarter. On a Non-GAAP basis, the gross profit was $2.0 million, or 7.7% of revenue.
GAAP operating expenses were $9.3 million, while Non-GAAP operating expenses were slightly lower at $8.0 million. The net loss for the quarter was $23.9 million, or $1.61 per diluted share, compared to a net loss of $15.4 million, or $1.21 per diluted share, in the same period last year. Adjusted EBITDA loss was $4.0 million, a significant improvement from the $12.2 million loss in the year-ago quarter.
Business and Operational Highlights
During the third quarter, FTC Solar secured a $75 million strategic financing facility, with $37.5 million already closed. The company also announced a 1GW tracker supply agreement with Levona Renewables, with the first project, CT Solar One, expected to start construction in early 2026. This project will utilize FTC Solar’s Pioneer 1P trackers and SunPath performance-enhancing software.
The company's contracted backlog now stands at approximately $462 million, excluding the Levona agreement, indicating strong future revenue potential.
Strategic Initiatives and Corporate Developments
On November 11, 2025, FTC Solar entered into a purchase agreement to acquire the remaining 55% interest in Alpha Steel, LLC for approximately $2.7 million. This acquisition will give FTC Solar full control over Alpha Steel, enhancing its domestic content capability and profit potential.
Management's Perspective
Yann Brandt, President and CEO of FTC Solar, expressed satisfaction with the company's performance, highlighting the significant year-over-year revenue growth and the highest operating income and adjusted EBITDA levels in five years. Brandt emphasized the company's progress in product offerings and customer traction, expressing optimism about FTC Solar's long-term potential.
Future Outlook
For the fourth quarter of 2025, FTC Solar expects revenue to be in the range of $30.0 million to $35.0 million, with Non-GAAP gross profit projected between $3.8 million and $8.2 million. The company anticipates Non-GAAP operating expenses to be between $8.2 million and $9.0 million, and Adjusted EBITDA to range from a loss of $5.4 million to break-even.
Original SEC Filing: FTC Solar, Inc. [ FTCI ] - 8-K - Nov. 12, 2025
