FTC Solar, Inc., a company that provides solar tracker systems for utility-scale solar projects, has announced its financial results for the fourth quarter that ended on December 31, 2025. The company reported strong performance for the quarter, highlighting improvements in revenue growth, gross margin, and overall operational performance as it continues to strengthen its position in the global solar tracker market.
Yann Brandt, President and Chief Executive Officer of FTC Solar, stated that the company’s fourth-quarter results came in at the upper end of its target expectations. According to him, the company continued to make steady progress in strengthening its business operations and positioning itself for long-term growth. During the quarter, revenue increased significantly compared to both the previous quarter and the same period in the previous year. Gross margins also reached one of the highest levels in the company’s history, while Adjusted EBITDA performance showed the strongest improvement the company has achieved in the past six years.
Brandt also highlighted the company’s commercial progress during the quarter. FTC Solar’s expanding product portfolio has helped improve its market presence and strengthen relationships with customers. The company reported positive and growing net bookings during the period, along with new multi-year supply agreements and inclusion on several Tier 1 approved vendor lists. These developments indicate growing confidence in FTC Solar’s technology and solutions within the renewable energy industry. As a result, the company believes it is well positioned to increase its market share in the rapidly growing solar tracker sector.
Looking at the broader performance of the year, Brandt noted that 2025 was a period of strong recovery and expansion for the company. FTC Solar achieved more than 110 percent revenue growth for the full year. This growth was supported by the launch of new product features, improved commercial activity, and the expansion of its project pipeline with new customers and larger project opportunities. Although the company faced some booking delays during 2025 due to regulatory uncertainty affecting parts of the solar industry, it has continued to see improving commercial momentum. FTC Solar expects bookings to accelerate further during 2026 and anticipates that its revenue growth will continue to exceed overall industry growth rates as the recovery progresses.
For the fourth quarter of 2025, the company reported total revenue of 32.9 million dollars. This figure was within the company’s projected range and represented a significant increase compared to previous periods. Revenue rose by approximately 26.2 percent compared to the third quarter of 2025 and increased by nearly 149 percent compared to the same quarter in 2024. The strong revenue growth reflects increased project deliveries and improved demand for the company’s solar tracking systems.
The company also reported strong improvement in its gross profit performance. On a GAAP basis, gross profit for the quarter was 6.9 million dollars, representing about 21 percent of revenue. This marked a notable improvement compared to the previous quarter, when gross profit was 1.6 million dollars, or 6.1 percent of revenue. On a non-GAAP basis, gross profit reached 7.7 million dollars, equivalent to 23.4 percent of revenue. This level represents one of the highest gross margin performances in FTC Solar’s history and its best result since becoming a publicly listed company. In comparison, the company had recorded a non-GAAP gross loss of 3.4 million dollars during the same quarter in the previous year.
Operating expenses for the fourth quarter totaled 10.6 million dollars on a GAAP basis. When adjusted for non-GAAP measures, operating expenses were 8.2 million dollars. This compares with non-GAAP operating expenses of 7.4 million dollars reported during the same period in the previous year. Despite improvements in operational performance, the company reported a GAAP net loss of 33.7 million dollars for the quarter, which equates to 2.23 dollars per diluted share. This compares with a net loss of 23.9 million dollars, or 1.61 dollars per diluted share, in the previous quarter and a net loss of 12.2 million dollars, or 0.96 dollars per diluted share after the stock split adjustment, during the same period in the previous year.
However, when adjusted for certain non-cash and one-time items, the company’s Adjusted EBITDA loss improved significantly. The adjusted loss for the quarter was approximately 0.3 million dollars. This improvement reflects the exclusion of several factors, including a loss related to changes in the fair value of warrant liabilities, a loss on debt extinguishment, costs related to the CEO transition, expenses associated with a special shareholders’ meeting held in September 2025, and other non-cash items. The adjusted result shows a strong improvement compared with an Adjusted EBITDA loss of 4 million dollars in the previous quarter and a loss of 9.8 million dollars during the same quarter of the previous year.
Alongside its financial results, FTC Solar also announced several important developments related to new project opportunities. The company has been selected by a major developer and operator of wind and solar power projects to supply approximately one gigawatt of solar trackers across multiple project sites in the United States. The agreement covers an initial period of three years. Under this arrangement, the customer is expected to use a combination of FTC Solar’s 1P Pioneer and 2P Voyager tracker systems, along with the company’s SunPath software, which is designed to improve energy generation performance.
In another development announced on February 23, the company signed a three-year supply agreement with Lubanzi Inala, a solar procurement company in South Africa that is part of the Green Axis Africa EPC consortium. Under the agreement, FTC Solar will supply approximately 840 megawatts of solar trackers over the three-year period. The solar projects included in the agreement are expected to be developed in South Africa and will also use a mix of the company’s 1P and 2P tracker technologies. The first project associated with this agreement is expected to begin construction in mid-2026.
As of the latest update, the contracted portion of FTC Solar’s backlog stands at approximately 491 million dollars. This figure does not include the potential value of the two recently announced agreements, as those projects have not yet been fully contracted. After closing 2025 with strong momentum, the company expects the first quarter of 2026 to show some seasonal effects along with the remaining impact of project delays related to regulatory uncertainty that occurred during mid-2025.
Despite this, the company has provided guidance indicating continued improvement. At the midpoint of its target range, FTC Solar expects revenue in the first quarter of 2026 to increase by about 8 percent compared with the same period in the previous year. The company also anticipates further improvements in gross margin and Adjusted EBITDA performance.
Looking ahead, the company believes that new bookings secured during 2025, along with the conversion of previously signed master supply agreements into fully contracted projects, will begin contributing to revenue during the coming quarters. This is expected to support significant growth throughout 2026. FTC Solar also believes that its expanding customer relationships, increasing approvals from major vendors, and competitive product portfolio will allow the company to grow faster than the broader solar industry as market conditions continue to improve.
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