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FTC Solar Reports 149% Jump in Q4 Revenue Driven by Strong Solar Tracker Demand

FTC Solar reported a significant rise in revenue for the fourth quarter (Q4) of 2025, with earnings increasing 148.9% year-over-year to $32.9 million, compared to $13.9 million during the same period in 2024. The revenue exceeded the company’s projected guidance range of $30 million to $35 million, largely due to higher sales volumes and improved operational absorption, though partially offset by increased tariff costs.

Revenue from product sales reached $26.2 million, marking a 151.9% increase from $10.4 million in Q4 2024. Meanwhile, service-related revenue rose to $6.7 million, up 139.3% year-over-year from $2.8 million. Despite this strong growth, the company’s net loss widened to $33.7 million, compared to $12.2 million in the same quarter of the previous year.

However, the company showed improvement in profitability metrics. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss narrowed sharply to $267,000, down from $9.84 million in Q4 2024, representing the company’s best adjusted EBITDA performance in six years. The earnings per share (EPS) for the quarter stood at negative $0.17, outperforming analysts’ expectations of negative $0.22.

Commenting on the results, Yann Brandt said the fourth-quarter performance capped a strong year for the company, with total revenue for 2025 increasing by more than 110%. He added that the company has strengthened its product portfolio, expanded its project pipeline, and improved its market presence despite some booking delays caused by regulatory uncertainty.

Full-Year 2025 Performance

For the full year 2025, FTC Solar generated $99.7 million in revenue, representing a 110.5% increase from $47.4 million in 2024. The growth was primarily driven by higher product shipments and logistics volumes, although it was partially offset by a decline in the average selling price of products.

Despite the revenue growth, the company reported a net loss of $76.9 million, up 58.3% from $48.6 million in 2024. The adjusted EBITDA loss improved to $24.3 million, narrowing from $43.1 million the previous year. Annual earnings per share came in at negative $5.49, compared to negative $3.83 in 2024.

Outlook for 2026

Looking ahead, FTC Solar expects Q1 2026 revenue to range between $20 million and $25 million. The company also forecasts non-GAAP gross profit between negative $0.5 million and positive $2.3 million, equivalent to a margin range of -2.5% to 9.2% of revenue.

Brandt noted that the company anticipates continued growth in bookings during 2026 and expects its revenue expansion to outpace the broader solar industry as the company continues its recovery and improves operational execution.

Operational Developments

FTC Solar has recently secured several significant contracts. The company has been selected by a major U.S. renewable energy developer to supply approximately 1 GW of solar trackers across multiple project sites over an initial three-year period. These projects will use a combination of the company’s Pioneer (1P) and Voyager (2P) tracker systems, along with its SunPath performance optimization software.

In addition, the company announced a multi-year service agreement with Lubanzi in South Africa to deliver around 840 MW of solar trackers for projects across the country. The first project under this agreement is expected to begin by mid-year.

FTC Solar also highlighted the advantages of its 3D backtracking technology, which is designed to improve energy yield on sites with uneven or undulating terrain. The technology works particularly well with independent row architecture, allowing individual tracker rows to operate separately and maximize solar energy generation.