FTC Solar’s Q2 2025 revenue rose 74.9% YoY to $20 million, driven by higher product volumes, though it slightly declined sequentially
Losses widened across the board with a $15.4 million GAAP net loss and $3.9 million gross loss, alongside a higher-than-expected adjusted EBITDA loss of $10.4 million
Regulatory uncertainty around tariffs and ITC changes is slowing customer decision-making, though safe harbor interest has picked up
FTC is enhancing its product offerings with 2,000 V trackers, advanced hail stow features, and modular designs to support future-ready, cost-effective installations
FTC Solar, a US-based solar tracker manufacturer, reported a 74.9% year-on-year (YoY) increase in Q2 2025 revenue, reaching $20 million. The growth was driven by higher product volumes and was in line with its guidance range of $19 million to $24 million.
However, the revenues declined by 3.9% compared to the previous quarter, when the company reported $20.8 million. Its GAAP net loss of $15.4 million expanded from a loss of $3.8 million in the previous quarter. Adjusted EBITDA loss was slightly higher than the guided range at $10.4 million.
FTC says its GAAP gross loss widened to $3.9 million, or 19.6% of the total revenue, expanding from $3.4 million loss it incurred in Q1 2025, representing 16.6% of the revenue (see Higher Product Volumes Push FTC Solar’s Q1 2025 Revenues Up).
FTC’s contracted backlog, comprising executed contracted and awarded orders, stood at close to $470 million, has reduced from $482 million a quarter ago.
According to the management, the regulatory environment in the US, in the backdrop of trade deals, tariffs, and the One Big Beautiful Bill Act (OBBBA) legislation have led to delays in decision-making in the industry. However, it added that the early phaseout of the Investment Tax Credit (ITC) has sparked strong interest in safe harboring equipment. Future demand will, of course, depend on final Treasury rules that are expected by August 18, 2025 (see Trump Signs Executive Order To End Green Energy Subsidies).
FTC Solar President and CEO Yann Brandt explained, “Overall, while regulatory uncertainty has slowed some customer project planning in recent months, the company continues to make great strides in enhancing its product, market and financial positioning, and remains increasingly well-positioned to support our customers and their growth.”
According to analysts at TD Cowen, FTC’s major customer base comprises smaller independent power producers (IPPs) and EPCs. These are the companies that are slow in moving projects forward due to uncertainty surrounding ITC and FEOC regulations, impacting their safe harbor strategies. “This is different to what we have heard from larger competitors or adjacent companies in the utility solar space as they sell into larger players with less near-term exposure to the evolving backdrop management,” they added.
Product Focus
FTC has announced a new extra-long tracker exclusively for 2,000 V systems, which will make it among the first movers towards such systems compared to the industry standard of 1,500 V at present. This can be an important factor in enabling permits, lowering project costs, or expediting the construction timeline.
Brandt added, “As the industry prepares to make this transition, longer trackers can reduce eBOS and O&M costs while increasing power capacity by 33%. When customers are ready to make that transition, we are ready to support them with the fast, safe and easily constructible design that customers have come to expect from FTC.”
Amid project delays, the tracker manufacturer has been focused on improving its product lineup. For its 1P product, it has introduced Python clips and universal torque tubes that can support various module types in high wind zones of up to 150 miles/hour. These, according to Brandt, works for safe harbor provisions to claim the ITC.
It touts the hail stow feature, calling it the most advanced hail solution in the market that’s capable of an 80° stow angle, considering it is a key driver of insurance premiums, according to the company. In a recent analysis, kWh Analytics called hail as one of the most severe financial threats to solar power investments (see Hail Costliest Weather Risk For Solar Power Projects).
Guidance
For Q3 2025, FTC has offered a conservative revenue guidance of between $18 million and $24 million, while expecting a non-GAAP adjusted EBITDA loss to range between -$10.8 million and -$6.8 million.
It recently also raised a $75 million financing facility from Cleanhill Partners and affiliates, AV Securities, and other long-term investors that provides it liquidity and ‘ample runway to achieve profitability’.
Team TaiyangNews will be at the upcoming RE+ event in the US where we are co-organizing the 2025 Solar Made in USA summit in collaboration with RE+ and EUPD Research. To be held on September 8, 2025, in Las Vegas, US, during the RE+ 2025 event, it will feature leading names from the world of solar to discuss the future of US solar and storage manufacturing, and strategies for the players going forward under the regulatory hurdles created by the OBBBA. Registrations are open and can be done here.