FTC Solar reported $32.9 million in revenue for Q4 2025, a bit higher than the midpoint of its guidance range
The company recorded a 23.4% gross margin, among the highest in its history, though net loss widened to $33.7 million from $12.2 million a year earlier
For FY2025, revenue increased 110%, driven by higher product and logistics volumes, even as average selling prices declined
FTC Solar reported around $491 million in contracted backlog, along with additional large tracker orders in the US and South Africa
FTC Solar has reported $32.9 million in revenue for Q4 2025, near the midpoint of its guidance range of $30 million to $35 million, calling it the best quarterly number since Q1 2023. The company’s revenue increased 26.2% on a quarterly basis and 149% year-on-year (YoY).
Gross margin of 23.4% was one of the highest in this US solar tracker maker’s history, while net loss expanded YoY from $12.2 million to $33.7 million.
FTC Solar also posted its ‘best’ adjusted EBITDA performance in 6 years and since going public at -$266,000, narrowing from the $3.9 million loss reported in Q3 2025 and a $9.84 million loss in Q4 2024 (see FTC Solar Exceeds Q3 2025 Revenue Guidance; Net Loss Widens).
“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,” said FTC Solar President and CEO Yann Brandt.
For FY2025, revenue increased 110% to $99.7 million, with management attributing this increase to higher product and logistics volume, partially offset by lower ASPs. GAAP gross profit of $1.1 million for the year accounted for 1.1% of the revenue, compared to a gross loss of $12.6 million in the previous year.
EBITDA for the year also improved, although still negative, from $43.1 million in 2024 to $24.3 million in 2025. FTC’s GAAP net loss, however, widened to $76.9 million compared to $48.6 million in 2024.
Outlook
FTC management is cautious in its Q1 2026 guidance, targeting revenues of $20 million to $25 million. It also projects non-GAAP adjusted EBITDA in the negative $9.6 million to $5.9 million range, and a non-GAAP gross profit (loss) of -$0.5 million to $2.3 million.
Of its backlog, the contracted portion stands at approximately $491 million, with an additional $61 million since the last financial results.
The backlog does not include close to 1 GW of solar tracker orders for multiple project sites in the US. FTC will supply its 1P (Pioneer) and 2P (Voyager) trackers and SunPath software under this 3-year deal to an unidentified developer and operator of wind and solar farms. Internationally, it landed a nearly 840 MW 3-year solar tracker order from South Africa-based Lubanzi Inala.
With the addition of these orders, FTC shared with analysts that it had more than 9 GW in new Master Supply Agreements (MSAs) but not included in the backlog.
“After 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,” stated Brandt.
He added, “Overall, we expect to see continued acceleration in our bookings in 2026 and to continue outpacing industry revenue growth rates as our recovery progresses.”
FTC Solar features in the 4th edition of TaiyangNews Solar Trackers Market Survey. The report is available for free download here.