FTC Solar’s Q2 2026 revenue exceeded its guidance, but it reported a $27.1 million net loss
Its contracted backlog at the end of June 2026 had reached $560 million, including contracts secured in Australia and India
For Q3 2026, FTC Solar expects revenue of $30 million to $35 million, expecting roughly 24% sequential growth
FTC Solar, the US-based solar tracker systems company, reported a strong Q2 2026 in terms of revenue as it exceeded the guidance, helped by higher project activity and new orders, although losses remained significant.
Revenue reached $26.2 million in the quarter ended June 30, up 51.5% from the previous quarter and 30.8% from a year earlier. The result was above the company’s guidance range of $22 million to $26 million (see FTC Solar Swings To Profit Despite Revenue Decline In Q1 2026).
However, profitability remained weak. FTC Solar posted a GAAP gross loss of $2.2 million, representing 8.5% of revenue, compared with a $1.2 million loss in the previous quarter. While the company posted a net income of $32.6 million in Q1 2026, it reported a GAAP net loss of $27.1 million for Q2 2026, compared with a $15.4 million loss in the year-ago quarter (see FTC Solar Improved Q2 2025 Revenues By 75% YoY).
Adjusted EBITDA loss was $9.8 million, improving from $10.4 million a year earlier but widening from $8.2 million in Q1 2026.
FTC Solar’s contracted backlog stood at about $560 million at the end of the quarter. During the period, it received an order for its first 1P tracker system from an existing 2P customer. The project is slightly above 100 MW and is located on the US East Coast. It also received notice to begin production on a 330+ MW project in Queensland, Australia, with deliveries scheduled to start in H2 2026.
During the reporting quarter, FTC Solar entered the Indian market, where it says the company has secured several initial projects ranging from pilots to projects above 100 MW. Shipments in India have already begun in 2026.
FTC Solar also announced a 400 MW purchase order for a 1P project being built by a top 5 US EPC and top 5 US developer after June 2026.
Analysts at Roth viewed the quarter cautiously. Analyst Philip Shen said FTC Solar delivered a ‘light Q2 and weak Q3 guide’, noting that while Q2 revenue was above expectations, gross margin, operating expenses, and adjusted EBITDA were weaker than the firm had expected. Roth also flagged balance-sheet pressure, saying FTC Solar breached minimum cash and direct-margin covenants. While the lenders waived the right to call the debt, the firm noted that the waiver covered Q2 and that the weaker Q3 outlook could create further covenant pressure.
According to management, FTC Solar has established a $20 million equity line of credit (ELOC) with Lincoln Park Capital, which opens up the way for it to sell its shares over a period of 24 months.
For Q3 2026, FTC Solar expects revenue of $30 million to $35 million, implying roughly 24% sequential growth at the midpoint. Non-GAAP gross margin is expected to range from a negative 3% to a positive 5.1%, while non-GAAP adjusted EBITDA is projected to be in the range of -$9.3 million to -$6 million.
The company maintained its 2026 revenue growth outlook of 40% compared with 2025 and expects further sequential growth in Q4 2026.
