FTC Solar’s Q3 2026 revenue increased 26.1% YoY, while its adjusted EBITDA loss narrowed sequentially
It signed new contracts with Tata Power Solar and Evren in India, alongside major projects in the US and UK after quarter-end
The company expects Q4 2026 revenue to increase by approximately 46% sequentially
FTC Solar, the US-based solar tracker manufacturer, reported a 26.1% year-on-year (YoY) increase in Q3 FY2026 revenue. The company also announced new project awards across North America, Europe and India following the reporting period.
Its revenue for the quarter reached $32.8 million, compared with $26 million in the same period last year. This was also a 25.4% increase from the $26.2 million reported in Q2 2026 (see FTC Solar Q2 2026 Revenue Jumps 52%; Reports Net Loss).
Its GAAP gross profit of $1.9 million was 5.8% of revenue, compared to a gross loss of $2.2 million, or 8.5% of revenue, in Q3 2025 (see FTC Solar Exceeds Q3 2025 Revenue Guidance; Net Loss Widens).
The company’s GAAP net income was $6.7 million, compared with a net loss of $23.9 million in the corresponding quarter last year. It reported an adjusted EBITDA loss of $5.2 million, widening from a $3.9 million loss in Q3 2025. However, this improved from an adjusted EBITDA loss of $9.8 million in the preceding quarter.
FTC Solar CEO Anthony Carroll said the company delivered higher sequential revenue and margins above its targets. He said, “We expect continued significant growth in the fourth quarter with a path to EBITDA profitability in the first quarter of next year.”
At the end of the reporting quarter, FTC Solar’s contracted backlog stood at approximately $640 million. The company also announced several project awards and agreements after the reporting period, covering North America, Europe, India, and Australia.
In North America, FTC Solar secured a 750 MW project from a developer backed by a major investor. In Puerto Rico, the company is working with Linxon and private equity firm Energy Transition Capital (ETC) to advance a portfolio of solar projects across multiple locations. FTC Solar said it is providing engineering, design, and qualification support for the approximately 600 MW portfolio. The work is among the first activities under a strategic collaboration involving FTC Solar, Linxon, and Hitachi Energy to jointly pursue and deliver utility-scale solar projects in North America and other markets.
In Europe, FTC Solar signed a collaboration agreement and master supply agreement with AGR Renewables covering solar trackers, engineering, design, site assessment, and software solutions for projects in the UK. The two companies have set an initial target of 500 MW of projects through 2028, with scope to expand the volumes and extend the collaboration to other markets.
In India, FTC Solar contracted a 118 MW project from Tata Power Solar, and a 121 MW project from Evren, an Indian renewable energy development platform backed by Brookfield. In Australia, it signed memorandums of understanding (MoUs) with six significant materials suppliers that it said will strengthen its local content capabilities.
FTC Solar also highlighted installation speed as a competitive factor in its project execution strategy. The company said independent validation by DNV confirmed that its tracker systems can be installed in 81 labor hours per megawatt. It described this as an industry-leading installation rate. It is also advancing the use of artificial intelligence and robotics to improve productivity across its operations.
FTC Solar expects Q4 2026 revenue to range from $44 million to $52 million, representing approximately 46% sequential growth at the midpoint of its guidance range. Adjusted EBITDA loss is projected to narrow to between $3.9 million and zero.
For Q1 2027, FTC Solar expects further sequential revenue growth and adjusted EBITDA profitability. It also anticipates significant revenue growth and full-year profitability in 2027.
Carroll added, “With significant new awards and growing momentum across North America, India, Australia, and Europe and with AI and robotics enhancing our current and future productivity, we’re well positioned for a strong 2027.”
Analysts at ROTH highlight that while FTC Solar’s peers broaden their integrated offerings as they go about bundling multiple products, the company itself seems to be exploring a model that could “selectively offer creative strategies to IPPs that prefer customer-driven innovation, which can improve project IRRs/cash flow/speed. We find this approach interesting and look forward to more positive developments ahead.”
ROTH is perhaps referring to Nextpower, which has been expanding its product portfolio to well beyond trackers. Another competing company, ARRAY Technologies, recently announced a merger agreement with eBOS supplier Shoals Technologies (see ARRAY Technologies & Shoals Technologies To Merge In 2027).
All the three companies, FTC Solar, Nextpower and ARRAY Technologies, feature in the TaiyangNews Market Survey on Solar Trackers 2026, which can be downloaded for free here.