Earnings ·
FTC Solar reports Q3 revenue of $32.8M and targets 46% growth in Q4
FTCIFTC Solar, Inc.
FTC Solar reported third-quarter revenue of $32.8 million, a 25.4% increase from the prior quarter, driven by strong demand for solar tracker systems. The company achieved non-GAAP gross profit of $2.8 million and an adjusted EBITDA loss of $5.2 million, narrowing significantly from the previous period's losses. Backlog stands at approximately $640 million, supported by new contracts in India with Tata Power Solar and Evren, as well as strategic collaborations in North America and Europe. Management guided for fourth-quarter revenue growth of roughly 46% to a midpoint of $48 million, anticipating a path to EBITDA profitability in early 2027. FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services.