Recent Updates — FTCI

FTC Solar entered into a Third Amendment to its Credit Agreement, deferring a $5 million cash repayment originally due September 30, 2026, to March 31, 2027. The amendment waives financial covenants for the third and fourth quarters of 2026. New covenants take effect in early 2027, requiring a minimum unrestricted cash balance of $15 million starting January 4, 2027, and an adjusted EBITDA of at least $2 million for the quarter ending March 31, 2027. Revenue and margin covenants will apply beginning in the first quarter of 2027. FTC Solar is a leading provider of solar tracker systems, software, and engineering services.

FTC Solar reported second-quarter revenue of $26.2 million, a 52% increase from the prior quarter and 31% year-over-year, while posting a GAAP net loss of $27.1 million ($1.69 per diluted share). The company entered into an equity line of credit with Lincoln Park Capital for up to $20 million in common stock purchases and obtained a limited waiver from lenders regarding covenant non-compliance on its credit agreement. Backlog stands at approximately $560 million, including recent awards for 400MW and 80+MW projects. FTC Solar operates in the renewable energy sector, providing solar tracker systems and engineering services.