Ground-mount solar tracker system provider FTC Solar, headquartered in Austin, Texas, announced its Q1, 2025 earnings, posting $20.8 million in revenues.
Revenues grew 58% quarter-over-quarter and grew year-over-year, exceeding Q1, 2024 revenues of $12.6 million. First quarter revenues came in higher than the company’s target, and its stock price (Nasdaq: FTCI) is up roughly 12% in the trading session following the earnings report.
The company has a backlog of signed agreements exceeding 6.5 GW with Tier 1 customers.
“Much of our recent momentum has been driven by the significant expansion of our innovative and differentiated 1P product line, including high wind offerings up to 150mph, terrain-following options, large stow range, compatibility across module manufacturers and types, and the upcoming availability of 100% domestic content,” said Yann Brandt, president and chief executive officer, FTC Solar.
In Q1, 2025, FTC Solar had net losses of $3.4 million, or 16.6% of revenue, compared to net loss of $8.7 million, or 29.1% of revenue, in the prior year’s first quarter. The company has a $0.58 loss per share.
The company added incremental liquidity to its balance sheet, grew its sales team and further expanded its product offering and capabilities.
Along with the earnings report, FTC Solar announced the appointments of Darrell Jackson and Max Sultan to its Board of Directors.
FTC Solar expects continued sequential growth in Q2, with an expected range of $19 million to $24 million in revenues. Gross margins (losses) are expected to improve from (26.6%) to (23.4%).
The company provides both one module in portrait (1P) and 2P single-axis solar tracker solutions and accompanying software. It also offers project engineering services and has a proprietary design platform called Sundat.
“We’re well positioned in a growth market to take significant share, with the right combination of people and products,” said Brandt. “Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.”
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