FTC Solar Inc
ftcsolar.comWhat Do They Do?
Sells solar tracker systems, tracking software and engineering services to EPC contractors, project developers and solar asset owners for utility-scale and distributed solar projects.
10-K for FY2025, filed Mar 24, 2026
How Do They Make Money?
FTC Solar earns most of its revenue from tracker systems and customized components, with customers paying as project work progresses. Individual parts and engineering or pile-testing work are paid for when shipped or completed; service revenue also includes subscription software and maintenance support over contract terms.
10-K for FY2025, filed Mar 24, 2026Product revenue is derived from the sale of solar tracker systems and customized components for those systems, individual part sales for…View ↗
Service revenue includes revenue from shipping and handling services, engineering consulting and pile testing services, our…View ↗
The revenue for shipping and handling services will be recognized over time based on progress in meeting shipping terms of the…View ↗
Sales of individual parts of our solar tracker systems for certain specific transactions include multiple performance obligations…View ↗
Recognize revenue when or as the Company satisfies a performance obligation: For each performance obligation identified, we determine at…View ↗
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10-K for FY2025, filed Mar 24, 2026
FY2025 revenue by product or service ↗
$99.7M
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10-K for FY2025, filed Mar 24, 2026
$99.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Recurring
10-K for FY2025, filed Mar 24, 2026 |
81%
FY2022: 52%
|
Product, FY2025
$80.3M Sources
|
Recurring |
|
Service
Mix
10-K for FY2025, filed Mar 24, 2026 |
19%
FY2022: 48%
|
Service, FY2025
$19.4M Sources
|
Mix |
Who Are Their Customers?
Customers are primarily EPC contractors, with project developers and solar asset owners also buying tracker systems for utility-scale and distributed solar projects.
10-K for FY2025, filed Mar 24, 2026
10-K for FY2025, filed Mar 24, 2026
During the year ended December 31, 2025, four customers accounted for approximately 28%, 20%, 18% and 12%, respectively, of total revenue.…View ↗
Do Revenues Turn Into Profits?
No. It lost $79.6M in FY2025.
10-K for FY2025, filed Mar 24, 2026
−$35.4MView ↗
10-K for FY2025, filed Mar 24, 2026
−$79.6MView ↗
10-K for FY2025, filed Mar 24, 2026
−$34.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$27.1MView ↗
- ▲ +76% (Loss)
- vs −$15.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Reaffirms 2026 revenue growth outlook
Reaffirmed full-year 2026 revenue growth of 40% and projected roughly 24% sequential revenue growth in Q3.
Sources
8-K, filed Aug 5, 2026
Ramping second half revenue. Following 52% sequential growth in the second quarter, we’re looking for another 24% growth in Q3 before…View ↗
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May 5, 2026
Anthony Carroll became CEO as Yann Brandt departed
Anthony Carroll was appointed president and CEO, replacing Yann Brandt, who left the role and board.
Sources
8-K, filed May 5, 2026
On April 29, 2026, the Board of Directors of the Company (the “Board”) appointed Anthony Carroll as the Company’s President and Chief…View ↗
Shrinking. Revenue fell 63% in 4 years, from $270.5M in FY2021 to $99.7M in FY2025, about 22% a year.
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