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FTC Solar (FTCI) investor relations material
FTC Solar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Third-quarter revenue reached $26.0 million, up 160% year-over-year and 30% sequentially, exceeding guidance and marking the strongest quarter in eight periods.
Adjusted EBITDA loss improved to $4.0 million, the best in five years, and loss from operations was at its lowest since 2020.
Non-GAAP gross margin returned to positive at 7.7%, the highest in five years, with gross profit of $2.0 million.
Completed the acquisition of the remaining 55% of Alpha Steel, making it a wholly owned subsidiary and strengthening the U.S. supply chain.
Secured a $75 million financing facility, closing $37.5 million in new cash during the quarter, enhancing liquidity.
Financial highlights
Q3 revenue was $26.0 million, up 157% year-over-year and 30% sequentially, with product revenue at $20.1 million and service revenue at $6.0 million.
GAAP gross profit was $1.6 million (6.1% margin), and non-GAAP gross profit was $2.0 million (7.7% margin), both marking a return to positive territory.
GAAP net loss was $23.9 million ($1.61 per diluted share), impacted by a $16.1 million non-cash warrant liability charge.
Adjusted EBITDA loss was $4.0 million, a substantial improvement from $10.4 million in the prior quarter and $12.2 million a year ago.
Cash and cash equivalents increased to $24.4 million as of September 30, 2025.
Outlook and guidance
Q4 revenue guidance is $30.0–$35.0 million, representing 25% sequential growth at the midpoint.
Q4 non-GAAP gross profit is expected between $3.8 million and $8.2 million (12.7%–23.4% margin), potentially the highest as a public company.
Q4 adjusted EBITDA guidance ranges from a loss of $5.4 million to breakeven.
For 2026, management expects to be adjusted EBITDA positive for the full year, with continued growth in margins and revenue.
Financial covenants require minimum unrestricted cash of $20 million and escalating quarterly revenue and margin targets through 2026.
Why is Levona 1GW deal not yet contracted?
What is Alpha Steel's expected profit contribution?
What is the strategic use of the $75M facility?
What drives 2026 adjusted EBITDA positive outlook?
Quantify labor savings impact on market share.
Alpha Steel: How does full ownership boost 45x credits?
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FTC Solar, Inc. is a solar technology company that provides advanced solar tracking systems and engineering services for utility-scale solar energy projects. The company's primary product is a single-axis solar tracker, designed to optimize the efficiency of solar panels by following the sun’s movement throughout the day. FTC Solar serves a global customer base, helping solar developers and energy providers increase power generation and reduce costs through innovative solar tracking solutions and software. The company is headquartered in Austin, United States, and its shares are listed on the NASDAQ.
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