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FTC Solar (FTCI) investor relations material
FTC Solar Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $20M, up 74.9%–75% year-over-year, but down 3.9%–4% sequentially, driven by higher product volume.
Adjusted EBITDA loss was $10.4M, at the high end of guidance, with cost controls driving multi-year low operating expenses.
Net loss for Q2 2025 was $15.4M ($1.18/share GAAP), compared to $12.2M a year ago.
Secured a $75M financing facility in July 2025, with $14.3M funded and up to $37.5M more available pending shareholder approval.
Product innovation includes new tracker features for 2,000V systems, high wind, hail stow, and terrain adaptability.
Financial highlights
GAAP gross loss was $3.9M (19.6% of revenue); non-GAAP gross loss was $3.5M (17.4% of revenue), within guidance.
Operating expenses (non-GAAP) were $6.5M, the lowest since 2020 and down from $8.3M–$9.6M a year ago.
Adjusted EBITDA loss was $10.4M, similar to $10.5M in Q2 2024.
Adjusted EPS (non-GAAP) was $0.86 loss per share, compared to $0.85 loss per share in Q2 2024.
Cash and cash equivalents at June 30, 2025, were $3.5M, with $9.7M in working capital.
Outlook and guidance
Q3 2025 revenue guidance: $18M–$24M, midpoint up 5% sequentially; significant ramp expected in Q4.
Q3 2025 non-GAAP gross margin guidance: (13.4%) to 2.5%; adjusted EBITDA loss guidance: $10.8M–$6.8M.
Bookings expected to accelerate as regulatory clarity improves, with 2026 seen as pivotal for growth and margin improvement.
Management notes substantial doubt about ability to continue as a going concern due to recurring losses and liquidity constraints.
Additional funding under the new facility is contingent on shareholder approval and lender discretion.
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