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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.
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Q2 2025 earnings summary5 Aug, 2025

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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Frequently asked questions

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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