FTC Solar (FTCI) investor relations material

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.