FTC Solar (FTCI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $26.2 million, growing 52% sequentially and 31% year-over-year, surpassing guidance and driven by major project wins in the U.S., Australia, and India.

• Expanded AVL approvals to nine of the top 10 EPCs, with additions to AVLs of five more large EPCs and six more large developers since last quarter.

• Focused on cost structure improvements, leveraging AI, robotics, and software for process automation and efficiency gains.

• Reaffirmed full-year 2026 revenue growth outlook of at least 40% year-over-year.

• CEO transition in April 2026 resulted in $1.2 million in severance and new sign-on bonus accruals.

Financial highlights

• Q2 2026 revenue: $26.2 million, up 52% sequentially and 31% year-over-year; product revenue: $22.4 million; service revenue: $3.8 million.

• GAAP gross loss: $2.2 million (-8.5% margin); non-GAAP gross loss: $1.3 million (-5.1% margin), improved from -17.4% year-over-year.

• GAAP net loss: $27.1 million ($1.69/share); adjusted net loss: $12.3 million; adjusted EBITDA loss: $9.8 million.

• Ended Q2 with $10.1 million in cash, below the $15 million minimum covenant; received lender waivers for Q2.

• Bookings averaged close to $60 million per quarter over the last three quarters.

Outlook and guidance

• Q3 2026 revenue guidance: $30–$35 million, up 24% sequentially at midpoint; non-GAAP gross profit between -$0.9 million and $1.8 million.

• Q3 adjusted EBITDA loss expected between $9.3 million and $6 million.

• More than 80% of second-half 2026 revenue already covered by backlog.

• Margin improvements expected as volume grows and efficiency programs take effect, with benefits anticipated as early as Q4.

• Management expects increased project activity and cash flow in the next twelve months but acknowledges uncertainty in meeting future financial covenants.