Key Points – Revenue growth accelerated: FTC Solar reported second-quarter revenue of $26.2 million, up 51.5% sequentially and 30.8% year over year.
It forecast third-quarter revenue of $30 million to $35 million and reaffirmed expectations for at least 40% revenue growth in 2026. – Customer and international expansion strengthened: The company secured new 1P tracker orders totaling about 500 megawatts, expanded approved-vendor-list access with major EPCs and developers, and won projects in Australia and India. – Profitability and liquidity remain challenges: FTC Solar posted a $27.1 million GAAP net loss, continued to report negative gross margins and ended the quarter with $11.2 million in cash, below a debt-covenant minimum
Lenders waived the covenant breaches, while the company established a potential $20 million equity facility after quarter-end. FTC Solar (NASDAQ:FTCI) reported second-quarter revenue at the high end of its guidance range and reaffirmed its expectation for at least 40% revenue growth in 2026, as the solar-tracker company seeks to convert expanded customer approvals into larger project wins. Revenue for the second quarter was $26.2 million, up 51.5% sequentially and 30.8% from the prior-year quarter, Chief Financial Officer Cathy Behnen said during the company’s earnings call.
The company guided for third-quarter revenue of $30 million to $35 million and said it expects sequential growth through the rest of the year. President and Chief Executive Officer Anthony Carroll, who completed his first full quarter in the role, said the company has focused on extending its product reach beyond its historical two-panel tracker niche through its one-panel, or 1P, platform. The strategy has included product development, module qualifications, expansion for wind, snow and terrain requirements, and placement on customer approved-vendor lists.