FTC Solar Reports Strong Q4 Earnings

Solar tracker company sees revenue rebound, improved profitability metrics in latest quarter.

Published on Mar. 8, 2026

Got story updates? Submit your updates here. ›

FTC Solar (NASDAQ:FTCI) reported strong fourth-quarter 2025 results, including a 26% sequential increase in revenue to $32.9 million, its highest quarterly revenue since Q1 2023. The company also saw its adjusted EBITDA loss narrow to $300,000, its best result since going public. FTC highlighted improving commercial traction, with more master supply agreements (MSAs) and vendor approvals converting into orders.

Why it matters

FTC Solar's performance in Q4 2025 suggests the company is rebounding from challenges faced earlier in the year, including regulatory uncertainty and industry-wide disruptions. The company's focus on expanding its approved vendor list and converting MSAs into projects could position it for stronger growth in 2026, though it cautioned results may be weighted toward the back half of the year.

The details

FTC reported a GAAP net loss of $33.7 million, or $2.23 per diluted share, due in part to a $26 million non-cash loss related to the fair value of warrants issued in a prior capital raise. The company added $61 million to its contracted backlog since the prior earnings call, bringing the total to $491 million. FTC also announced new MSAs not included in the backlog figures, describing additional multi-year agreements expected to be announced.

  • FTC Solar reported its Q4 2025 earnings on March 8, 2026.

The players

FTC Solar

An American solar tracker company that specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants.

Yann Brandt

The CEO of FTC Solar.

Cathy Behnen

The CFO of FTC Solar.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

FTC expects MSA utilization to 'accelerate' in 2026, following what it described as an 'air pocket' in 2025 in which projects were delayed by capital availability, permitting, and industrywide disruptions.

The takeaway

FTC Solar's strong Q4 2025 results, including a rebound in revenue and improved profitability, suggest the company is overcoming earlier challenges and positioning itself for potential growth in 2026 as it expands its approved vendor list and converts more MSAs into projects.