FTC Solar, Inc. reported significant financial performance improvements for the fiscal year ending December 31, 2025, with total revenue reaching $99.7 million, a 110.5% increase from $47.4 million in 2024. This growth was primarily driven by a 114% rise in product revenue, which amounted to $80.3 million, and a 97% increase in service revenue, totaling $19.4 million. Despite this revenue growth, the company experienced a gross loss of $880,000, a notable improvement from a gross loss of $12.6 million in the previous year. The increase in costs, particularly due to higher shipping and logistics activity and tariff costs, contributed to the gross loss.
In terms of operational developments, FTC Solar expanded its workforce, increasing its headcount from 202 in 2024 to 232 by the end of 2025. The company also made strategic advancements, including the acquisition of Alpha Steel, which is expected to enhance its manufacturing capabilities and reduce reliance on external suppliers. The acquisition, completed on November 12, 2025, involved a total payment of approximately $2.7 million, with the company planning to pay in installments over the following year. This move is part of FTC Solar's strategy to bolster its U.S. manufacturing supply chain and improve lead times for customers.
The company faced challenges related to its financial covenants under a Credit Agreement, which included requirements for minimum cash balances and quarterly revenue thresholds. As of December 31, 2025, FTC Solar had cash on hand of $21.1 million and working capital of $29.5 million, but it also reported a stockholders' deficit of $43 million. The company acknowledged substantial doubt about its ability to continue as a going concern, primarily due to its history of operating losses and cash outflows, which totaled $33.4 million for the year.
Looking ahead, FTC Solar aims to capitalize on the growing demand for solar energy, driven by government incentives and increasing electricity needs. The company plans to continue expanding its international presence, particularly in markets like India, while enhancing its product offerings and operational efficiencies. However, it remains cautious about potential risks, including changes in government regulations, trade tariffs, and the competitive landscape in the solar industry, which could impact its future performance and profitability.
About FTC Solar, Inc.
FTC Solar, Inc. designs and manufactures solar tracker systems and software solutions for utility-scale and distributed solar energy projects worldwide. Its core products include single-axis trackers and related engineering services, supporting customers such as EPCs, developers, and project owners. The company emphasizes innovation, sustainability, and operational efficiency to enhance solar energy yield and reduce project costs across global markets.
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