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FTC Solar Announces Second Quarter 2026 Financial Results

FTCI
  • FTC Solar reported second-quarter 2026 revenue of $26.2 million, representing a 52% increase quarter-over-quarter & a 31% increase year-over-year.
  • The company secured a 400MW project award from a top U.S. EPC & developer.
  • An 80+MW project was awarded in Australia with deliveries scheduled for the second half of 2026.
  • Deliveries for a 330+MW Australia project are scheduled to begin in the second half of 2026.
  • FTC Solar entered the India market with multiple initial project wins ranging from pilot to 100+MW projects.
  • The contracted backlog increased to approximately $560 million.
  • A new 100+MW 1P tracker project was awarded by a top U.S. developer previously classified as a 2P customer.
  • A $20 million equity line of credit was established with Lincoln Park Capital to provide flexible funding.
  • GAAP net loss for the quarter was $27.1 million, or $1.69 per diluted share.
  • Non-GAAP gross loss was $1.3 million, or 5.1% of revenue, compared to $3.5 million in the prior-year period.
  • Adjusted EBITDA loss was $9.8 million, excluding $17.3 million in items including warrant liability changes & CEO transition costs.
  • The company reaffirmed its full-year 2026 revenue growth outlook of 40% year-over-year.
  • Third-quarter revenue is guided to grow approximately 24% sequentially, with further growth expected in the fourth quarter.
  • Operating expenses were $11.5 million on a GAAP basis & $8.5 million on a Non-GAAP basis.
  • Cash & cash equivalents decreased to $10.1 million from $21.1 million at the end of 2025.
  • Short-term debt increased to $22.6 million, while long-term debt was reduced to zero.