FTC Solar (FTCI) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenue of $32.9 million, up 26% sequentially and 149% year-over-year, at the high end of guidance and among the highest in company history.

• Full-year 2025 revenue grew 111% year-over-year to $99.7 million, with improved margins and expanded backlog through new MSAs and purchase orders.

• Adjusted EBITDA loss for Q4 improved to $0.3 million, the best result since going public and in six years.

• Added to approved vendor lists of top EPCs and signed multi-year supply agreements totaling over 1.8 GW.

• Significant product innovation, commercial momentum, and strategic financing completed.

Financial highlights

• Q4 2025 revenue: $32.9 million, up from $13.2 million in Q4 2024.

• Q4 GAAP gross profit: $6.9 million (21% margin); Non-GAAP gross profit: $7.7 million (23.4% margin), both record highs.

• Q4 GAAP net loss: $33.7 million ($2.23/share); Adjusted net loss: $2.5 million ($0.17/share).

• Q4 adjusted EBITDA loss: $0.3 million, improved from $9.8 million loss in Q4 2024.

• Full-year 2025 adjusted EBITDA loss: $24.3 million, improved from $43.1 million in 2024.

Outlook and guidance

• Q1 2026 revenue guidance: $20–$25 million, midpoint $22.5 million, up 8% year-over-year.

• Q1 2026 non-GAAP gross margin guidance: (2.5%)–9.2%, midpoint 3.3%.

• Q1 adjusted EBITDA loss expected between $9.6 million and $5.9 million.

• Full-year 2026 revenue expected to outpace industry growth, with results weighted to the second half due to order timing and MSA ramp-up.

• Anticipates continued acceleration in bookings and revenue growth in 2026.