FTC Solar (FTCI) Registration Filing summary

Company overview and business model

• Founded in 2017 and headquartered in Austin, Texas, operates globally with subsidiaries in Australia, China, India, South Africa, and Spain.

• Provides solar tracker systems (Voyager 2P and Pioneer 1P), proprietary software (SUNPATH, SUNOPS), and engineering services for utility-scale and distributed solar projects.

• Customers are primarily EPCs, developers, and owners; all manufacturing is outsourced to contract partners, with a focus on expanding U.S. supply chain via Alpha Steel LLC.

• Recent leadership changes include new CEO, CFO, and key commercial and sales executives in 2024-2025.

• Recent asset sale of Atlas software platform and receipt of earn-outs from prior investments.

Financial performance and metrics

• Net tangible book value as of December 31, 2024: $0.84 per share; after offering, as adjusted net tangible book value would be $1.35 per share.

• Immediate dilution to new investors estimated at $2.07 per share at an offering price of $3.42.

• Majority of revenue generated in the U.S. and Australia; focus on improving gross margins through cost reduction initiatives since 2022.

• Received $3.2 million earn-out in Q1 2025, with total escrow releases and earn-outs since 2021 exceeding $15 million.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used for general corporate purposes, including working capital and operating expenses.

• May allocate a portion to acquisitions or investments, though no binding agreements are in place.