FTC Solar Inc
NASDAQ:FTCI
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FTC Solar Inc
NASDAQ:FTCI
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Precomp Solutions AB (publ)
STO:PCOM B
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Topsports International Holdings Ltd
HKEX:6110
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FTC Solar Inc
FTC Solar, Inc. provides solar tracker systems, technology, software, and engineering services. The company is headquartered in Austin, Texas and currently employs 223 full-time employees. The company went IPO on 2021-04-28. The firm operates through the manufacturing and servicing of the Voyager Tracker segment. Its tracker systems markets under the brand name Voyager. Voyager is a two-panel in-portrait single-axis tracker solution that offers performance and ease of installation. The Company’s solar solutions span a range of applications, including ground mount, tracker, canopy and rooftop. The company is focused on the sale of Voyager Tracker and customized components of Voyager Tracker, individual parts of Voyager Tracker for certain specific transactions, shipping and handling services, term-based software licenses, maintenance and support services for the term-based software licenses, and subscription services. The Company’s customers include project developers, solar asset owners, and engineering, procurement and construction (EPC) contractors that design and build solar energy projects.
FTC Solar, Inc. provides solar tracker systems, technology, software, and engineering services. The company is headquartered in Austin, Texas and currently employs 223 full-time employees. The company went IPO on 2021-04-28. The firm operates through the manufacturing and servicing of the Voyager Tracker segment. Its tracker systems markets under the brand name Voyager. Voyager is a two-panel in-portrait single-axis tracker solution that offers performance and ease of installation. The Company’s solar solutions span a range of applications, including ground mount, tracker, canopy and rooftop. The company is focused on the sale of Voyager Tracker and customized components of Voyager Tracker, individual parts of Voyager Tracker for certain specific transactions, shipping and handling services, term-based software licenses, maintenance and support services for the term-based software licenses, and subscription services. The Company’s customers include project developers, solar asset owners, and engineering, procurement and construction (EPC) contractors that design and build solar energy projects.
Revenue: Q4 revenue was $32.9 million, above the midpoint of guidance and up 26% sequentially.
Margins: Q4 gross margin was the best in company history (GAAP gross profit $6.9M, 21% of revenue; non-GAAP gross profit $7.7M, 23.4%).
Profitability: Adjusted EBITDA was nearly breakeven in Q4 (loss of $300,000), the company's best adjusted EBITDA performance since going public.
Backlog & MSAs: Contracted backlog is $491 million (about $60 million added since Nov. 12); the company has added over 9 GW of MSAs in the past year and announced a 3-year, 1 GW U.S. supply agreement and an ~840 MW MSA in South Africa.
Guidance: Q1 2026 targets: revenue $20–25M; non-GAAP gross profit between -$0.5M and $2.3M (-2.5% to 9.2%); non-GAAP OpEx $8.2M–$8.9M; adjusted EBITDA loss $9.6M–$5.9M. Full-year 2026 expected to be back-half weighted.
Warrants / GAAP noise: GAAP net loss in Q4 was magnified by a noncash increase in the fair value of warrant liability (management cited ~ $26M impact; adjusted EBITDA excludes ~ $33.5M related change).
Liquidity & covenants: Management says liquidity is satisfactory (ATM still available) but disclosed a technical covenant issue on purchase order definition in the credit agreement that they expect to resolve with lenders.
Commercial momentum: FTC is gaining approved-vendor-list access (8 of top 10 EPCs), winning bookings and converting MSAs into firm orders — management believes FTC can reach top-3 tracker market share over time.
