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FTC Solar Announces Second Quarter 2025 Financial Results

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FTC Solar (Nasdaq: FTCI) reported Q2 2025 financial results with revenue of $20.0 million, up 74.9% year-over-year. The company secured a strategic $75 million financing facility with Cleanhill Partners and others, with an initial $14.3 million funded on July 2, 2025.

Key financial metrics include a GAAP net loss of $15.4 million ($1.18 per share) and reduced operating expenses at $7.6 million. The company's contracted backlog stands at $470 million. Management changes include Tony Alvarez's appointment as Independent Director, replacing Dean Priddy who retired from the Board.

For Q3 2025, FTC Solar expects revenue to increase approximately 5% quarter-over-quarter with a more significant ramp in Q4. The company continues to enhance its product portfolio with new features including an 80-degree stow angle and a new tracker for 2,000-volt systems.

FTC Solar (Nasdaq: FTCI) ha comunicato i risultati finanziari del secondo trimestre 2025 con un fatturato di 20,0 milioni di dollari, in crescita del 74,9% rispetto allo stesso periodo dell'anno precedente. L'azienda ha ottenuto una linea di credito strategica di 75 milioni di dollari da Cleanhill Partners e altri investitori, con un primo finanziamento di 14,3 milioni di dollari erogato il 2 luglio 2025.

I principali indicatori finanziari mostrano una perdita netta GAAP di 15,4 milioni di dollari (1,18 dollari per azione) e una riduzione delle spese operative a 7,6 milioni di dollari. Il portafoglio ordini contrattualizzato ammonta a 470 milioni di dollari. Tra i cambiamenti nel management, Tony Alvarez è stato nominato Direttore Indipendente, sostituendo Dean Priddy che si è ritirato dal Consiglio di Amministrazione.

Per il terzo trimestre 2025, FTC Solar prevede un aumento dei ricavi di circa il 5% rispetto al trimestre precedente, con una crescita più significativa nel quarto trimestre. L'azienda continua a migliorare il proprio portafoglio prodotti con nuove funzionalità, tra cui un angolo di stoccaggio di 80 gradi e un nuovo inseguitore per sistemi a 2.000 volt.

FTC Solar (Nasdaq: FTCI) informó los resultados financieros del segundo trimestre de 2025 con ingresos de 20,0 millones de dólares, un aumento del 74,9% interanual. La compañía aseguró una línea de financiamiento estratégica de 75 millones de dólares con Cleanhill Partners y otros, con un desembolso inicial de 14,3 millones de dólares el 2 de julio de 2025.

Los principales indicadores financieros incluyen una pérdida neta GAAP de 15,4 millones de dólares (1,18 dólares por acción) y gastos operativos reducidos a 7,6 millones de dólares. La cartera de pedidos contratada asciende a 470 millones de dólares. Entre los cambios en la dirección, Tony Alvarez fue nombrado Director Independiente, reemplazando a Dean Priddy, quien se retiró del consejo.

Para el tercer trimestre de 2025, FTC Solar espera que los ingresos aumenten aproximadamente un 5% trimestre a trimestre, con un crecimiento más significativo en el cuarto trimestre. La empresa continúa mejorando su portafolio de productos con nuevas características, incluyendo un ángulo de reposo de 80 grados y un nuevo seguidor para sistemas de 2.000 voltios.

FTC Solar (나스�: FTCI)� 2025� 2분기 재무 실적� 발표했으� 매출은 2,000� 달러� 전년 동기 대� 74.9% 증가했습니다. 회사� Cleanhill Partners 등과 함께 전략� 7,500� 달러 금융 시설� 확보했으�, 2025� 7� 2일에 초기 자금 1,430� 달러가 조달되었습니�.

주요 재무 지표로� GAAP 기준 순손실이 1,540� 달러(주당 1.18달러)이고, 영업비용은 760� 달러� 감소했습니다. 회사� 계약� 수주 잔고� 4� 7,000� 달러입니�. 경영� 변화로� 토니 알바레즈가 독립 이사� 임명되어 은퇴한 � 프리디를 대신했습니�.

2025� 3분기에는 FTC Solar가 전분� 대� � 5% 매출 증가� 예상하며 4분기에는 � � 성장세를 기대하고 있습니다. 회사� 80� 보관 각도와 2,000볼트 시스템용 신규 트래� � 새로� 기능으로 제품 포트폴리오를 계속 강화하고 있습니다.

FTC Solar (Nasdaq : FTCI) a publié ses résultats financiers du deuxième trimestre 2025 avec un chiffre d'affaires de 20,0 millions de dollars, en hausse de 74,9 % par rapport à l'année précédente. La société a obtenu une facilité de financement stratégique de 75 millions de dollars auprès de Cleanhill Partners et d'autres, avec un premier décaissement de 14,3 millions de dollars le 2 juillet 2025.

Les principaux indicateurs financiers montrent une perte nette selon les normes GAAP de 15,4 millions de dollars (1,18 dollar par action) et des dépenses d'exploitation réduites à 7,6 millions de dollars. Le carnet de commandes contractuel s'élève à 470 millions de dollars. Parmi les changements de direction, Tony Alvarez a été nommé administrateur indépendant, en remplacement de Dean Priddy, qui a pris sa retraite du conseil d'administration.

Pour le troisième trimestre 2025, FTC Solar prévoit une augmentation du chiffre d'affaires d'environ 5 % d'un trimestre à l'autre, avec une montée en puissance plus marquée au quatrième trimestre. La société continue d'améliorer son portefeuille de produits avec de nouvelles fonctionnalités, notamment un angle de repli de 80 degrés et un nouveau suiveur pour les systèmes de 2 000 volts.

FTC Solar (Nasdaq: FTCI) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 20,0 Millionen US-Dollar, was einem Anstieg von 74,9 % gegenüber dem Vorjahr entspricht. Das Unternehmen sicherte sich eine strategische 75-Millionen-Dollar-Finanzierung mit Cleanhill Partners und anderen, wobei am 2. Juli 2025 eine erste Tranche von 14,3 Millionen US-Dollar ausgezahlt wurde.

Wichtige Finanzkennzahlen umfassen einen GAAP-Nettogewinn von -15,4 Millionen US-Dollar (1,18 US-Dollar pro Aktie) und reduzierte Betriebskosten von 7,6 Millionen US-Dollar. Der vertraglich gesicherte Auftragsbestand beläuft sich auf 470 Millionen US-Dollar. Im Management gab es Änderungen: Tony Alvarez wurde als unabhängiger Direktor ernannt und ersetzt Dean Priddy, der aus dem Vorstand ausgeschieden ist.

Für das dritte Quartal 2025 erwartet FTC Solar einen Umsatzanstieg von etwa 5 % gegenüber dem Vorquartal mit einem stärkeren Anstieg im vierten Quartal. Das Unternehmen erweitert weiterhin sein Produktportfolio mit neuen Funktionen, darunter ein 80-Grad-Stellwinkel und ein neuer Tracker für 2.000-Volt-Systeme.

Positive
  • Secured $75 million strategic financing facility providing runway to profitability
  • Revenue increased 74.9% year-over-year to $20.0 million
  • Operating expenses reduced to multi-year low at $7.6 million
  • Strong contracted backlog of $470 million
  • Cost efficiency improvements and enhanced product features
Negative
  • GAAP net loss increased to $15.4 million from $12.2 million year-over-year
  • Negative gross margin of -19.6%
  • Quarter-over-quarter revenue decline of 3.9%
  • Regulatory uncertainty slowing customer project planning

Insights

FTC Solar shows revenue growth but continued losses; $75M financing provides runway amid persistent negative margins.

FTC Solar's Q2 2025 results present a mixed financial picture with some concerning fundamentals. Revenue reached $20.0 million, marking a substantial 74.9% year-over-year increase, though slightly down 3.9% sequentially. Despite this growth, the company continues to operate at a significant loss with a 19.6% negative GAAP gross margin and $15.4 million in quarterly net losses ($1.18 per share).

The most critical development is the new $75 million strategic financing facility secured with Cleanhill Partners and others. The first $14.3 million has already been funded, with another $23.2 million expected in Q3 pending shareholder approval. This financing provides essential liquidity but also signals investor confidence remains conditional. The company's cost control efforts have yielded some improvement, with operating expenses reaching a multi-year low at $7.6 million (GAAP) or $6.5 million (non-GAAP).

The $470 million contracted backlog represents significant future revenue potential. However, the persistent negative gross margins (17.4% on a non-GAAP basis) indicate ongoing challenges in achieving profitability despite cost reductions. Q3 guidance suggests modest sequential revenue growth of approximately 5%, with a more significant ramp expected in Q4, though gross margins are projected to remain negative for most of the guidance range.

The company's commentary about adding multiple gigawatts of business with Tier 1 accounts is encouraging, but the regulatory uncertainty slowing customer project planning remains a headwind. The leadership transition, with Tony Alvarez replacing Dean Priddy on the board, brings valuable solar industry expertise that could help with strategic positioning but also represents organizational change during a critical period.

Second Quarter Highlights and Recent Developments

  • Second quarter revenue of $20.0 million, up 74.9% y/y, within target guidance
  • Cost efficiencies drive operating expenses to multi-year low
  • Secured $75 million strategic financing facility, effective July 2, 2025
  • Tony Alvarez appointed as Independent Director as Dean Priddy retires from the Board

AUSTIN, Texas, Aug. 05, 2025 (GLOBE NEWSWIRE) --  FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the second quarter that ended June30, 2025.

“Second quarter results were in-line with our guidance ranges, with continued cost controls allowing for Adjusted EBITDA to come in at the high-end of the range�, commented Yann Brandt, President and Chief Executive Officer of FTC Solar. “As we approach my one-year anniversary with FTC Solar, I believe we are in a much stronger position than just a year ago, with the company making great strides in enhancing its product, market and financial position. Over the past year we have added multiple gigawatts of business with Tier 1 accounts, along with other awards, strengthened our sales team, and increased our commercial traction with bids on many gigawatts of future projects. The most significant of our recent announcements was the $75 million financing facility announced last month. In addition to giving us ample runway to achieve profitability, it gives incremental comfort to customers that we’ll be supporting them long into the future.

“On the product front, we believe we have the most easily constructible tracker on the market and are continuously adding new features to enhance the value proposition for customers. In addition to high-wind and multiple terrain following options to reduce or eliminate land grading, we are introducing the widest range of stow in the industry, with our 80-degree angle. Hail has become a key driver of insurance premiums, so having a steeper stow capability can give owners and operators additional flexibility in meeting the unique requirements of their project. When combined with our SunOps performance platform, with integrated weather forecast services, customers can have even more flexibility to customize preferences or make changes remotely.

“One other innovation we’re announcing today is an extra-long tracker built specifically for 2,000-volt systems. As the industry prepares to make this transition, longer trackers can reduce eBOS and O&M costs while increasing power capacity by 33%. When customers are ready to make that transition, we are ready to support them with the fast, safe and easily constructible design that customers have come to expect from FTC.

Summary Financial Performance: Q2 2025 compared to Q2 2024

U.S. GAAPNon-GAAP(c)
Three months ended June30,
(in thousands, except per share data)2025202420252024
Revenue$19,993$11,430$19,993$11,430
Gross margin percentage(19.6%)(20.5%)(17.4%)(16.8%)
Total operating expenses$7,580$9,581$6,544$8,278
Loss from operations(a)$(11,499)$(11,924)$(10,360)$(10,451)
Net loss$(15,430)$(12,241)$(11,213)$(10,730)
Diluted loss per share(b)$(1.18)$(0.97)$(0.86)$(0.85)

(a)Adjusted EBITDA for Non-GAAP
(b)Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024
(c)See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures

“Overall, while regulatory uncertainty has slowed some customer project planning in recent months, the company continues to make great strides in enhancing its product, market and financial positioning, and remains increasingly well-positioned to support our customers and their growth,� Brandt concluded.

Second Quarter Results
Total second-quarter revenue was $20.0 million, which was within our target range. This revenue level represents a decrease of 3.9% compared to the prior quarter and an increase of 74.9% compared to the year-earlier quarter due to higher product volumes.

GAAPgross loss was $3.9 million, or 19.6% of revenue, compared to gross loss of $3.4 million, or 16.6% of revenue, in the prior quarter. Non-GAAP gross loss was $3.5 million or 17.4% of revenue. This compares to Non-GAAP gross loss of $1.9 million in the prior-year period.

GAAP operating expenses were $7.6 million. On a Non-GAAP basis, operating expenseswere$6.5 million. This comparesto Non-GAAP operating expenses of $8.3 million in the year-ago quarter.

GAAP net loss was $15.4 million or $1.18 per diluted share, compared to a loss of $3.8 million or $0.58 per diluted share in the prior quarter and a net loss of $12.2 million or $0.97 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes approximately $5.1 million for (i) a loss from the change in fair value of the warrant liability, (ii) certain CEO transition costs, and (iii) other non-cash items, was $10.4 million, compared to Adjusted EBITDA losses of $9.8 million1 in the prior quarter and $10.5 million in the year-ago quarter.

The contracted portion of the company's backlog2 now stands at approximately $470 million.

Subsequent Events
On July 2, 2025, the company entered into a new $75million strategic financing facility (the “Financing Facility�) with Cleanhill Partners and affiliates, AV Securities and other long-term investors.

The Financing Facility provides for an initial term loan financing of up to $37.5 million. Of this amount, $14.3 million of term loan financing and an associated warrant issuance closed and funded on July 2, 2025. The balance of $23.2 million of the initial financing is expected to close in the third quarter of 2025, subject to shareholder approval. The Financing Facility also provides for up to an additional $37.5 million in funding to be available to the company as may be needed in the future upon mutual agreement between the company and the investors under the Financing Facility, for a total potential financing of $75 million.

The company also announced today that Dean Priddy, who has been a member of the Board of Directors of FTC Solar for five years, chaired theBoard’s Audit Committee and served on the Compensation Committee and Nominating and Corporate Governance Committees, has stepped down from the Board effective August 4, and that Tony Alvarez, who has served as a Board Observer since July 2023, has been appointed as an Independent Director and will replace Priddy as Chairman of the company’s Audit Committee, effective today, August 5.

“Dean has been a valuable Board Member and made many significant contributions to the company during his tenure, and I would like to thank him for his service,� commented Shaker Sadasivam, Chairman of the Board of Directors. “I would also like to welcome Tony Alvarez as an independent director. Tony brings significant solar industry expertise to the Board, and we are glad to have him join us.�

Commenting on his retirement from the Board, Dean Priddy said, “It has been a pleasure serving with my fellow directors on the FTC Board and rewarding to see the company’s transition from private company to public and from an emerging 2P supplier to one with a broad, innovative and compelling product portfolio. With the annual audit behind us and the company fresh off its successful capital raise, it seems like a good opportunity for me to step away and focus on my personal endeavors. Thank you to Shaker for working with me on the transition, and to the full Board and company for our time together. I look forward to watching the company’s continued progress and success in the years to come.�

Mr. Alvarez joined the FTC Solar Board as an Observer in 2023, bringing more than 35 years of solar and engineering experience to the company. He most recently served as EVP of Memory Solutions at Infineon, where he was responsible for all aspects of the company’s memory business. Prior to that, he was CEO of Solaria, a leading residential solar company. Mr. Alvarez’s experience also includes CEO or other senior-level roles at Altierre, Aptina Imaging, Advanced Analogic Technologies, Leadis Technology, as well as 18 years at Cypress Semiconductor. He currently serves on the board of directors at SunPower and has held prior board positions with NexGen Power Systems, SunEdison Semiconductor, ChipMOS Technology, SunEdison, and Validity Sensors. He earned a B.S. and M.S. in Electrical Engineering from the Georgia Institute of Technology.

Mr. Priddy’s decision to step down from the Board is due to his retirement and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Company is grateful for Mr. Priddy’s commitment and service to the Company, the Board and the Board’s committees.

Outlook
For the third quarter, we expect revenue at the midpoint of our guidance range to be up approximately 5% compared to the second quarter. We continue to expect to see a more significant ramp in revenue in the fourth quarter.

(in millions)2Q'25
Guidance
2Q'25
Actual
3Q'25
Guidance(3)
Revenue$19.0$24.0$20.0$18.0$24.0
Non-GAAP Gross Profit (Loss)$(4.4)$(2.0)$(3.5)$(2.4)$0.6
Non-GAAP Gross Margin(23.4%) � (8.5%)(17.4%)(13.4%) � 2.5%
Non-GAAP operating expenses$7.8$8.6$6.5$7.2$7.9
Non-GAAP adjusted EBITDA$(13.3)$(10.0)$(10.4)$(10.8)$(6.8)


Second Quarter 2025 Earnings Conference Call

FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its second quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar's website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

Footnotes
1. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on May 1, 2025.
2. The term ‘backlog� or ‘contracted and awarded� refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.
3. We do not provide a quantitative reconciliation of our forward-looking Non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.

Forward-Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,� “will,� “could,� “would,� “should,� “anticipate,� “predict,� “potential,� “continue,� “expects,� “intends,� “plans,� “projects,� “believes,� “estimates� and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors� and “Management’s Discussion and Analysis of Financial Condition and Results of Operations� sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC�), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors� and “Management’s Discussion and Analysis of Financial Condition and Results of Operations� sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: [email protected]


FTC Solar, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)

Three months ended June30,Six months ended June30,
(in thousands, except shares and per share data)2025202420252024
Revenue:
Product$15,867$8,776$34,069$19,681
Service4,1262,6546,7274,336
Total revenue19,99311,43040,79624,017
Cost of revenue:
Product18,87610,46738,98722,834
Service5,0363,3069,1755,634
Total cost of revenue23,91213,77348,16228,468
Gross loss(3,919)(2,343)(7,366)(4,451)
Operating expenses
Research and development1,1291,5352,0532,974
Selling and marketing1,2912,0362,4274,424
General and administrative5,1606,01010,21312,577
Total operating expenses7,5809,58114,69319,975
Loss from operations(11,499)(11,924)(22,059)(24,426)
Interest expense(731)(117)(1,442)(434)
Interest income511811299
Gain from disposal of investment in unconsolidated subsidiary3,2044,085
Gain on sale of Atlas5050
Gain (loss) from change in fair value of warrant liability(2,836)1,768
Other income (expense), net71(7)7529
Loss from unconsolidated subsidiary(451)(246)(563)(511)
Loss before income taxes(15,391)(12,176)(18,956)(20,958)
Provision for income taxes(39)(65)(293)(54)
Net loss(15,430)(12,241)(19,249)(21,012)
Other comprehensive income (loss):
Foreign currency translation adjustments8136109(145)
Comprehensive loss$(15,349)$(12,205)$(19,140)$(21,157)
Net loss per share:
Basic and diluted(*)$(1.18)$(0.97)$(1.49)$(1.67)
Weighted-average common shares outstanding:
Basic and diluted(*)13,098,82512,617,12812,948,18912,581,608

___________

(*)Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.


FTC Solar, Inc.
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except shares and per share data)June30,
2025
December31,
2024
ASSETS
Current assets
Cash and cash equivalents$3,519$11,247
Accounts receivable, net of allowance for credit losses of $1,909 and $1,717 at June30, 2025 and December31, 2024, respectively45,64839,709
Inventories7,31610,144
Prepaid and other current assets13,81315,028
Total current assets70,29676,128
Operating lease right-of-use assets9301,149
Property and equipment, net1,9312,217
Goodwill7,2687,139
Equity method investment391954
Other assets2,1392,341
Total assets$82,955$89,928
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$17,867$12,995
Accrued expenses30,41020,134
Income taxes payable408325
Deferred revenue1,4925,306
Other current liabilities10,45610,313
Total current liabilities60,63349,073
Long-term debt10,8959,466
Operating lease liability, net of current portion436411
Warrant liability9,520
Other non-current liabilities1,9492,422
Total liabilities73,91370,892
Commitments and contingencies
Stockholders� equity
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of June30, 2025 and December31, 2024
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 14,872,017 and 12,853,823 shares issued and outstanding as of June30, 2025 and December31, 202411
Treasury stock, at cost; 1,076,257 shares as of June30, 2025 and December31, 2024
Additional paid-in capital376,464367,318
Accumulated other comprehensive loss(433)(542)
Accumulated deficit(366,990)(347,741)
Total stockholders� equity9,04219,036
Total liabilities and stockholders� equity$82,955$89,928


FTC Solar, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

Six months ended June30,
(in thousands)20252024
Cash flows from operating activities
Net loss$(19,249)$(21,012)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation1,2162,924
Depreciation and amortization607812
Gain from change in fair value of warrant liability(1,768)
Gain from sale of property and equipment(3)
Amortization of debt discount and issue costs427236
Paid-in-kind non-cash interest1,001
Provision for obsolete and slow-moving inventory177
Loss from unconsolidated subsidiary563511
Gain from disposal of investment in unconsolidated subsidiary(3,204)(4,085)
Gain on sale of Atlas(50)
Warranties issued and remediation added1,6141,639
Warranty recoverable from manufacturer191238
Credit loss provisions192587
Deferred income taxes425223
Lease expense and other594609
Impact on cash from changes in operating assets and liabilities:
Accounts receivable(5,956)23,181
Inventories2,828(13,333)
Prepaid and other current assets1,193(864)
Other assets(392)(562)
Accounts payable4,8199,483
Accruals and other current liabilities9,507(13,463)
Deferred revenue(3,814)(1,017)
Other non-current liabilities(830)(1,331)
Lease payments and other, net(691)(588)
Net cash used in operations(10,780)(15,635)
Cash flows from investing activities:
Purchases of property and equipment(268)(1,131)
Proceeds from sale of Atlas software platform50
Proceeds from sale of property and equipment3
Equity method investment in Alpha Steel(1,800)
Proceeds from disposal of investment in unconsolidated subsidiary3,2044,085
Net cash provided by investing activities2,9891,154
Cash flows from financing activities:
Proceeds from stock option exercises33
Net cash provided by financing activities33
Effect of exchange rate changes on cash and cash equivalents6022
Decrease in cash, cash equivalents and restricted cash(7,728)(14,456)
Cash and cash equivalents at beginning of period11,24725,235
Cash and cash equivalents at end of period$3,519$10,779


Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, less interest income, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer ("CEO") transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP�). We present these Non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

The following table reconciles Non-GAAP gross loss to the most closely related GAAP measure for the three and six months ended June30, 2025 and 2024, respectively:

Three months ended June30,Six months ended June30,
(in thousands, except percentages)2025202420252024
U.S. GAAP revenue$19,993$11,430$40,796$24,017
U.S. GAAP gross loss$(3,919)$(2,343)$(7,366)$(4,451)
Depreciation expense185183358351
Stock-based compensation248240491456
Severance costs34
Non-GAAP gross loss$(3,486)$(1,920)$(6,483)$(3,644)
Non-GAAP gross margin percentage(17.4%)(16.8%)(15.9%)(15.2%)


The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and six months ended June30, 2025 and 2024, respectively:

Three months ended June30,Six months ended June30,
(in thousands)2025202420252024
U.S. GAAP operating expenses$7,580$9,581$14,693$19,975
Depreciation expense(120)(91)(249)(193)
Amortization expense(134)(268)
Stock-based compensation(688)(1,045)(725)(2,468)
CEO transition(228)(388)
Non-routine legal fees(33)(66)
Reverse stock split(1)
Severance costs(141)
Non-GAAP operating expenses$6,544$8,278$13,189$16,980


The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and six months ended June30, 2025 and 2024, respectively:

Three months ended June30,Six months ended June30,
(in thousands)2025202420252024
U.S. GAAP loss from operations$(11,499)$(11,924)$(22,059)$(24,426)
Depreciation expense305274607544
Amortization expense134268
Stock-based compensation9361,2851,2162,924
CEO transition228388
Non-routine legal fees3366
Reverse stock split1
Severance costs175
Other income (expense), net71(7)7529
Gain on sale of Atlas5050
Loss from unconsolidated subsidiary(451)(246)(563)(511)
Adjusted EBITDA$(10,360)$(10,451)$(20,110)$(21,106)


The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended June30, 2025 and 2024, respectively:

Three months ended June30,
20252024
(in thousands, except shares and per share data)Adjusted
EBITDA
Adjusted
Net Loss
Adjusted
EBITDA
Adjusted
Net Loss
Net loss per U.S. GAAP$(15,430)$(15,430)$(12,241)$(12,241)
Reconciling items -
Provision for income taxes3965
Interest expense731117
Interest income(5)(118)
Amortization of debt discount and issue costs in interest expense21759
Depreciation expense305274
Amortization of intangibles134134
Stock-based compensation9369361,2851,285
Gain from change in fair value of warrant liability(a)2,8362,836
CEO transition(b)228228
Non-routine legal fees(c)3333
Adjusted Non-GAAP amounts$(10,360)$(11,213)$(10,451)$(10,730)
Adjusted Non-GAAP net loss per share (Adjusted EPS):
Basic and diluted(d)N/A$(0.86)N/A$(0.85)
Weighted-average common shares outstanding:
Basic and diluted(d)N/A13,098,825N/A12,617,128


(a)We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
(b)In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the "sign-on bonuses"), a portion of which was paid to our CEO in 2024, with clawback provisions over the next two years, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
(c)Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
(d)Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

FAQ

What were FTC Solar's (FTCI) Q2 2025 earnings results?

FTC Solar reported Q2 2025 revenue of $20.0 million (up 74.9% y/y) with a GAAP net loss of $15.4 million ($1.18 per share). Operating expenses were reduced to $7.6 million.

How much is FTC Solar's new financing facility worth and when was it secured?

FTC Solar secured a $75 million strategic financing facility with Cleanhill Partners and others, with an initial $14.3 million funded on July 2, 2025. The remaining $23.2 million is expected to close in Q3 2025.

What is FTC Solar's revenue guidance for Q3 2025?

FTC Solar expects Q3 2025 revenue to be between $18.0-$24.0 million, representing approximately 5% growth at the midpoint compared to Q2, with a more significant ramp expected in Q4.

Who is FTC Solar's new Independent Director and who did they replace?

Tony Alvarez, who has over 35 years of solar and engineering experience, was appointed as Independent Director and Audit Committee Chairman, replacing Dean Priddy who retired from the Board effective August 4, 2025.

What is FTC Solar's current contracted backlog?

FTC Solar's contracted backlog stands at approximately $470 million as of Q2 2025.
Ftc Solar, Inc.

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Solar
Semiconductors & Related Devices
United States
AUSTIN