U.S.-based solar tracker company FTC Solar’s revenue surged 156.8% year-over-year (YoY) to $26.03 million in the third quarter (Q3) of 2025, from $10.14 million, exceeding analysts’ expectations by $4.91 million.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $3.96 million, compared to losses of $12.17 million in the corresponding quarter last year.

FTC’s net loss was $5.32 million compared to a net loss of $12.68 million last year.

The company’s loss per share was $0.36, compared to $1 in Q3 2024, beating analysts’ estimates by $0.17.

“Third quarter results came in above the high end of our guidance ranges on nearly all metrics,” said Yann Brandt, President and CEO of FTC Solar. “Quarterly revenue was up nearly 160% year-over-year, reaching its highest level in eight quarters. Operating income and adjusted EBITDA were at their highest levels in five years, supported by a more complete product offering that is driving stronger traction with both existing and new customers.”

Levona tracker supply agreement

In August, FTC Solar announced a 1 GW tracker supply agreement with Levona Renewables. The first project under the agreement, CT Solar One, is a 140 MW utility-scale facility located in Snyder, Texas, and is expected to begin construction in early 2026. The project will occupy 478 acres within a 27,000-acre site. It will be followed by CT Solar Two and CT Solar Three, which will add approximately 650 MW of additional capacity.

The projects will utilize FTC Solar’s Pioneer 1P trackers, along with its SunPath performance-enhancing software, to increase energy yield through optimized terrain-based backtracking and diffuse-light optimization.

Alpha Steel acquisition

In November, FTC Solar entered into an agreement to acquire the remaining 55% interest in Alpha Steel, its steel component manufacturing joint venture established in 2023, for approximately $2.7 million in cash. The acquisition makes FTC Solar the sole owner of Alpha Steel, which produces torque tubes, rails, and other components for utility-scale solar projects.

Brandt noted that Alpha Steel was modestly profitable in Q3, and the acquisition is expected to be accretive to adjusted EBITDA, resulting in reduced costs and improved margins.

“Full ownership gives us greater control over our domestic content strategy and supports access to IRA 45x credits,” Brandt said. “It also enhances customer confidence in our supply chain compliance while improving gross margins and overall profitability.”

FTC Solar plans to expand Alpha Steel’s capacity to better meet customer domestic content requirements and strengthen its U.S. manufacturing footprint.

Outlook

Brandt emphasized that the company is well positioned to capitalize on market opportunities amid ongoing labor shortages and the growing adoption of robotic construction solutions.

“Our trackers are designed for easier installation, with fewer components and clear robotic interface advantages, including hardware-free module placement and consistent geometric reference points,” he said.

FTC Solar’s U.S. pipeline continues to expand with more customers and larger projects, including new discussions with several Tier 1 EPCs. Internationally, the company is also strengthening its team, building relationships, and advancing project discussions.

The company expects Q4 revenue to grow about 25% sequentially, reaching $30 million to $35 million. It projects non-GAAP gross profit of $3.8 million to $8.2 million, with gross margin improving to 12.7% to 23.4%.

Non-GAAP operating expenses are expected to range from $8.2 million to $9 million, and adjusted EBITDA is forecast to range between a loss of $5.4 million and breakeven.

“With a growing pipeline, strong domestic manufacturing capabilities, and improving profitability, we are moving up the market share leaderboard,” Brandt concluded.

FTC reported revenue of $29.93 million in the second quarter of 2025, representing a 75% YoY increase from $11.43 million due to higher product volumes.

Higher sales volume drove FTC Solar’s revenue up 65%  in the first quarter of 2025.