U.S.-based solar tracker company FTC Solar reported revenue of $29.93 million in the second quarter (Q2) of 2025, representing a 75% year-over-year (YoY) increase from $11.43 million due to higher product volumes. However, the revenue missed analysts’ expectations by $60,000.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $10.4 million, compared to losses of $10.5 million in the corresponding quarter last year.

The generally accepted accounting principles (GAAP) net loss was $15.4 million compared to a net loss of $12.2 million last year.

The company’s loss per share came in at $1.18 compared to $0.97 in Q2 2024. This also missed analysts’ estimates by $0.38.

Although revenue grew due to higher product volumes, FTC’s cost of goods sold remained high, resulting in a negative gross margin of 17.4% on a non-GAAP basis.

The contracted portion of the company’s backlog now stands at approximately $470 million.

FTC Solar expects the revenue for the next quarter to be between $18 and $24 million and the adjusted EBITDA loss to be between $6.8 and $10.8 million.

Yann Brandt, CEO at FTC Solar, opened the company’s Q2 2025 earnings call with a strong note of optimism, expressing confidence in its momentum and future positioning. He highlighted FTC Solar’s goal of becoming a market leader through its uniquely constructible solar tracker technology. According to Brandt, the company’s trackers can be installed far more efficiently than those of competitors, requiring just two workers and no specialized tools. This ease of installation not only speeds up project timelines but also reduces labor costs. He emphasized that installation crews can be trained and operating at full capacity within minutes.

FTC Solar is now appearing on more approved vendor lists than before. Brandt added that the company is expanding its sales force with engineering, procurement, and construction (EPC)-focused professionals to accelerate adoption. He framed FTC’s tracker systems as labor-saving solutions that allow EPCs to submit lower capital expenditure bids. He also highlighted that the company’s constructability is protected by intellectual property.

Brandt detailed recent product innovations, including the launch of a new advanced haul-stow system. This system features an 80-degree stow angle and is integrated into FTC’s SunOps performance platform, which includes built-in weather forecasting and remote configuration capabilities. Brandt also announced the introduction of a new tracker specifically designed for 2,000 V systems, a step up from the industry-standard 1,500 V. This innovation supports longer string lengths, reduces eBOS and operation and maintenance costs, and increases the overall site power capacity by up to 33%.

FTC Solar said it has also enhanced its trackers with terrain-following capabilities such as articulation at the slew drive and line post, as well as adjustable pile heights. These features are intended to eliminate or reduce the need for land grading, cutting civil construction costs, and speeding up the permitting process.

Software continues to play a pivotal role in FTC’s evolving product ecosystem. Brandt introduced SunPath, a tracker optimization platform designed to improve performance in challenging terrain and diffuse light conditions. Noting that over 90% of the company’s recent project bids involved sites with slopes greater than three degrees, he emphasized that SunPath can eliminate row-to-row shading and deliver up to 2% in annual energy gains.

On the policy front, Brandt acknowledged that regulatory uncertainty related to tariffs, tax policy, and safe harbor provisions under the Inflation Reduction Act has contributed to delays in customer decision-making. However, he reported that interest in FTC’s tracker systems is increasing, particularly from customers looking to safe harbor equipment ahead of potential policy changes. He expressed optimism that the conclusion of the Treasury Department’s 45-day rule review would provide the clarity needed to accelerate new bookings.

FTC Solar also secured a $75 million financing facility from Cleanhill Partners.

During the Q&A portion of the call, Brandt addressed concerns about FTC’s slower booking pace compared to competitors such as Shoals. He explained that FTC is still in the early phase of breaking into the 1P tracker segment, where more entrenched companies currently dominate. However, he emphasized that the company is now well-positioned, having recently made significant progress in product development, sales hiring, and financing. He expects a sharp acceleration in bookings as safe harbor rules become clearer,

Brandt also discussed the challenges facing FTC’s core customer base, which includes many smaller independent power producers and developers. For these entities, securing portfolio-level financing has been difficult in the current regulatory environment, especially with the looming phase-out of the investment tax credit. Brandt noted that many of these customers do not retain ownership of projects beyond the development stage, which makes them particularly sensitive to policy risks.

However, he expressed confidence that larger institutional players are actively looking to acquire such assets, and that FTC Solar is closely monitoring these transactions as they move toward financial closure and eventual revenue recognition.

FTC Solar achieved a revenue of $20.8 million in the first quarter of 2025, a 65.3% YoY increase from $12.58 million.