U.S.-based solar tracker systems provider FTC Solar achieved a revenue of $20.8 million in the first quarter (Q1) of 2025, a 65.3% year-over-year (YoY) increase from $12.58 million.

The increase in revenue can be attributed to higher product volumes.

In Q1, the company’s net loss narrowed to $3.8 million compared to $8.8 million, a 58% decrease from the same quarter of the previous year.

Yann Brandt, President and Chief Executive Officer, FTC Solar, said, “In recent months, we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 GW with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects.”

Brandt said much of the company’s recent momentum was driven by the significant expansion of its 1P tracker line, which includes offerings for high winds of up to 150 mph, terrain-following options, a large stow range, compatibility across module manufacturers and types, and the upcoming 100% domestic content availability.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) suffered a loss of $9.8 million in Q1 2025, compared to the same amount in Q4 2024 and $10.7 million in Q1 2024. This loss was calculated by excluding an approximate $5.9 million net gain from the change in fair value of the warrant liability, gain from collecting contingent earnout payment, and other non-cash items.

FTC Solar’s net loss per diluted share stood at $0.58 compared to $0.70 in Q1 2024. The company’s current backlog stands at $482 million.  “I believe our expanded offering and increased bidding activity will support continued backlog additions,” stated Brandt.

The company’s operating expenses were $7.1 million. Explaining the solar market conditions, Brandt said, “The good news is that despite crosswinds, the demand for solar generation is as high as I have ever seen it. Looking at developments nearing the start of the construction phase, it is typical to see a competitive market for investments and acquisitions of those projects. The bigger the project, the bigger the demand to build it.”

Addressing the uncertainty arising from the recent U.S. tariffs, Brandt said, “Our supply chain team is working to ramp up additional capacity and markets that have lower tariffs. We already have a diverse supply chain in addition to a robust capability set here domestically. So, ultimately, we are mitigating everything we can for our customers and projects still want to get built and get on track.”

Project development activity has not slowed, he adds. “I think the market is taking a pause on the negotiations between offtakers and project owners, because it is really hard to understand what the pro forma looks like, both on the CAPEX side with sustained tariff levels, as well as what the energy market is,” Brandt said.

Outlook Q2 2025

FTC Solar expects to earn revenues between $19 million and $24 million in Q2 2025. It also projects an increase in operating expenses between $7.8 million and $8.6 million.

During this period, the company is expected to have an EBITDA loss ranging from $13.3 million to $10 million.

Cathy Behnen, Chief Financial Officer, FTC Solar, said, “Looking beyond Q2, in addition to the second half revenue being larger than the first half, we continue to expect to achieve adjusted EBITDA breakeven quarterly within 2025.”

FTC Solar reported revenue of $13.2 million in Q4 2024, a 43.1% YoY decline from $23.2 million.