U.S.-based solar tracker company FTC Solar reported revenue of $13.2 million in the fourth quarter (Q4) of 2024, representing a 43.1% year-over-year (YoY) decline from $23.2 million.

The company attributed the drop in revenue to low product volumes.

The company’s net loss widened by 14.49% to $12.55 million from $10.96 million in the same period of the previous year.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) loss decreased by 2.08% YoY to $9.84 million in Q4 2024 from an EBITDA loss of $10.05 million.

The company’s earnings per share (EPS) came in at a loss of $0.96, compared to an EPS loss of $0.89 in Q4 2023.

Full Year Results

In 2024, FTC Solar’s consolidated revenue was $47.35 million, a 62.71% YoY decrease from $127 million.

The company’s net loss decreased by 3.2% to $48.85 million in 2024, compared to $50.52 million in 2023.

Its EBITDA loss widened to $43.12 million in 2024, a 26.27% YoY increase from a loss of $34.15 million.

The company’s EPS came in at a loss of $3.83 in 2024 compared to a loss of $4.35 in 2023.

FTC Solar aims to improve gross margins by achieving higher volumes through its terrain-based backtracking software, SunPath.

Addressing the volatility of steel prices in the market, of FTC Solar, said that the company secures steel prices when purchase orders are negotiated. But he added that even though rising tariffs and commodity prices are likely to increase project costs, the impact would be zero to limited.

The company has signed a 5 GW supply arrangement with Recurrent Energy. The projects will be in the U.S., Europe, and Australia. The company will use a combination of its 1P and 2P tracker technologies for these projects.

It has also won a 333 MW project award from GPG, the power generation subsidiary of the multinational energy company Naturgy, which operates in over 20 countries and serves 16 million customers. The project in Australia will utilize the 1P Pioneer tracker, with production expected to begin in mid-2025.

The company also won a 280 MW project award from Rosendin, a U.S. electrical contractor.

It received a $3.2 million earn-out on prior investments in Dimension Energy. With this payment, the company’s escrow release and earn-outs received since 2021 have exceeded $15 million.

The company has also entered a binding term sheet to upsize the previously announced promissory note offering. It will issue senior secured promissory notes to the investor in an aggregate principal amount ranging from $10 million to $15 million, along with common stock purchase warrants.

In 2025, the company expects its revenue to be within the guidance range of $18 million to $20 million.

The FTC is currently taking orders for its 100% domestically produced content products. It is also working on a specially designed tracker for India as the market shifts from fixed tilt to tracker systems.

FTC Solar reported a revenue of $10.14 million in Q3 2024, surpassing analyst expectations by $240,680. However, it represented a 66.8% YoY decrease compared to the same quarter in 2023. This decline was primarily due to lower product volumes.

In Q2, the company reported a net loss of $12.2 million, representing a 17.3% increase from the $10.4 million net loss in Q2 2023.