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1. Company Snapshot

1.a. Company Description

FTC Solar, Inc.provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally.It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name.


The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.Its customers include project developers; solar asset owners; and engineering, procurement, and construction contractors that design and build solar energy projects.FTC Solar, Inc.


was incorporated in 2017 and is headquartered in Austin, Texas.

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1.b. Last Insights on FTCI

The recent 3-month performance of FTC Solar, Inc. was negatively impacted by the company's Q4 2024 earnings release, which showed a loss of $0.80 per share, although it beat revenue estimates. The company's revenue of $13.2 million was at the high end of its prior target, but this was not enough to offset the loss. Additionally, the company's announcement of a 5-gigawatt supply arrangement with Recurrent Energy and several project awards were overshadowed by the loss.

1.c. Company Highlights

2. FTC Solar's Q3 2025 Earnings: A Strong Recovery and Growth Trajectory

FTC Solar reported a revenue of $26 million for the third quarter, exceeding the top end of its guidance range and marking a 160% year-over-year increase. The company's GAAP gross profit was $1.6 million, and non-GAAP gross profit was $2 million, indicating a return to positive gross margin. The GAAP net loss was $23.9 million, while the adjusted EBITDA loss was $4 million, significantly improved from the prior quarter's $10.4 million loss and the year-ago quarter's $12.2 million loss. The actual EPS came out at -$0.36, beating estimates of -$0.5. The company's financial performance was highlighted by Yann Brandt, CEO, who stated that the third-quarter revenue and adjusted EBITDA exceeded guidance ranges.

Publication Date: Nov -29

📋 Highlights
  • Revenue & EBITDA Growth:: Q3 revenue surged 160% YoY to $26M, exceeding guidance, while adjusted EBITDA reached a five-year high with a $4M loss, a 62% improvement from Q3 2024’s $12.2M loss.
  • MSA Expansion:: Secured over 7.5 GW of master service agreements (MSAs), including a 1-GW deal with Livona Renewable, positioning for future bookings and revenue.
  • Balance Sheet Strengthening:: Closed a $37M term loan under a $75M financing facility, with $37.5M remaining, to support growth and operational flexibility.
  • Product Innovation:: Achieved 0.053 labor hours per module—2x faster than peers—via streamlined tracker design, enabling robotic installation and schedule improvements for EPCs.
  • Alpha Steel Acquisition:: Acquired 55% stake in Alpha Steel, enhancing domestic content control and unlocking 45X tax credit access, while reducing supply chain costs.

Operational Highlights and Progress

The company has made significant progress in optimizing its global supply chain, reducing landed costs, and increasing capabilities at its Alpha Steel facility. FTC Solar's independent row 1P architecture is aligned with industry trends, and its tracker is significantly cheaper to install. The company has been engaging with customers early and often, creating value for them, and optimizing its product roadmap. Cathy Behnen, CFO, noted that the company's working capital management is reflected in its accounts receivables, which are substantially elevated due to the increase in active activity and projects going through the production and execution phase.

Growth Trajectory and Outlook

FTC Solar is confident in its growth trajectory, with a strong and expanded product line, a strengthened balance sheet, and a meaningful step forward in customer discussions. The company is aiming for a top market share position and is well-positioned to lock in new projects and reap the rewards of its innovation. For the fourth quarter, the company expects revenue between $30 million and $35 million, representing 25% growth sequentially, and adjusted EBITDA between a loss of $5.4 million and breakeven. In 2026, the company expects to continue its growth trajectory and be adjusted EBITDA positive for the full year.

Valuation and Market Expectations

The company's P/S Ratio stands at 2.2, and its EV/EBITDA is -3.13, indicating that the market is pricing in a significant growth trajectory. Analysts estimate next year's revenue growth at 100.9%, suggesting a high expectation for the company's future performance. With a strengthened balance sheet, thanks in part to the $37 million term loan financing, and a focus on execution and innovation, FTC Solar is well-positioned to drive growth and expand its market share.

3. NewsRoom

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FTC Solar, Inc. (NASDAQ:FTCI) Receives $5.90 Average PT from Brokerages

Nov -16

Source: defenseworld.net

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FTC Solar, Inc. (FTCI) Q3 2025 Earnings Call Transcript

Nov -12

Source: seekingalpha.com

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FTC Solar (FTCI) Reports Q3 Loss, Tops Revenue Estimates

Nov -12

Source: zacks.com

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FTC Solar Announces Third Quarter 2025 Financial Results

Nov -12

Source: globenewswire.com

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FTC Solar publishes white paper on Automation-Ready Construction with 1P Pioneer Tracker

Nov -11

Source: globenewswire.com

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FTC Solar to Announce Third Quarter 2025 Financial Results Wednesday, November 12, 2025

Oct -30

Source: globenewswire.com

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FTC Solar Launches Automated 80° High Angle Stow for 1P Pioneer Tracker to Maximize Hail Protection

Sep -03

Source: globenewswire.com

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FTC Solar Announces 1GW Tracker Agreement with Levona Renewables

Aug -26

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.28%)

6. Segments

Solar Tracker Systems

Expected Growth: 10.3%

Increasing adoption of renewable energy sources, declining solar panel costs, and government incentives drive growth in the solar tracker systems market. FTC Solar's innovative solutions optimize energy output, further boosting demand.

Service

Expected Growth: 15.3%

Growing demand for renewable energy, increasing adoption of solar power, and FTC Solar's innovative tracker systems and software solutions drive growth in the solar industry.

7. Detailed Products

Tracker Systems

FTC Solar's tracker systems are designed to maximize energy production and reduce installation costs for solar farms and utility-scale projects.

Voyager Tracker

A single-axis tracker system that enables higher energy production and faster installation for solar projects.

Voyager+ Tracker

An advanced single-axis tracker system that offers higher energy production and faster installation for solar projects.

Sunplanter

A solar panel installation and tracking system designed for commercial and industrial rooftops.

Design and Engineering Services

FTC Solar's design and engineering services provide customized solutions for solar projects, including layout optimization and energy yield analysis.

Operations and Maintenance Services

FTC Solar's O&M services ensure optimal performance and energy production for solar projects.

8. FTC Solar, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

FTC Solar, Inc. faces moderate threat from substitutes due to the availability of alternative energy sources such as wind power and hydroelectric power.

Bargaining Power Of Customers

FTC Solar, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

FTC Solar, Inc. relies on a few key suppliers for its solar panels and other components, giving them some bargaining power, but the company's scale and diversification efforts mitigate this risk.

Threat Of New Entrants

The solar industry is experiencing rapid growth, and new entrants are attracted to the market, increasing competition and posing a significant threat to FTC Solar, Inc.'s market share.

Intensity Of Rivalry

The solar industry is highly competitive, with many established players and new entrants vying for market share, leading to intense rivalry and pricing pressure for FTC Solar, Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.90%
Debt Cost 12.09%
Equity Weight 97.10%
Equity Cost 12.09%
WACC 12.09%
Leverage 2.98%

11. Quality Control: FTC Solar, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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SunPower

A-Score: 4.5/10

Value: 9.6

Growth: 0.9

Quality: 6.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

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SPI Energy Co

A-Score: 3.8/10

Value: 9.0

Growth: 3.7

Quality: 2.9

Yield: 0.0

Momentum: 7.0

Volatility: 0.0

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Tigo Energy

A-Score: 3.7/10

Value: 6.1

Growth: 2.9

Quality: 2.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

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FTC Solar

A-Score: 3.6/10

Value: 7.0

Growth: 2.2

Quality: 2.8

Yield: 0.0

Momentum: 9.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Beam

A-Score: 3.6/10

Value: 8.4

Growth: 6.8

Quality: 4.0

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

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Sunnova Energy

A-Score: 2.6/10

Value: 8.0

Growth: 4.4

Quality: 2.8

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.26$

Current Price

9.26$

Potential

-0.00%

Expected Cash-Flows