U.S.-based solar tracker company FTC Solar reported revenue of $32.81 million in the third quarter (Q3) of 2026, an increase of 26.1% year-over-year (YoY) from $26.03 million, missing analyst expectations by $869,400.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) were negative $5.181 million, compared with negative $3.962 million a year earlier. The EBITDA loss widened 30.8% YoY.

FTC Solar reported an operating loss of $8.54 million, widening 10.8% YoY from $7.71 million in Q3 2025.

The company reported a net profit of $6.7 million for the quarter, driven by a $19.48 million non-cash gain from changes in the fair value of warrant liabilities.

Earnings per share (EPS) came in at -$0.54, compared with -$1.61 in Q3 2025, missing analyst expectations by $0.11.

FTC Solar attributed its Q3 performance to strong project execution, an expanding customer base, improved supplier terms, and cost efficiencies. Disciplined pricing, faster project bidding, and the use of artificial intelligence and automation also supported its performance.

In Q2 2026, FTC Solar reported revenue of $26.2 million, up 31% YoY from $20 million.

9M 2026

For the first nine months (9M) of 2026, FTC Solar reported revenue of $76.23 million, up 14.1% YoY from $66.83 million.

FTC Solar reported an operating loss of $34.33 million in 9M 2026, widening by 15.3% YoY from $29.76 million.

EPS stood at negative $2.06, compared with negative $3.17 in 9M 2025.

Business Updates

FTC Solar’s contracted backlog increased to approximately $640 million from approximately $560 million at the end of Q2 2026. The company secured more than $100 million in new project awards since its previous earnings call, predominantly from Tier 1 customers.

In North America, FTC Solar secured a contract to supply trackers for a 750 MW solar project, with work scheduled to begin in 2027 and continue into 2028. It also secured a 175 MW project in the U.S. from another customer.

In Puerto Rico, FTC Solar is providing engineering, design, and qualification support to Linxon and Energy Transition Capital for a portfolio of approximately 600 MW of solar projects. Management said the partners were pursuing a broader portfolio of at least 700 MW.

The engagement follows FTC Solar’s collaboration with Linxon and Hitachi Energy to pursue utility-scale solar projects in North America and other markets.

In the U.K., FTC Solar signed a master supply agreement with AGR Renewables targeting an initial 500 MW of solar projects through 2028. Of this capacity, 30 MW has been contracted. FTC Solar will provide trackers, design, engineering, site assessment, and software solutions.

In India, FTC Solar secured a 118 MW tracker contract from Tata Power Solar for a project in Gadag district, Karnataka, where initial production is underway. It also secured a 121 MW contract from Brookfield-backed Evren for a project in Andhra Pradesh, with production expected to begin by Q1 2027.

Management said FTC Solar’s India operations comprise a global capability and training center, a research and development facility, and a software development hub, supported by nearly 140 professionals.

In Australia, FTC Solar signed memoranda of understanding with six material suppliers to strengthen local sourcing. It is executing approximately 400 MW of previously announced projects and said it added multiple gigawatts to its pipeline.

FTC Solar said independent validation by DNV found that installing its Pioneer 1P tracker required approximately 81 labor hours per MW, or just over five hours per tracker. According to the company, this was 30% to 50% lower than labor requirements reported in competing product trials. FTC Solar is also testing robotic module and pile installation and automated fastening systems.

Outlook

FTC Solar expects revenue of $44 million to $52 million in Q4 2026, representing approximately 46% sequential growth at the midpoint of its guidance. It projects adjusted EBITDA ranging from a $3.9 million loss to breakeven.

The company expects sequential revenue growth and adjusted EBITDA profitability in Q1 2027, followed by significant revenue growth and adjusted EBITDA profitability for the full year.

FTC Solar now expects revenue growth of about 25% for full-year 2026, down from its earlier target of 40%. Management linked its 2027 growth expectations to repeat orders in the U.S. and expansion in Australia, Europe, and India. The company plans to improve liquidity through customer and supplier payment terms and project cash flows.