U.S.-based solar tracker provider FTC Solar’s revenue surged 148.9% year-over-year (YoY) to $32.9 million from $13.9 million in the fourth quarter (Q4) of 2025.

The revenue was above the midpoint of the company’s guidance range of $30 million to $35 million.

Higher sales volumes and increased absorption were the primary drivers of the significant YoY improvement, which was partially offset by higher tariff costs.

The company’s revenue from product sales stood at $26.2 million, up 151.9% from $10.4 million in Q4 2024, while the revenue from services stood at $6.7 million, up 139.3% YoY from $2.8 million.

However, the company reported a net loss of $33.7 million, up 176.2% YoY from $12.2 million the year before.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss narrowed 97.3% to $267,000 from a loss of $9.84 million in Q4 2024. This represents the company’s best-adjusted EBITDA result in six years.

Earnings per share for the quarter stood at negative $0.17, beating analysts’ expectations of $0.22.

President and Chief Executive Officer Yann Brandt said, “Our fourth quarter results were a fitting end to a full-year 2025 that saw us grow revenue by more than 110%, as we continued our recovery, launched compelling new product features, and expanded our pipeline with more customers and larger projects. While the company is not immune to the impacts of regulatory uncertainty-related booking delays in 2025, our commercial traction continues to improve. Overall, we expect to see continued acceleration in our bookings in 2026 and to continue outpacing industry revenue growth rates as our recovery progresses.”

Full Year 2025

FTC Solar posted revenue of $99.7 million, up 110.5% from $47.4 million the year before. The increase was primarily attributable to higher product and logistics volume, partially offset by a decline in average selling price.

The net loss for 2025 increased by 58.3% to $76.9 million from $48.6 million the previous year.

Adjusted EBITDA loss narrowed 43.6% to $24.3 million from a loss of $43.1 million in 2024.

Earnings per share for the year stood at negative $5.49, down 43.3% from negative $3.83 the previous year.

Outlook for 2026

The company targets revenue between $20 million and $25 million and non-GAAP gross profit between negative $0.5 million and positive $2.3 million, or between negative 2.5% and positive 9.2% of revenue in Q1 2026. For the full year 2026, it expects to grow faster than the industry as its recovery progresses.

“We’re really excited about where FTC sits in the competitive landscape vis-à-vis our peers and the overall market dynamics. Obviously, we continue to sign service agreements in large volumes, both in the U.S. and abroad. We’re seeing good growth, obviously, some seasonality around the timing of the early part of the year, really strong ending to 2025, and 2025 results compared to 2024. But it really comes down to where we are from an execution standpoint, which gives us the enthusiasm and optimism going ahead,” Brandt said.

Operational Highlights

FTC Solar has been selected by a leading developer and operator of wind and solar farms to supply approximately 1 GW of solar trackers for multiple project sites in the U.S., over an initial three-year term. The customer is expected to utilize a combination of FTC’s 1P (Pioneer) and 2P (Voyager) trackers, as well as FTC’s innovative SunPath performance-enhancing software.

The company announced last week a multiyear service agreement with Lubanzi in South Africa for approximately 840 MW of trackers to be delivered across the country. The first project under that agreement is expected to begin midyear.

It said that its 3D backtracking software is particularly useful for independent row architecture. When sites have undulating, uneven terrain, the need for 3D backtracking for energy yield increases, and independent row architecture, where motors can run each row independently of the others, will yield the greatest energy yield advantages.

In Q3 2025, FTC Solar’s revenue surged 156.8% YoY to $26.03 million from $10.14 million, exceeding analysts’ expectations by $4.91 million.