U.S.-based solar tracker company FTC Solar reported revenue of $26.2 million in the second quarter (Q2) of 2026, up 31% year-over-year (YoY) from $20 million. Revenue beat analysts’ expectations by $1.77 million.

Product revenue increased 41% YoY to $22.4 million in Q2 2026 from $15.9 million. Services revenue declined 9% YoY to $3.75 million from $4.13 million.

The company’s adjusted EBITDA loss narrowed by 6% to $9.8 million from $10.4 million in the corresponding quarter last year.

FTC Solar reported a net loss of $12.3 million, widening by 10% from a net loss of $11.2 million in Q2 2025.

The company’s earnings per share (EPS) loss came in at $1.69, up from $1.18 in the same quarter last year. EPS loss missed expectations by $0.35.

1H Results

For the first half (1H) of 2026, FTC Solar reported revenue of $43.4 million, up 6% from $40.8 million in the corresponding period last year.

Product revenue was largely flat at $34.2 million, against $34.1 million in 1H 2025. Services revenue increased 38% to $9.26 million from $6.73 million in the corresponding period last year.

Net profit in 1H 2026 came in at $5.48 million, compared to a net loss of $19.25 million in the corresponding period last year.

EPS loss came in at $1.52, compared to an EPS loss of $1.49. In the same period last year.

Business Highlights

FTC Solar said the contracted portion of its backlog stood at approximately $560 million at the end of the quarter.

During the quarter, the company received a purchase order for its first 1P tracker system from a top U.S. developer that had previously been a 2P customer. The project has a capacity of more than 100 MW and is located on the U.S. East Coast.

The company also received notice to begin production on a project exceeding 330 MW in Queensland, Australia. Tracker deliveries for the project are scheduled to begin in the second half of 2026.

FTC Solar also secured an over-80 MW project in Australia for delivery in the second half of the year.

The company said it had entered the Indian market and secured multiple initial projects, ranging from pilot-scale installations to projects exceeding 100 MW, with large customers.

Anthony Carrol, CEO, said, “I think India is a great market where we have competitors that have healthy margins. I think the companies that have struggled in India are the ones that don’t have a strong infrastructure in India. We do have that infrastructure.”

After the end of the quarter, FTC Solar received a 400 MW purchase order for a 1P tracker project being developed by a top-five U.S. engineering, procurement, and construction company and a top-five U.S. developer.

FTC Solar said it is focusing on expanding its customer base among the largest U.S. EPC companies. The company has qualified with nine of the top 10 EPCs and has recently signed two projects associated with three leading developers and EPCs.

The company is also investing in sales capabilities, artificial intelligence-driven bidding tools, and international expansion to improve project bookings.

FTC Solar said it is working to reduce its breakeven revenue level through cost savings, greater use of artificial intelligence and automation, and improved monetization of the value provided to customers.

The company is also developing robotics-based technologies aimed at improving customer productivity. It said initial tests and pilot programs have yielded promising results and expects the technologies to be deployed on commercial projects.

It entered into an equity line of credit agreement with the institutional investor Lincoln Park Capital, granting the company the option to sell up to $20 million of common shares.

Outlook

FTC Solar expects third-quarter revenue to range between $30 million and $35 million, representing approximately 24% sequential growth at the midpoint of the guidance range.

Non-GAAP operating expenses are expected to range between $7.7 million and $8.3 million, while the adjusted EBITDA loss is projected at between $6 million and $9.3 million.

FTC Solar expects further sequential revenue growth in the fourth quarter and reaffirmed its outlook for approximately 40% YoY revenue growth in 2026.

In Q1 of 2026, FTC Solar reported revenue of $17.3 million in the first quarter of 2026, down 17% year-over-year from $20.8 million. In Q4, its revenue surged by 148.9% YoY.