FTC Solar 2025 Q3 Earnings Revenue Surges 156.8% Despite Wider Net Loss

FTC Solar (FTCI) reported fiscal 2025 Q3 earnings on Nov 12, 2025, with revenue surging 156.8% to $26.03 million, far exceeding guidance of $18–24 million and analyst estimates of $21.1 million. The stock surged 35% post-announcement, marking a 79% year-to-date gain. However, net losses widened to $23.94 million, a 55.9% increase from 2024 Q3, as operational challenges persisted.

Revenue

Product revenue led the charge at $20.06 million, followed by service revenue of $5.97 million, contributing to the total revenue of $26.03 million. The 156.8% year-over-year growth underscores strong market demand and execution, driven by expanded product offerings and strategic supply chain optimizations.

Earnings/Net Income

FTC Solar’s losses deepened to $1.61 per share in 2025 Q3, a 33.1% wider loss compared to 2024 Q3. The net loss widened to $-23.94 million, reflecting ongoing cost pressures and non-cash charges tied to warrant liability adjustments. The EPS decline highlights the need for continued cost discipline and margin expansion.

Post-Earnings Price Action Review

The revenue beat and positive market reaction have reinforced investor confidence in FTCI’s strategic direction. Recent performance, including a 35% stock surge post-announcement, aligns with a broader trend of improved operational execution. The company’s Q4 revenue guidance of $30–35 million—well above analyst forecasts of $26.9 million—signals sustained momentum. Historical trends, such as exceeding EPS estimates twice in four quarters, further support a cautiously optimistic outlook. However, the solar industry’s volatility and external risks necessitate close monitoring of short-term dynamics.

CEO Commentary

Yann Brandt, CEO, emphasized a 160% YoY revenue increase to $26 million and record adjusted EBITDA. Strategic priorities include securing 7.5 GW of MSAs, accelerating installations via labor-efficient technology, and leveraging robotics. Brandt expressed confidence in 2026’s upside, citing regulatory tailwinds and Alpha Steel’s cost synergies.

Guidance

CFO Cathy Behnen provided Q4 2025 guidance: revenue of $30–35 million, non-GAAP gross profit of $3.8–8.2 million (12–23.4% margin), and adjusted EBITDA of -$5.4 million to breakeven. For 2026, management anticipates “adjusted EBITDA positive for the full year” and continued margin expansion, though no formal guidance was provided.

Additional News

FTC Solar recently acquired the remaining 55% stake in Alpha Steel, LLC for $2.7 million, enhancing domestic content capabilities and reducing COGS. CEO Yann Brandt highlighted the acquisition as a strategic move to strengthen the balance sheet and unlock 45X tax credit access. Additionally, the company secured a $75 million financing facility, with $37.5 million drawn in Q3, to support growth initiatives. Brandt also reiterated confidence in 2026’s long-term upside, driven by regulatory tailwinds and labor advantages.

Conclusion

FTC Solar’s Q3 results highlight a mix of revenue strength and persistent operational challenges. While the stock’s post-earnings surge reflects optimism about its strategic initiatives and market positioning, investors should remain cautious amid industry-specific risks and widening losses. The path to profitability hinges on executing on cost-saving measures, leveraging Alpha Steel’s synergies, and converting its robust MSA pipeline into contracted projects.