FTC Solar Q1 rev up 58% q/q to $20.8mln, upsizes promissory note offering.

• Q1 revenue: $20.8 million, up 58% q/q • Operating expenses at multi-year low • Bid activity up 60% y/y • Upsized promissory note offering in Q2 • Board strengthened with two new members

FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced its first-quarter 2025 financial results. The company reported Q1 revenue of $20.8 million, a 58% quarter-over-quarter (QoQ) increase and a 65.3% year-over-year (YoY) increase [2].

Operating expenses reached a multi-year low at $7.1 million, down from $10.4 million in the year-ago quarter. This significant reduction in operating expenses highlights the company's commitment to cost control [2].

Bid activity increased by 60% year-over-year, demonstrating strong commercial traction and a growing pipeline of projects. The company's backlog stands at approximately $482 million, representing a substantial revenue opportunity relative to the current $20.8 million quarterly run rate [2].

FTC Solar also strengthened its Board with two new members and expanded its 1P product line with high wind offerings up to 150 mph. These strategic moves indicate the company's focus on innovation and market growth [2].

Despite these positive developments, FTC Solar posted a GAAP net loss of $3.8 million ($0.58 per share) and a non-GAAP gross loss of $3.0 million. The company's persistent negative gross margins, at -16.6% (GAAP) and -14.4% (non-GAAP), underscore the challenge of achieving profitability [2].

Management expects continued sequential revenue growth in Q2 2025, with 2025 revenue weighted toward the second half. They aim to achieve adjusted EBITDA breakeven within 2025. The planned closing of an upsized promissory note offering in Q2 indicates ongoing financing needs as the company works toward profitability [2].

FTC Solar's Q1 results show strong revenue growth and operational improvements, but the persistent negative gross margins indicate a challenging path to sustainable profitability. The company's focus on innovation and market expansion positions it well to capitalize on growing demand for solar tracker systems.

References:
[1] https://www.stocktitan.net/news/FTCI/ftc-solar-announces-first-quarter-2025-financial-wjcb8e20n5gx.html
[2] https://www.stocktitan.net/news/FTCI/ftc-solar-announces-first-quarter-2025-financial-wjcb8e20n5gx.html