FTC Solar, Inc. reported its financial results for the first quarter ending March 31, 2025, on May 1, 2025, with total revenue reaching $20.8 million. This figure was above the company's target range, representing a substantial 57.6% increase quarter-over-quarter and a 65.3% increase year-over-year, driven by higher product volumes.
The company's GAAP gross loss was $3.4 million, or 16.6% of revenue, while the non-GAAP gross loss was $3.0 million, or 14.4% of revenue. Non-GAAP operating expenses continued their downward trend, reaching $6.6 million, compared to $8.7 million in the year-ago quarter. The GAAP net loss was $3.8 million, or $0.58 per diluted share, with an Adjusted EBITDA loss of $9.8 million.
FTC Solar highlighted significant business momentum, including adding multiples of its current annual revenue run rate to its backlog and signing agreements totaling over 6.5 gigawatts with Tier 1 customers. The expansion of its 1P product line, featuring high wind offerings, terrain-following options, and module compatibility, has driven increased customer interest and bidding volume.
Subsequent to the quarter, Darrell Jackson and Max Sultan were appointed to FTC Solar's Board of Directors, effective April 28, 2025, with Mr. Sultan nominated by AV Securities per the promissory note terms. For the second quarter, the company expects continued sequential revenue growth and reiterates its expectation for 2025 revenue to be weighted toward the second half, with adjusted EBITDA breakeven on a quarterly basis within 2025.
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