FTC Solar, Inc. announced its financial results for the second quarter ending June 30, 2025, on August 5, 2025, reporting total revenue of $20.0 million. This figure was within the company's target range and represented a 74.9% increase year-over-year, although it was a 3.9% decrease compared to the prior quarter.
The company reported a GAAP gross loss of $3.9 million, or 19.6% of revenue, and a non-GAAP gross loss of $3.5 million, or 17.4% of revenue. Non-GAAP operating expenses were $6.5 million, marking the seventh consecutive quarter of reductions and the lowest level since 2020. The GAAP net loss was $15.4 million, or $1.18 per diluted share, with an Adjusted EBITDA loss of $10.4 million.
FTC Solar introduced new product innovations, including an extra-long tracker for 2,000-volt systems, designed to reduce eBOS and O&M costs while increasing power capacity by 33%. The company also highlighted its 80-degree stow angle for hail protection and enhancements to its SunOps performance platform for greater site customization and remote weather event responses.
Subsequent to the quarter, on July 2, 2025, FTC Solar entered into a new $75 million strategic financing facility, with $14.3 million funded. Dean Priddy stepped down from the Board of Directors, and Tony Alvarez was appointed as an Independent Director and Chairman of the Audit Committee, effective August 5, 2025. The contracted backlog stood at approximately $470 million.
For the third quarter, FTC Solar projects revenue at the midpoint of its guidance range to be up approximately 5% compared to the second quarter. The company anticipates a more significant ramp in revenue in the fourth quarter and reiterates its expectation to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.
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