FTC Solar, Inc. announced its financial results for the fourth quarter ending December 31, 2024, on March 31, 2025, reporting total revenue of $13.2 million. This figure was within the company's target range and represented a 30.2% increase quarter-over-quarter, although it was a 43.1% decrease compared to the prior year.
The company reported a GAAP gross loss of $3.8 million, or 29.1% of revenue, and a non-GAAP gross loss of $3.4 million, or 25.6% of revenue. Non-GAAP operating expenses continued to decrease, reaching $7.4 million, compared to $10.8 million in the year-ago quarter. The GAAP net loss was $12.2 million, or $0.96 per diluted share (post-split), with an Adjusted EBITDA loss of $9.8 million.
Subsequent to the fourth quarter, FTC Solar secured several significant agreements, including a new 5-gigawatt supply arrangement with Recurrent Energy, a 330+ megawatt project award from GPG Naturgy, and a 280-megawatt project award from Rosendin. These wins, along with an additional earn-out payment and an upsizing to its promissory note offering, contributed to a contracted backlog of approximately $502 million.
For the first quarter of 2025, FTC Solar expects revenue at the midpoint of its guidance range to be up approximately 44% relative to the fourth quarter. The company reiterated its expectation to achieve adjusted EBITDA breakeven on a quarterly basis within 2025, driven by increasing market share and a compelling 1P product set.
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