FTC Solar, Inc.

The grade, in three tenses

Headline 2.9 out of ten, 8 of 9 metrics filed and 1 estimated: past 3.6 out of ten, present 1.5 out of ten, future 4.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 0.2 out of ten. 6 warning events since 2021; the latest 2026-08-05. 2nd percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 3.5 out of ten. +11.1% a year over 7 filed years; profitable in 0 of 7. 35th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 9.9 out of ten. CrossAssetData estimate 9.9/10, confidence 35 of 100 (one part). 99th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 1.1 out of ten. Leverage 138%: owes 138¢ per asset dollar. 11th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 2.5 out of ten. bottom 25% of 97 in its family; net margin -79.8%. 25th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 0.8 out of ten. bottom 8% of 66 in its family for leadership; chief executive since 2026. 8th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 2.1 out of ten. bottom 21% of 94 in its family for room to expand. 21st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.0 out of ten. bottom 41% of 93 in its family for growth drivers. 41st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 6.0 out of ten. top 40% of 88 in its family for expectations against reality. 60th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-24 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 for the period ended 2026-08-04 (on EDGAR). Newest filing: Form 8-K, 2026-10-09. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-24.

The people

At the end of 2025 Yann Brandt, 43, was president, chief executive and a director, a job he had started in August 2024. The two other executive officers were Cathy Behnen, 62, the chief financial officer, who has filed insider reports since 2021, and Sasan Aminpour, 62, the chief operating officer, who has filed since 2023. During 2025 the company added Kent James to its leadership team as chief commercial officer for North America. [1, 2, 3, 4]

In April 2026 the company changed chief executives. Its quarterly report for the three months to June 2026 records about 1.2 million dollars of severance for its former chief executive, hired in August 2024, the month Brandt started, and lists an employment agreement with Anthony Carroll dated May 4, 2026. The insider record this site holds gives Carroll the title chief executive officer on his newest filings. He joined the board in 2025; at the end of that year the annual report gave his age as 42 and his occupation as chief executive of Veev, a subsidiary of Lennar. [5, 6, 7, 2, 8, 9, 4]

The board has ten members, eight of them independent. Shaker Sadasivam, 66, chief executive of Auragent Bioscience, chairs it; the other directors include David Springer, 57, chief operating officer of Recurrent Energy; Ahmad Chatila, 58, managing partner of Fenice Investment Group; and Lisan Hung, 57, general counsel of Enphase Energy. All four have filed as directors since 2021. A proxy statement from July 2025 counted 21.0% of the shares with the officers and directors as a group, 10.2% in the chairman's line and 6.3% in Springer's. The chairman's figure includes the shares of the ARC Family Trust, which Chatila set up for his family; Sadasivam is its trustee and, having no economic interest in those shares, disclaims owning them. [10, 9, 11, 4, 12, 13, 14, 15, 16, 17]

At the end of 2025 FTC Solar counted 232 employees, up from 202 a year earlier: 107 in operations and support, 55 in research and development, 27 in sales and marketing and 43 in general and administrative work. More than half, 126 people, were in India, up from 90, against 77 in the United States, down from 82, 11 in China and 3 in Australia. The filing says some of the changes reflect a shift of staff to more cost-effective markets. No employee is represented by a labor union. [18, 19, 20, 21]

How it operates

FTC Solar sells solar trackers, the mounts that turn rows of solar panels through the day to keep them facing the sun, which raises the power a solar farm produces. Its Pioneer tracker holds one panel across the width of each row (1P, one module in portrait); Voyager, its original tracker, holds two (2P); and a separate mounting system carries US-made thin-film panels. Two software products ride with the hardware: SUNPATH angles each row on its own to recover power lost to shading on uneven ground and to track better on cloudy days, reading satellite images to predict cloud movement, and SUNOPS watches how the trackers perform, down to a single array. An engineering team also sells site layout, structural design and pile testing, the checks on the posts driven into the ground that hold the trackers. [22, 23, 24, 25, 26, 27, 28]

Its buyers are mainly engineering, procurement and construction companies (EPCs), the contractors that build solar farms; it also signs contracts with developers and owners, for large utility-scale projects and for smaller distributed generation ones, which make power close to where it is used. Each project gets its own contract, worth anything from tens of thousands to tens of millions of dollars, and tracker revenue is booked over time as the work progresses. A handful of buyers carry each year: in 2025 four customers accounted for about 28%, 20%, 18% and 12% of revenue, after 39%, 11%, 11% and 11% in 2024, and at the end of 2025 three customers owed about 55% of its receivables. [29, 30, 31, 32, 33]

Revenue comes in two streams. Product revenue, 80.6% of the 2025 total, covers the tracker systems and their customized parts, some individual part sales and term-based software licenses; service revenue, 19.4%, covers shipping and handling, engineering consulting and pile testing, software subscriptions, and maintenance and support. Nearly all of it is booked by its US companies: 98.2 million dollars, 98.5% of revenue, against 1.4 million by its Australian subsidiary, down 66.8%. It is based in Austin, Texas, with subsidiaries in Australia, China, India, South Africa and Spain, and it began commercial activity in India during 2025. [34, 35, 36, 37, 8]

Until November 2025 it made nothing itself: all manufacturing went to contract manufacturers. Taking full control of Alpha Steel, a steel parts maker it had owned 45% of since 2023, gave it its own US production of torque tubes (the long beams the panels turn on), rails, couplers and other parts, mainly for US customers; the rest still comes from contract manufacturers. By the dollar value of its 2025 purchase orders, 57% of its spending went to suppliers in the United States, 20% in India, 9% in China and 6% in Thailand. In 2019, 90% of its supply chain came from China; it now has manufacturing partners in the United States, India, South Africa, Spain, Turkey, Thailand and Vietnam. [38, 39, 40, 41, 42, 43]

The specifics

FTC Solar was founded in 2017, is incorporated in Delaware, went public in April 2021 and is listed on the Nasdaq Capital Market as FTCI; in November 2024 it combined every ten shares into one in a reverse stock split. It has sold pieces it no longer needed: its 23% stake in Dimension Energy, a community solar developer in Atlanta, in June 2021, a sale that still brought in 3.2 million dollars of contingent earnout payments in 2025, and assets of its Atlas software for managing solar project portfolios in December 2024. In November 2025 it bought out its two partners in Alpha Steel, Taihua New Energy (Thailand) and DAYV LLC, for about 2.7 million dollars, largely because of provisions in the One Big Beautiful Bill Act, the tax law signed in July 2025. [44, 45, 46, 47, 48, 49, 50, 51]

It protects its designs with 58 granted patents, 44 in the United States, 5 in Australia and 9 elsewhere, expiring between 2026 and 2044, and with trademarks including Voyager, Pioneer, SUNPATH and SUNOPS; research and development cost 4.4 million dollars in 2025. That year it added a dual-row Pioneer for sites that slope East to West, the Pioneer+ High Wind tracker, built for winds up to 150 miles per hour, and an automated stow that tilts panels to 80 degrees to protect them from hail. It names Array Technologies, GameChange Solar, Nextpower Inc. and PVH as its direct competitors in an industry dominated by a small number of companies, several of them significantly larger, and it competes indirectly with makers of fixed-tilt mounts that do not move. [52, 53, 54, 55, 56, 57, 58, 59]

Tax credits and tariffs shape its market. The investment tax credit has historically been the incentive that matters most to its US business, and the Inflation Reduction Act of 2022 added production credits under Section 45X for components made in the United States, which owning Alpha Steel lets it collect for longer. The One Big Beautiful Bill Act, signed on July 4, 2025, speeds up the phase-out of such credits and restricts them for specified foreign entities. Tariffs push costs up: steel and aluminum duties doubled to 50% in May 2025, and after US Customs denied its protest in March 2026 over torque beams imported in 2022, it accrued about 2.7 million dollars, interest included. The filing says these policies, with permit delays and backlogs in grid connection studies, led some developers to defer projects, which hurt its 2025 and 2024 revenue. [60, 61, 62, 51, 63, 64, 65, 66]

The annual report carries a going-concern warning: management concluded there is substantial doubt about the company's ability to continue as a going concern within the next year. It used 33.4 million dollars in its operations in 2025 and ended the year with 21.1 million dollars of cash and an accumulated deficit of 427.3 million. In 2025 it drew 37.5 million dollars of a secured loan of up to 75 million, at 12% interest, 7% of it added to the debt instead of paid; the lenders set minimums for its cash, quarterly revenue, tracker margin, earnings and new purchase orders. It breached the purchase-order test for the last quarter of 2025 and was waived in March 2026. Its June 2026 quarterly report says it then missed the cash test, with 10.1 million dollars against a 15.0 million minimum, and the tracker-margin test; the lenders waived both on August 4, 2026, all of the loan was moved into debts due within a year, liabilities exceeded assets by 30.3 million dollars, and Lincoln Park Capital Fund committed to buy up to 20.0 million dollars of its shares at its request. The annual report also found a material weakness in its controls over recognizing revenue. [67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78]

What drives growth, line by line

Revenue more than doubled in 2025, up 110.5% to 99.7 million dollars from 47.4 million, a rebound from the slump of 2024 that still left it below the 127.0 million of 2023 and the 270.5 million of 2021. [79]

Product. 80.3 million dollars, 80.6% of revenue, up 114.0% from 37.5 million. The filing credits a 168% rise in the megawatts of trackers it produced, as recent project wins, mainly for its 1P tracker, reached manufacturing; a 20% fall in the average selling price, from a different mix of projects, offset part of the gain. [35, 80]

Service. 19.4 million dollars, 19.4% of revenue, up 97.0% from 9.8 million. The filing credits 76% more logistics activity, a 12% higher average selling price on project size and pricing, and more engineering consulting. Service still costs more than it earns: its cost of revenue rose 105.4%, faster than the revenue, and stayed above it in both years. [35, 81, 82]

Costs kept the year at a loss. Cost of revenue rose on 168% more megawatts produced, 76% more shipping and logistics and higher tariffs, including a 2.0 million dollar accrual after US Customs denied a protest; lower warranty and remediation costs, lower overhead from fewer and relocated staff and lower warehousing offset part. The gross loss shrank to 880 thousand dollars, 0.9% of revenue, from 12.6 million, 26.6% of revenue, and the operating loss to 35.4 million from 52.8 million. The net loss still widened, to 79.6 million dollars: an accounting loss on the change in the fair value of the warrants issued with its loans was larger than the whole operating loss, and interest cost 8.2 million dollars against 0.7 million, an effective rate of about 29% on its long-term debt. [83, 79, 84, 85, 86]

Since the annual report, the quarterly report for the three months to June 2026 shows first-half revenue up 6.4% on the same half of 2025: product revenue was nearly flat, up 0.3%, as a 3% higher average selling price was mostly offset by 3% fewer megawatts, and service revenue rose 37.6%. The June quarter alone was up 30.8%: product revenue rose 41.2% on 56% more megawatts produced, partly offset by a 10% lower average selling price, while service revenue slipped 9.1%. [87, 88, 89, 90]

What comes next, in the company's words: it says meeting its needs over the next year depends on its cash, on staying within the loan's covenants and in part on its current expectations of increased project activity and cash flow in the twelve months after the report. For its market it cites the US Energy Information Administration's January 2026 estimate that solar would lead the growth in US electricity generation in 2026 and 2027, rising more than 20% in each year after 33% in 2025. [91, 92, 93]

What the desk infers (inferred, not filed)

• FTC Solar's year is made or broken by the building schedules of a few contractors: with four customers carrying more than three quarters of 2025 revenue and single contracts worth up to tens of millions of dollars, one project won or delayed can swing the whole year, which fits a revenue record that more than halved in 2024 and more than doubled in 2025. Because: In 2025 four customers accounted for about 28%, 20%, 18% and 12% of revenue; in 2024 the largest alone took 39%. [32] A single contract can be worth tens of millions of dollars. [30] The filing says projects already awarded to it were delayed in both 2025 and 2024 as customers waited on permits, grid connection agreements or financing, and that with so few large customers such delays can materially move its results. [94, 95] Revenue fell from 127.0 million dollars in 2023 to 47.4 million in 2024, then rose to 99.7 million in 2025. [79] Confidence 80 of 100. Wrong if: A filing showing that its revenue swings came mainly from price changes or from many small orders rather than from the timing of a few large projects.
• FTC Solar bought out its partners in Alpha Steel chiefly to keep collecting the Section 45X manufacturing credits that cut the cost of its steel parts, because the 2025 tax law restricts those credits where specified foreign entities are involved and a partner named Taihua New Energy (Thailand) owned the majority. Because: Alpha Steel was set up in February 2023 with Taihua and DAYV LLC; FTC Solar held 45% and Taihua 51%. [39] The filing says it bought the rest largely as a result of certain provisions in the One Big Beautiful Bill Act. [50] That law places restrictions on continued receipt of tax credits by specified foreign entities and foreign influenced entities. [51] Alpha Steel's 45X credits reach FTC Solar as lower prices on the parts it buys, and the filing says owning Alpha Steel lets it keep that benefit for longer. [96, 62] Confidence 65 of 100. Wrong if: A filing stating that Alpha Steel's 45X credits were never at risk under its former ownership, or that the purchase was made for reasons unrelated to those credits.
• India has become FTC Solar's main base for engineering and support work, a way to cut costs rather than to win sales: more than half its people work there, while its revenue is booked almost entirely in the United States. Because: At the end of 2025, 126 of its 232 employees were in India, up from 90 a year earlier, while the United States count fell from 82 to 77. [19] The filing says headcount changes reflect a shift to more cost-effective markets, and credits the relocation of employees to more cost-effective locations for 1.3 million dollars of lower research payroll. [20, 97] Its 2025 revenue was booked by its subsidiaries in the United States and Australia only; the line for all other places is empty. [36] It only launched commercial activity in India during 2025. [8] Confidence 70 of 100. Wrong if: A filing showing that most of its staff in India work in sales to Indian customers, or that its Indian subsidiary books a meaningful share of revenue.
• FTC Solar now runs on its lenders' terms: the loan sets minimums for its revenue, margin, cash and new orders, has already needed two rounds of waivers, charges a steep exit fee if it comes due early, and came with warrants that a July 2025 proxy statement counted at a larger share of the company than all its officers and directors held together. Because: The credit agreement sets minimums for unrestricted cash, quarterly revenue, direct tracker margin, EBITDA (earnings before interest, taxes, depreciation and amortization) and new purchase orders. [71] The lenders waived a breach of the purchase-order test for the last quarter of 2025 in March 2026, then, on August 4, 2026, breaches of the cash and tracker-margin tests in the June 2026 quarter, after which all of the loan was counted as due within a year. [72, 73, 74, 75] If the loans must be prepaid, as on a change of control, or are accelerated after a default, it owes an exit fee of half of all the loans made, a quarter on a change of control, less the cash interest already paid. [98, 99] The July 2025 proxy statement listed CH FTC LLC and other lenders at 24.0% through their warrants, which cannot be exercised past 4.99% ownership at a time, against 21.0% for all officers and directors as a group. [100, 101, 12] Confidence 70 of 100. Wrong if: A filing showing the company meeting every covenant for a full year without a waiver, or the loan refinanced on terms without covenants on revenue, margin, cash or orders.

Sources

1. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The following table sets forth certain information regarding our executive officers and members of our Board of Directors as of December 31, 2025: Name Age Company Position/Board Member Occupation Executive Officers Yann Brandt 43 President and Chief Executive Officer, Director Sasan Aminpour 62 Chief Operating Officer Cathy Behnen 62 Chief Financial Officer”
2. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The Employment Inducement Awards were granted effective August 19, 2024, in connection with Mr. Brandt's commencement of employment as our President and Chief Executive Officer.”
3. FTC Solar, Inc., Form 10-K filed 2026-03-24: “During 2025, we added Kent James to our executive leadership team as our Chief Commercial Officer for North America.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “In April 2026, we transitioned to a new CEO. As a result of that change, we recognized approximately $1.2 million in severance costs associated with our former CEO.”
6. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “Upon hiring our former CEO in August 2024, we had agreed to upfront and incremental sign-on bonuses”
7. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “Employment Agreement, dated May 4, 2026, between the Company and Anthony Carroll”
8. FTC Solar, Inc., Form 10-K filed 2026-03-24: “As examples, from a marketing standpoint, we launched commercial activity in the India market during 2025 and, from a personnel standpoint, we added Tony Alvarez, Anthony Carroll, Darrell Jackson and Maximillian Sultan to our Board of Directors in 2025.”
9. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Shaker Sadasivam Chairman of the Board 66 Chief Executive Officer Auragent Bioscience, LLC Anthony Alvarez Director 69 Former Executive Vice President Memory Solutions at Infineon Pablo Barahona Director 64 Former President of Global Retail Markets West Liberty Mutual Anthony Carroll Director 42 Chief Executive Officer Veev, a subsidiary of Lennar Ahmad Chatila Director 58 Managing Partner Fenice Investment Group Lisan Hung Director 57 Senior Vice President, General Counsel and Corporate Secretary Enphase Energy, Inc.”
10. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We are governed by a board of directors comprising ten members, including eight independent members.”
11. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Darrell Jackson Director 67 Chief Executive Officer Efficace Group David Springer Director 57 Chief Operating Officer Recurrent Energy”
12. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “All current Executive Officers and Directors as a group (11 individuals) 3,141,743 21.0”
13. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “Shaker Sadasivam(5) 1,521,235 10.2”
14. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “David Springer(13) 930,158 6.3”
15. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “Consists of (i) 1,174,086 shares of common stock held by the ARC Family Trust, (ii) 45,439 shares of common stock held by Mr. Sadasivam, and (iii) 301,710 shares of common stock held by ChristSivam, LLC.”
16. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “The ARC Family Trust was established by Mr. Chatila for the benefit of certain members of his family.”
17. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “Mr. Sadasivam is the trustee of the ARC Family Trust and has shared voting and dispositive power with respect to the shares of common stock held by ARC Family Trust. Mr. Sadasivam is also the Manager of ChristSivam, LLC and has sole voting and dispositive power with respect to the shares of common stock held by ChristSivam, LLC. See also above footnote (1) for further information about ARC Family Trust. Mr. Sadasivam has no pecuniary interest in any shares of common stock held by ARC Family Trust, and therefore, disclaims beneficial ownership of any such shares”
18. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our year-end headcount by department for each period was as follows: Department December 31, 2025 December 31, 2024 Operations and support 107 93 Research and development 55 45 Sales and marketing 27 20 General and administrative 43 44 Total headcount at period end 232 202”
19. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our employees at each year end were located in the following countries: Country December 31, 2025 December 31, 2024 United States 77 82 India 126 90 China 11 9 Australia 3 4 All other 15 17 Total headcount at period end 232 202”
20. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Certain of our headcount changes also reflect a shift of our employee base to more cost-effective markets with exceptional talent.”
21. FTC Solar, Inc., Form 10-K filed 2026-03-24: “None of our employees are represented by a labor union, and we consider relations with our employees to be good.”
22. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Solar tracker systems move solar panels throughout the day to maintain an optimal orientation relative to the sun, thereby increasing the amount of solar energy produced at a solar installation.”
23. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our one module-in-portrait ("1P") solar tracker system is marketed under the Pioneer brand name ("Pioneer"), and our original two modules-in-portrait ("2P") solar tracker system is marketed under the Voyager brand name (“Voyager”).”
24. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We also have a mounting solution to support the installation and use of U.S.-manufactured thin-film modules.”
25. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our SUNPATH software can be used by customers to help recover energy lost due to row-to-row shading on undulating terrain and land-constrained sites while maximizing energy production on cloudy days”
26. FTC Solar, Inc., Form 10-K filed 2026-03-24: “SUNPATH leverages satellite imagery to predict cloud movements and to adjust the tracking system in real-time to provide optimal performance.”
27. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our SUNOPS operations management software is designed to help customers identify and resolve tracker underperformance issues, with insights down to a single tracker array.”
28. FTC Solar, Inc., Form 10-K filed 2026-03-24: “In addition, we have a team of renewable energy professionals available to assist our U.S. and worldwide clients in site layout, structural design, pile testing and other needs across the solar project development and construction cycle.”
29. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our products and services provide tracker solutions for large utility-scale solar and distributed generation projects around the world. Our customers are primarily engineering, procurement and construction companies ("EPCs") and we also contract with developers and owners.”
30. FTC Solar, Inc., Form 10-K filed 2026-03-24: “For each individual solar project, we enter into a contract with our customers covering the price, specifications, delivery dates and warranty for the products being purchased, among other things. Our contractual delivery period for our solar tracker systems and related parts can vary depending on size of the project and availability of vessels and other means of delivery. Contracts can range in value from tens of thousands to tens of millions of dollars.”
31. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Revenue from the sale of our solar tracker systems and customized components of those systems is recognized over time, as work progresses”
32. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We have been dependent each year since our inception on a small number of customers who generate a significant portion of our business. During the year ended December 31, 2025, four customers accounted for approximately 28%, 20%, 18% and 12%, respectively, of total revenue. During the year ended December 31, 2024, four customers accounted for approximately 39%, 11%, 11% and 11%, respectively, of total revenue.”
33. FTC Solar, Inc., Form 10-K filed 2026-03-24: “At December 31, 2025, three customers accounted for approximately 55% of our total receivables, including one customer that accounted for approximately 21% of our total receivables.”
34. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Product revenue is derived from the sale of solar tracker systems and customized components for those systems, individual part sales for certain specific transactions and the sale of term-based software licenses. Service revenue includes revenue from shipping and handling services, engineering consulting and pile testing services, our subscription-based enterprise licensing model and maintenance and support services in connection with the term-based software licenses.”
35. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
36. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Third-party revenue was recognized by our subsidiaries established in the following locations: Year ended December 31, (in thousands) 2025 2024 United States $ 98,238 $ 42,253 Australia 1,449 4,369 All other — 733 Total third-party revenue $ 99,687 $ 47,355”
37. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The Company is headquartered in Austin, Texas, and has international subsidiaries in Australia, China, India, South Africa and Spain.”
38. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We previously outsourced all manufacturing to contract manufacturing partners. While we continue to use other contract manufacturing partners, with our acquisition of a controlling interest in Alpha Steel, effective November 12, 2025, as described above, we now have the ability internally to domestically produce torque tubes, rails, couplers and certain other products to primarily serve customers in the U.S. market.”
39. FTC Solar, Inc., Form 10-K filed 2026-03-24: “on February 9, 2023, we entered into an LLC Agreement with Taihua and DAYV LLC for the creation of Alpha Steel, an entity dedicated to producing steel components, including torque tubes and structural fasteners, for utility-scale and distributed generation solar projects. We initially held a 45% interest in Alpha Steel, accounted for under the equity method, whereas Taihua and DAYV LLC owned 51% and 4%, respectively.”
40. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Based on the U.S. dollar amount of purchase orders we issued during the year ended December 31, 2025, the percentage of our spending involved partners located in the following countries”
41. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Vendor location Year ended December 31, 2025 United States 57 % India 20 % China 9 % Thailand 6 % All other 8”
42. FTC Solar, Inc., Form 10-K filed 2026-03-24: “In 2019, 90% of our supply chain was sourced from China.”
43. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We have entered into partnerships with manufacturers based in the United States, India, South Africa, Spain, Turkey, Thailand and Vietnam to diversify our supply chain and optimize costs.”
44. FTC Solar, Inc., Form 10-K filed 2026-03-24: “was founded in 2017 and is incorporated in the state of Delaware. In April 2021, we completed an initial public offering ("IPO"), and our common stock currently trades on the Nasdaq Capital Market ("Nasdaq") under the symbol “FTCI”.”
45. FTC Solar, Inc., Form 10-K filed 2026-03-24: “On November 29, 2024, we effected a 1-for-10 reverse stock split of our outstanding common stock”
46. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We sold our 23% equity interest in our unconsolidated subsidiary, Dimension Energy LLC ("Dimension"), on June 24, 2021. Dimension is a community solar developer based in Atlanta, Georgia that provides renewable energy solutions for local communities in the United States.”
47. FTC Solar, Inc., Form 10-K filed 2026-03-24: “During the year ended December 31, 2025, we received $3.2 million of contingent earnout payments in connection with the June 2021 sale of our equity interest in Dimension”
48. FTC Solar, Inc., Form 10-K filed 2026-03-24: “In December 2024, we sold certain assets, including intellectual property, associated with our Atlas web-based software platform, used by customers to organize and manage their solar project portfolios, recognizing a gain on the sale of $0.9 million.”
49. FTC Solar, Inc., Form 10-K filed 2026-03-24: “On November 11, 2025, we entered into a Membership Interest Purchase Agreement with Taihua New Energy (Thailand) Co. LTD. ("Taihua") and DAYV LLC (collectively, the "Selling Members") pursuant to which we agreed to purchase 100% of the Membership Interests of Alpha Steel, with such transaction closing on November 12, 2025. As consideration for the transactions under the Membership Interest Purchase Agreement, we agreed to pay the Selling Members a total of approximately $2.7 million for their Membership Interests”
50. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Largely as a result of certain provisions in the OBBB, and as disclosed in Note 3, "Acquisition and disposition" above, on November 12, 2025, we purchased 100% of the Membership Interests of Alpha Steel.”
51. FTC Solar, Inc., Form 10-K filed 2026-03-24: “On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, which accelerates the phase-outs and terminations of various eligible federal tax credits enacted as part of the IRA and places restrictions on continued receipt of tax credits by specified foreign entities and foreign influenced entities.”
52. FTC Solar, Inc., Form 10-K filed 2026-03-24: “At December 31, 2025, we had patents in the following locations: Locations Patents Granted United States 44 Australia 5 All other 9 Total 58 Our issued patents are expected to expire between 2026 and 2044.”
53. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our trademarks and trade names include, but are not limited to, Voyager Tracker, Pioneer Tracker, SUNPATH, SUNOPS and FTC Solar, which are protected under applicable intellectual property laws.”
54. FTC Solar, Inc., Form 10-K filed 2026-03-24: “During the year ended December 31, 2025, our research and development costs totaled $4.4 million, including employee salaries and benefit costs.”
55. FTC Solar, Inc., Form 10-K filed 2026-03-24: “the introduction of a dual-row configuration for our 1P Pioneer tracker allowing for what we believe to be industry leading East-West slope tolerance”
56. FTC Solar, Inc., Form 10-K filed 2026-03-24: “the release in August 2025, of our Pioneer+ High Wind tracker, engineered to withstand wind speeds up to 150 miles per hour”
57. FTC Solar, Inc., Form 10-K filed 2026-03-24: “the launch in September 2025, of an automated 80° high angle stow capability in our flagship 1P Pioneer trackers, which when powered by our intelligent SUNOPS software, can provide improved protection for solar assets in hail-prone regions.”
58. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The tracker industry is highly specialized and dominated by a relatively small number of companies. Our direct tracker competitors include Array Technologies, Inc., GameChange Solar, Nextpower Inc. and PVH. We also compete indirectly with manufacturers of fixed-tilt mounting systems.”
59. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Several of our existing and potential competitors are significantly larger than we are”
60. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The most notable incentive program impacting our U.S. business has historically been the investment tax credit ("ITC") for solar energy projects”
61. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The Inflation Reduction Act of 2022 ("IRA"), passed by the U.S. Congress and signed into law by then-President Biden on August 16, 2022, expanded and extended the tax credits and other tax benefits available to solar energy projects and the solar energy supply chain.”
62. FTC Solar, Inc., Form 10-K filed 2026-03-24: “U.S. manufacturers of specific solar components also became eligible to claim production tax credits under Section 45X of the Internal Revenue Code of 1986, as amended, which was established as part of the IRA and is a per-unit tax credit earned for each clean energy component manufactured domestically and sold by a manufacturer. Our acquisition of Alpha Steel allows us to continue for a longer period of time to obtain benefits of lower product costs as a result of the production tax credit program.”
63. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Also, in May 2025, the Trump administration announced the doubling of steel and aluminum tariffs to 50%, which reportedly contributed to a tightening of available capacity in U.S. steel mills.”
64. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The Original CBP Assessments related to certain torque beams that are used in our Voyager+ product that were imported in 2022.”
65. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We were notified on March 18, 2026, that CBP had denied our protest of the Revised 939 Assessment. Based on the denial by CBP, we accrued approximately $2.7 million, inclusive of interest, in our consolidated financial results for the year ended December 31, 2025 and expect to pay that amount to CBP, as required.”
66. FTC Solar, Inc., Form 10-K filed 2026-03-24: “These policies and actions, along with delays in receiving permits from certain local and state entities, and backlogs in the interconnection queue study process in various regions, resulted in some developers deferring projects, which negatively impacted our 2025 and 2024 revenue and cash flows and may continue to negatively impact our revenue and our cash flows in 2026.”
67. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Therefore, we have concluded that substantial doubt exists as to our ability to continue as a going concern within the next year.”
68. FTC Solar, Inc., Form 10-K filed 2026-03-24: “We have incurred cumulative losses since inception and have a history of cash outflows from operations, inclusive of $33.4 million in cash utilized for our operating activities during the year ended December 31, 2025. As of December 31, 2025, we had cash on hand of $21.1 million, $29.5 million of working capital, $22.6 million of net total debt and an accumulated deficit of $427.3 million.”
69. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The Credit Agreement provides for a senior secured term facility of up to $75 million, consisting of (i) Initial Term Loans and First Delayed Draw Term Loans (both as defined in the Credit Agreement) that were funded during 2025 in an aggregate principal amount of $37.5 million”
70. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The Term Loans bear interest at 12.00% per annum. A portion of the interest equal to 7.00% per annum is being capitalized and added as paid-in-kind interest and will increase the outstanding principal amount of the Term Loans.”
71. FTC Solar, Inc., Form 10-K filed 2026-03-24: “including with respect to minimum unrestricted cash requirements, minimum quarterly revenue thresholds, minimum direct tracker margin requirements, minimum consolidated EBITDA requirements, and minimum purchase order thresholds.”
72. FTC Solar, Inc., Form 10-K filed 2026-03-24: “On March 23, 2026, we entered into a Second Amendment and Limited Waiver to Credit Agreement (the “Second Amendment” and the Original Credit Agreement as amended by the First Amendment and the Second Amendment, the “Credit Agreement”) pursuant to which: (i) the Lenders provided a waiver relating to our breach of the purchase order covenant for the fiscal quarter ended December 31, 2025”
73. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “As noted above, our unrestricted cash on hand at June 30, 2026 was $10.1 million. As a result, we were not in compliance with the required minimum unrestricted cash covenant of $15.0 million pursuant to the Second Amendment as of June 30, 2026. We were also not in compliance with a required minimum direct tracker margin covenant for the three months ended June 30, 2026.”
74. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “On August 4, 2026, we entered into a Limited Waiver and Limited Consent to Credit Agreement (the "Waiver") with the Lenders in which the Lenders waived our noncompliance with the minimum unrestricted cash and minimum direct tracker margin covenants as described above. The Waiver covers the periods of noncompliance but does not cover our ability to comply with covenants in future periods.”
75. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “Accordingly, we have classified all outstanding debt under our Credit Agreement as a current obligation as of June 30, 2026.”
76. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “As of June 30, 2026, we had unrestricted cash on hand of $10.1 million, a working capital deficit of $7.9 million and stockholders' deficit of $30.3 million.”
77. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “effective August 4, 2026, we entered into a Purchase Agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) to establish an equity line of credit of up to $20.0 million (the “Purchase Agreement”). Pursuant to the Purchase Agreement, Lincoln Park committed to purchase, at our direction from time to time, up to an aggregate of $20.0 million of our common stock”
78. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Due to the significance of our accounting for revenue, we have concluded that the control deficiencies constitute a material weakness in our controls related to the recognition of revenue.”
79. The record on this page: the filed annual figures (EDGAR's company facts)
80. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The increase in product revenue in 2025, as compared to 2024, was primarily due to an increase of 168% in MW produced as manufacturing activity during 2025 has been positively impacted by recent project wins, mainly associated with our 1P solar tracker solution. Partially offsetting this impact was a decrease of 20% in ASP resulting from project mix changes during 2025 as compared to 2024.”
81. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The increase in service revenue in 2025, as compared to 2024, primarily resulted from (i) an increase of 76% in the logistics activity levels, (ii) an increase of 12% in ASP as a result of project size and pricing, and (iii) higher engineering consulting revenue in 2025, as compared to 2024.”
82. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Product $ 76,400 $ 48,185 $ 28,215 58.6 % Service 24,167 11,764 12,403 105.4 % Total cost of revenue $ 100,567 $ 59,949 $ 40,618 67.8”
83. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The increase in cost of revenue in 2025, as compared to 2024, was primarily driven by (i) an increase of 168% in MW produced, (ii) an increase of 76% in shipping and logistics activity, and (iii) higher tariff costs, including a $2.0 million accrual due to a denial by CBP of a protest of a previous assessment. This has been partially offset by (i) lower warranty and remediation costs, (ii) lower overhead spending, largely due to lower personnel costs as a result of lower average headcount and a shift in employee location, and (iii) lower warehousing costs.”
84. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our gross loss percentage of revenue for 2025 was a negative 0.9%, as compared to a negative 26.6% in 2024.”
85. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Loss from change in fair value of warrant liability $ (40,686 ) $ (4,322 ) $ (36,364 ) 841.4”
86. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Total interest expense recognized during the years ended December 31, 2025 and 2024, was $8.2 million and $0.7 million, respectively. The effective interest rate for our long-term debt, including amortization of the discount and deferred loan costs, is approximately 29%.”
87. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “Six months ended June 30, (in thousands) 2026 2025 $ Change % Change Product $ 34,167 $ 34,069 $ 98 0.3 % Service 9,255 6,727 2,528 37.6 % Total revenue $ 43,422 $ 40,796 $ 2,626 6.4”
88. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “The increase in product revenue for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily due to an increase of 3% in ASP, which was mostly offset by a decrease of 3% in the amount of MW produced.”
89. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “Three months ended June 30, (in thousands) 2026 2025 $ Change % Change Product $ 22,405 $ 15,867 $ 6,538 41.2 % Service 3,752 4,126 (374 ) (9.1 )% Total revenue $ 26,157 $ 19,993 $ 6,164 30.8”
90. FTC Solar, Inc., Form 10-Q filed 2026-08-05: “The increase in product revenue for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily due to an increase of 56% in the amount of MW produced due mainly to project size and timing. This was partially offset by a decrease of 10% in ASP for the three months ended June 30, 2026, resulting from project mix changes as compared to the three months ended June 30, 2025.”
91. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Our ability to meet our liquidity needs over the next year is dependent upon (i) our cash on hand”
92. FTC Solar, Inc., Form 10-K filed 2026-03-24: “and our compliance with the financial covenants under the Credit Agreement, (ii) our current expectations of increased project activity and cash flow during the twelve-month period following issuance of our consolidated financial statements”
93. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The U.S. Energy Information Administration, in its January 2026 Short-Term Energy Outlook, estimates that solar generation will lead total electricity generation growth in 2026 and 2027, by increasing more than 20% each year, after increasing 33% in 2025.”
94. FTC Solar, Inc., Form 10-K filed 2026-03-24: “For example, in both 2025 and 2024, the timeline for constructing a number of projects that had been awarded to us was subsequently delayed after being awarded due to various reasons including delays by our customer in obtaining permits, interconnection agreements, project financing or other matters.”
95. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Due to our limited number of large customers, such delays in project development activity can have a material impact on our consolidated financial results.”
96. FTC Solar, Inc., Form 10-K filed 2026-03-24: “our agreements with Alpha Steel allowed for us to receive benefit of the 45X Credits earned by Alpha Steel in the form of reductions to the purchase price of the products manufactured for us on a per-unit basis. Since the acquisition of Alpha Steel, we have continued to receive the economic benefit of the 45X Credits earned by Alpha Steel.”
97. FTC Solar, Inc., Form 10-K filed 2026-03-24: “The decrease in research and development expenses in 2025, as compared to 2024, was primarily due to (i) lower payroll-related costs of $1.3 million, largely due to the relocation of employees to more cost-effective locations”
98. FTC Solar, Inc., Form 10-K filed 2026-03-24: “upon the occurrence of certain events (including in connection with a change in control of the Company) and upon acceleration following an Event of Default (an "Exit Fee Event"). If an Exit Fee Event occurs, the Company shall pay an exit fee (the "Exit Fee") equal to (x) the aggregate amount of all Term Loans extended by the Lenders under the Credit Agreement, multiplied by (y) the Exit Fee Percentage, minus (z) the amount of interest paid in cash by the Company prior to the Exit Fee”
99. FTC Solar, Inc., Form 10-K filed 2026-03-24: “Event, where the "Exit Fee Percentage" equals 25% in connection with a change of control transaction, or otherwise equals 50%.”
100. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “CH FTC LLC and other lenders(3) 4,695,853 24.0”
101. FTC Solar, Inc., Form DEF 14A filed 2025-07-25: “Consists of an aggregate 4,695,853 shares of common stock issuable upon exercise of Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation as set forth in such Warrants.”

Where the revenue comes from

Product and service lines in fiscal 2025: Product 81%, Service 19%. By geography: United States 99%, Australia 2%. As tagged in its annual report (Form 10-K, filed 2026-03-24).

Who runs it

Carroll, Anthony (Chief Executive Officer); Brandt, Yann (Chief Executive Officer); Behnen, Cathy (CHIEF FINANCIAL OFFICER); Aminpour, Sasan (Chief Operating Officer); Sadasivam, Shaker (director); Alvarez, Antonio R (director); Springer, David (director). 7 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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