FTC Solar Q4 Revenue Rises 149% YoY; Non-GAAP Margin Hits 23.4%
FTC Solar reported Q4 revenue of $32.9 million, up 26% sequentially and 149% year-over-year, with non-GAAP gross margin expanding to 23.4%. Adjusted EBITDA loss narrowed to $0.3 million—the best result in six years—and contracted backlog reached $491 million on new MSAs totaling 1.84GW.
1. Q4 Financial Performance
In the fourth quarter, revenue rose to $32.9 million, a 26% sequential and 149% year-over-year increase, while GAAP gross profit expanded to $6.9 million (21% margin) and non-GAAP gross profit reached $7.7 million (23.4% margin).
2. Profitability Milestones
Adjusted EBITDA loss narrowed to $0.3 million, the strongest result in six years, as operating expenses totaled $10.6 million GAAP and $8.2 million non-GAAP. GAAP net loss widened to $33.7 million due to a $26 million non-cash warrant mark-to-market adjustment.
3. Backlog and MSAs
Contracted backlog stood at $491 million, boosted by a new 1GW, three-year U.S. supply agreement and an 840MW multi-year deal in South Africa. Management reported positive book-to-bill as master supply agreements convert into firm orders.
4. Outlook and Liquidity
For Q1, revenue guidance is $20–25 million with non-GAAP gross profit forecasted between –2.5% and 9.2% margin. Management noted available liquidity from an ATM facility and expanded lender support, expecting results weighted toward the back half of 2026.