FTC Solar reports $13.2 million in Q4 revenue, secures 5-gigawatt supply deal, and wins projects

From GlobeNewswire: 2025-03-31 06:30:00

FTC Solar announced fourth quarter revenue of $13.2 million, meeting targets. They secured a 5-gigawatt supply deal with Recurrent Energy and won projects in Australia and the U.S. They appointed Kent James as U.S. Chief Commercial Officer and received an additional $3.2 million post-quarter investment earn-out. They also announced an upsized promissory note offering.

In the fourth quarter of 2024, FTC Solar reported revenue of $13.2 million, a 30.2% increase from the previous quarter. They achieved a gross margin loss of $3.8 million and operating expenses of $9.6 million. Their GAAP net loss was $12.2 million.

Following the fourth quarter, FTC Solar secured a 5-gigawatt supply deal with Recurrent Energy and won projects in Australia and the U.S. They received a $3.2 million earn-out and announced an upsized promissory note offering. For Q1 2025, they expect revenue to increase by 44% compared to Q4 2024.

FTC Solar aims to achieve adjusted EBITDA breakeven in 2025. They use non-GAAP measures like Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS to evaluate performance. These measures help investors and analysts compare performance across reporting periods.

FTC Solar’s fourth quarter results and subsequent wins demonstrate their growth trajectory. With strong revenue performance, key partnerships, and strategic investments, the company is poised for significant expansion in the solar energy industry. Investors and analysts are optimistic about their future performance and competitive positioning.



Read more at GlobeNewswire:: FTC Solar Announces Fourth Quarter 2024 Financial Results