FTC Solar Posts $26.2 Million Q2 Revenue, Secures 400 MW U.S. Order and Strengthens India, Australia Growth Pipeline

FTC Solar reported second-quarter 2026 revenue of $26.2 million, representing a 30.8% year-on-year increase and 51.5% sequential growth, while reaffirming its forecast of 40% full-year revenue growth for 2026.

The solar tracker manufacturer said second-quarter performance met or exceeded its guidance, supported by increasing project activity and customer expansion. President and Chief Executive Officer Anthony Carroll said the company remains focused on accelerating growth through a broader customer base, improved bookings, operational efficiency, and investments in artificial intelligence, automation, and robotics.

During the quarter, FTC Solar secured its first 1P tracker system order from a leading U.S. solar developer for a project exceeding 100 MW on the U.S. East Coast. The company also received a notice to begin production for a 330 MW-plus solar project in Queensland, Australia, with tracker deliveries scheduled to commence in the second half of 2026.

FTC Solar also announced its entry into the Indian market, where it has already secured multiple projects ranging from pilot-scale installations to projects exceeding 100 MW with major customers. Shipments to India have already commenced during 2026.

Despite revenue growth, the company reported a GAAP net loss of $27.1 million, compared with a net loss of $15.4 million in the corresponding quarter of 2025. GAAP gross loss stood at $2.2 million, while the adjusted EBITDA loss was $9.8 million. The company’s contracted backlog increased to approximately $560 million.

Subsequent to the quarter, FTC Solar secured a 400 MW purchase order for a 1P tracker project from a top-five U.S. engineering, procurement and construction (EPC) contractor and a top-five U.S. solar developer. The company also entered into a $20 million Equity Line of Credit (ELOC) agreement with Lincoln Park Capital to provide additional financial flexibility.

Looking ahead, FTC Solar expects third-quarter 2026 revenue to reach $30 million to $35 million, representing approximately 24% sequential growth at the midpoint. The company reaffirmed its expectation of 40% revenue growth for full-year 2026, supported by an expanding global project pipeline, customer diversification, and continued execution across key international markets.