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FTCI · NASDAQ · Solar

FTC Solar

Supplies solar trackers, software, and engineering for utility-scale projects.

$2.65

After-hours close+0.13 (+5.15%)

At close$2.52(+3.71%)

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Profile

FTC Solar, Inc.FTCIInformation Technology

Supplies tracker systems, software, and engineering services for utility-scale and distributed-generation solar projects. Product and service revenue span Voyager and Pioneer hardware, software licenses, and project support.

Tracker and software systems serve utility-scale solar and distributed-generation projects, sold mainly to EPC contractors and also to developers and owners. Voyager is its two-modules-in-portrait single-axis tracker, while Pioneer is its one-module-in-portrait system. A mounting solution also serves U.S.-manufactured thin-film modules.

SUNOPS helps operators identify and resolve tracker underperformance, while SUNPATH adjusts tracking angles for terrain, shading, and cloud conditions. Site layout, structural design, pile testing, and related engineering services accompany hardware and software sales.

Operating as one reportable segment, the business earns product revenue from tracker systems, components, parts, and term software licenses, plus service revenue from engineering, licensing, maintenance, and support. International subsidiaries include Australia, China, India, South Africa, and Spain, and manufacturing capacity still depends on partners despite domestic component capability added through Alpha Steel.

Company facts

CEOAnthony Carroll

ListedApr 28, 2021

ExchangeNASDAQ

HeadquartersAustin, TX

CountryUnited States

Employees232

CIK0001828161

ISINUS30320C3016

Key statistics

Market cap$40.8M

EPS (ttm)−$6.25

P/E (ttm)−0.4080

ROE230.6%

P/B−1.35

P/S0.3989

Dividend yield—

Beta2.72vs XLK 0.48

Year to date −79.4% · Average volume (30d) 284.7K

Analysts

Price target, next 12 months$7.00+174.5%Median of 12 analysts · vs the Aug 28 close

ConsensusBuy8 of 12 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $2.55

High$7.00+174.5%

Median$7.00+174.5%

Low$7.00+174.5%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 12, 2026	Roth Capital	Reiterate	Buy	$10	$7
Mar 9, 2026	Roth Capital	Target		$15	$10
Jan 7, 2026	H.C. Wainwright	Target			$20
Dec 2, 2025	UBS	Reiterate	Neutral	$0.50	$10
Nov 17, 2025	Roth Capital	Target		$3	$15

Earnings

EPS

Estimate−$0.57

ReportedDue Nov 11, 2026

Revenue

Estimate$33.2M

ReportedDue Nov 11, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	−$0.44	−$1.69	−279.8%	$24.4M	$26.2M	+7.3%	−4.22%
May 5, 2026Q1 FY26	−$0.41	−$0.67	−63.4%	$24.3M	$17.3M	−28.8%	+15.94%
Mar 5, 2026Q4 FY25	−$0.26	−$2.23	−755.8%	$32.8M	$32.9M	+0.2%	−23.11%
Nov 12, 2025Q3 FY25	−$0.50	−$0.36	+28.0%	$32.6M	$26.0M	−20.2%	−0.63%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$20.8M	$20.0M	$26.0M	$32.9M	$17.3M	$26.2M
Gross profit	−$3.4M	−$3.9M	$1.6M	$6.9M	−$1.2M	−$2.2M
Operating income	−$10.6M	−$11.5M	−$7.7M	−$3.7M	−$12.1M	−$13.7M
Net income	−$3.8M	−$15.4M	−$23.9M	−$33.7M	$32.6M	−$27.1M
Diluted EPS	−$0.58	−$1.18	−$1.61	−$2.23	−$0.72	−$1.69
Gross margin	-16.6%	-19.6%	6.1%	21.0%	-7.1%	-8.5%
Operating margin	-50.8%	-57.5%	-29.6%	-11.1%	-69.8%	-52.5%

Fiscal years (4-quarter sums)FY21 $270.5M · FY22 $123.1M · FY23 $127.0M · FY24 $47.4M · FY25 $99.7M

Revenue by product · Q2 FY26

Product$22.4M · 86%

Service$3.8M · 14%

Revenue by geography · FY25

United States$98.2M · 99%

Australia$1.4M · 1%

Balance sheet, Jun 30, 2026Cash & short-term investments $10.1M · Total debt $24.3M · Total assets $98.1M · Shareholders' equity −$30.3M

Dividends

No dividends on record.

Ownership

Institutions 9.88%1.58M sharesInsiders 19.31%3.09M sharesOther 70.81%11.33M shares

Shares outstanding 16.01M · Float 11.02M · 68.9% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
ARC Family Trust	1.17M	9.10%	13G	Feb 14, 2025
David Springer	830.2K	5.30%	13G	Feb 13, 2026
Yann Brandt · director, officer: Chief Executive Officer	776.4K	4.85%	Form 4	Dec 31, 2025
Anthony Carroll · director, officer: Chief Executive Officer	666.2K	4.16%	Form 4	Aug 26, 2026
Vanguard Capital Management LLC	445.1K	2.78%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 26, 2026	Shaker Sadasivam	director	+33,290	$2.19
Aug 25, 2026	Anthony Carroll	director, officer: Chief Executive Officer	+24,745	$2.08
May 7, 2026	Antonio R. Alvarez	director	+2,500	$4.23
May 6, 2026	Shaker Sadasivam	director	+27,025	$3.70
May 6, 2026	Anthony Carroll	director, officer: Chief Executive Officer	+7,250	$3.43