FTC Solar Inc. (NASDAQ:FTCI) shares surged after the solar-tracking systems provider reported third-quarter 2025 results that topped Wall Street expectations, highlighting a sharp rebound in growth and profitability.
The company reported an adjusted loss of 36 cents per share, beating the estimated loss of 56 cents, while revenue increased 156.8% year over year to $26.0 million, surpassing the expected $21.1 million.
Gross margin expanded to 7.7% on a non-GAAP basis, returning to positive territory for the first time since 2023. GAAP gross profit was $1.6 million, compared with a $3.9 million loss in the prior quarter.
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Adjusted EBITDA loss improved to $4.0 million from $12.2 million a year earlier, while GAAP net loss widened to $23.9 million, or $1.61 per share.
During the quarter, FTC Solar secured a $75 million strategic financing facility, closing $37.5 million, and announced a 1-gigawatt tracker supply deal with Levona Renewables. Its contracted backlog rose to $462 million, excluding the Levona agreement.
The company also agreed to acquire the remaining 55% interest in Alpha Steel, LLC for $2.7 million, gaining full ownership of the domestic steel manufacturer.
The company ended the quarter with $24.4 million in cash, up from $11.2 million at the start of the year.
Outlook
For the fourth quarter, FTC Solar projects revenue of $30 million to $35 million, topping estimates of $26.9 million, with non-GAAP gross margin between 12.7% and 23.4% and adjusted EBITDA ranging from a $5.4 million loss to breakeven.
“Third quarter results came in above the high-end of our guidance ranges on nearly all metrics,” said CEO Yann Brandt. “The company remains on a growth trajectory with quarterly revenue up nearly 160% year-over-year and at its highest level in eight quarters; operating income and adjusted EBITDA at the highest levels in 5 years.”
Price Action: FTCI shares were trading higher by 33.06% to $9.900 at last check Wednesday.
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