Thi d Qua te Highlights a d Rece t Developme ts
- Thi d qua te eve ue up 25% q/q; p ofitability met ics withi , o bette tha , ta get a ges
- Sig ifica t ew p oject wi s ac oss multiple geog aphies with seve al ew custome s, i cludi g Tata Powe Sola a d Ev e , platfo m backed by B ookfield
- Ta geti g 46% seque tial eve ue g owth i fou th qua te at mid-poi t
- Expect co ti ued st o g g owth a d Adjusted EBITDA p ofitability i 2027 o st e gth of pipeli e
AUSTIN, Texas, Nov. 04, 2026 (GLOBE NEWSWIRE) — FTC Sola , I c. (Nasdaq: FTCI), a leadi g p ovide of sola t acke systems, today a ou ced fi a cial esults fo the thi d qua te e ded Septembe 30, 2026.
“We delive ed a st o g qua te with eve ue up 25% seque tially a d ma gi s ahead of ou ta gets,” said A tho y Ca oll, CEO of FTC Sola . “We expect co ti ued sig ifica t g owth i the fou th qua te with a path to EBITDA p ofitability i the fi st qua te of ext yea . With sig ifica t ew awa ds a d g owi g mome tum ac oss No th Ame ica, I dia, Aust alia, a d Eu ope a d with AI a d obotics e ha ci g ou cu e t a d futu e p oductivity, we’ e well positio ed fo a st o g 2027. Additio ally, we obtai ed i depe de t validatio f om DNV that ou t acke i stalls i a i dust y-leadi g 81 labo hou s pe megawatt, co fi mi g what custome s a e telli g us: speed i the field is a wi i g competitive adva tage.”
GAAP g oss p ofit was $1.9 millio , o 5.8% of eve ue, compa ed to g oss loss of $2.2 millio , o 8.5% of eve ue, i the p io qua te . No -GAAP g oss p ofit was $2.8 millio o 8.4% of eve ue. This compa es to No -GAAP g oss p ofit of $2.0 millio i the p io -yea pe iod.
| Reve ue | $ | 32,813 | $ | 26,030 | $ | 32,813 | $ | 26,030 | G oss ma gi pe ce tage | 5.8 | % | 6.1 | % | 8.4 | % | 7.7 | % | Total ope ati g expe ses | $ | 10,441 | $ | 9,299 | $ | 8,096 | $ | 7,986 | Loss f om ope atio s(a) | $ | (8,540 | ) | $ | (7,705 | ) | $ | (5,181 | ) | $ | (3,962 | ) | Net i come (loss) | $ | 6,702 | $ | (23,938 | ) | $ | (7,557 | ) | $ | (5,320 | ) | Diluted loss pe sha e | $ | (0.54 | ) | $ | (1.61 | ) | $ | (0.44 | ) | $ | (0.36 | ) |
(a) Adjusted EBITDA fo No -GAAP(b) See below fo eco ciliatio of No -GAAP fi a cial measu es to the ea est compa able GAAP measu es
GAAP ope ati g expe ses we e $10.4 millio . O a No -GAAP basis, ope ati g expe ses we e $8.1 millio . This compa es to No -GAAP ope ati g expe ses of $8.5 millio 1 i the p io qua te a d $8.0 millio i the yea -ago qua te .
GAAP et i come was $6.7 millio , o a loss of $0.54 pe diluted sha e, compa ed to loss of $27.1 millio o a loss of $1.69 pe diluted sha e i the p io qua te a d a et loss of $23.9 millio o $1.61 pe diluted sha e i the yea -ago qua te .
Adjusted EBITDA loss, which excludes app oximately $11.9 millio fo (i) a gai f om the cha ge i fai value of the wa a t liability, (ii) ce tai CEO t a sitio a d employee seve a ce costs, a d (iii) othe o -cash items, was $5.2 millio , compa ed to Adjusted EBITDA losses of $9.8 millio 1 i the p io qua te a d $4.0 millio i the yea -ago qua te .
The co t acted po tio of the compa y’s backlog2 ow sta ds at app oximately $640 millio .
No th Ame ica
- Co t acted 750-megawatt (MW) p oject f om a well- ega ded develope with a high-p ofile backe fo a p oject to begi i 2027 a d co ti ue i to 2028;
- Awa ded 175MW p oject i U.S. f om a ew custome ;
- The compa y is wo ki g with Li xo a d p ivate equity fi m E e gy T a sitio Capital to adva ce a po tfolio of sola p ojects ac oss multiple locatio s i Pue to Rico. FTC is cu e tly p ovidi g e gi ee i g, desig a d qualificatio suppo t fo this oughly 600-megawatt po tfolio; This is amo g the fi st activity u de the ece tly a ou ced collabo atio with Li xo a d Hitachi E e gy establishi g a st ategic collabo atio f amewo k to joi tly pu sue a d delive utility scale sola p ojects ac oss No th Ame ica a d othe ma kets;
Eu ope
- A ou ced a ew collabo atio a d Maste Supply Ag eeme t with AGR Re ewables. U de the te ms of the ag eeme t, FTC Sola will p ovide sola t acke s, alo g with desig , e gi ee i g, site assessme t, a d softwa e solutio s, as eeded, to e ha ce i stallatio speed, e su e site quality a d eliability, a d imp ove p oject p ofitability. The compa ies have established a i itial ta get of 500 MW of p ojects i the U ited Ki gdom th ough 2028, with the flexibility to sig ifica tly expa d ta get volumes a d exte d the collabo atio i to additio al geog aphies. A i itial 30 megawatts u de this ag eeme t has bee co t acted;
I dia
- Co t acted a 118 MW p oject with Tata Powe Sola , the sola subsidia y of I dia’s la gest powe a d e e gy compa y. The p oject is located i the Gadag dist ict of Ka ataka, I dia. I itial p oductio fo the p oject is al eady u de way;
- Co t acted a 121 MW p oject with Ev e , the I dia e ewable developme t platfo m backed by B ookfield. The p oject is located i A dh a P adesh, I dia. I itial p oductio fo the p oject is expected to begi i , o befo e, the fi st qua te of 2027;
Aust alia
- Sig ed a MOU with six sig ifica t mate ials supplie s i Aust alia to fu the st e gthe local co te t capabilities a d suppo t the compa y’s g owth i the egio .
| Reve ue | $30.0 – $35.0 | $ | 32.8 | $44.0 – $52.0 | No -GAAP G oss P ofit (Loss) | $(0.9) – $1.8 | $ | 2.8 | $5.0 – $8.3 | No -GAAP G oss Ma gi | (3.0%) – 5.1% | 8.4 | % | 11.4% – 15.9% | No -GAAP ope ati g expe ses | $7.7 – $8.3 | $ | 8.1 | $8.2 – $8.8 | No -GAAP adjusted EBITDA | $(9.3) – $(6.0) | $ | (5.2 | ) | $(3.9) – $0.0 |
2. The te m ‘backlog’ o ‘co t acted a d awa ded’ efe s to the combi atio of ou executed co t acts (co t acted) a d awa ded o de s (awa ded), which a e o de s that have bee docume ted a d sig ed th ough a co t act, whe e we a e i the p ocess of docume ti g a co t act but fo which a co t act has ot yet bee sig ed, o that have bee awa ded i w iti g o ve bally with a mutual u de sta di g that the o de will be co t acted i the futu e. I the case of ce tai p ojects, i cludi g those that a e scheduled fo delive y o late dates, we have ot locked i bi di g p ici g with custome s, a d we i stead use estimated ave age selli g p ice to calculate the eve ue i cluded i ou co t acted a d awa ded o de s fo such p ojects. Actual eve ue fo these p ojects could diffe o ce co t acts with bi di g p ici g a e executed, a d the e is also a isk that a co t act may eve be executed fo a awa ded but u co t acted p oject, o that a co t act may be executed fo a awa ded but u co t acted p oject at a date that is late tha a ticipated, o that a co t act o ce executed may be subseque tly ame ded, suppleme ted, esci ded, ca celled o b eached, i cludi g i a ma e that impacts the timi g a d amou ts of payme ts due the eu de , thus educi g a ticipated eve ues. Please efe to ou SEC fili gs, i cludi g ou Fo m 10-K, fo mo e i fo matio o ou co t acted a d awa ded o de s, i cludi g isk facto s.
3. We do ot p ovide a qua titative eco ciliatio of ou fo wa d-looki g No -GAAP guida ce measu es to the most di ectly compa able GAAP fi a cial measu es because ce tai i fo matio eeded to eco cile those measu es is ot available without u easo able effo ts due to the i he e t difficulty i fo ecasti g a d qua tifyi g these measu es as a esult of cha ges i p oject schedules by ou custome s that may occu , which a e outside of ou co t ol, a d the impact, if a y, of c edit loss p ovisio s, asset impai me t cha ges, est uctu i g o cha ges i the timi g a d level of i di ect o ove head spe di g, as well as othe matte s, that could occu which could sig ifica tly impact the elated GAAP fi a cial measu es.
| Reve ue: | P oduct | $ | 32,185 | $ | 20,061 | $ | 66,352 | $ | 54,130 | Se vice | 628 | 5,969 | 9,883 | 12,696 | Total eve ue | 32,813 | 26,030 | 76,235 | 66,826 | Cost of eve ue: | P oduct | 31,397 | 18,550 | 69,810 | 57,537 | Se vice | (485 | ) | 5,886 | 7,985 | 15,061 | Total cost of eve ue | 30,912 | 24,436 | 77,795 | 72,598 | 1,901 | 1,594 | (1,560 | ) | (5,772 | ) | Ope ati g expe ses | Resea ch a d developme t | 930 | 1,228 | 3,257 | 3,281 | Selli g a d ma keti g | 2,248 | 1,672 | 6,028 | 4,099 | Ge e al a d admi ist ative | 7,263 | 6,399 | 23,480 | 16,612 | Total ope ati g expe ses | 10,441 | 9,299 | 32,765 | 23,992 | (8,540 | ) | (7,705 | ) | (34,325 | ) | (29,764 | ) | I te est expe se | (4,292 | ) | (1,988 | ) | (12,521 | ) | (3,430 | ) | I te est i come | 99 | 6 | 109 | 17 | Gai f om disposal of i vestme t i u co solidated subsidia y | — | — | — | 3,204 | Gai o sale of Atlas | — | 90 | 26 | 140 | Gai (loss) f om cha ge i fai value of wa a t liability | 19,480 | (16,066 | ) | 59,335 | (14,298 | ) | Loss o exti guishme t of debt | — | (173 | ) | — | (173 | ) | Othe i come, et | 165 | 35 | 175 | 110 | I come f om u co solidated subsidia y | — | 1,907 | — | 1,344 | 6,912 | (23,894 | ) | 12,799 | (42,850 | ) | P ovisio fo i come taxes | (210 | ) | (44 | ) | (622 | ) | (337 | ) | 6,702 | (23,938 | ) | 12,177 | (43,187 | ) | Fo eig cu e cy t a slatio adjustme ts | 110 | 37 | 328 | 146 | $ | 6,812 | $ | (23,901 | ) | $ | 12,505 | $ | (43,041 | ) | Basic | $ | 0.39 | $ | (1.61 | ) | $ | 0.75 | $ | (3.17 | ) | Diluted | $ | (0.54 | ) | $ | (1.61 | ) | $ | (2.06 | ) | $ | (3.17 | ) | Basic | 17,084,491 | 14,899,638 | 16,239,464 | 13,626,800 | Diluted | 23,473,081 | 14,899,638 | 22,919,497 | 13,626,800 |
| Cash a d cash equivale ts | $ | 5,076 | $ | 21,105 | Rest icted cash | 11,608 | — | Accou ts eceivable, et of allowa ce fo c edit losses of $3,086 a d $3,069 at Septembe 30, 2026 a d Decembe 31, 2025, espectively | 57,730 | 55,743 | I ve to ies | 8,139 | 9,627 | P epaid a d othe cu e t assets | 21,025 | 11,294 | Total cu e t assets | 103,578 | 97,769 | Ope ati g lease ight-of-use assets | 1,506 | 983 | Fi a ce lease ight-of-use assets | 435 | — | P ope ty a d equipme t, et | 3,550 | 3,793 | Goodwill | 7,748 | 7,444 | Othe assets | 2,227 | 1,823 | $ | 119,044 | $ | 111,812 | Accou ts payable | $ | 16,162 | $ | 13,247 | Sho t-te m debt | 24,780 | 12,681 | Acc ued expe ses | 56,725 | 23,770 | I come taxes payable | 748 | 630 | Defe ed eve ue | 8,672 | 7,172 | Othe cu e t liabilities | 13,396 | 10,725 | Total cu e t liabilities | 120,483 | 68,225 | Lo g-te m debt | — | 9,921 | Ope ati g lease liability, et of cu e t po tio | 947 | 553 | Fi a ce lease liability, et of cu e t po tio | 334 | — | Defe ed i come taxes | 229 | — | Wa a t liability | 13,157 | 74,515 | Othe o -cu e t liabilities | 1,309 | 1,556 | Total liabilities | 136,459 | 154,770 | Commitme ts a d co ti ge cies | P efe ed stock pa value of $0.0001 pe sha e, 10,000,000 sha es autho ized; o e issued as of Septembe 30, 2026 a d Decembe 31, 2025 | — | — | Commo stock pa value of $0.0001 pe sha e, 850,000,000 sha es autho ized; 18,152,140 a d 15,537,344 sha es issued a d outsta di g as of Septembe 30, 2026 a d Decembe 31, 2025 | 2 | 2 | T easu y stock, at cost; 1,076,257 sha es as of Septembe 30, 2026 a d Decembe 31, 2025 | — | — | Additio al paid-i capital | 397,686 | 384,648 | Accumulated othe comp ehe sive gai (loss) | 38 | (290 | ) | Accumulated deficit | (415,141 | ) | (427,318 | ) | (17,415 | ) | (42,958 | ) | $ | 119,044 | $ | 111,812 |
| Net i come (loss) | $ | 12,177 | $ | (43,187 | ) | Adjustme ts to eco cile et i come (loss) to cash p ovided by (used i ) ope ati g activities: | Stock-based compe satio | 7,604 | 2,343 | Dep eciatio a d amo tizatio | 1,249 | 897 | (Gai ) loss f om cha ge i fai value of wa a t liability | (59,335 | ) | 14,298 | Amo tizatio of debt discou t a d issue costs | 7,155 | 1,385 | Paid-i -ki d o -cash i te est | 3,267 | 1,567 | P ovisio fo obsolete a d slow-movi g i ve to y | 1,467 | — | I come f om u co solidated subsidia y | — | (1,344 | ) | Gai f om disposal of i vestme t i u co solidated subsidia y | — | (3,204 | ) | Gai o sale of Atlas | (26 | ) | (140 | ) | Loss o exti guishme t of debt | — | 173 | Wa a ties issued a d emediatio added | 2,235 | 2,073 | Wa a ty ecove able f om ma ufactu e | 60 | 271 | C edit loss p ovisio s | 16 | 566 | Defe ed i come taxes | 229 | 425 | Lease expe se | 784 | 884 | Impact o cash f om cha ges i ope ati g assets a d liabilities: | Accou ts eceivable | (2,003 | ) | (9,875 | ) | I ve to ies | 21 | 2,489 | P epaid a d othe cu e t assets | (9,850 | ) | (399 | ) | Othe assets | (191 | ) | (344 | ) | Accou ts payable | 2,823 | 3,150 | Acc uals a d othe cu e t liabilities | 33,763 | 5,696 | Defe ed eve ue | 1,500 | (898 | ) | Othe o -cu e t liabilities | (1,021 | ) | (1,208 | ) | Lease payme ts a d othe , et | (847 | ) | (1,034 | ) | Net cash p ovided by (used i ) ope atio s | 1,077 | (25,416 | ) | Pu chases of p ope ty a d equipme t | (885 | ) | (793 | ) | P oceeds f om sale of Atlas softwa e platfo m | 26 | 140 | P oceeds f om sale of p ope ty a d equipme t | — | 6 | P oceeds f om disposal of i vestme t i u co solidated subsidia y | — | 3,204 | Net cash (used i ) p ovided by i vesti g activities | (859 | ) | 2,557 | P oceeds f om bo owi gs | — | 35,955 | Repayme ts of bo owi gs | (7,406 | ) | — | P oceeds f om sale of commo stock | 3,335 | — | Stock offe i g costs paid | (78 | ) | — | Fi a ci g costs paid | (465 | ) | (58 | ) | Fi a ce lease p i cipal payme ts | (24 | ) | — | P oceeds f om stock optio exe cises | — | 3 | Net cash (used i ) p ovided by fi a ci g activities | (4,638 | ) | 35,900 | Effect of excha ge ate cha ges o cash, cash equivale ts a d est icted cash | (1 | ) | 81 | I c ease (dec ease) i cash, cash equivale ts a d est icted cash | (4,421 | ) | 13,122 | Cash a d cash equivale ts at begi i g of pe iod | 21,105 | 11,247 | Cash, cash equivale ts a d est icted cash at e d of pe iod | $ | 16,684 | $ | 24,369 |
No -GAAP g oss p ofit (loss), No -GAAP ope ati g expe se, Adjusted EBITDA, Adjusted Net Loss a d Adjusted EPS a e i te ded as suppleme tal measu es of pe fo ma ce that a e eithe equi ed by, o p ese ted i acco da ce with, U.S. ge e ally accepted accou ti g p i ciples (“GAAP”). We p ese t these No -GAAP measu es, ma y of which a e commo ly used by i vesto s a d a alysts, because we believe they assist those i vesto s a d a alysts i compa i g ou pe fo ma ce ac oss epo ti g pe iods o a o goi g basis by excludi g items that we do ot believe a e i dicative of ou co e ope ati g pe fo ma ce. I additio , we use Adjusted EBITDA, Adjusted Net Loss a d Adjusted EPS to evaluate the effective ess of ou busi ess st ategies.
No -GAAP g oss p ofit (loss), No -GAAP ope ati g expe se, Adjusted EBITDA, Adjusted Net Loss a d Adjusted EPS should ot be co side ed i isolatio o as substitutes fo pe fo ma ce measu es calculated i acco da ce with GAAP, a d you should ot ely o a y si gle fi a cial measu e to evaluate ou busi ess. These No -GAAP fi a cial measu es, whe p ese ted, a e eco ciled to the most closely applicable GAAP measu e as disclosed below.
The followi g table eco ciles No -GAAP g oss loss to the most closely elated GAAP measu e fo the th ee a d i e mo ths e ded Septembe 30, 2026 a d 2025, espectively:
| $ | 32,813 | $ | 26,030 | $ | 76,235 | $ | 66,826 | $ | 1,901 | $ | 1,594 | $ | (1,560 | ) | $ | (5,772 | ) | Dep eciatio expe se | 343 | 151 | 790 | 509 | Amo tizatio expe se | 24 | — | 38 | — | Stock-based compe satio | 286 | 247 | 1,578 | 738 | Seve a ce costs | 196 | — | 196 | 34 | $ | 2,750 | $ | 1,992 | $ | 1,042 | $ | (4,491 | ) | 8.4 | % | 7.7 | % | 1.4 | % | (6.7 | %) |
The followi g table eco ciles No -GAAP ope ati g expe ses to the most closely elated GAAP measu e fo the th ee a d i e mo ths e ded Septembe 30, 2026 a d 2025, espectively:
| $ | 10,441 | $ | 9,299 | $ | 32,765 | $ | 23,992 | Dep eciatio expe se | (87 | ) | (139 | ) | (421 | ) | (388 | ) | Stock-based compe satio | (1,815 | ) | (880 | ) | (6,026 | ) | (1,605 | ) | CEO t a sitio | (164 | ) | (194 | ) | (1,618 | ) | (582 | ) | Reve se stock split | — | — | — | (1 | ) | Seve a ce costs | (279 | ) | — | (279 | ) | (141 | ) | Special stockholde s’ meeti g | — | (100 | ) | — | (100 | ) | $ | 8,096 | $ | 7,986 | $ | 24,421 | $ | 21,175 |
The followi g table eco ciles No -GAAP Adjusted EBITDA to the elated GAAP measu e of loss f om ope atio s fo the th ee a d i e mo ths e ded Septembe 30, 2026 a d 2025, espectively:
| $ | (8,540 | ) | $ | (7,705 | ) | $ | (34,325 | ) | $ | (29,764 | ) | Dep eciatio expe se | 430 | 290 | 1,211 | 897 | Amo tizatio expe se | 24 | — | 38 | — | Stock-based compe satio | 2,101 | 1,127 | 7,604 | 2,343 | CEO t a sitio | 164 | 194 | 1,618 | 582 | Reve se stock split | — | — | — | 1 | Seve a ce costs | 475 | — | 475 | 175 | Special stockholde s’ meeti g | — | 100 | — | 100 | Othe i come, et | 165 | 35 | 175 | 110 | Gai o sale of Atlas | — | 90 | 26 | 140 | I come f om u co solidated subsidia y | — | 1,907 | — | 1,344 | $ | (5,181 | ) | $ | (3,962 | ) | $ | (23,178 | ) | $ | (24,072 | ) |
The followi g table eco ciles No -GAAP Adjusted EBITDA a d Adjusted Net Loss to the elated GAAP measu e of et i come (loss) fo the th ee mo ths e ded Septembe 30, 2026 a d 2025, espectively:
| $ | 6,702 | $ | 6,702 | $ | (23,938 | ) | $ | (23,938 | ) | Reco cili g items – | P ovisio fo i come taxes | 210 | — | 44 | — | I te est expe se | 4,292 | — | 1,988 | — | I te est i come | (99 | ) | — | (6 | ) | — | Amo tizatio of debt discou t a d issue costs i i te est expe se | — | 2,457 | — | 958 | Dep eciatio expe se | 430 | — | 290 | — | Amo tizatio expe se | 24 | 24 | — | — | Stock-based compe satio | 2,101 | 2,101 | 1,127 | 1,127 | Loss f om cha ge i fai value of wa a t liability(a) | (19,480 | ) | (19,480 | ) | 16,066 | 16,066 | Loss o exti guishme t of debt(b) | — | — | 173 | 173 | CEO t a sitio (c) | 164 | 164 | 194 | 194 | Seve a ce costs(d) | 475 | 475 | — | — | Special stockholde s’ meeti g(e) | — | — | 100 | 100 | $ | (5,181 | ) | $ | (7,557 | ) | $ | (3,962 | ) | $ | (5,320 | ) | Basic a d diluted | N/A | $ | (0.44 | ) | N/A | $ | (0.36 | ) | Basic a d diluted | N/A | 17,084,491 | N/A | 14,899,638 |
| (a) | We exclude o -cash cha ges i the fai value of ou outsta di g wa a ts as we do ot co side such cha ges to impact o eflect cha ges i ou co e ope ati g pe fo ma ce. | (b) | We exclude the loss o exti guishme t of debt a isi g f om ou July 2, 2025 C edit Ag eeme t a d elated ame dme ts to ou existi g debt as we do ot co side such cha ges to impact o eflect cha ges i ou co e ope ati g pe fo ma ce. | (c) | I Ap il 2026, we t a sitio ed to a ew CEO. We also ag eed to pay a upf o t sig -o bo us to ou ew CEO i two equal a ual i stallme ts i Ap il 2027 a d Ap il 2028. We a e acc ui g the cost of these sig -o bo us payme ts ove the se vice pe iod of ou ew CEO. Upo hi i g ou fo me CEO i August 2024, we had ag eed to upf o t a d i c eme tal sig -o bo uses (collectively, the ” fo me CEO sig -o bo uses”). These fo me CEO sig -o bo uses we e expe sed ove the applicable se vice pe iods of ou fo me CEO th ough Ap il 2026. We do ot view the sig -o bo uses to be paid to ou ew CEO o those paid to ou fo me CEO as bei g pa t of thei o mal o goi g a ual compe satio a a geme ts. | (d) | I volu ta y seve a ce costs we e i cu ed du i g the thi d qua te of 2026, due to est uctu i g cha ges to alig headcou t with the Compa y’s st ategic focus to adjust ou ove head costs a d activities to bette add ess custome eeds a d to take adva tage of co ti ued p ocess efficie cies. | (e) | We exclude the costs associated with a special stockholde s’ meeti g held i Septembe 2025 to app ove, i acco da ce with Nasdaq Listi g Rule 5635(d), the issua ce of a agg egate 6,836,237 sha es of ou commo stock issuable upo exe cise of the New Wa a ts g a ted to the Le de s u de the C edit Ag eeme t we e te ed i to o July 2, 2025, as we do ot co side such costs to impact ou o goi g co e ope ati g pe fo ma ce. |
