FTC Solar exceeds revenue targets in Q1 2025, announces board appointments
Energy

FTC Solar (NASDAQ:FTCI), a leading provider of solar tracker systems, today announced financial results for the first quarter that ended March 31, 2025.
The company reported stronger-than-anticipated revenue for the quarter, along with updates on profitability metrics and board composition.
Total first-quarter revenue reached $20.8 million, surpassing the company's target range.
This figure represents a significant increase of 57.6% compared to the prior quarter and a substantial 65.3% increase compared to the year-earlier quarter.
The company attributed the revenue growth primarily to higher product volumes.
GAAP gross loss for the quarter was $3.4 million, or 16.6% of revenue.
This shows an improvement compared to a GAAP gross loss of $3.8 million, or 29.1% of revenue, reported in the prior quarter.
On a non-GAAP basis, the gross loss was $3 million, or 14.4% of revenue, compared to a non-GAAP gross loss of $1.7 million in the prior-year period.
Meanwhile, the company reported a GAAP net loss of $3.8 million, or $0.58 per diluted share.
This compares favorably to a net loss of $12.2 million, or $0.96 per diluted share, in the prior quarter, and a net loss of $8.8 million, or $0.70 per diluted share (post-split), in the year-ago quarter.
Separately, FTC Solar announced the appointments of Darrell Jackson and Max Sultan to its board, effective as of April 28, 2025.
Looking ahead, FTC Solar provided its revenue outlook for the current quarter ending in June 2025, expecting revenue to be in the range of $19 million to $24 million.