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what it is
FTC Solar sells solar tracker hardware, software, and engineering that help big solar farms squeeze more power from the sun.
how it gets paid
Last year Ftc Solar made $47M in revenue. Voyager 2P tracker systems was the main engine at $21M, or 45% of sales.
what just happened
Revenue hit $67M, but the business still posted deeply negative profits.
At a glance
C++ balance sheet — some cracks in the foundation
-$3.83 fy2024 eps est
$47M fy2024 rev est
n/a operating margin
~$69M market cap
xvary composite: 38/100 — weak
What they do
FTC Solar sells solar tracker hardware, software, and engineering that help big solar farms squeeze more power from the sun.
FTC Solar sells the hardware, software, and engineering in one package. Plain English: you buy one system, not a group project with five vendors. That matters when the company has just 202 employees and still supports projects across the U.S., Australia, China, India, South Africa, and Spain.
How they make money
$47M
annual revenue
Voyager 2P tracker systems
$21M
Pioneer 1P tracker systems
$14M
Software platforms
$4M
Engineering services
$6M
Thin-film mounting solutions
$2M
The products that matter
solar tracker system
Voyager
840 MW deal · plus 1,000 MW expansion news
Voyager is the main hardware story. It secured a 3-year, 840 MW supply deal with Lubanzi in Q4 2025, and the 2026-03-10 update added a 1,000 MW expansion with Strata Clean Energy. For a company with only $47M in annual revenue, wins that size are the entire bull case.
contract-driven
real-time operations software
SUNOPS
software layer on a $47M business
SUNOPS manages tracker performance in the field. No revenue breakout is shown on this page, which tells you it is more strategic than financial today. The appeal is simple: when gross margin is only 8.6%, any higher-margin mix matters more than usual.
margin helper
Key numbers
-111.6%
operating margin
Operating margin → profit after running the business → so what: FTC Solar lost about $1.12 on operations for every $1 of sales in 2024.
$17M
long-term debt
Long-term debt → money that still has to be repaid later → so what: $17M equals 20% of capital and about 25% of a roughly $69M market cap.
5/100
price stability
Price stability → how calm the stock trades → so what: 5 out of 100 means this thing trades more like a warning label than a sleep-at-night stock.
2
beta
Beta → how hard a stock swings versus the market → so what: at 2, FTCI has moved about twice the market’s pace.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $17M (20% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for FTCI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $67M, but the business still posted deeply negative profits.
Revenue rose 157% vs. prior year in the latest quarter, while gross margin was -8.6%. Plain English: sales came back faster than profits did. Quarterly EPS also stayed negative, with 2024 quarter-by-quarter results of -$0.70, -$1.00, -$1.20, and -$0.96.
$67M
revenue
-$3.17
eps
8.6%
gross margin
the number that mattered
Gross margin at -8.6% is the quiet part out loud. The company sold product and still lost money before overhead.
source: company filings and quarterly data, 2024-2025
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What could go wrong
The problem here is specific: FTC Solar has a $69M market cap, only $47M of revenue, 8.6% gross margin, and a fresh technical default issue after Q4. In that setup, one weak link does not stay isolated for long.
med
technical default stops being a footnote
The company entered a technical default after Q4 results. That matters because lenders, suppliers, and customers do not view a small-cap stumble the same way they view a large-cap stumble.
With a C++ balance sheet and a $69M market cap, restricted financing flexibility can take over the whole narrative very quickly.
med
8.6% gross margin leaves almost no room for error
Gross margin of 8.6% means the business keeps less than nine cents of every revenue dollar before overhead. In a project business, one delay, one pricing concession, or one cost miss does real damage.
If margin stays around this level, even better revenue will not create much financial relief.
med
larger rivals have more room to price and wait
FTC Solar is trying to win utility-scale projects in a market where scale matters on procurement, pricing, and execution. $47M of revenue is simply not much firepower.
The risk is straightforward: bigger competitors can bid harder, absorb delays better, and make it difficult for a smaller player to earn its way out of trouble.
A forced financing fix, continued single-digit gross margin, or slower booking conversion all hit the same weak point: this company does not have much cushion between a small revenue base and a stressed capital structure.
source: institutional data · regulatory filings · risk analysis
Pay attention to
financing
technical default resolution
This is the first thing that matters. A waiver, amendment, or refinancing would calm the market faster than another generic growth promise.
contract
1,000 MW Strata expansion
The 2026-03-10 update brought a 1,000 MW expansion to the Strata Clean Energy supply agreement. Watch shipment timing and revenue recognition, not just the headline.
bookings
2026 acceleration claim
Management expects bookings to accelerate in 2026. If that does not show up soon, the comeback story starts to look like presentation software again.
margin
gross margin above the 8.6% floor
Revenue alone will not fix this. You want to see margin move above 8.6%, because single-digit gross profit is not enough to support a durable rerating.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
top 20%
momentum rank 2 — analysts expect above-average price performance in the year ahead.
source: institutional data
Institutional activity
institutional ownership data for FTCI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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