FTC Solar, a company specializing in solar tracking systems, announced a remarkable 156.8% year-over-year increase in revenue for the third quarter of 2025, reaching $26.0 million. This impressive growth, which beat the company’s own guidance, was driven by surging demand for solar energy projects, particularly in the United States and Australia. The positive results sent a strong signal to the market, causing the company’s shares (FTCI) to jump by 34% following the announcement.
Financial Highlights: Analyzing FTC Solar Revenue
For the three months ending September 30, 2025, FTC Solar reported a substantial revenue increase of 156.8% compared to the same period in 2024, bringing in $26.0 million. The company also achieved a dramatic improvement in profitability, with gross margins improving by more than 4,500 basis points year-over-year.
Additionally, the company secured a record-breaking $290 million in new project bookings in the third quarter, marking its largest quarterly bookings in history. This achievement brings the year-to-date bookings total to $600 million, representing a 71% increase from the previous year and signaling a robust pipeline for future revenue.
“We are very pleased to have delivered our first quarter of positive non-GAAP operating income, while also delivering our sixth consecutive quarter of sequential revenue growth,” said Sean Hunkler, CEO of FTC Solar. “Our continued strong execution, coupled with the industry rebound, resulted in a 156% year-over-year increase in revenue and positive non-GAAP operating income.”
Operational Milestones
During the quarter, FTC Solar secured several major contracts, including its largest project to date in Australia, which involves a 600 MWdc project using the Voyager+ tracker. This project also marks FTC Solar’s first in the country to include its patented Sprint™ solar tracker, designed to optimize energy capture and reduce installation time.
In the U.S., FTC Solar completed the delivery of its first project in New York State, a 20 MWdc tracker project that is now fully operational. The company also made strides in expanding its product portfolio with the completion of the first commercial deployment of its Pioneer 1P tracker platform. This innovative product is designed to enhance energy output while reducing installation and maintenance costs, reflecting a deep understanding of the basics of solar panel manufacturing and overall system integration. Optimizing every component is key to project profitability, from the tracker down to the solar panel raw materials.
The company also launched a new supply partnership with a leading global module manufacturer, enhancing its ability to meet growing demand in key markets. This collaboration is vital for a seamless project lifecycle, which depends on the intricate solar panel manufacturing process of its partners. Additionally, FTC Solar received a $50 million strategic investment from a leading global technology and manufacturing company. This capital is crucial for scaling operations and investing in advanced technology, mirroring the capital-intensive nature of the broader industry, which involves a significant solar panel manufacturing plant cost breakdown.
Market Outlook: Impact on FTC Solar Revenue
FTC Solar’s strong performance in the third quarter is not happening in a vacuum; it reflects the booming global demand for solar energy. The company’s ability to capitalize on this trend is evident in its results. The market conditions are favorable, with record-breaking U.S. solar installations creating a high-demand environment for components like solar trackers.
Furthermore, the investment climate remains strong. The impressive financial backing seen across the sector, highlighted by the trends in solar funding in Q3 2025, provides the fuel for continued expansion. FTC Solar’s focus on innovation and strategic partnerships has positioned it well to continue capturing market share in this rapidly expanding industry.
Looking ahead, FTC Solar is well-positioned to continue its growth trajectory, with a strong backlog of projects and a robust pipeline of new opportunities. The company’s focus on innovation, operational excellence, and strategic partnerships will be key drivers of its future success.
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