Key Highlights

• Q3 2026 Revenue reached $32.8 million, a 25.4% increase over the prior quarter.

• Contracted Backlog stands at approximately $640 million.

• GAAP Gross Profit turned positive at $1.9 million, compared to a gross loss of $2.2 million in Q2 2026.

• Management targets 46% sequential revenue growth in Q4 and adjusted EBITDA profitability by Q1 2027.

FTC Solar, Inc.(NASDAQ:FTCI), a provider of solar tracker systems for utility-scale projects, reported third-quarter 2026 results that showed accelerating revenue and improving margins, alongside a growing pipeline of international project awards.

Quarterly Revenue and Margins

Total revenue for the three months ended September 30, 2026, was $32.8 million, up 25.4% from $26.2 million in the prior quarter and 26.1% higher than the $26.0 million recorded in Q3 2025. GAAP gross profit swung positive at $1.9 million, representing a 5.8% margin, compared to a gross loss of $2.2 million, or negative 8.5%, in Q2 2026. On a non-GAAP basis, gross profit was $2.8 million, or 8.4% of revenue, compared to non-GAAP gross profit of $2.0 million in the year-ago period.

GAAP operating expenses were $10.4 million, while non-GAAP operating expenses came in at $8.1 million. GAAP Net Income for the quarter was $6.7 million, though this figure was influenced by a gain from the change in Fair Value of a Warrant liability. On a non-GAAP basis, the company recorded a net loss of $7.6 million, or $0.44 per diluted share. Adjusted EBITDA loss was $5.2 million, compared to $9.8 million in the prior quarter, reflecting a narrowing trajectory toward profitability.

Growing Backlog and New Awards

FTC Solar's contracted backlog now stands at approximately $640 million, providing visibility into future revenue. Subsequent to the quarter end, the company secured several new project awards across multiple regions, including a 750-megawatt project in North America from a developer backed by a notable financial sponsor, expected to begin in 2027 and continue into 2028. The company was also awarded a 175 MW U.S. project from a new customer.

Internationally, FTC Solar is expanding its footprint. In India, the company secured its first order from Tata Power Solar, a 200 MW project in Rajasthan. In Australia, FTC Solar won its first project in the country, a 100 MW array. The company also signed new orders in Europe and entered into a framework agreement with Evren, a solar platform backed by Brookfield, covering up to 1.3 GW of potential capacity across four countries.

DNV, an independent assurance and certification firm, validated that FTC Solar's tracker installs at an industry-leading rate of 81 labour hours per megawatt, a metric the company points to as a competitive differentiator in field deployment speed.

Forward Guidance

Management is targeting approximately $48 million in Q4 2026 revenue at the midpoint, which would represent roughly 46% sequential growth and bring full-year 2026 revenue to approximately $120 million. The company expects to reach adjusted EBITDA profitability by the first quarter of 2027.

The Road Ahead

FTC Solar exits Q3 with growing momentum across its key markets in North America, India, Australia, and Europe. The company's backlog and pipeline expansions, combined with its efficiency metrics and path toward EBITDA break-even, set the stage for what management characterises as a pivotal year in 2027.