US tracker manufacturer FTC Solar has announced a 57.6% quarter-on-quarter increase in revenue in the first quarter of this year, with total revenue exceeding the company’s forecasts.
This quarter’s revenue of US$20.8 million is an increase over the US$13.2 million posted in the fourth quarter of 2024, and the US$12.6 million posted in the first quarter of 2024. This marks the third consecutive quarter of revenue growth for the company, and exceeds the revenue forecasts of US$18-20 million made in the fourth quarter of last year.
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These positive developments are shown in the graph below, and represent a clear improvement over the figures posted in 2024. The company attributed much of this growth to a decline in total operating expenses, which fell from US$10.4 million in the first quarter of 2024 to US$7.1 million in the first quarter of 2025, which helped decrease losses from operations from US$12.5 million to US$10.6 million over the same period.
Last year, FTC Solar announced both new products — including an autonomous hail stow programme — and a reverse stock split to improve the company’s financial fortunes, steps which appear to be yielding results. FTC Solar also signed a 1GW tracker supply deal with Dunlieh Energy in November, and president and CEO Yann Brandt explained that these additions had been a key contributor to the company’s recent growth.
“In recent months we have added multiples of our current annual revenue run rate to our backlog [and] signed agreements totalling more than 6.5GW with Tier 1 customers,” said Brandt. “Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.”
FTC Solar also announced new executive appointments, with Darrell Jackson and Max Sultan joining its board of directors. These appointments follow the hiring of Brandt from FlexGen, which was completed last July.
Brandt also said that he is “bullish” about the company’s long-term financial prospects, and this is reflected in FTC Solar’s more ambitious forecasts for the second quarter. The company expects revenue to grow to US$19-24 million, and operating expenses to increase slightly to US$7.8-8.6 million.
FTC Solar’s more positive results are good news for the US solar sector, which has responded with uncertainty and negativity to the tariffs imposed by president Donald Trump on products from overseas. A report from Anza found that the tariffs had created uncertainty for actors across the supply chain, and earlier this week, cadmium telluride (CdTe) thin-film manufacturer First Solar revised down its financial forecasts for the year, due to the tariffs, an ominous development for a leading US manufacturer of solar products.
