US solar tracker manufacturer FTC Solar has reported revenue of US$13.2 million in the fourth quarter of 2024, the highest quarterly figure reported in 2024.
Many of the company’s financial metrics are notably worse than in the same period of 2023, with revenue falling from US$23.2 million from the fourth quarter of 2023 to 2024. Speaking of the company’s 2022 financial results, then-CEO Sean Hunkler attributed the losses to the fact that US developers had struggled to import modules from overseas, but with the US having since added a record 50GW of new capacity in 2024, this trend looks to have changed in the last 12 months.
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The most recent results are something of an improvement for FTC Solar, which has endured a challenging two years, that saw revenue cut by two-thirds between the first and third quarters of 2022, and the departure of both Hunkler and the company’s chief financial officer, Phelps Morris. Indeed, the growth in revenue from the third to fourth quarters of 2024 is the first time the company has seen quarter-on-quarter revenue growth since the second half of 2022.
FTC’s 2024 quarterly revenue figures are all in line with its forecasts, as shown in the graph below, which was not the case in 2023, and reflects a greater degree of stability on the company’s balance sheet than was seen in the previous year. Adding a sense of stability has been a priority for Yann Brandt, FTC Solar president and CEO, who assumed the position last year.
“In addition to reporting favourable quarterly results relative to our targets, I’m pleased to say that we have had a number of recent wins and building momentum,” said Brandt of the fourth quarter results. “During the first six months of my tenure, we have been focused on shoring up our near-term backlog.”
These “wins” include the launch of a new autonomous hail stow programme last summer, and a 1GW supply deal signed with developer Dunleih Energy in November 2024. Alongside its financial results, the company announced a number of new projects, including a 5GW supply deal with Recurrent Energy, which FTC Solar expects to generate revenue from the second half of 2025, and a deal with Global Power Generation (GPG) to provide trackers for a 333MW project in Australia that will begin commercial operation in mid-2025.
FTC Solar also announced that it received a US$3.2 million earn-out from a prior investment in US-based renewable power developer Dimension Energy, bringing the company’s total earn-outs since 2021 to more than US$15 million.
This is a positive financial development for the company and stands in contrast to a stock split completed last year to meet the minimum US$1 stock price needed to list on the NASDAQ exchange, which saw the company’s total shares fall from 127.7 million to around 12.7 million. This stock split triggered a significant growth in the company’s losses per share, which hit US$960 in the fourth quarter of 2024, compared to losses of US$120 per share endured in the previous quarter, and FTC leadership will be optimistic that the company’s future financial performance will improve.
FTC expects revenue to increase to US$18-20 million in the first quarter of 2025, and narrow its gross margin, from -25.6% in the fourth quarter of 2024 to between -26.6% and -11.7% in the first quarter of 2025. The company also expects its operating expenses to decrease from US$7.4 million in the fourth quarter of 2024 – itself lower than its forecast of US$8.2-9 million – to between US$7.7 million and US$8.4 million in the first quarter of 2025.
PV Tech publisher Solar Media will be organising the fourth edition of Large Scale Solar USA in Dallas, Texas 29-30 April. After a record year for solar PV additions in the US, the event will dive into the ongoing uncertainties on tariffs, tax credits and trade policies as more domestic manufacturing becomes operational. Other challenges, such as the interconnection queues and permitting, will also be covered in Dallas. More information, including how to attend, can be read here.
