FTC Solar revenue drops due to lower demand

Facebook
Twitter
LinkedIn
Reddit
Email
FTC Solar said that 2022 began with historically high logistics and steel costs, followed by a challenging regulatory environment in the US. Image: FTC Solar.

US solar tracker system provider FTC Solar narrowed its loss in the last quarter of 2022 and is expecting improvement in operation this year thanks to the recovery in the US market, according to its latest financial results announcement.

The company reported an adjusted EBITDA loss for Q4 2022 of about US$11 million, improving from US$16.4 million in the same quarter of 2021.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

FTC Solar’s revenue dropped significantly from US$101.7 million in Q4 2021 to Q4 US$26.2 million, or by 74.2%. It added that the revenue level reflected the lower demand in the US market as customers struggled to navigate the regulatory environment.

“The year began with historically high logistics and steel costs, followed by a rather challenging regulatory environment in the US,” said Sean Hunkler, president and CEO of FTC Solar. 

Looking forward, for Q1 2023, FTC Solar is targeting continued sequential growth in revenue of about 37%-53%. Along with this growth, the company also anticipates additional improvement in gross margin into positive territory as the benefits of cost-reduction initiatives continued to show through.

Additionally, contracted and awarded orders as of 28 February 2023 were US$1.2 billion, crossing the billion-dollar mark for the first time, with US$240 million of backlog being added since the last update on 9 November 2022. Most of these additions in this period were not impacted by the Uyghur Forced Labor Prevention Act (UFLPA). Currently, FTC Solar’s backlog now includes about US$400 million of non-UFLPA impacted projects. 

“We are growing and diversifying in new markets and are positioned with a strengthened supply chain, including our recently announced US manufacturing joint venture, which will bolster our ability to support customers with domestic content to capture monetary benefits from the Inflation Reduction Act,” said Hunkler. 

Read Next

Premium
September 17, 2025
PV CellTech: Martin Pochtaruk, CEO of North American solar module manufacturer Heliene, says US producers must learn to survive without tax incentives.
September 10, 2025
At RE+ 2025, companies launched AI-driven platforms, terrain-following trackers, low-carbon modules, and advanced energy management solutions for solar and storage.
September 10, 2025
Indian solar module manufacturer Vikram Solar reported a 79.7% year-on-year increase in revenue for the first quarter of FY26.
September 10, 2025
Japanese solar cell manufacturer Toyo Solar has sold 1.6GW of solar PV cells in the first half of 2025, driving revenue of around US$139 million.
September 4, 2025
US tracker manufacturer FTC Solar has launched an automated 80 degree hail stow angle for its flagship 1P Pioneer tracker.
September 3, 2025
LONGi, Jinko Solar, Trina Solar and JA Solar posted combined net losses of nearly RMB11 billion (US$1.54 billion) in H1 2025.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA