FTC Solar Inc

FTC Solar has commenced shipments for the 330-megawatt Fraser Coast solar project in Queensland, Australia, which also includes 180 megawatts of battery storage and is being developed by Global Power Generation, the power generation subsidiary of Naturgy. The project, Naturgy's largest renewable energy venture in Australia and its second hybrid solar and battery storage project in the country, is expected to begin operations in 2028. FTC Solar's 1P terrain-following tracker solution was chosen to reduce civil work and installation costs, and the project's value was added to the company's backlog in 2025. GPG Australia, which manages over 5.27 gigawatts of installed capacity across eight countries, has 1.3 gigawatts of renewable capacity in operation, 0.5 gigawatts under construction, and a 2-gigawatt development pipeline in Australia.

FTC Solar reported second-quarter revenue of $26.2 million, a 30.8% year-over-year increase and a 51.5% sequential jump, while reaffirming its full-year 2026 revenue growth target of at least 40%. The company posted a GAAP gross loss of $2.2 million and a non-GAAP gross loss of $1.3 million, with adjusted EBITDA loss of $9.8 million. Cash fell to $11.2 million, breaching a $15 million minimum covenant, though lenders provided waivers and the company established a $20 million equity line of credit with Lincoln Park Capital. CEO Anthony Carroll highlighted a 400-megawatt purchase order from a top-five EPC, entry into the Indian market with multiple project wins, and progress on a 330-plus megawatt Australian project now set for second-half deliveries. Third-quarter revenue is guided to $30 million to $35 million, with non-GAAP gross profit ranging from a loss of $0.9 million to a profit of $1.8 million.