Company Overview Summary

Name: FTC Solar, Inc.
Incorporation: Delaware, founded in 2017
Headquarters: Austin, Texas
Stock Ticker: FTCI (NASDAQ)

Business Description

• Primary Business: Global provider of solar tracker systems supported by proprietary software and engineering services.

• Main Products:

  • Solar Trackers:
    • Voyager: A 2 modules-in-portrait (2P) tracker using a self-powered, independent row architecture. Suitable for ultra-large-format modules, U.S.-manufactured thin-film modules, and capable of wind tolerance up to 150 mph.
    • Pioneer: A 1 module-in-portrait (1P) tracker leveraging Voyager’s technology for cost savings, faster assembly, fewer piles, and higher slope tolerance. Compatible with ULFMs and Series 7 U.S. thin-film modules.
  • Mounting Solutions: Support for installation of U.S.-manufactured thin-film modules.
  • Software Solutions:
    • SUNPATH: Software for optimizing solar tracking to maximize energy output, especially on uneven terrain and cloudy days.
    • SUNOPS: Real-time operations management platform for monitoring tracker performance.

• Engineering Services: Site layout, structural design, pile testing, and project consulting throughout the solar project development cycle.

• Target Markets: Utility-scale solar farms and distributed generation projects globally.

• Major Customers: Mainly EPCs, developers, and owners.

Market Presence

• Global Operations: Subsidiaries in Australia, China, India, South Africa, Spain.
• Recent Expansion:
  • Named new leaders including CEO Yann Brandt (joined August 2024) and CFO Cathy Behnen (Feb 2024).
  • Launched in new markets with key project awards involving supply agreements for up to 1 gigawatt each with Strata Clean Energy, Sandhills Energy, and Dunlieh Energy.
  • Introduced new hail-stow solution for minimizing solar panel damage.
• Sales and Revenue:
  • Revenue for 2024: $47.4 million (down from $127.0 million in 2023).
    • Product revenue: $37.52 million (~79.2% of total)
    • Service revenue: $9.84 million (~20.8% of total)
  • Major Revenue Concentration (2024): 89% of revenue from U.S. operations, with significant customer dependence on a small number of clients.
• Number of Employees (2024):
  • Total: 202 employees
  • Location breakdown:
    • U.S.: 82
    • India: 90
    • Australia: 4
    • China: 9
    • Other countries: 17

Financial Highlights

• Net Loss (2024): $48.6 million
• Gross Margin: Negative at 26.6% in 2024 (positive 6.5% in 2023) due to decreased revenue, project delays, and remediation costs.
• Revenue Decline: 62.7% drop from 2023 to 2024, from $127 million to $47.4 million.
• Operating Expenses (2024): $40.2 million, reduced from $59.1 million in 2023.
• Cash on hand (2024): $11.2 million
• Working Capital (2024): $27.1 million
• Total Market Cap (as of June 2024): Approximately $29.8 million (market value of common equity held by non-affiliates).

Key Business Focus

• Expanding international footprint and market share.
• Developing new product offerings and improving cost efficiency.
• Diversifying supply chain, investing in U.S.-based manufacturing (e.g., Alpha Steel).
• Focused on utility-scale and distributed solar projects.
• Facing financial challenges including recurring losses, revenue decline, and reliance on small customer base.

Summary

FTC Solar designs, manufactures, and services solar tracker systems for large-scale and distributed solar energy projects worldwide. The company’s flagship products are Voyager (2P) and Pioneer (1P) trackers. It offers proprietary software solutions like SUNPATH and SUNOPS to optimize solar energy production and operations. Despite significant revenue decline in 2024, the company continues to pursue market expansion, product development, and supply chain diversification. The firm has a relatively small workforce primarily based in the U.S., India, Australia, China, and South Africa, and operates under challenging financial conditions with ongoing losses and substantial market volatility.