FTC Solar, Inc. Q4 FY2025 earnings call

• Jan Brandt mentioned achieving strong growth in Q4, with results at the high end of targets. Revenue grew sequentially, gross margin was best as public company, adjusted EBITDA nearly broke even. - Commercial momentum: added to AVLs of four top 10 EPCs in Q4, total of eight; getting increased bidding visibility, winning projects and seeing MSAs convert to bookings. - Product front: independent row architecture is gold standard, FTC's tracker is fastest and easiest to install with labor savings potential. - Full year 2025: doubled sales, expanded balance sheet, built out product set, had new project wins and MSAs.

In Q4, revenue was $32.9 million, up 26% sequentially and 149% year-over-year. Gap gross profit was $6.9 million (21% of revenue), non-gap gross profit was $7.7 million (23.4% of revenue). For the full year 2025, revenue was $99.7 million, up 111% year-over-year. GAAP gross profit was $1.1 million (1.1% of revenue), non-GAAP gross profit was $3.2 million (3.2% of revenue).

• First quarter 2026 targets: revenue between $20 - $25 million, non-GAAP gross profit between negative $0.5 million and positive $2.3 million, non-GAAP operating expenses between $8.2 million - $8.9 million, adjusted EBITDA loss between $9.6 million - $5.9 million. - Full year 2026: expect to continue growing faster than industry, results weighted to back half due to order timing and MSA ramp up.

• Technical default related to purchase order covenant in credit agreement; language in agreement led to unintentional restrictive outcome. - Regulatory uncertainty in solar industry had carryover effects into 2026, though FTC's positioning improved.

Q: Phil Chen asked about 2026 outlook, Jan Brandt talked about approved vendor lists and execution.

Q: Bill asked about MSAs timing and what they look like, Jan responded about MSAs flowing through and acceleration in 2026.

Q: Samir Joshi asked about end customers and 61 million new orders, Jan answered about counterparties being EPCs and new project opportunities.

Q: John Windham asked about liquidity and debt compliance, Jan explained technical default and ongoing discussions.

Q: Jeff Osborne asked about debt compliance and Q1 sequential decline, Kathy Beynon talked about ongoing debt discussions and Jan discussed Q1 seasonality and project contracting delays