FTC Solar Reports $48.6 Million Loss, Revenue Drops 62.7%

FTC Solar Inc. reported a significant decline in financial performance for 2024, with total revenue dropping to $47.4 million from $127 million in 2023, largely due to a 69% decrease in megawatts produced linked to customer project delays. The company faced a net loss of $48.6 million, slightly improved from a loss of $50.3 million the previous year, while operating expenses were reduced by 31.9% to $40.2 million. Despite these reductions, FTC Solar's gross profit turned negative, and it expressed concerns regarding its ability to continue as a going concern amid recurring losses. Additionally, the company completed a 1-for-10 reverse stock split to comply with Nasdaq requirements and secured $15 million in funding to support operations and growth initiatives. FTC Solar is pivoting towards expanding its U.S. supply chain and investing in domestic manufacturing partnerships to reduce reliance on China. The company also introduced new products, including an automated hail stow solution to protect solar installations.