FTC Solar Secures 1GW Tracker Deal with Levona Renewables
Partnership Announcement: FTC Solar and Levona Renewables have partnered for FTC to supply trackers and software for one gigawatt of solar projects starting in early 2026.
First Project Details: The initial project, CT Solar One, is a 140-megawatt utility-scale solar facility being developed in Snyder, Texas, with construction expected to begin in early 2026.
Site Development: The CT Solar One project will be built on 478 acres within a larger 27,000-acre site, followed by additional projects CT Solar Two and CT Solar Three, adding approximately 650 megawatts.
Technology Utilization: The projects will feature FTC Solar's Pioneer 1P trackers and SunPath software, designed to enhance energy yield through optimized terrain-based backtracking and diffuse light optimization.
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Roth Upgrades FTC Solar to Buy Due to Strong Bookings, Pipeline, and Growth Prospects
Stock Performance: FTC Solar's stock fell 3.4% despite receiving a Buy upgrade from Roth Capital, which raised its price target from $5.50 to $15, citing consistent execution under CEO Yann Brandt.
Financial Improvement: Analyst Philip Shen highlighted FTC Solar's turnaround with four consecutive quarters of revenue growth, improved gross margins, and a strong liquidity position, alongside a positive outlook for future growth.
Q3 Revenue Results: The company reported Q3 revenues of $26 million, exceeding expectations, and guided for Q4 revenues of approximately $33 million, indicating a 25% quarter-over-quarter growth.
Profitability Concerns: Despite recent improvements, FTC Solar has historically struggled to generate profits and remains highly leveraged.
FTC Solar Stock Rises 34% Following Strong Q3 Revenue Results
Strong Earnings Report: FTC Solar, Inc. reported a 156.8% year-over-year increase in third-quarter revenue, totaling $26.0 million, along with a 30.2% quarter-over-quarter growth.
Positive Gross Margin: The company achieved a non-GAAP gross margin of 7.7%, marking its first positive result in years.
Stock Performance: Following the earnings announcement, FTCI's stock surged by 34.12% to $9.93, with significant trading volume indicating strong investor interest.
52-Week Stock Range: The stock's 52-week range is noted to be between $2.65 and $9.93.
