Added to YB: 2025-12-26
Pitch date: 2025-12-21
FTCI [neutral]
FTC Solar, Inc.
+12.67%
current return
Author Info
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Company Info
FTC Solar, Inc. engages in the manufacture and service of solar tracker systems in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia.
Market Cap
$156.0M
Pitch Price
$10.50
Price Target
N/A
Dividend
N/A
EV/EBITDA
-3.89
P/E
-2.53
EV/Sales
1.87
Sector
Electrical Equipment
Category
turnaround
Walkin' on sunshine: FTC Solar (nearly) one year on
FTCI (update): Solar tracker company completed turnaround in 2025 - Q3 posted first positive gross margin (7.7%) since 2023, revenue up 157% YoY to $26M. Secured $75M facility from Cleanhill, acquired Alpha Steel for supply chain control. Q4 guidance: $30-35M revenue, 12.7-23.4% gross margin. Bulls see 2026 EBITDA+ with operational leverage as revenue hits $40M+/quarter. Bears cite pricing pressure from Nextpower/Array Tech, execution risk on $462M backlog conversion, warrant dilution to 23M shares. Stock up 236% YoY but now priced as growth co at 2.4x sales vs distressed asset.
Read full article (16 min)