FTC Solar stock steadies as revenue contracts and losses narrow

FTC Solar stock mirrors a company that is still working toward profitability while tightening costs, after the US solar tracking specialist reported lower revenue but a narrower adjusted EBITDA loss for 2023 and set 2024 guidance that implies further contraction in the top line alongside improved earnings quality.

Revenue down 25 percent in 2023

According to the companys 2023 annual report published in early 2024, FTC Solar, Inc. generated revenue of approximately $130 million in 2023, down from about $174 million in 2022, a decline of roughly 25 percent year on year as utility scale solar customers adjusted project timing and pricing.

Over the same period, the company reported a net loss of around $85 million in 2023 compared with roughly $100 million in 2022, showing that while the business remains loss making, the deficit narrowed by about $15 million as operating expenses were reduced.

Adjusted EBITDA loss narrows versus 2022

Management highlighted that adjusted EBITDA, a key profitability metric that excludes certain non cash and one off items, improved in 2023 even on a smaller revenue base. The company recorded an adjusted EBITDA loss of about $55 million in 2023, versus an adjusted EBITDA loss of roughly $70 million in 2022, indicating an improvement of approximately $15 million year over year.

This development reflects a combination of lower operating expenses and early benefits from supply chain and product cost initiatives, although gross margins remained constrained by competitive pricing in solar trackers and project mix.

Guidance points to lower 2024 revenue

In guidance for 2024 discussed alongside the 2023 results, FTC Solar indicated that it expects revenue in 2024 to be lower than the approximately $130 million achieved in 2023, outlining a range that implies a further reduction in top line as the company prioritizes disciplined pricing and focuses on projects that meet margin thresholds.

At the same time, the company projected a reduced adjusted EBITDA loss for 2024 compared with the about $55 million adjusted EBITDA loss recorded in 2023, signaling that management aims to continue shrinking operating losses through cost discipline and mix improvements even as revenue steps down.

Tracker platforms support utility scale projects

FTC Solar competes in the market for solar tracking systems used in utility scale photovoltaic projects, where its Voyager and other single axis tracker platforms are designed to increase energy yield by orienting solar modules toward the sun throughout the day.

While management has noted that the tracker segment is competitive and price sensitive, the company sees potential for its technology to win share in selected regions, especially where project developers focus on levelized cost of energy and seek suppliers able to support complex utility scale installations.

FTC Solar stock and recent market value

Based on recent quote data for its Nasdaq listing, FTC Solar stock last traded at around $0.80 per share in July 2026, leaving the company with a market capitalization in the area of $100 million and situating the share price near the lower end of its roughly $0.50 to $3.00 trading range over the prior fifty two weeks.