FTC Solar, Inc. (FTCI): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a high-growth solar tech firm right now, trying to see past the stock ticker to the actual engine driving the business. FTC Solar, Inc. (FTCI) is clearly executing on its strategy, evidenced by their Q3 2025 revenue hitting $26.0 million, a massive 156.8% jump year-over-year, fueled by a $462 million contracted backlog. Honestly, their focus on domestic content compliance and labor-saving trackers is smart positioning. That's how you build real enterprise value. To see exactly how they connect their proprietary tech, like the SunPath software, to those big utility-scale customers and manage the cost of goods sold (COGS), you need to map out the whole Business Model Canvas below.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Key Partnerships

You're looking at the relationships FTC Solar, Inc. (FTCI) has locked in to fuel its growth trajectory, especially after securing crucial capital. These partnerships are the backbone supporting the massive bookings they've announced.

Financing and Investor Confidence

FTC Solar, Inc. established a significant financial lifeline with a $75 million strategic financing facility, announced in July 2025, involving Cleanhill Partners and affiliates, along with AV Securities and other long-term investors. This facility was structured to provide immediate and future capital support. The initial term loan was up to $37.5 million, of which $14.3 million was funded on July 2, 2025. The remaining $23.2 million of the initial tranche was expected to close in the third quarter of 2025, pending shareholder approval. By the end of the third quarter of 2025, FTC Solar, Inc. had successfully closed on $37.5 million of this facility. The total potential financing remains scalable up to the full $75 million upon mutual agreement. This funding is earmarked for balance sheet support, accelerating growth, and general corporate needs. The company also reported a contracted backlog of approximately $482 million as of the Q2 2025 filing, which the financing helps secure against. Also, FTC Solar, Inc. recently added more than 6.5 gigawatts of new business with Tier 1 customers before this financing announcement. It's a clear signal of external confidence in their platform.

Major Offtake and Supply Agreements

The partnership with Levona Renewables is a cornerstone for future volume. FTC Solar, Inc. signed a 1 GW solar PV tracker and software supply agreement with Levona Renewables in August 2025, with shipments slated to begin in early 2026. This deal covers a portfolio of projects in Texas, starting with CT Solar One, a 140 MW utility-scale facility in Snyder, Texas, which is planned to start construction in early 2026 on 478 acres of a larger 27,000-acre site. The agreement also includes CT Solar Two and CT Solar Three, adding approximately 650 MW more capacity. To be fair, FTC Solar, Inc. also announced a separate 5-gigawatt supply deal with Recurrent Energy, which builds out the pipeline even further.

Here's a look at the scale of these major volume commitments:

Partner	Agreement Scope (Capacity)	Technology Supplied	Expected Start of Shipments
Levona Renewables	1 GW (across 3 projects)	Pioneer 1P trackers and SunPath software	Early 2026
Recurrent Energy	5 GW	Tracker systems (implied)	Future pipeline visibility

Supply Chain Control and Optimization

Controlling the steel supply is critical for cost management, especially given the volatility in commodity markets. FTC Solar, Inc. is moving to internalize more of this process. In November 2025, the company agreed to acquire the remaining 55% interest in Alpha Steel, its steel component manufacturing joint venture established in 2023, for approximately $2.7 million in cash. This acquisition solidifies control over a key input. Beyond that, FTC Solar, Inc. maintains a diversified global manufacturing footprint, partnering with suppliers across the United States, India, South Africa, Spain, Turkey, Thailand, and Vietnam to optimize costs and diversify the supply chain. This is a direct response to the supply chain complexities seen previously.

The company also tailors its product to specific component availability, such as introducing a new mounting solution designed to support the use of U.S. manufactured thin-film modules. This shows active collaboration with module manufacturers to ensure product compatibility and leverage domestic content policies.

Project Execution Alliances

The relationship with Engineering, Procurement, and Construction (EPC) firms is vital for successful project deployment. The investors at Cleanhill Partners noted that their research and feedback from developers and EPCs reinforced their confidence in FTC Solar, Inc.'s technology platform. This suggests strong, positive validation from the firms actually building the projects on the ground. The company's Pioneer 1P trackers are specifically noted for being easily constructible, which directly benefits EPC timelines and costs.

Key operational metrics related to these partnerships include:

• - Levona Renewables deal includes the 140 MW CT Solar One project.
• - The total Levona site development spans 27,000 acres.
• - FTC Solar, Inc. achieved its highest quarterly revenue in eight quarters in Q3 2025 at $26.0 million, partly driven by these large bookings.
• - The company guided Q4 2025 revenue between $30 million and $35 million.

Finance: draft 13-week cash view by Friday.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Key Activities

Design and engineering of solar tracker systems (e.g., Pioneer, Voyager).

FTC Solar, Inc. deploys its innovative tracker systems, including the Pioneer 1P trackers, which are utilized in projects like the one with Levona Renewables in Texas, which is a 140 MW utility-scale facility called CT Solar One, part of a larger 1 GW supply agreement announced in August 2025. The company also has the Voyager 2P technology, which was part of a multi-year agreement with Strata Clean Energy for an initial commitment of approximately 500 megawatts. The product line was enhanced with high wind offerings up to 150mph as of Q1 2025. The projects are designed to capture additional energy yield through features like optimized terrain-based backtracking and diffuse light optimization via the SunPath software. The company reported Q3 2025 revenue of $26.0 million, up 156.8% year-over-year, showing traction for these offerings.

Manufacturing and supply chain management for steel components.

FTC Solar, Inc. took steps to secure its supply chain by entering an agreement in November 2025 to acquire the 55% interest it did not own in Alpha Steel, LLC for a cash consideration of approximately $2.7 million. This move gives FTC Solar, Inc. full control over a key contributor to its domestic content capability, following the joint venture's establishment in February 2023. The company stated it plans to continue partnering with other U.S.-based manufacturers while using international manufacturers to expand capacity as needed to meet anticipated volume increases.

Research and development (R&D) for new tracker technology and software.

Evidence of ongoing R&D is seen in product evolution and software integration. The company launched the Enhanced Pioneer+ Terrain Following Tracker in September 2025, which is designed to minimize grading and speed installation. The SunPath performance-enhancing software is consistently bundled with tracker sales, such as in the 1 GW agreement with Levona Renewables. The company's non-GAAP operating expenses in Q3 2025 were $8.0 million, compared to $8.1 million in the year-ago quarter, indicating a focus on expense management while supporting product development.

Converting the 7.5+ GW Master Supply Agreement (MSA) pipeline into firm bookings.

FTC Solar, Inc.'s total contracted backlog, which excludes uncontracted agreements like the one with Levona Renewables, stood at approximately $462 million as of Q3 2025. This backlog is built from several large-scale commitments: a 5 GW supply Letter of Intent with Recurrent Energy, with revenue expected to start in the second half of 2025. The company also secured a 1 GW tracker supply agreement with Dunlieh Energy, with tracker delivery expected to begin in the second half of 2025 for projects like the 500-megawatt Situla Energy Project. In Q1 2025, the company signed agreements totaling over 6.5 gigawatts with Tier 1 customers, and its backlog was reported at approximately $482 million at that time.

Sales and project management for utility-scale solar installations.

Sales execution resulted in Q3 2025 revenue of $26.03 million, which was an increase of 156.8% year-over-year, and the company projects Q4 2025 revenue between $30 million and $35 million. The company secured a 333-megawatt project from GPG Naturgy in Q1 2025, utilizing the 1P Pioneer tracker, with production expected mid-2025. Another project awarded in Q1 2025 was a 280-megawatt deal with Rosendin. The company's non-GAAP gross margin returned to positive territory in Q3 2025 at 7.7%, up from a non-GAAP gross loss of $3.9 million in the prior quarter.

Key Contract and Pipeline Metrics as of Late 2025

Activity/Agreement	Capacity/Value	Status/Date Reference
Q3 2025 Revenue	$26.03 million	Reported for quarter ended September 30, 2025
Contracted Backlog	Approx. $462 million	As of Q3 2025, excluding Levona
Levona Renewables Supply Agreement	1 GW	Announced August 2025
Recurrent Energy Supply Letter of Intent	5 GW	Entered January 2025
Dunlieh Energy Supply Agreement	1 GW	First project delivery H2 2025
Q1 2025 Total Awarded Agreements	Over 6.5 GW	Signed with Tier 1 customers
Alpha Steel Acquisition Cost	Approx. $2.7 million cash	Agreement to acquire 55% interest, closing November 2025

FTC Solar, Inc. (FTCI) - Canvas Business Model: Key Resources

The Key Resources for FTC Solar, Inc. as of late 2025 are centered on proprietary technology, vertical integration for supply chain control, and a substantial order book.

• - Proprietary solar tracker technology, including the independent row 1P architecture, which management claims is the fastest and easiest to install in the marketplace.
• - The company introduced a washerless tracker, reducing the part count by 15% or more.
• - Full ownership of Alpha Steel, LLC, secured by an agreement to acquire the remaining 55% interest for approximately $2.7 million in cash, anticipated to close around November 12, 2025.
• - Components from Alpha Steel, such as torque tubes, may qualify for the Section 45X Advanced Manufacturing Production Credit.
• - Intellectual property (IP) for SunPath performance-enhancing software, which optimizes energy capture through terrain-based backtracking and diffuse light optimization, used with the Pioneer 1P trackers.
• - Contracted backlog of approximately $462 million as of Q3 2025, which excludes the 1 GW tracker supply agreement with Levona Renewables announced in August 2025.
• - Specialized engineering and sales talent globally, with management noting expanded relationships with Tier 1 partners in North America and internationally.

The impact of these resources is visible in the recent financial performance, showing a return to positive gross margin for the first time since late 2023.

Metric	Value (Q3 2025)	Context
Revenue	$26.0 million	Highest quarterly revenue in 8 quarters.
Non-GAAP Gross Margin	7.7%	First positive non-GAAP gross margin since late 2023.
Non-GAAP Gross Profit	$2.0 million	Reflects operational improvements.
Alpha Steel Acquisition Cost	$2.7 million	Cash consideration for the remaining 55% stake.

The 1P tracker technology is being deployed on projects like the 140MW CT Solar One project in Texas, with shipments expected to start in early 2026.

The company is actively deploying capital, having secured a $75 million strategic financing facility, with $37.5 million funded as of Q3 2025.

Finance: draft 13-week cash view by Friday.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why developers choose FTC Solar, Inc. (FTCI) systems in late 2025. It's all about de-risking projects and maximizing energy capture, especially as IRA compliance and extreme weather become non-negotiable factors in project finance.

Fastest and easiest-to-install tracker system, reducing labor costs.

FTC Solar, Inc. focuses on lean construction principles embedded in the hardware design. For instance, the Pioneer+ High Wind tracker utilizes preassembled, module-agnostic rails that attach to the torque tube with a single bolt, a design choice intended to reduce onsite hardware count and simplify logistics. This focus on simplified assembly directly supports the value proposition of reducing installation labor, a critical cost component in utility-scale solar. This operational efficiency is reflected in the company's financial turnaround; FTC Solar, Inc. reported its first positive non-GAAP gross profit of $2 million (a 7.7% gross margin) in Q3 2025, signaling better cost control across the board. So, the hardware design is a key lever for margin improvement.

High terrain adaptability with Pioneer+ Terrain Following Tracker.

The Pioneer+ Terrain Following (TF) tracker is engineered to conform to complex site contours, which drastically cuts down on expensive civil work. This tracker offers mechanical articulation of up to $\pm \mathbf{10}$ degrees at the center post and $\mathbf{1.5}$ degrees at each line post, accommodating undulation and reveal adjustments up to 18 inches. Here's the quick math: depending on site conditions, this level of conformity can reduce grading volumes by up to 95 percent compared to traditional systems. This capability is enhanced by the proprietary PathFinder terrain analysis software, which models slopes and constraints before construction even starts.

Optimized energy yield via SunPath software and individual row control.

The SunPath intelligent software platform delivers site-aware tracking immediately upon activation, requiring no added hardware or calibration period. It uses site-specific elevation data for terrain-based backtracking and leverages five-minute weather forecasts to maximize irradiance capture under variable skies. The result is a proven ability to increase production by up to 6.1% starting on Day One, achieved by optimizing the angle of each row independently to prevent inter-row shading on undulating terrain. This software-driven optimization allows for a tighter DC layout with fewer shading penalties, which is key when developers are pushing for higher ground coverage ratios (GCR).

Compliance with domestic content requirements for IRA tax credits.

For projects beginning construction in 2025, meeting the Inflation Reduction Act (IRA) domestic content bonus credit requires that 45 percent of manufactured product costs be domestic, alongside 100 percent of structural steel and iron being U.S.-made. FTC Solar, Inc. has made strategic moves to address this head-on, including announcing the upcoming availability of 100% domestic content and acquiring a majority interest in Alpha Steel, LLC, to secure control over a key domestic component supplier. This positions their tracker systems to help projects secure the extra 10-percentage point boost to the Investment Tax Credit (ITC).

High wind-speed tolerance up to 150 mph for project resilience.

The launch of the Pioneer+ High Wind tracker directly addresses the increasing stringency from insurers and financiers regarding site risk. This system is specifically engineered to withstand wind speeds up to 150 mph, making it suitable for coastal and hurricane-prone regions. This is critical because over 100 projects in the Southeastern U.S. have already been reclassified from Risk Category (RC)-I to RC-II, elevating design thresholds from 113 mph to 130 mph or more. The tracker's wind direction-agnostic safety stow minimizes loads, which supports foundation depth reduction and helps maintain energy production even during stow events.

Here is a summary of the key quantifiable value propositions as of late 2025:

Value Proposition Metric	Product/Software	Quantifiable Data Point (2025)
Wind Resilience	Pioneer+ High Wind Tracker	Withstands up to 150 mph wind speeds.
Terrain Grading Reduction	Pioneer+ Terrain Following (TF) Tracker	Can cut grading volumes by up to 95%.
Mechanical Articulation (Center Post)	Pioneer+ TF Tracker	Up to $\pm \mathbf{10}$ degrees of mechanical adjustability.
Energy Yield Increase	SunPath Software	Up to 6.1% production increase from Day One.
IRA Domestic Content Requirement (2025 Start)	Tracker Components	45% manufactured product cost must be domestic.
Installation Simplification	Pioneer+ High Wind Tracker	Rails attach with a single bolt to the torque tube.

The company's Q3 2025 revenue of $26.0 million, a 156.8% year-over-year increase, shows that these technical advantages are translating into significant market traction. Finance: draft 13-week cash view by Friday.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Customer Relationships

You're looking at how FTC Solar, Inc. keeps its utility-scale customers locked in, which is key given the recent revenue rebound. The relationship strategy hinges on deep technical partnership and financial assurance, especially as the company targets profitability.

Dedicated sales and engineering support for large, complex projects

FTC Solar, Inc. has been actively strengthening its direct engagement with developers. Management noted that over the past year leading up to Q2 2025, the company added multiple gigawatts of business with Tier 1 accounts. This required bolstering the team; the company explicitly mentioned strengthening its sales team in early 2025. The engineering support is embedded in the product itself, offering features that reduce customer installation costs and risk. For instance, innovations like the 80-degree automated hail stow capability via SunOPS and an extra-long tracker tailored for 2,000V systems directly address operational concerns like insurance premiums and site-specific needs.

Long-term Master Supply Agreements (MSAs) with Tier 1 customers

The backbone of the relationship strategy is securing volume commitments that span multiple projects. By the time Q1 2025 results were reported, FTC Solar, Inc. had signed agreements totaling more than 6.5 gigawatts with Tier 1 customers. This focus on large, committed volumes continues to be a driver. More recently, in Q3 2025, the company announced a 1GW tracker supply agreement with Levona Renewables. Furthermore, a one-gigawatt agreement with Dunlieh Energy was announced in late 2024, with tracker delivery for the first project, the 500-megawatt Situla Energy Project, expected in the second half of 2025. These large agreements provide revenue visibility, which is critical when you look at the contracted backlog, which stood at approximately $482 million as of Q1 2025, dropping slightly to approximately $462 million by Q3 2025.

Here's a quick look at the scale of commitments FTC Solar, Inc. is managing as of late 2025:

Metric	Value as of Late 2025
Contracted Backlog (Q3 2025)	Approximately $462 million
Agreements with Tier 1 Customers (Announced Q1 2025)	More than 6.5 gigawatts
Largest Single Agreement (Announced Q3 2025)	1GW with Levona Renewables
Strategic Financing Facility Secured	$75 million total potential

Consultative selling to integrate products into customer project financing

Customer confidence in FTC Solar, Inc.'s long-term viability directly impacts their willingness to sign large, multi-year deals. The company addressed this head-on by securing a $75 million strategic financing facility. The initial tranche of $37.5 million had closed by Q3 2025. Management noted that this balance-sheet strength gives 'incremental comfort to customers' that FTC Solar, Inc. will be supporting them long into the future. This is important because, as noted in Q2 2025 commentary, regulatory uncertainty had previously delayed bookings decisions and project financing closes for customers. The financing acts as a de-risking tool in the sales cycle.

Post-sale service and maintenance support for installed systems

While specific post-sale service revenue isn't broken out, the integration of software and remote capabilities points to ongoing customer support. The SunOps performance platform is a key element here. This platform offers integrated weather forecast services, allowing owners and operators flexibility to customize preferences or make changes remotely. This digital layer of support moves the relationship beyond just hardware delivery and installation, offering continuous operational value.

• SunOps platform includes integrated weather forecast services.
• Product features offer remote customization capability.
• New offerings include 80-degree automated hail stow.

Finance: draft 13-week cash view by Friday.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Channels

You're mapping out how FTC Solar, Inc. gets its advanced solar tracker systems and software to the utility-scale market. The channel strategy as of late 2025 is clearly focused on direct engagement for large projects, supported by a growing service component and strategic manufacturing alignment.

Direct Sales Force Targeting Utility-Scale Developers and EPCs

The core of FTC Solar, Inc.'s channel is the direct sale of its solar tracker systems, like the Voyager and Pioneer brands, which maximize energy production for utility-scale projects. This direct approach targets developers and Engineering, Procurement, and Construction (EPC) firms who are building these large solar farms.

The Q3 2025 revenue breakdown shows the dominance of the product channel:

Revenue Segment	Q3 2025 Amount	Contribution to Total Revenue
Product Revenue (Trackers & Components)	$20.06 million	~77.1%
Service Revenue (Software, Engineering, Support)	$5.97 million	~22.9%

The company's contracted backlog, which represents future direct sales, stood at approximately $462 million following Q3 2025, showing strong forward pipeline visibility for this direct channel. Furthermore, the company has signed agreements totaling more than 6.5 GW with Tier 1 customers in recent months, which flows directly through these sales efforts.

International Sales Teams for Global Market Penetration

FTC Solar, Inc. is not just a domestic player; its sales and support capabilities span key international markets. The company maintains sales and support capabilities in Australia, India, the Middle East, and Southeast Asia. This global reach supports an installed base that serves 140 customers across 10 countries. The geographical focus for accounts receivables highlights the strength of the direct sales effort in the United States and Australia.

Digital Channels for Product Information and Investor Relations

Digital channels serve a dual purpose: educating potential customers on product innovation and keeping the investment community informed. For investors, quarterly earnings calls are webcasted and accessible via the Investor Relations section of the corporate website at investor.ftcsolar.com. A replay of these calls is available on the site for 30 days following the webcast. Product information is also pushed digitally; for example, a white paper on Automation-Ready Construction with the 1P Pioneer Tracker was published on November 11, 2025. The company has an installed base of more than 4.5 GW globally, which is tracked and reported digitally.

Strategic Partnerships with Component Distributors in Key Regions

FTC Solar, Inc. uses strategic alliances to secure supply chain control and customer commitments. A major recent development involves manufacturing control: the company moved to acquire the 55% interest in Alpha Steel, LLC, a manufacturing joint venture, for approximately $2.7 million cash consideration, aiming for full control over a key domestic component supplier. On the customer side, the company announced a 1GW tracker supply agreement with Levona Renewables, which is a significant commitment flowing through a partnership structure, even if not yet fully contracted into the backlog. The company also secured a $75 million strategic financing facility with long-term investors, which supports the acceleration of business momentum and balance sheet strength, indirectly enabling channel expansion.

The company's operational footprint relies on 33 manufacturing partners in 10 countries to support its global distribution and fulfillment.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Customer Segments

FTC Solar, Inc.'s customer base is concentrated within the utility-scale solar development ecosystem, which accounted for 82% of the solar tracker market size in 2024.

• - Utility-scale solar power plant developers and owners.
• - Large Engineering, Procurement, and Construction (EPC) firms.
• - Independent Power Producers (IPPs) focused on solar assets.

The company's commercial traction is evidenced by its contracted backlog, which stood at approximately $462 million as of the third quarter of 2025. Furthermore, FTC Solar, Inc. signed agreements totaling more than 6.5 GW with Tier 1 customers in the period leading up to Q1 2025. The third quarter of 2025 saw a record-breaking $290 million in new project bookings, pushing the year-to-date total to $600 million.

The focus on domestic content, supported by the acquisition of 100% ownership of Alpha Steel, directly addresses customer needs related to US policy compliance, which is critical in the North American market.

Customer Metric	Value (as of Late 2025)
Q3 2025 Revenue	$26.0 million
Q3 2025 YoY Revenue Growth	156.8%
Contracted Backlog	Approx. $462 million
Q3 2025 New Project Bookings	$290 million (Record)
Year-to-Date Bookings (through Q3 2025)	$600 million

FTC Solar, Inc. targets key geographic regions that are driving global solar tracker adoption. The market share data for 2024 shows North America leading, but the Asia-Pacific region is projected for the fastest growth.

• - US (North America led with 73% of the global solar tracker market share in 2024).
• - Australia.
• - Asia (Asia-Pacific is forecast to grow at a 21.73% CAGR through 2030).
• - Europe.
• - MENA.

The company's Q3 2025 revenue of $26.0 million followed sequential growth from Q2 2025 revenue of $19.9 million and Q1 2025 revenue of $20.8 million.

Finance: draft 13-week cash view by Friday.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Cost Structure

You're analyzing the cost side of FTC Solar, Inc.'s operations as of late 2025. The structure is heavily influenced by the physical nature of delivering large-scale solar tracking systems globally, meaning material and logistics are major drivers, even as the company works toward better margins.

The primary cost component related to sales is the Cost of Goods Sold (COGS), which directly reflects the expense of steel and manufactured components needed for the Voyager and Pioneer tracker systems. Based on the third quarter of 2025 results, the GAAP gross profit was \$1.6 million on revenue of \$26.0 million. This implies a significant COGS figure, as the GAAP gross margin was only 6.1% of revenue for that period. This suggests that the cost of raw materials and manufacturing components remains the largest single cost element in the value chain.

The company's commitment to product innovation is reflected in its Research and Development (R&D) spending, though specific R&D figures for Q3 2025 aren't explicitly itemized in the same way as operating expenses. The focus on product enhancements, like the Pioneer+ Terrain Following Tracker, necessitates ongoing investment in engineering to maintain a competitive edge in the solar tracker market.

Sales, General, and Administrative (SG&A) expenses are reported as part of the overall operating expenses. For the third quarter of 2025, FTC Solar, Inc.'s GAAP operating expenses were \$9.3 million. On a Non-GAAP basis, these operating expenses were \$8.0 million for the same quarter. This bucket covers everything from sales team compensation to corporate overhead.

Logistics and freight costs are a critical, though often bundled, expense for FTC Solar, Inc. given its global product delivery footprint across the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. Moving large, heavy tracker components worldwide directly impacts the final cost structure, especially when managing supply chain volatility.

The capital structure also introduces a debt-related cost. FTC Solar, Inc. secured a new \$75 million strategic financing facility in July 2025, with an initial term loan financing of up to \$37.5 million closed by September 19, 2025. The Interest expense associated with this facility, which includes an associated warrant issuance, is a new, ongoing financial cost that must be factored into the overall cost structure, even if the exact interest rate or periodic expense isn't detailed in the immediate results summary. This facility provides capital runway but increases future debt obligations.

Here's a quick look at the key Q3 2025 financial metrics that define the cost picture:

Metric	Amount / Percentage
Total Revenue (Q3 2025)	\$26.0 million
GAAP Gross Profit (Q3 2025)	\$1.6 million
GAAP Gross Margin (Q3 2025)	6.1% of Revenue
Implied GAAP COGS (Q3 2025)	\$24.4 million
GAAP Operating Expenses (Q3 2025)	\$9.3 million
Non-GAAP Operating Expenses (Q3 2025)	\$8.0 million

You should keep an eye on how the gross margin trend is moving, as that is the direct lever for controlling the largest cost component:

• Gross Margin improvement of more than 2,500 basis points quarter-over-quarter.
• Gross Margin improvement of more than 4,500 basis points year-over-year.
• The company returned to positive gross margin for the first time since late 2023.
• The Q4 2025 Non-GAAP gross profit guidance midpoint suggests a margin between 17.7% and 23.4% of revenue.

Finance: draft 13-week cash view by Friday.

FTC Solar, Inc. (FTCI) - Canvas Business Model: Revenue Streams

You're looking at the core ways FTC Solar, Inc. brings in cash, which is heavily weighted toward hardware sales right now. The primary revenue stream is the Sale of solar tracker systems, specifically their flagship products like the Pioneer and Voyager systems, along with the related hardware components needed for installation on utility-scale solar projects. This is where the bulk of the money comes from.

The momentum on the top line is definitely picking up. For the third quarter of 2025, FTC Solar, Inc. reported revenue of $26.0 million, which was a massive increase of 156.8% year-over-year compared to the third quarter of 2024. That's a significant operational reversal you need to track. Still, the company is working to convert its pipeline into immediate cash.

Here's a quick snapshot of the key financial performance indicators from that Q3 2025 period:

Metric	Value
Total Revenue (Q3 2025)	$26.0 million
Year-over-Year Revenue Growth (Q3 2025)	156.8%
GAAP Gross Profit (Q3 2025)	$1.6 million
Non-GAAP Gross Margin (Q3 2025)	7.7%
Q4 2025 Revenue Guidance (High End)	$35.0 million

Also feeding into the revenue picture are the Sales of proprietary software and engineering services, which includes offerings like the SunPath software. While the financial reports show product sales dominate the reported revenue, these services are crucial for driving adoption and ensuring the high-margin stickiness of the overall offering. They help customers optimize design and installation, which supports the hardware sale.

The visibility into future revenue is strong because of the existing pipeline. FTC Solar, Inc. has a substantial contracted backlog of $462 million that management is focused on converting into recognized revenue over the coming quarters. This backlog represents firm commitments from customers for future system deliveries and installations. You're watching the pace at which this $462 million translates into the income statement.

Finance: draft 13-week cash view by Friday.