Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40350 FTC SOLAR, INC. (Exact name of registrant as specified in its charter) Delaware 81-4816270 (State or other ju ...

FTC Solar (NasdaqCM:FTCI) FY Conference March 23, 2026 07:00 PM ET Company ParticipantsYann Brandt - CEOConference Call ParticipantsPhilip Shen - Managing Director and Senior Research AnalystNone - AnalystPhilip ShenTo kick things off, we'd like to thank our sponsors for this room, Blueshirt Group and Sustain SoCal. Of course, we have our entertainment tonight, Third Eye Blind. Don't miss that. With us today, we have Yann Brandt. He's the CEO of FTC Solar. FTC is a tracker manufacturer and has a great story ...

Core Insights - FTC Solar, Inc. has signed a five-year, 1,000-megawatt expansion to its tracker supply agreement with Strata Clean Energy, set to take effect in the second half of 2027, enhancing their existing partnership [1][2] - The new agreement builds on a previous three-year, 500 MW supply agreement that began in September 2024, under which FTC Solar became Strata's preferred supplier [2] - FTC Solar reported fourth-quarter 2025 revenue of $32.9 million, reflecting a 26.2% increase from the prior quarter and a 148.9% increase year-over-year, alongside a significant improvement in gross margin [3] Company Overview - FTC Solar, Inc. specializes in providing solar tracker systems, software, and engineering services aimed at optimizing energy production for solar power installations [4]

Industry Overview - The renewable energy industry has transitioned from a policy-supported niche to a significant part of the global power system, driven by lower solar module costs, increased corporate power demand, and higher retail electricity prices [2] - By the end of 2024, global renewable power capacity reached 4,448 gigawatts, with 585 GW added in 2024 alone, marking a 15.1% year-over-year increase [3] - Renewables accounted for 92.5% of total power capacity additions in 2024, up from 85.8% in 2023, indicating a growing dominance in the energy sector [3] Growth Projections - The IEA forecasts global renewable power capacity to increase by nearly 4,600 GW between 2025 and 2030, with solar expected to represent almost 80% of this expansion [4] - Distributed solar applications are projected to account for 42% of overall photovoltaic expansion, creating opportunities for smaller firms in components, local project development, and specialized services [4] Market Dynamics - The renewable energy market is expected to grow faster in over 80% of countries from 2025 to 2030 compared to the previous five years, although challenges such as grid integration and supply-chain concentration remain [5] - Execution risk is particularly relevant for smaller renewable companies trading at penny-stock valuations, despite the overall market expansion [5] Company Highlights - XCF Global, Inc. (NASDAQ:SAFX) received stockholder approval to remove a share cap, allowing for further capital raise through share purchases, with EEME expected to invest a total of $6.2 million [10][11] - FTC Solar, Inc. (NASDAQ:FTCI) signed a five-year, 1,000-megawatt expansion agreement with Strata Clean Energy, building on a previous 500 MW agreement, indicating strong commercial traction [14][15] - FTC Solar reported fourth-quarter 2025 revenue of $32.9 million, a 26.2% increase from the prior quarter and a 148.9% increase year-over-year, with improved gross margins and a larger project pipeline [16]

Core Viewpoint - FTC Solar, Inc. has signed a five-year agreement to supply an additional 1,000MW of solar trackers to Strata Clean Energy, expanding their existing partnership and reflecting confidence in FTC's product offerings and innovation [1][2]. Company Overview - FTC Solar, founded in 2017, specializes in solar tracker systems, technology, software, and engineering services, enhancing energy production by optimizing solar panel orientation [5]. - Strata Clean Energy is a vertically integrated company focused on solar and storage development, with over 170 projects and more than 8 GW of solar and 31 GWh of storage in development [4]. Partnership Details - The new agreement follows the successful completion of an initial 500MW project, with the first project under the new amendment expected to commence in the second half of 2027 [2][3]. - Strata's CEO highlighted the labor efficiencies and cost savings achieved through the use of FTC's trackers, emphasizing their ease of installation and ongoing innovation [2].

Core Viewpoint - FTC Solar, Inc. has signed a five-year, 1,000MW expansion to its tracker supply agreement with Strata Clean Energy, building on their previous collaboration of 500MW [1][2]. Company Overview - FTC Solar, founded in 2017, specializes in solar tracker systems, technology, software, and engineering services, enhancing energy production by optimizing solar panel orientation [5]. - Strata Clean Energy is a vertically integrated company focused on solar and storage development, with over 170 projects in operation and more than 8 GW of solar and 31 GWh of storage in development [4]. Agreement Details - The new agreement extends the partnership with Strata Clean Energy, adding an incremental 1,000MW of volume and extending the term by five years from the amendment date [2]. - The first project under this new five-year amendment is expected to commence in the second half of 2027 [3]. Performance and Innovation - FTC Solar's products are recognized for their ease of installation and cost efficiency, contributing to meaningful labor efficiencies and cost savings for Strata Clean Energy [2]. - The company emphasizes continuous innovation to provide superior products and services to its customers [2].

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is believed to be redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant advancement with the potential for substantial social benefits [8] Market Opportunities - The AI ecosystem is expected to reshape business, government, and consumer operations globally, indicating vast investment opportunities [2] - The narrative suggests that investors may soon regret not investing in certain stocks related to AI advancements [9] - A detailed report on a promising AI company is available, highlighting its groundbreaking technology and growth potential [10]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $32.9 million, a sequential increase of 26% and a year-over-year increase of 149% [17] - Gross margin for the quarter was 21%, compared to 6.1% in the prior quarter and a gross loss of 26.6% in the year-ago quarter [17][22] - Adjusted EBITDA loss was $300,000, marking the best result since going public, compared to losses of $4 million in the prior quarter and $9.8 million in the year-ago quarter [20][21] - For the full year 2025, revenue was $99.7 million, representing a 111% increase over 2024 [21] Business Line Data and Key Metrics Changes - The company achieved significant growth in gross profit, driven by a favorable product mix, with non-GAAP gross profit reaching $7.7 million in Q4 [17][18] - The contracted backlog now stands at $491 million, with $61 million added since November 12 [21] Market Data and Key Metrics Changes - The company was added to the approved vendor lists of 4 of the top 10 EPCs in Q4, bringing the total to 8 of the top 10 [8] - The company reported positive net bookings in the fourth quarter, with a significant increase in bookings from leading EPCs [9] Company Strategy and Development Direction - The company aims to become a top three tracker provider and is focused on expanding its market share through strategic partnerships and innovative product offerings [12][14] - The company is positioning its product platform as the most innovative tracker portfolio in the market, emphasizing ease of installation and efficiency [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning and growth potential, despite challenges in the solar industry due to regulatory uncertainties [15][36] - The company anticipates that results will be weighted towards the back half of 2026 as it ramps up MSA projects [24] Other Important Information - The company experienced a GAAP net loss of $33.7 million in Q4, impacted by a non-cash accounting adjustment related to warrants [20][19] - Operating expenses were reduced by 11% year-over-year, demonstrating a focus on efficient growth [22] Q&A Session Summary Question: Can you provide insight into the 2026 outlook and potential growth? - Management highlighted strong competitive positioning and the importance of being on approved vendor lists, which enhances sales opportunities [26][27] Question: What is the status of the backlog and timing for MSAs? - Management indicated that MSAs are expected to flow through and that there will be an acceleration in the utilization of MSA volume in 2026 [32] Question: Can you elaborate on liquidity and compliance with the credit agreement? - Management noted that the issue is a technical default and is working with lenders to resolve it [56][57] Question: How does the company view the need for a diversified product lineup? - Management emphasized the focus on becoming a top tracker provider and the strategy to grow within that niche rather than diversifying into other product categories [59][60]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $32.9 million, representing a 26% sequential increase and a 149% increase year-over-year [18] - GAAP gross profit was $6.9 million (21% of revenue), compared to $1.6 million (6.1% of revenue) in the prior quarter [18] - Adjusted EBITDA loss was $300,000, marking the best result since going public, and a significant improvement from losses of $4 million in the prior quarter [21][22] - For the full year 2025, revenue was $99.7 million, a 111% increase over 2024 [22] Business Line Data and Key Metrics Changes - The company achieved its best gross margin performance as a public company, driven by a favorable product mix [18][19] - The contracted backlog now stands at $491 million, with approximately $60 million added since November 12th [22] - The company added $61 million to its contracted backlog in Q4, indicating strong commercial momentum [9][22] Market Data and Key Metrics Changes - The company was added to the approved vendor lists of 4 of the top 10 EPCs in Q4, bringing the total to 8 of the top 10 [7][29] - The company is seeing increased visibility and bidding activity with larger project sizes [8][29] Company Strategy and Development Direction - The goal remains to be a top three tracker provider, with a focus on expanding the product platform and increasing market share [12][16] - The company is positioning itself as a critical part of the tracker diversification trend, emphasizing the need for innovative and bankable solutions [11][16] - The independent row architecture is highlighted as the gold standard for solar, enhancing the company's competitive edge [12][13] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the company's positioning and the potential for strong growth, despite regulatory uncertainties in 2025 [15][16] - The company is focused on converting MSAs into firm orders and is optimistic about the overall market trend moving towards more projects starting construction [36][38] - Liquidity is viewed positively, with confidence in resolving technical issues related to compliance with credit agreements [57][75] Other Important Information - The company experienced significant growth in 2025, with quarterly revenue levels three times higher than when the current CEO started [14] - The company is actively working on enhancing its product offerings and operational efficiencies to mitigate labor shortages and cost pressures [13][14] Q&A Session Summary Question: Can you provide insight into the 2026 outlook and expected growth? - Management expressed excitement about the competitive landscape and the strong need for diversification, indicating good growth potential for 2026 [28][29] Question: What is the timing for the new MSAs and expected revenue? - Management indicated that projects under the new MSAs are expected to start hitting in 2026, with some projects already in design [47][48] Question: Can you discuss the liquidity situation and compliance with credit agreements? - Management clarified that the compliance issue is a technical default and is being addressed with lenders, expressing confidence in a resolution [57][75] Question: How does the company view the need for a diversified product lineup? - Management stated that the focus remains on becoming a top tracker provider, emphasizing growth in their current product offerings rather than diversifying into tangential categories [61][62]

March 5, 2026 Fourth Quarter 2025 Earnings Results 2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict,""potential," "continue," "expects," "intends," "plans," "projects," "believes," "estim ...