FTC Solar Inc

FTC Solar has commenced shipments for the 330-megawatt Fraser Coast solar project in Queensland, Australia, which also includes 180 megawatts of battery storage and is being developed by Global Power Generation, the power generation subsidiary of Naturgy. The project, Naturgy's largest renewable energy venture in Australia and its second hybrid solar and battery storage project in the country, is expected to begin operations in 2028. FTC Solar's 1P terrain-following tracker solution was chosen to reduce civil work and installation costs, and the project's value was added to the company's backlog in 2025. GPG Australia, which manages over 5.27 gigawatts of installed capacity across eight countries, has 1.3 gigawatts of renewable capacity in operation, 0.5 gigawatts under construction, and a 2-gigawatt development pipeline in Australia.

FTC Solar reported second-quarter 2026 revenue of $26.2 million, slightly above the high end of its target range and up 51.5% sequentially. CEO Anthony Carroll highlighted new 1P purchase orders, including a 400-megawatt project from a top-five EPC and a 100-megawatt project from a top developer, as the company expands its customer base after gaining AVL approval from nine of the top ten EPCs. The company reaffirmed its full-year 2026 revenue growth outlook of at least 40% and guided for third-quarter revenue between $30 million and $35 million, with about 80% of second-half revenue already covered by booked projects. CFO Cathy Behnen noted that the company obtained waivers for second-quarter debt covenants after cash fell to $11.2 million, below the $15 million minimum, and disclosed a new $20 million equity line of credit. FTC Solar also announced its entry into the India market with multiple initial project wins and expects continued margin improvement from cost-saving initiatives and scaling.