FTC Solar, Inc. posted adjusted EBITDA of $142 million in Q4 2025, surpassing analyst expectations, driven by 28% year-over-year revenue growth and expanded project completions across the U.S. and Mexico. The results bolster investor confidence in mid-cap renewable energy firms.
- FTC Solar reported $142 million in adjusted EBITDA for Q4 2025, up 33% YoY.
- Revenue rose to $418 million, a 28% increase from Q4 2024.
- 14 utility-scale solar projects totaling 210 MW were completed in Q4.
- Gross margins improved to 31.2% in Q4 2025.
- FTC Solar guided for $1.65 billion in 2026 revenue and $580 million in EBITDA.
- XLRE ETF gained 2.1% and SPY rose 0.4% in post-earnings trading.
FTC Solar, Inc. delivered robust financial performance in the fourth quarter of 2025, reporting adjusted EBITDA of $142 million, a 33% increase from the same period in 2024. Revenue reached $418 million, up 28% year-over-year, fueled by the completion of 14 utility-scale solar projects totaling 210 MW and expanded operations in Mexico, where the company secured three new development permits. The company’s ability to execute on its capital deployment strategy was evident, with $185 million invested in new projects during Q4, supporting a 41% increase in contracted capacity. Gross margins improved to 31.2%, reflecting better supply chain efficiency and favorable module pricing trends. Management cited stronger project execution and improved project timeline predictability as key drivers behind margin expansion. The results have elevated investor sentiment toward clean energy equities, with FTC’s stock rising 6.3% in after-hours trading. The broader renewable energy sector also reacted positively, as the XLRE ETF gained 2.1% and the SPY index saw a modest 0.4% uptick, suggesting broad market confidence in the sector’s growth trajectory. Market participants are now reassessing the valuation of mid-cap renewable developers, with several analysts upgrading FTC Solar to 'Buy' based on the sustained operational momentum and strong cash flow generation. The company reaffirmed its 2026 guidance, projecting $1.65 billion in annual revenue and $580 million in EBITDA, signaling continued expansion ambitions.