FTC Solar, Inc. Q2 FY26 Results

We’re pleased to report that second quarter results were in line with or better than our targeted ranges, and that we remain on track to outpace the market with 40% annual revenue growth in 2026. While I am just over one quarter into my tenure as CEO, the company has done an incredible amount over the past two years to put the company in a great position to grow and scale. This includes developing and introducing a 1P tracker line that is regarded by customers as easier and faster to install and an engineering capability that is willing to go the extra mile and increasingly helps enable more power or less land grading through a more efficient design. To build on that foundation and continue the momentum, we have been focused on five key areas. They include: Expanding top 10 customer base. Following great work to achieve qualification with top prospects, including 9 of the top 10 EPCs, the focus now is on converting these opportunities and expanding our customer base within this group. We have recently signed two projects associated with three top developers and EPCs and expect to add projects with two more by year-end. Making immediate bookings progress. With a significantly expanded overall customer base and improved access to bid opportunities, our focus is now on converting that stronger pipeline into bookings. We're investing in sales talent, AI-driven bidding capabilities, and international expansion, with meaningful momentum in Australia and new entry into India reinforcing the opportunity ahead. Ramping second half revenue. Following 52% sequential growth in the second quarter, we’re looking for another 24% growth in Q3 before accelerating again in Q4. We’re reaffirming our full-year 2026 growth outlook of 40%. While we will look to grow even faster, what is most important is systematic execution and layering on an increasing amount of projects to build sustainable future growth. Cost and breakeven optimization: Improving our cost structure and lowering our breakeven revenue level remain key priorities. Through targeted cost savings, greater use of AI and automation, and better monetization of the value we deliver to customers, we see meaningful opportunities to expand margins as the business grows. Robotics and AI: We believe robotics will be a major productivity driver for our customers, and we want to help lead that transition. We've already generated promising test and pilot results and expect to have these technologies operating on commercial projects with real-world data soon. Overall, while we still have work to do and need to win much more business, I'm proud of what our team has accomplished and confident in where we're headed. We have the products, the partnerships, and the strategy to drive sustainable growth, and we'll continue earning trust through execution and customer focus. Our opportunity is great, our plan is clear, the path to profitability is there, and our second half revenue growth outlook is very strong.