Here are 1-3 brief analogies for FTC Solar (FTCI):

• Trimble for large-scale solar projects.
• A specialized Caterpillar for solar farms.

• Voyager: A two-panel in-portrait single-axis tracker solution for solar arrays.
• SunPath: A software solution designed to enhance energy production from solar installations.
• Atlas: A web-based enterprise-level database that allows users to manage their solar project portfolios.
• SunDAT: A software solution for automated design and optimization of solar panel systems across various scales.
• Engineering Services: Professional services that support the design, development, and implementation of solar energy projects.

Major Customers of FTC Solar (FTCI)

FTC Solar (FTCI) primarily sells its solar tracker systems, technology, software, and engineering services to other companies involved in the solar energy sector. Its major customers fall into the following categories:

• Project developers
• Solar asset owners
• Engineering, procurement, and construction (EPC) contractors that design and build solar energy projects

Yann Brandt President, Chief Executive Officer and Director

Yann Brandt was appointed President, CEO, and a Director of FTC Solar in August 2024. He brings over 18 years of experience in solar manufacturing, project development, finance, and energy storage. Prior to joining FTC Solar, Mr. Brandt served as Chief Commercial Officer (from November 2022) and Chief Financial Officer (from February 2021) at FlexGen, a battery energy storage services and software company. He also previously held the position of CEO at Quick Mount PV, a leading manufacturer of solar racking for residential solar, where he led the company's reorganization and growth. Before that, he was President of the Americas and Global Head of Marketing and PR at Conergy, a downstream solar company. Mr. Brandt holds a Bachelor of Science degree in mechanical engineering from Johns Hopkins University.

M. Cathy Behnen Chief Accounting Officer and Chief Financial Officer

Cathy Behnen was appointed Chief Financial Officer in February 2024, after serving as Interim CFO since November 2023. She has been FTC Solar's Chief Accounting Officer since 2020. Ms. Behnen possesses over 20 years of financial leadership experience. Her prior roles include CFO and Vice President of Finance at Penn National Gaming Hollywood Casino Jamul - San Diego (from 2017 to 2020) and Vice President of Finance and Corporate Controller at The Cosmopolitan of Las Vegas (from 2015 to 2017). She also has significant experience in the solar industry, having served as Head of Global Audit and Vice President of Business Operations at SunEdison from 2010 to 2015. She is a Certified Public Accountant and holds an MBA from St. Louis University.

Patrick M. Cook Senior Vice President, Capital Markets and Business Development

Patrick M. Cook was appointed Senior Vice President, Capital Markets and Business Development in May 2024. Before this, he served as Chief Commercial Officer of FTC Solar since April 2022 and as Chief Financial Officer from July 2019. Prior to joining FTC Solar, Mr. Cook held finance and leadership positions at Dot Foods, SunEdison (from 2011 to 2017, including Vice President of Capital Markets and Corporate Finance, and Treasurer of the Solar Energy Business Division), and Bank of America.

Sasan Aminpour Chief Operating Officer

Sasan Aminpour serves as the Chief Operating Officer of FTC Solar.

Tamara Mullings Senior Vice President, North American Sales

Tamara Mullings was appointed Senior Vice President, North American Sales in May 2024. She previously served on FTC Solar's Board of Directors since January 2023 and as a Board Observer since 2021. Ms. Mullings is the founder of AFARA Governance Inc. Her experience also includes serving as AVP of Global Technology Services at MetLife from 2018 to 2021, and earlier leadership, strategy, and program management roles with SunEdison, Southern California Edison, and IBM.

The key risks to FTC Solar (FTCI) are primarily centered on its financial viability, intense market competition, and external market and supply chain dependencies.

1. Financial Challenges and Going Concern Risk: FTC Solar has a history of significant financial challenges, including ongoing operational losses, negative earnings per share, and substantial cash burn. The company has reported a negative shareholder equity and an accumulated deficit, raising doubts about its ability to continue as a going concern. Recent reports also indicate a technical default on a credit covenant, further highlighting its precarious financial position and high debt levels.
2. Intense Competition and Margin Compression: FTC Solar operates in a highly competitive and fragmented solar tracker market. It faces significant competition from larger original equipment manufacturers (OEMs), vertically integrated engineering, procurement, and construction (EPC) contractors, and other global manufacturers. This intense competitive landscape leads to price pressures and challenges in maintaining and expanding gross margins.
3. Dependence on Solar Installation Growth, Policy, and Supply Chain: The demand for FTC Solar's products and services is heavily influenced by factors outside its direct control. These include the pace of overall solar installation growth, potential delays in customer project development, and changes in governmental policies, subsidies, and incentives for solar energy. Additionally, the company is exposed to risks related to supply chain disruptions and cost inflation, which can impact its operational expenses and profitability.

FTC Solar, Inc. (FTCI) operates in the global solar energy market, primarily offering solar tracker systems and associated software solutions. The addressable markets for its main products and services are significant and continue to grow.

Solar Tracker Systems (Voyager brand)

FTC Solar's flagship product, the Voyager, is a two-panel in-portrait single-axis tracker solution. The market for solar tracker systems, particularly single-axis trackers, is expanding rapidly.

• The global single-axis solar tracker market size is estimated at USD 37.98 billion in 2026 and is projected to reach USD 96.31 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 20.45% during this period.
• In the United States, the single-axis solar tracker market was valued at USD 0.78 billion in 2025 and is expected to reach USD 2.82 billion by 2033, with a CAGR of 19.08% from 2026 to 2033.

Software Solutions (SunPath, SunDAT, and formerly Atlas)

FTC Solar also provides software solutions such as SunPath for enhancing energy production and SunDAT for automated design and optimization of solar panel systems. While FTC Solar sold its Atlas web-based software platform in December 2024, the broader solar software market remains relevant to its other software offerings.

• The global solar software market size was USD 1.30 billion in 2025 and is projected to reach USD 2.86 billion by 2033, demonstrating a CAGR of 10.3% during the forecast period.
• More specifically, the global solar photovoltaic (PV) design software market, which includes tools like SunDAT, was valued at USD 1.88 billion in 2025 and is projected to reach USD 2.81 billion by 2034, exhibiting a CAGR of 6.1% during this period. Another estimate for the solar design software market projects growth from USD 1.12 billion in 2025 to USD 3.2 billion by 2035, at an 11.0% CAGR.

Future Revenue Growth Drivers for FTC Solar (FTCI)

• Conversion of Backlog and Master Supply Agreements (MSAs) into Firm Orders: FTC Solar has a significant contracted backlog, which reached $491 million, boosted by new agreements including a 1 GW supply agreement and an 840 MW deal in South Africa. The company has secured over 9 gigawatts of MSAs within a year and is making progress in converting these agreements into firm bookings, which are expected to contribute to accelerated revenue recognition.
• International Expansion: The company is strategically expanding its global footprint, with sales and support capabilities established in regions such as Australia, India, the Middle East, and Southeast Asia. This international expansion is aimed at capturing growing demand for solar installations in emerging markets, as evidenced by a multi-year MSA in South Africa.
• Product Innovation and Platform Scaling: FTC Solar's growth strategy includes scaling its Pioneer 1P platform and investing in research and development to ensure compatibility with higher-power modules and integrate storage solutions. The company also recently launched a new mounting solution designed to support U.S. manufactured thin-film modules, and its engineering-led differentiation focuses on reducing balance-of-system costs and simplifying installation to meet customer demands for lower total installed cost and faster construction.
• Enhanced Customer Engagement and Expanded Approved Vendor List (AVL) Presence: FTC Solar has observed significant improvements in customer engagement, reflected by increased visits to its product demonstration facilities. The company has also expanded its presence on Approved Vendor Lists (AVLs), now included by eight of the top ten engineering, procurement, and construction (EPC) firms, which is expected to provide a foundation for more predictable revenue streams.
• Overall Growth in the Solar Tracker Market: The broader solar tracker market continues to experience growth due to increasing demand for solar energy installations. FTC Solar's focus on maximizing energy production and offering competitive installation costs positions it to capitalize on this expanding market, as indicated by a robust 60% year-over-year increase in bidding volume in Q1 2025.