Here are 1-2 brief analogies for FTC Solar (FTCI):

• The Caterpillar of solar farm equipment

• Siemens for large-scale solar farm technology

• Voyager: A 2P single-axis solar tracking system designed for utility-scale solar projects, emphasizing ease of installation and high power density.
• Pioneer: A 1P single-axis solar tracking system offering flexibility, lower panel height, and high performance for utility-scale and distributed generation projects.
• SunDAT: Software that provides comprehensive design and optimization tools for solar power plant layouts, energy modeling, and cost analysis.

FTC Solar (Symbol: FTCI) - Major Customers

• Utility-scale solar project developers: Companies that are responsible for the conception, planning, financing, and development of large solar power plants.
• Independent Power Producers (IPPs): Companies that own and operate power generation facilities (including solar farms) and sell the electricity they produce to utilities, governments, or other end-users.
• Engineering, Procurement, and Construction (EPC) companies: Firms that provide comprehensive design, material procurement, and construction services for solar power projects on behalf of developers or IPPs.

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Yann Brandt, President, Chief Executive Officer, and Director

Yann Brandt has served as President, CEO, and a member of the company's Board of Directors since 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 was Chief Commercial Officer at FlexGen, a battery energy storage services and software company, since November 2022, and previously its Chief Financial Officer since February 2021, where he oversaw significant growth in revenue and profitability. Before FlexGen, he was CEO of Quick Mount PV, a leading manufacturer of solar racking for residential solar, where he led the company's reorganization and subsequent strong growth. Mr. Brandt also held roles at Conergy, a downstream solar company, including President of the Americas and Global Head of Marketing and PR, managing operations in 15 countries. He is a current Board Member for the Solar Energy Industries Association (SEIA).

M. Cathy Behnen, Chief Financial Officer

Cathy Behnen was appointed Chief Financial Officer of FTC Solar in February 2024, after serving as Interim CFO since November 2023. She was FTC's Chief Accounting Officer since 2020. Ms. Behnen has over two decades of financial leadership experience, having previously served as CFO and Vice President of Finance at Penn National Gaming Hollywood Casino Jamul – San Diego from 2017 to 2020. She was also Vice President of Finance and Corporate Controller of The Cosmopolitan of Las Vegas from 2015 to 2017 and a Partner at the accounting firm RubinBrown. Ms. Behnen also has significant experience in the solar industry, serving 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 has served as Senior Vice President, Capital Markets and Business Development since May 2024. In this role, he oversees sales, sales engineering, legal, and capital markets activities. Prior to this, he was Chief Commercial Officer since April 2022 and Chief Financial Officer of FTC Solar from July 2019. Before joining FTC Solar, Mr. Cook worked in the corporate finance division of Dot Foods. From 2011 to 2017, he held multiple positions at SunEdison, including Vice President of Capital Markets and Corporate Finance, and Treasurer of the Solar Energy Business Division. His experience also includes finance and leadership roles with Bank of America.

Deepak Navnith, Chief Operations Officer

Deepak Navnith currently serves as the Chief Operations Officer of FTC Solar.

Alberto Echeverria, Senior Vice President, International Sales

Alberto Echeverria was appointed Senior Vice President, International Sales, in May 2024. He is a veteran of the tracker industry and previously served as CEO and Executive Member of the Board of STI Norland for five years through 2020. Most recently, he was the Sales Director of Europe and International for Nextracker. Mr. Echeverria's background also includes leadership experience with IDEEMATEC, Almaia Capital, GES, and Siemens.

The emergence of highly integrated, AI-driven solar energy optimization platforms offered by competitors. As artificial intelligence and machine learning advance, leading solar tracker providers and new market entrants are developing sophisticated software and hardware solutions that dynamically optimize energy generation, predict maintenance needs, and seamlessly integrate with grid services and energy storage. Should competitors establish a significant lead in deploying such comprehensive, intelligent platforms, they could offer superior Levelized Cost of Energy (LCOE) and operational efficiencies, potentially making FTC Solar's more hardware-centric or less integrated offerings comparatively less competitive or advanced in the market. This represents a potential shift in market value proposition from standalone hardware to intelligent, interconnected energy generation ecosystems.

FTC Solar's main products are its Voyager (2P) and Pioneer (1P) solar tracker systems, along with proprietary software solutions like SUNPATH and SUNOPS for optimizing solar energy production and operations.

The global addressable market for solar trackers, which is FTC Solar's primary product category, was valued at approximately US$7.6 billion in 2024. This market is projected to grow to US$17.1 billion by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 12.2% from 2025 to 2031. North America is a dominant region within the global solar tracker market.

FTC Solar (FTCI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion and Enhancement of 1P Product Line: FTC Solar has emphasized the significant expansion and enhancements to its one module-in-portrait (1P) product line. These improvements include high wind offerings up to 150mph, broader module compatibility across various vendors and types, and reduced land grading requirements. This product development strategy is reportedly gaining traction, evidenced by increased customer interest, growing customer visits to demonstration facilities, higher bidding volumes, and larger project sizes.

2. Strategic Wins and Growth in Project Backlog: The company has been successful in securing significant strategic agreements and expanding its project backlog. Notable examples include a 1GW tracker supply deal with Dunlieh Energy and a scalable 500MW agreement with Strata Clean Energy, both announced in Q3 2024. The total backlog has been substantial, reaching approximately $1.7 billion at the end of 2023, with a contracted portion of $505 million as of Q2 2024, indicating strong future order prospects and a foundation for sequential revenue growth.

3. Increased Customer Engagement and Market Penetration: FTC Solar is actively working to accelerate contracted projects through improved customer engagement and satisfaction. This focus has led to a significant increase in visits to its product demonstration facilities, suggesting heightened demand and interest in its solar tracker systems. The company is also investing strategically in sales resources to scale its market share.

4. International Expansion: The company's strategy includes global expansion to diversify revenue streams and position itself for accelerated long-term profitability. While facing risks, this international growth is expected to contribute to overall revenue growth.

Share Issuance

• FTC Solar filed for a mixed securities shelf offering of up to $65 million in May 2025.
• Shareholders approved a stock issuance and an incentive plan amendment in September 2025.
• A 1-for-10 reverse stock split was implemented on November 29, 2024, to meet Nasdaq's minimum bid price requirement.

Inbound Investments

• In July 2025, FTC Solar secured a strategic financing facility of up to $75 million with Cleanhill Partners, AV Securities, and other long-term investors.
• An initial term loan of up to $37.5 million from this facility included $14.3 million funded on July 2, 2025, with an additional $23.2 million expected to close in Q3 2025.
• The financing proceeds are designated for balance sheet support, growth acceleration, and general corporate purposes.

Outbound Investments

• FTC Solar completed the acquisition of HX Tracker, a China-based supplier of 1P tracker systems, in June 2022.
• This acquisition was intended to accelerate the company's international expansion and introduce a 1P tracker solution optimized for low-labor cost markets.

Capital Expenditures

• Capital expenditures for the last 12 months were -$782,000.
• Quarterly capital expenditures in June 2025 were $185,000.
• Annual capital expenditures were $-0.035 billion in 2024, $-0.053 billion in 2023, and $-0.055 billion in 2022.