FTC Solar (NASDAQ:FTCI) CEO Yann Brandt discussed the company’s recent commercial wins, product strategy, and financial priorities in a conversation following the company’s fourth-quarter results. Brandt outlined how newly announced master supply agreements (MSAs), expanding approved-vendor status with major engineering, procurement, and construction (EPC) firms, and installation productivity gains are shaping the company’s push deeper into the single-axis tracker market.
Recent MSAs and expected timing
Brandt provided additional color on two recently announced MSAs, emphasizing that such agreements are not necessarily reflected in backlog until specific projects are released.
He also addressed a 1 gigawatt MSA referenced on the earnings call, and said the company later announced an expansion with Strata Solar. Brandt said FTC previously announced a 500 megawatt, two-in-portrait (2P) MSA with Strata in 2023–2024, has “used most of that,” and expanded it by another gigawatt to include both one-in-portrait (1P) and 2P trackers.
On timing, Brandt said some projects can move quickly “as you’ve seen with Strata,” while others are multi-year efforts where FTC works with partners to advance projects through interconnection queues, with activity “burn[ing] off over the next couple of years.” He added that the industry has moved away from volume commitment agreements (VCAs) and that MSAs now serve as preferred-relationship frameworks with EPCs and independent power producers (IPPs), including priority around design work.
Strategy shift: expanding from 2P leadership to 1P growth
Brandt said FTC went public as a 2P leader and remains focused on supporting and investing in 2P, describing FTC as “pretty much the only 2P tracker provider” for many projects. However, he said the company expanded into 1P about two years ago and is using MSAs to help bring more customers into FTC’s 1P backlog, positioning the offering as a way for customers to diversify supply.
He said FTC’s strategy is to broaden its customer base rather than concentrate volume with a small number of buyers, contrasting the company’s approach with peers that are “very focused on…going very deep with one or two” customers.
How FTC says it wins: procurement diversification and constructability
Asked how FTC competes with larger tracker vendors, Brandt argued that market-share “leaderboards” based on reported revenue are a lagging indicator because major EPCs often select trackers one to two years before projects are installed. He said customers are telling FTC that their procurement concentration is higher than the market-share data might imply, and that diversification is becoming a priority.
He also described FTC’s product design approach as a platform intended to fit a wide range of projects. As an example, Brandt said FTC does not offer a separate terrain-following tracker; instead, its 1P tracker can implement terrain-following features where needed on a site, rather than across the entire project.
Brandt said the market is increasingly selecting single-row architecture with slew drives, and characterized FTC’s product as aligned with that direction. He explained slew drive simplicity as a benefit versus linear actuators requiring synchronized movement, which can introduce weaknesses if one component underperforms.
Installation productivity metrics cited by management
A key theme of Brandt’s remarks was installation efficiency and labor productivity. He described an FTC feature related to how modules are attached to module rails, saying competing systems typically require two teams to synchronize module placement and fastening at the same time. FTC’s approach, he said, allows those actions to occur in separate steps, reducing “synchronization inefficiency” and lowering installation time.
Brandt referenced labor benchmarks discussed on prior earnings calls, stating that major EPCs have told FTC their best crews using the top tracker install at roughly 0.09 man-hours per module from piles-in-the-ground to fully attached modules. In FTC time trials with similar teams, he said the figure can drop to about 0.053 man-hours per module.
He further stated that, on an active 300 megawatt site, FTC has seen the process reach “near 0.02 man-hours per module,” adding that the results have been supported by training feasibility and positive feedback from labor teams. Brandt connected these productivity gains to demand reflected in MSAs and bookings.
Vendor approvals, policy topics, and financial updates
Brandt discussed progress with EPC approved vendor lists (AVLs), noting that being on an AVL is required to bid and contract on projects. He said FTC has been crossing those hurdles through engineering work, third-party reviews, and field evaluations. In the conversation, it was stated that FTC has been added to eight of the top 10 EPCs’ AVLs.
Brandt said he joined FTC in 2024 and that the company had set a goal of securing at least one additional large EPC purchase order for 2025, but ultimately booked two from top-10 EPCs in 2025. He said the company’s goal is to expand bookings across more top EPCs this year, while declining to name customers.
On market conditions, Brandt addressed concerns about tax equity and Section 48E investment tax credit dynamics, saying financing uncertainty can delay projects but can also create opportunities to enter projects before they reach start of construction. He added that the overall volume of projects moving forward remains significant and pointed to strong offtaker appetite for power purchase agreements, referencing “35+ GW of projects” expected to start construction this year.
Regarding Section 45X manufacturing credits, Brandt said FTC primarily uses contract manufacturers, but noted that the company announced it bought out its joint venture partner at Alpha Steel, a facility producing certain components such as stamped parts and torque tubes. He said FTC claims 45X at that site, and that qualifying contract-manufactured components (including some slew drives) reflect 45X benefits in pricing, with FTC able to sell those credits. He added that eligibility can vary and referenced uncertainty around foreign entity of concern (FEOC) definitions.
On Alpha Steel specifically, Brandt said FTC previously owned just under 50% and exercised its right to buy out the partner—described as a Thai entity—to eliminate questions about FEOC compliance and provide customers clarity for domestic content products.
Brandt also briefly addressed a covenant matter referenced on the Q4 call, calling it “technical in nature” and saying the company and lender did not believe a default had occurred, with a resolution expected “in the near future.” On liquidity, he said Q4 delivered FTC’s best adjusted EBITDA, “really close to breakeven,” citing favorable product mix and cautious operating expense management. He said the company tapped its at-the-market (ATM) program in Q4 and intends to remain opportunistic in strengthening the balance sheet.
On breakeven levels, Brandt reiterated that FTC has cited $50 million to $60 million of revenue as a breakeven range, while also noting Q4 revenue was $32 million with adjusted EBITDA essentially breakeven, attributing the variability to product mix and geography. He said the company had about $491 million of backlog bookings and expects to grow faster than the market and peers given its position as a newer entrant in 1P.
Finally, when asked about software, Brandt said tracker sales require operational platforms and backtracking capabilities, and that FTC’s software is competitive with market leaders. On 2P mix, he said he believes 15% to 20% remains an appropriate range, adding that 2P continues to have opportunities, particularly in challenging soil conditions that require pre-drilling.
About FTC Solar (NASDAQ:FTCI)
FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.
Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.
