FTC Solar Upgraded by Roth Capital After Strong Q3 Financials
Roth Capital upgraded FTC Solar, Inc. (NASDAQ:FTCI) to a Buy rating on November 17, 2025. The upgrade followed the company's release of strong third-quarter financial results. At the time of the rating change, the stock was trading at $10.38.
The solar tracker system specialist reported third-quarter revenue of $26 million. This represents a 156.8% increase year-over-year and surpassed the company's guidance. FTC Solar also reported significant improvements in gross margin, which increased by over 2,500 basis points quarter-over-quarter and 4,500 basis points year-over-year.
This quarter marked the company's lowest loss from operations and its best adjusted EBITDA performance since 2020. In addition to its financial results, FTC Solar secured a $75 million strategic financing facility, with an initial closing of $37.5 million. The company also announced a 1GW tracker supply agreement with Levona Renewables.
Yann Brandt, President and CEO, expressed satisfaction with the results, highlighting the company's growth trajectory and record-high quarterly revenue.
On November 17, 2025, shares of NASDAQ:FTCI closed at $10.26, a decrease of approximately 1.68%. The stock traded between $9.85 and $10.79 during the session. The company's market capitalization stands at approximately $153.21 million with a trading volume of 236,236 shares.
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