FTC Solar

FTCI · NASDAQ

$1.45−$0.12 (−7.64%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $1.57

FTCI analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy5
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $9.08 (+526.1% upside)

Low: $3.64
Now: $1.45
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

FTCI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 18, 2026	Upgrade	Neutral → Buy	$3.50 → $3.60	45%
Roth Capital	Aug 12, 2026	Maintains	Buy	$10.00 → $7.00	39%
TD Cowen	May 6, 2026	Maintains	Buy	$8.00 → $5.00	27%
TD Cowen	Mar 6, 2026	Maintains	Buy	$12.50 → $8.00	27%
HC Wainwright & Co.	Jan 7, 2026	Maintains	Buy	$5.00 → $20.00	34%
UBS	Dec 2, 2025	Maintains	Neutral	$5.50 → $10.00	45%
TD Cowen	Nov 13, 2025	Maintains	Buy	$8.00 → $12.50	35%

The case for and against

Updated Oct 16, 2026

Bull case

FTC Solar is viewed positively because its differentiated 1P tracker platform, proprietary software, and constructability advantages are translating into larger customer wins, including a new 400MW order, roughly 100 MW from an existing 2P customer, and multiple international projects in Australia and India. Contracted backlog reached a record ~$560mn after ~$43mn in new purchase orders since 5/5/26, while bookings have run near a ~$55mn quarterly pace and a 1GW Safe Harbor award could become a triple-digit revenue contributor across 2026 and 2027. Even with a light Q2'26, weak Q3 guide, covenant waivers, and debt classified as current, the outlook remains constructive because management expects 1P and international acceleration, gross-margin inflection, and improving profitability as cost initiatives and MSAs convert.

Bear case

FTC Solar is burdened by weak operating visibility because revenue is concentrated in the Voyager tracker system and a small number of utility-scale customers, leaving results vulnerable to project delays and order shifts. The latest quarter showed that fragility: revenue of $17.3 million fell 17% year over year, gross margin slipped to -2.2%, and adjusted EBITDA was a loss of $8.2 million, while the $32.6 million net income was only a non-cash warrant revaluation gain. Its outlook is further pressured by intense competition, reliance on contract manufacturers and overseas supply chains, customer financing and interest-rate sensitivity, and heavy dependence on U.S. subsidies and policy support for solar demand.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.