FTC Solar recently announced that it has signed a purchase agreement to acquire the remaining 55% stake in steel manufacturer Alpha Steel LLC for approximately $2.7 million in cash.

Alpha Steel LLC is a joint venture established in 2023 by FTC Solar and Thai steel manufacturer Taihua New Energy. Its core products focus on steel components needed for the photovoltaic (PV) industry, including torque tubes and tracks—key components for large-scale PV projects.

This acquisition will help FTC Solar further reduce costs and achieve profitability as soon as possible.

Founded in 2017, FTC Solar focuses on the research and development of solar tracking systems. Leveraging its differentiated technology, it quickly opened up the market and listed on Nasdaq in just four years, becoming a dark horse in the US PV industry.

In the same year, FTC Solar's revenue reached $271 million, its highest since its inception. Fourth-quarter revenue reached a staggering $101.7 million, representing a year-on-year increase of 130% and a quarter-on-quarter increase of 92%. However, constrained by high costs, FTC Solar did not achieve profitability in 2021, instead incurring a loss of $107 million, a precarious situation. As is well known, the US photovoltaic industry chain experienced a continuous contraction between 2015 and 2020, but this period was a "golden age" for its tracking bracket companies. Nextracker became a global leader in tracking brackets during this time. In addition, companies like GameChange and Array Technologies have consistently ranked among the top ten global tracking bracket manufacturers.

To enhance its competitiveness, FTC Solar acquired the international tracker company HX Tracker in 2022, strengthening its technological capabilities and international presence. Since then, it has continuously enriched its product line, launching several tracking bracket products, including the 1P Pioneer and 2P Voyager, adapted to different scenarios.

In 2023, FTC Solar partnered with Taihua New Energy to establish Alpha Steel LLC. Its production base is located in Seeley, a suburb of Houston, Texas, and officially commenced commercial production in mid-2023. Furthermore, its torque tubes and structural fasteners meet the requirements of the 45X advanced manufacturing tax credit under the US Inflation Reduction Act, giving it a policy advantage.

After nearly two years of adjustments, FTC Solar achieved rapid year-over-year revenue growth for three consecutive quarters in 2025.

In particular, revenue reached $26 million in the third quarter, a year-over-year increase of 156.8% and a quarter-over-quarter increase of 30.2%, marking a new high in revenue in nearly eight quarters. Profitability also recovered significantly, with a GAAP gross margin of 6.1% and a non-GAAP gross margin of 7.7% in the third quarter, returning to positive gross margins for the first time since the end of 2023. However, it still incurred a loss of $23.938 million.

Meanwhile, FTC Solar also secured a strategic financing round of $75 million in 2025 and won several medium-to-large-scale overseas and domestic orders.

The $75 million financing round is FTC Solar's largest recent offering, with partners including Cleanhill Partners and its affiliates, long-term investors such as AV Securities; FTC Solar also signed multiple tracking bracket orders with global PV developer Recurrent and top US electrical contractor Rosendin, with a total order volume exceeding 1GW.