FTC Solar makes and sells solar tracker systems for utility-scale solar projects. Solar trackers are mounting systems that rotate solar panels throughout the day to follow the sun, increasing energy output versus fixed-tilt systems. FTC's primary product is the Pioneer, a single-axis tracker that the company argues requires roughly half the installation labor of competing systems. FTC sells primarily to EPCs — the contractors who build solar farms — as well as directly to developers and asset owners. Customers must first add FTC to an approved vendor list before FTC can bid on projects, and the company reports being on 8 of the top 10 EPC AVLs in the U.S. FTC also offers two software products: SUNOPS, a real-time tracker monitoring platform, and SUNPATH, a row-level backtracking optimization tool. Revenue is primarily hardware-driven, with a smaller services component covering logistics, engineering consulting, and software. FTC's business model is largely asset-light, historically outsourcing manufacturing to contract manufacturers globally. In late 2025, FTC acquired Alpha Steel, a domestic steel component manufacturer, to secure domestic content capabilities and qualify for Section 45X production tax credits. The company maintains a contracted backlog of $491M as of year-end 2025. FTC is a small player in a market dominated by Array Technologies and Nextracker, and management's stated goal is to become a top-three tracker provider.