Recently, US tracker manufacturer FTC Solar announced the signing of an agreement to acquire the remaining 55% equity in steel manufacturer Alpha Steel for approximately $2.7 million in cash. Upon completion of the transaction, FTC Solar will gain full ownership of Alpha Steel. Concurrently, the company’s Q3 2025 financial report revealed revenue hitting a new high since 2023, with these dual positive developments highlighting strong growth momentum.
FTC Solar established Alpha Steel in 2023 as a joint venture with Thai steel manufacturer Taihua New Energy. Alpha Steel operates a production facility in Houston, Texas, specializing in the manufacturing of core steel components for solar projects, such as torque tubes and rails. FTC Solar stated that full ownership will enable it to “fully control key aspects of domestic production capacity, unlock profit potential, and align with relevant guidelines of the Inflation Reduction Act.” Notably, products like torque tubes manufactured by Alpha Steel qualify for the Advanced Manufacturing Production Credit under Section 45X, laying the groundwork for future cost optimization.
Financially, FTC Solar delivered outstanding performance in the third quarter. Revenue reached $26 million, surging 156.8% year-over-year and increasing 30.2% quarter-over-quarter. This not only exceeded expectations but also marked the highest level since Q3 2023. President and CEO Yann Brandt stated, “Nearly all metrics exceeded the high end of our guidance,” with adjusted EBITDA rising to a five-year high and the adjusted net loss narrowing to $3.9 million from $12.2 million in the same period last year.
Industry analysis indicates that FTC Solar’s vertical integration strengthens supply chain control, and combined with financial improvements and technological advancements, the company is well-positioned to enhance its competitiveness amid evolving policy conditions.
