FTC Solar, Inc. entered into a Second Amendment and Limited Waiver to its Credit Agreement on March 23, 2026, waiving breaches of purchase order and notice covenants for the quarter ended December 31, 2025, and amending financial covenants while requiring $10 million in principal repayments. This allows reclassification of the $19.9 million term loan balance from current to long-term debt, except for upcoming ECF Repayment Amounts.
Key takeaways
Waiver granted for purchase order covenant breach as of December 31, 2025, suspending covenant until March 31, 2027
$2.5 million principal repaid on March 23, 2026; $2.5 million due May 22, 2026; $5.0 million due September 30, 2026
Minimum unrestricted cash covenant: at least $15.0 million as of June 30, 2026; at least $10.0 million as of September 30, 2026 and thereafter (adjusted for ECF repayments)
Quarterly revenue covenants: $25.0 million for June 30, 2026; $50.0 million for September 30, 2026; $75.0 million for December 31, 2026 and thereafter
Consolidated EBITDA minimum: $10.0 million for 12-months ending December 31, 2026; $25.0 million for December 31, 2027 and thereafter
$19.9 million term loan reclassified to long-term for period ended December 31, 2025 (except ECF Repayment Amounts)