FTC Solar NASDAQ: FTCI executives used the company’s fiscal first-quarter 2026 earnings call to spotlight a leadership transition, discuss a revenue shortfall tied to project timing, and point to accelerating bookings and approved vendor list (AVL) access as key indicators for expected growth later in the year.
Leadership transition: Anthony Carroll named president and CEO
Shaker Sadasivam, Chairman of the Board, opened the call by announcing that board member Anthony Carroll has been appointed President and CEO. Sadasivam said the board views FTC as being at “a critical inflection point,” with a foundation in place and “the potential for very significant growth.”
Sadasivam credited former CEO Yann Brandt with helping stabilize the business, including securing strategic financing, completing the company’s 1P tracker introduction, and improving customer engagement. He said the board decided it was the right time to bring in a leader with deep experience scaling businesses, calling Carroll’s operational background and industry connections a fit for FTC’s next stage.
Carroll, speaking for the first time as CEO, said he has worked with FTC in multiple board capacities and believes the company is positioned to grow in a solar market he described as “unstoppable.” He pointed to customer feedback on FTC’s product—particularly its speed of installation and safety—and said he intends to build on the company’s progress to help FTC become “a global leader in the tracker industry.”
First-quarter results: revenue miss tied to delayed project
Patrick Cook, Head of Capital Markets and BD, said first-quarter revenue was “a bit lower than our expectations” due to one key project that was expected to sign and contribute revenue in the quarter but was delayed. He said operating expenses came in better than expected and helped offset part of the revenue shortfall.
CFO Cathy Behnen reported first-quarter revenue of $17.3 million, below the company’s target range. She said the result represented a 47.5% decline from the prior quarter and a 17% decrease from the year-earlier quarter.
Behnen said GAAP gross loss was $1.2 million, or 7.1% of revenue, compared to GAAP gross profit of $4.9 million, or 14.9% of revenue, in the prior quarter. On a non-GAAP basis, gross loss was $0.4 million, or 2.2% of revenue. She also reported GAAP operating expenses of $10.8 million, while non-GAAP operating expenses were $7.8 million, which she said was better than the company’s target range due to cost-saving actions taken during the quarter.
Adjusted EBITDA loss was $8.2 million, which Behnen said landed near the midpoint of guidance as lower operating expenses largely offset the revenue shortfall.
Warrant accounting drove a large non-cash swing in GAAP results
Behnen emphasized that GAAP net income was significantly affected by non-cash accounting related to warrants issued in the prior year’s capital raise. Because the warrants are treated as a liability, the company must remeasure their fair value each quarter, she said. A decline in FTC Solar’s share price during the quarter reduced the fair value of the warrant liability by about $48.7 million, producing a non-cash gain in GAAP results.
Including that adjustment, Behnen reported GAAP net income of $32.6 million. She also stated the company reported a diluted per-share loss of $0.72, compared to a diluted per-share loss of $2.40 in the prior quarter and $0.58 in the year-ago quarter.
Bookings momentum: AVL gains, a 1 GW Safe Harbor award, and backlog growth
Cook framed the quarter’s key takeaway as improving customer momentum and strong new business activity despite the revenue miss. He highlighted progress across what he described as leading indicators, including AVL access, bidding activity, and conversion of master supply agreements (MSAs) into firm orders.
Cook said FTC has now been added to the AVLs of nine of the top 10 EPCs, up from eight previously, including a new addition among the top three. He said this has improved pipeline visibility and enabled the company to bid with more customers on larger projects.
Cook also discussed a new 1 gigawatt award tied to Safe Harbor, describing it as coming from a private equity-backed portfolio company with “very high-profile off-takers, including a global Fortune 20 company.” He said the first of three equal tranches has already been contracted, with the project expected to contribute meaningfully to 2026 revenue and continue into 2027. Cook characterized the total award as a “triple-digit millions contributor” to revenue.
Responding to analyst questions about why FTC won the award, Cook cited “constructability,” ease of installation, and customer service, adding that Safe Harbor timelines made execution and partnership especially important.
Cook said FTC has generated improved net bookings over the past four quarters, with positive net bookings in Q4 and acceleration in Q1. Since the last earnings call, he said the company added about $70 million to contracted backlog, or roughly $52 million net of first-quarter revenue. He also said bookings have been running at about a $55 million quarterly run rate over the past seven months.
Behnen reported contracted backlog of $543 million, reflecting a net addition of approximately $52 million since March 5.
Liquidity update and 2026 outlook
Behnen said the company ended the first quarter with about $5.6 million in cash, attributing the level to the timing of customer payments that arrived shortly after quarter-end. Given the new cash received and expected cash from new business—including the Safe Harbor project—she said FTC does not intend to use its at-the-market (ATM) program going forward and plans to take steps to terminate it.
For the second quarter, Behnen provided the following targets:
- Revenue: $22 million to $26 million
- Non-GAAP gross profit: -$1.4 million to +$1.0 million (between -6.4% and +4% of revenue)
- Non-GAAP operating expenses: $8.4 million to $9.0 million
- Adjusted EBITDA loss: $10.5 million to $7.4 million
Behnen said the company expects the first quarter to be the low point in revenue for the year, with sequential quarterly growth expected for the remainder of 2026. She added that FTC expects full-year revenue growth of approximately 40% relative to 2025 and said the company believes it will “outpace the market” in 2026.
On the Q&A, executives said the delayed first-quarter project was primarily a scheduling issue. Behnen told analysts the revenue expected from the delayed project in Q1 was in the $3 million to $4 million range and said execution should begin soon and contribute to revenue into 2026.
When asked about a “tax equity pause” tied to Section 48E, Cook said it was too early to determine the impact. He added that near-term projects have secured tax equity financing and that growing international business—citing continued wins in Australia and South Africa—helps diversify exposure beyond the U.S. market.
In closing remarks, Carroll reiterated his confidence in FTC’s product positioning and said he plans to invest additional capital in the company, in addition to investing his time as CEO.
About FTC Solar NASDAQ: FTCI
FTC Solar, Inc NASDAQ: FTCI specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company's tracker solutions are engineered to follow the sun's path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.
Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.
Read More
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider FTC Solar, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and FTC Solar wasn't on the list.
While FTC Solar currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
