FTC Solar , a provider of solar tracking systems, announced its financial results for the first quarter ending March 31, 2026, and a leadership transition.
Anthony Carroll, member of the Leadership Transition Council,
He has been appointed President and Chief Executive Officer of FTC Solar, effective April 29. Carroll brings a strong background in renewable energy and a proven track record of expanding operations and driving value creation. Previously, he was Chief Executive Officer of Veev, a Lennar subsidiary focused on building efficient and sustainable homes. Prior to joining Veev in early 2024, he was President of Powin, a global leader in energy storage systems. He also served as Managing Director of Siemens Gamesa Electric, where he led the Energy Conversion and Energy Storage business in North America, and held senior management positions at Schneider Electric and Power Electronics.
“We are delighted to welcome Anthony to this new role, at what we consider a crucial turning point for the company,” said Shaker Sadasivam, Chairman of the Board of Directors of FTC Solar. “His extensive operational experience, dynamic leadership, and proven success in growing expanding businesses make him the ideal person to lead FTC Solar into its next phase. We have a strong foundation and believe the future of this company, our customers, and our team is in his hands.”
“Yann Brandt joined FTC at a crucial time and provided the necessary tools to position the company for its next stage of growth,” Sadasivam continued. “We appreciate his contributions to FTC Solar and wish him every success in his future endeavors.”
First quarter results:
Total revenue for the first quarter was $17.3 million. This represents a 47.5% decrease compared to the previous quarter's revenue and a 17.0% decrease compared to the same quarter of the previous year.
The GAAP gross loss was $1.2 million, or 7.1% of revenue, compared to a gross profit of $4.9 million, or 14.9% of revenue, in the prior quarter. The non-GAAP gross loss was $0.4 million, or 2.2% of revenue. This compares to a non-GAAP gross loss of $3.0 million in the prior year's same period.
Summary of financial performance: first quarter of 2026 compared to the first quarter of 2025.
U.S. Generally Accepted Accounting Principles Not GAAP (b) Three months ended March 31, (in thousands, except per share data) 2026 2025 2026 2025 Earnings $17,265 $20,803 $17,265 $20,803 Gross Margin Percentage (7.1%) (16.6%) (2.2%) (14.4%) Total Operating Expenses $10,831 $7,113 $7,843 $6,645 Loss from Operations (a) $(12,058) $(10,560) $(8,220) $(9,750) Net Income (Loss) $32,599 $(3,819) $(10,460) $(10,801) Diluted Loss per Share $(0.72) $(0.58) $(0.67) $(0.84)
(a) EBITDA adjusted for non-GAAP measures
(b) See below for the reconciliation of non-GAAP financial measures with the closest comparable GAAP measures.
GAAP operating expenses were $10.8 million. Non-GAAP operating expenses were $7.8 million. This compares to non-GAAP operating expenses of $8.2 million in the prior quarter and $6.6 million in the prior year's quarter.
GAAP net income was $32.6 million, or a loss of $0.72 per diluted share, compared to a loss of $36.4 million, or $2.40 per diluted share, in the prior quarter and a net loss of $3.8 million, or $0.58 per diluted share, in the prior year quarter. Adjusted EBITDA loss, which excludes approximately $40.8 million for (i) a gain on the change in the fair value of the warrant liability, partially offset by (ii) certain CEO transition costs, and (iii) other non-cash items, was $8.2 million, compared to adjusted EBITDA losses of $2.3 million in the prior quarter and $9.8 million in the prior year quarter.
The contracted portion of the company's order book 2 now amounts to approximately $543 million.
Subsequent events
In addition to its financial results, the company announced it has secured a new contract to supply 1 gigawatt of solar trackers for multiple project sites across the US. The contract comes from a new client, a private equity-backed portfolio company developing projects with major corporate clients. The first of three roughly equal project tranches under this contract has already been signed.
Perspectives
The company continues to expect the first quarter to represent the lowest point in revenue for the year, with consecutive quarterly growth throughout the remainder of 2026. Thanks to recent achievements and increased visibility, the company is also increasingly confident that annual revenue will outperform the market in 2026 and represent growth of approximately 40% compared to 2025.