FTC Solar | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 17.27 M

Revenue: As of FY2026 Q1, the actual value is USD 17.27 M, missing the estimate of USD 24.26 M.

EPS: As of FY2026 Q1, the actual value is USD -0.72.

EBIT: As of FY2026 Q1, the actual value is USD -8.167 M.

Financial Highlights for FTC Solar, Inc. (Q1 2026)

Revenue

FTC Solar, Inc. reported total first-quarter revenue of $17.3 million, representing a 47.5% decrease compared to the prior quarter and a 17.0% decrease year-over-year (YoY) from $20.8 million in Q1 2025. Product revenue decreased to $11.762 million in Q1 2026 from $18.202 million in Q1 2025, while Service revenue increased to $5.503 million in Q1 2026 from $2.601 million in Q1 2025.

Gross Profit/Loss and Margin

GAAP gross loss was - $1.2 million, or -7.1% of revenue, in Q1 2026, compared to a gross loss of - $3.447 million, or -16.6% of revenue, in Q1 2025. Non-GAAP gross loss was - $0.4 million, or -2.2% of revenue, in Q1 2026, an improvement from a Non-GAAP gross loss of - $3.0 million, or -14.4% of revenue, in Q1 2025.

Operating Expenses

Total GAAP operating expenses increased to $10.831 million in Q1 2026 from $7.113 million in Q1 2025. Non-GAAP operating expenses were $7.843 million in Q1 2026, compared to $6.645 million in Q1 2025.

Loss from Operations

GAAP loss from operations was - $12.058 million in Q1 2026, an increase from - $10.560 million in Q1 2025.

Net Income (Loss)

GAAP net income was $32.599 million in Q1 2026, a significant improvement from a net loss of - $3.819 million in Q1 2025. Non-GAAP net loss was - $10.460 million in Q1 2026, compared to a Non-GAAP net loss of - $10.801 million in Q1 2025.

Adjusted EBITDA

Adjusted EBITDA loss was - $8.220 million in Q1 2026, an improvement from - $9.750 million in Q1 2025.

Cash Flow

Net cash used in operating activities was - $12.772 million in Q1 2026, compared to - $8.483 million in Q1 2025. Net cash used in investing activities was - $0.276 million in Q1 2026, compared to net cash provided by investing activities of $3.124 million in Q1 2025. Net cash used in financing activities was - $2.419 million in Q1 2026, compared to net cash provided by financing activities of $0.003 million in Q1 2025. Cash and cash equivalents at the end of Q1 2026 were $5.639 million, down from $21.105 million at December 31, 2025.

Executive Compensation

Anthony Carroll was appointed President and Chief Executive Officer of FTC Solar, Inc. on April 29, 2026, with an annual base salary of $700,000 and an annual target incentive award of 100% of his base salary, potentially reaching 200%. He will receive a sign-on cash payment of $900,000, paid in installments, and 400,000 Time-Based Restricted Stock Units (RSUs) vesting over three and four years, along with 200,000 Share Target RSUs tied to $10 and $20 price hurdles.

Backlog and New Awards

The contracted portion of the company’s backlog stands at approximately $543 million. FTC Solar, Inc. was awarded a 1GW agreement for 1P trackers from a new customer for multiple project sites in the U.S., with the first of three tranches already contracted.

Outlook

FTC Solar, Inc. anticipates Q1 2026 to be the low point for revenue, with sequential quarterly growth expected for the remainder of the year. The company projects full-year 2026 revenue to grow approximately 40% relative to 2025. For Q2 2026, revenue is guided to be between $22.0 million and $26.0 million, with Non-GAAP adjusted EBITDA expected to range from - $10.5 million to - $7.4 million.