FTC Solar Q1 Revenue Falls 17% with $543M Backlog and New CEO
FTCI•FTC Solar reported Q1 revenue of $17.3M, down 17% year-over-year and 47.5% sequentially, with a GAAP gross loss of $1.2M and an adjusted EBITDA loss of $8.2M. The company appointed Anthony Carroll as CEO and holds a $543M backlog while forecasting 40% full-year revenue growth and sequential gains in 2026.
1. Q1 Financial Performance
In Q1 2026, FTC Solar posted revenue of $17.3 million, down 17% year-over-year and 47.5% sequentially, leading to a GAAP gross loss of $1.2 million and an adjusted EBITDA deficit of $8.2 million. The company also recorded GAAP net income of $32.6 million driven by a non-cash gain on warrant liabilities.
2. Leadership Change
On April 29, Anthony Carroll assumed the CEO role, succeeding the previous management team. The new CEO is expected to drive strategic resets focusing on cost structure optimization and accelerated project execution at this critical inflection point.
3. Backlog and Outlook
FTC Solar’s project backlog stands at approximately $543 million, underpinning future revenue visibility. Management projects Q2 revenue of $22–$26 million, continued negative gross margins with a $7.4–$10.5 million adjusted EBITDA loss, and full-year revenue growth of around 40% over 2025 levels.
