FTCI

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 8:30 a.m. ET Vice President, Investor Relations - Bill Michalek President and Chief Executive Officer - Anthony Carroll Chief Financial Officer - Cathy Behnen Head of Capital Markets and BD - Patrick Cook Operator: Good day, and thank you for standing by. Welcome to the FTC Solar Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference call over to Bill Michalek. Please go ahead. Bill Michalek: Thank you, and welcome, everyone, to FTC Solar's Second Quarter 2026 Earnings Conference Call. Before today's call, you may have reviewed our earnings release and supplemental financial information, which were posted earlier today. If you haven't reviewed these documents, they're available in the Investor Relations section of our website at ftcsolar.com. I'm joined today by Anthony Carroll, the company's President and CEO; Cathy Behnen, the company's Chief Financial Officer; and Patrick Cook, the company's Head of Capital Markets and BD. Before we begin, I remind everyone that today's discussion includes forward-looking statements based on our assumptions and beliefs in the current environment and speaks only as of the current date. As such, these forward-looking statements include risks and uncertainties, and actual results and events could differ materially from our current expectations. Please refer to our press release and other SEC filings for more information on the specific risk factors. We assume no obligation to update such information except as required by law. As you'd expect, we'll discuss both GAAP and non-GAAP financial measures today. Please note that the earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure. With that, I'll turn the call over to Anthony. Anthony Carroll: Thanks, Bill, and good morning, everyone. I'm pleased to speak with you all today following my first full quarter as CEO. Today, I'll share some thoughts on the state and positioning of the business and some recent highlights, then turn it over to Cathy to tell you about our second quarter revenue, which was at the high end of our range, as well as our continued outlook for a strong second half of the year. If you've been following FTC Solar's progress over the last couple of years, you know that it's about taking the company with a great technology in a 2P niche and opening up the vast majority of the market with a 1P platform. This included developing a really compelling 1P tracker platform, getting qualified on all the modules, expanding the platform for customer needs across wind, snow, and terrain, and then systematically going through the customer qualification and AVL process to gain access to bid on projects. It's been an incredible amount of work by the team, and great work at that, to really put the company in a great position to grow and scale. During that timeline, I was brought in to lead the customer advisory board. Then, late last year, I joined the Board of Directors. At the time of my first conversation with you on the last quarter's earnings call, I was only about 5 days into my tenure as CEO. I now have another 90 days behind me, and by my wife's count, I have spent more than 80 of those days on the road. During that time, I've met with countless customers, prospects, suppliers, employees, and others, and I believe we have continued good progress in the areas where we have momentum, and we have taken early actions in some areas where we have opportunities to improve. Today, I'm going to focus on five key areas. The first is the need to methodically expand our customer base with the top 10 EPCs and developers. We shared last quarter that we had achieved AVL approval from 9 of the top 10 EPCs. This is meaningful, as EPCs don't just add vendors to their AVL for nothing. It's time-consuming and requires a lot of work on both sides. So it truly puts us in a position to bid on a significant and increasing amount of business. Our focus now is on converting these opportunities with this group. A good recent proof point: just within the past 2 weeks, we received a new 400-megawatt PO from a top 5 EPC for a new 1P project that is also for a top 5 developer in the U.S. We have worked with this EPC on other projects recently, and we're excited to see a nice size follow-up on project. We hope to share more news about continuing growth with these customers. We also recently received a new 1P purchase order from a top developer that has been a 2P customer of ours. It's about a 100-megawatt project on the East Coast, but notable that it is our first 1P project with them and represents a continued strengthening of the relationship. And obviously, it's a project in the past would have gone to another top provider. So that's two new projects with top players, and I expect we will add more with the two new customers from the top 10 lists by year-end. There are a couple of common themes that I hear repeatedly from customers and prospects that support our optimism for continued penetration. One is the desire for diversification in the tracker space. While there are good companies in the space, the share is pretty concentrated, and I believe there is a strong interest in having better selection and diversification with another strong player in the mix. And the other theme, which has been remarkably consistent, is that customers genuinely value our products and services. The CEO of a leading developer regularly tells me that our tracker technology is best in class and that we should be a much larger company by now. When our solution, which customers describe as easier and faster to install, enables a crew to finish an installation up to 40% faster and move on to the next project sooner, that translates directly into higher profitability for them. Another industry leader told me recently that IRR is the #1 factor in selecting suppliers. Whether we add value for customers through a faster install, or as is also increasingly the case, through our engineering team enabling more power or less land grading through a more efficient design, that is real value. The second key focus area is to quickly make progress on bookings. We've done a great job getting on AVLs, and actually, since the last call, we were added to the AVLs of 5 more large EPCs and 6 more large developers. We continue that work, but I believe we have a critical mass with customers at this point, and we are in great shape with a significantly expanded opportunity set. Now that we're on the AVLs and getting access to bid, and the quality of our pipeline is improving as more business is tied to larger players, we need to close on an increasing number of projects. To support this, we have been adding strong new talent to bolster our sales team and will continue to add strategically there and in other parts of the company. We've also been utilizing our software team and AI to help improve our bidding and other process throughput and quality, and we are seeing material improvements. International markets also represent a significant opportunity for us. I'll talk more about this in future calls, but to give a couple of updates. We recently had a new win in Australia at about 90 megawatts that has deliveries happening in the second half of the year. We're also set to begin deliveries on a 330-plus megawatt project in Australia in the second half. This is a project that we did first announce in March of 2025, but the project timeline was revised, and we just received notice to proceed in Q2. So while it's not a new win, it's moving ahead, and we're excited about that. And I'm also pleased to announce that we recently entered the India market and have already won multiple initial projects there, ranging from pilot size to 100-plus megawatt projects with large and well-known customers. We will have more to share about our progress there in the coming weeks and months, but I did want to share that news. Shipments in this region have been ongoing in 2026. In aggregate, over the past 3 quarters now, we've been booking close to $60 million per quarter, and we're looking to materially increase that. The third focus area is ramping revenue in the second half of this year and into 2027. We were able to grow revenue by 52% sequentially in the second quarter. We're guiding for Q3 growth at the midpoint of another 24%, and we're reaffirming our full-year growth outlook for 2026 of 40% for the year, implying an even stronger Q4. At this point, we have about 80% of our second half revenue needs already covered, with a number of additional project decisions expected in the coming weeks that have the potential to drive that above 100%, and that's what we're aiming for. More important to me than any particular quarterly growth rate is that we're continuing to execute systematically and layer in more and more projects and build that sustainable growth for the future. And we're on a good path. Fourth, our cost structure and break-even revenue level must improve. The company has made great strides over the past couple of years that will allow for margins to expand materially as revenue grows. But I believe there is a lot more we can do here across engineering, supply chain, and sales to increase our near and longer-term margin capability and accelerate that improvement. For example, we have recently implemented targeted labor and non-labor cost savings initiatives that will more than offset the strategic hiring we're doing. We have also increased our use of software and AI to automate routine workflows and are already seeing improving productivity and new savings opportunities. And another that I'd mention is that since we offer customers an overwhelming advantage in constructability, sharing in or capturing a portion of that incremental value in pricing is another opportunity. Fifth, and finally, we believe robotics will be a major productivity driver for our customers, and we want to help lead that transition. Our team has been engaged since the early days of this technology, optimizing our tracker for robotic compatibility and working closely with vendors across the ecosystem. Last month, we hosted our first Robotics Day at our Austin training facility, bringing together more than 100 attendees from robotic companies, EPCs, developers, and technology partners. The event focused on how automation can accelerate utility-scale construction with live demonstrations across module installation, fastening, pile installation, quality control, and material handling. What I appreciate most about these pioneers is that they aren't just building robots. They're building tools that help people work better. That mindset aligns closely with why FTC was founded. Construction robotics isn't one solution. It's an ecosystem of innovators delivering measurable improvements in productivity, safety, data quality, and decision-making. Robotics is a natural next step in solar installation. The industry needs faster, safer, and more automated processes to reduce install costs and support continued growth. FTC is investing in this future by working with leading companies on open platform-agnostic solutions. We've already generated promising test and pilot results and expect to have these technologies operating on commercial projects with real-world data soon. So, overall, while we still have work to do and need to win much more business, I believe we have the ingredients needed for a strong future growth. The team has done incredible work to make sure that we have excellent products, a complete product offering, one for which now we have AVL approval with a critical mass of customers. We are winning projects and strengthening those customer relationships. We are expanding our international market presence and seeing early wins. And we are working to improve our own efficiency and processes to improve our margin potential and lower our breakeven revenue level. I am extremely proud to be the CEO of FTC Solar. This company has a long history of supporting this industry and really focusing on helping customers. We have been through a lot, and this is a tough industry where so many things can impact your ability to grow and succeed, but our opportunity is great. Our plan is clear. The path to profitability is there, and our second half revenue growth is very strong. My commitment to our shareholders, employees, customers, and partners is to be the best partner we can be. Continue with great support, competitiveness, fast response, and a true partnership approach. And I will continue to be there on the road where the action is, and I'm looking forward to seeing everyone out there, and I also look forward to keeping you updated on our progress. With that, I will turn it over to Cathy. Cathy Behnen: Thanks, Anthony, and good morning, everyone. I'll provide some additional color on our second quarter performance and our outlook. Beginning with a discussion of the second quarter results, revenue was $26.2 million, slightly above the high end of our target range for the quarter. This revenue level represents an increase of 51.5% compared to the prior quarter and an increase of 30.8% compared to the year-earlier quarter. GAAP gross loss was $2.2 million, or 8.5% of revenue, compared to gross loss of $1.2 million, or 7.1% of revenue in the prior quarter. Non-GAAP gross loss was $1.3 million, or 5.1% of revenue, and this quarter's results compared to non-GAAP gross loss of $0.4 million, or 2.2% of revenue in the prior quarter and a $3.5 million gross loss in the year-ago quarter. GAAP operating expenses were $11.5 million. On a non-GAAP basis, operating expenses were $8.5 million, which was in line with our target range. This compares to non-GAAP operating expenses of $7.8 million in the prior quarter and $6.5 million in the year-ago quarter. GAAP net loss, which as a reminder, includes a non-cash accounting adjustment each quarter to adjust warrants to fair value based on the change in our stock price, was $27.1 million, or a net loss of $1.69 per diluted share, compared to income of $32.6 million, or a loss of $0.72 per diluted share in the prior quarter and a net loss of $15.4 million, or $1.18 per diluted share in the year-ago quarter. Adjusted EBITDA loss was $9.8 million, coming in within our guidance range. Adjusted EBITDA excludes approximately $17.3 million net for the change in fair value of the warrant liability, certain transition costs, as well as other non-cash items. On the balance sheet, we ended Q2 with about $11.2 million in cash. While the cash balance was higher than last quarter, this level fell short of the minimum unrestricted cash covenant of $15 million pursuant to our credit agreement. We were also not in compliance with the required minimum direct margin covenant for the quarter. Our lenders have provided waivers for these second quarter covenants, so the debt is not callable. However, as a result of the accounting treatment associated with these covenant matters, all outstanding borrowings under the credit agreement were classified as current as of June 30th. This classification will be reconsidered following the actual results of our near-term operating results and any capital raising activities. Subsequent to quarter end, we entered into an agreement to establish an equity line of credit, or ELOC, with an institutional investor. This facility, which has an aggregate maximum value of $20 million, has been established but not yet utilized. We believe this agreement will provide the company with an additional and flexible source of fundingas may be appropriate. Combined with our expected revenue growth and ongoing working capital initiatives, we believe we have multiple avenues to support our liquidity needs as we execute against our growth plans. With that, let us turn our focus to the outlook. We indicated last quarter that we expected full-year 2026 revenue to outpace the market and grow by at least 40% relative to 2025 and that we would see sequential growth for the remainder of the year. This continues to be our expectation. Breaking that down further, our targets for the third quarter call for the following: revenue between $30 million and $35 million; non-GAAP gross profit between negative $0.9 million and a positive $1.8 million, or between negative 3% and positive 5.1% of revenue; non-GAAP operating expenses between $7.7 million and $8.3 million; and finally, adjusted EBITDA loss between $9.3 million and $6.0 million. With that, we conclude our prepared remarks, and I will turn it over to the operator for any questions. Operator? Operator: [Operator Instructions] The first question comes from the line of Jeff Osborne of TD Cowen. Jeffrey Osborne: Just a couple of questions on my side. Cathy, I think on the covenants on the debt in the past, I believe for Q3 you needed $50 million of revenue, and obviously, the guidance is below that. Do you have a waiver on that provision as well? You mentioned a few waivers in your prepared remarks. Cathy Behnen: Thanks for the question. The waiver that we got was for Q2 specifically, and we'll continue to work with our lenders. They've been very supportive to us as we've had this chat with them, and they will -- we expect they'll continue to work with us as we go forward, but this was specifically a waiver for Q2. Jeffrey Osborne: Got it. And then maybe for Anthony, thanks for all the detailed remarks on the call. How should we think about the typical lag of the purchase orders that you highlighted on the call relative to the timing of revenue recognition? I'm just trying to reconcile the bookings momentum relative to the guidance that you gave and reiterated for the year, but acknowledging that it's only 80% covered. Anthony Carroll: Thanks for the question, Jeff. I think the percentage of projects that we have in bookings is actually a very positive percentage. When you talk about revenue recognition, there's a few rules that tie into that, but also tied into your lead time in the tracker industry, lead time is around or even sometimes under that 20-week mark. So it's actually a very positive indicator that as of the end of last quarter, we have more than 80% of the revenue of the second half of the year guaranteed by booked projects that are currently in execution. Jeffrey Osborne: Got it. Maybe the last one for me, Cathy. Some of your peers have talked about IEPA refunds from tariffs. Were there any refunds in the quarter? Do you anticipate any in the second half of the year? Cathy Behnen: Yes, we continue to work with our brokers and so forth and filing for the IEPA refunds and working those through. But they did not occur in Q2, but we expect to see some of that activity flowing through in Q3. Operator: The next question comes from the line of Philip Shen of ROTH Capital Partners. Philip Shen: I wanted to see if you could give us a sense of how gross margins might trend in Q4, Q1, and beyond. Would you expect -- looks like the guidance for Q3 is, you know, roughly breakeven. Would you expect to see positive gross margins in Q4? And do you think that could sustain if positive in Q1? Cathy Behnen: Yes, I think, Phil, as you look at our business, right, we've talked quite a bit before that, you know, we have a good cost structure, and we continue to focus on improving our cost structure. And Anthony has put in a lot of, you know, programs since he's joined on focusing on improving our cost structure, continuing to do process improvements, and as we scale, we'll continue to scale more efficiently, right? So it's a volume game. And as you continue to see our volume -- our top-line volume growth, you'll also see, you know, expansion in our margin performance as well. Anthony Carroll: Thanks, Cathy. And to add to that, Phil, I think when you think about gross margin and how they trickle through the financials, it's important to highlight that as we work with those Tier 1 customers, we are going to be working on more large projects that have an ability to forecast margin better. We're also working a lot in our supply chain, signing MSAs with large, for example, steel suppliers that allow to improve those margins going forward. And as Cathy mentioned, we're also implementing some efficiency strategies internally to be able to continue to support those margins. So yes, we do expect that they will continue to improve in the future. Philip Shen: Great. Thanks, Anthony. You shared some color on how you're working to improve cost structure and taking costs out. Can you give us a little more color on the internal strategies, for example? Anthony Carroll: Yes, and this is a usual question, right? When you talk about efficiencies, people have different ideas of what that means. I think it's a combination of a couple of things. We have a very strong software, AI, and robotics organization within the company. When I joined, I identified some really strong talent there, and what we decided was let's apply AI systems and processes across the rest of the company to be able to be more efficient, to be able to reduce cost, to be able to increase that efficiency as not just we execute the same tasks, but we continue to grow. So you have the balance between larger pipeline, we're executing more projects, we're quoting more projects, but at the same time, we're reducing the time that it takes us to quote these projects. So in the areas where talent is needed, as I mentioned, sales and customer support team, we're actually growing. And then in other areas where we are processing tasks that are repeatable and can be systematically improved, we are executing those efficiencies. Philip Shen: Great. Okay. Thank you. And then what do you think is -- what kind of margin benefits could we see, you know, in the near term? Or do you think it takes a year or so to have these programs mature? And do you think this is like a 50-basis-point move in margins, or it might be too early to quantify? But just curious if you have any thoughts. Anthony Carroll: Thanks, Phil. It's a very good question. I don't expect it will take a year to trickle through the organization. As you know, I'm 90 days in, and they have been great 90 days, and those efficiencies and those strategies are being implemented as we speak. I really hope to be able to show results, not just promises of these efficiencies in the next call, and I definitely expect some of those efficiencies to trickle through our financials in Q4. Philip Shen: Okay, thank you. Shifting over to your business development and activities, was wondering if you could give us more color on the potential wins that we might see ahead. You received this 1P order from, I think, EPC or a developer that historically had been 2P. And so what's on the docket here with all the travels that you have? Anthony Carroll: Thank you, Phil. Let me break that down into a few different parts, maybe. One, with regards to the U.S., as you know, we just didn't have the right product a year ago, right? So it took time to go through those AVLs and get approved by those customers. This very large order that we just share with the group today is an example of a very known, very strong EPC selecting us for one of their biggest projects that is also for one of the largest developers. So I see that as a result of all these initiatives and strategies that we've been sharing with you in the past. So good progress there with one of our top customers. The other customer you mentioned who has always used our 2P, I think that really validates how good the company is in supporting customers. They wouldn't continue to work with us with now a new product if they weren't extremely happy with the support we've been giving them. So with regards to the U.S., as I shared, we see really good traction. Allow me also just to mention a little bit on the global expansion. On my first earnings call, I shared that one of the reasons why I had been brought on was to scale the company, but also focus on international growth. We saw great success in Australia. I'm actually going to be there next week, tying into your comment about travel, meeting the CEOs of many strong developers and EPCs in the region, and I'm happy to see that progress. We also mentioned India. I think India is a great market where we have competitors that have healthy margins. I think the companies that have struggled in India are the ones that don't have a strong infrastructure in India. We do have that infrastructure. And then we've also hired some critical talent in Spain. As some of you know, I'm very closely tied to that country and my previous companies. And we found some great talent, many of them from competition, that have chosen to join us. And we'll be able to share more about that soon. Operator: [Operator Instructions] The next question comes from the line of Sameer Joshi of H.C. Wainwright. Sameer Joshi: So just digging a little bit deeper into the order activity and how it relates to the revenues. I think it was $60 million that you are booking on average a quarter. Given your outlook of 40% year-over-year growth, your fourth quarter needs to be about that $60 million given your Q3 guidance. Also, juxtapose that with the 20-week lead time you mentioned, I'm just trying to figure out what your 2027 revenues might look like. Anthony Carroll: Thank you for the question, Sameer. I will answer it in two different ways. One, I won't be giving guidance to our 2027 revenue or target just yet. That should come soon. But with regards to our confidence on the bookings, yes, I am very confident that we are going to trail at the number that you just mentioned. And my confidence comes from a few different places. One, as I mentioned, we're expanding the customer base in the U.S. and we quote more projects than we've ever quoted before. So if you extrapolate that to your question, that gives me optimism and confidence on turning those bookings into revenue. And the other one is diversification, right? Before we were focused on the U.S. market, and it was a binary approach where some of these large projects may happen or not happen, which then caused that fluctuation if they didn't happen. I think now with having more regions, with having a global approach, and with the progress that we mentioned in the U.S., I am comfortable with being able to keep the booking level high and continue to succeed in the coming quarters. Sameer Joshi: Sounds good. And just a little bit more on converting pipeline into backlog. It's great to see you have 9 of the top 10 AVLs. Just would like to understand when you are winning, how you are winning, and what are the reasons that you may be not winning some of these bids? Anthony Carroll: That's a great question, Sameer. Thank you. Let me start by the not winning. It just -- it takes time. When you think about the design of a project, some projects are designed years before they're built. A year ago, nobody could design the 1P incredible product by FTC because it didn't exist. So there is a process that has to be followed. Getting on those AVLs, as you very well know, takes time and takes a lot of effort, and it is not a free effort. EPCs don't just qualify trackers for the sake of having more options that they're never going to use. They qualify a tracker because they intend to use it. I think one of the challenges we have faced is just time getting through that process, we would have loved that process to be faster, but we follow the timelines of our customers, and it is a very thorough process. It includes financial due diligence, it includes technical seminars, it includes meetings, and maybe as an anecdote, I was on a call with a top customer of ours that you know very well from the market who had along with the developer more than 20 people in our lab, in our installation facility in Austin, and I got from them the continuous feedback that we have a great product and that they continue to want to work with us on new projects. So it's a process, and the time that it's taken has been, as I mentioned, a challenge. On the positive note, customers that use the tracker use it again. And for me, this is fundamental. If a customer uses your tracker and then decides to go somewhere else, that means you have a problem either in execution or in the product. We don't have those problems. Customers continue to trust us and continue to invest in FTC. And if I may, the last positive remark I would like to share is we're competitive. We continue to compete with companies who are great and much bigger than we are, but we believe we have a great product that is faster and safer to install, and we can compete head-to-head with these customers in the market. Sameer Joshi: That is really good color. I think if in the future you could highlight the number of repeat orders from -- rather repeat orders from customers, that would be great. Thanks for that color. And then this last one on inventory management. It seems given your revenue levels, the inventories are really nicely managed. Should we expect that kind of working capital control in the future when revenues might increase from here? Cathy Behnen: Sameer. Yes, thank you for the question. Yes, we watch that very carefully, and, you know, we really try and time our inventories with the project needs and trying to be just in time. So we'll continue that as we scale the business moving forward. Operator: I am showing no further questions, so this concludes the question and answer session. I will now turn the call back over to management for any closing remarks. Anthony Carroll: Thank you, and thank you, everyone, for listening in and joining us today. I did want to share some closing remarks. As I mentioned on the call, I'm very proud to be the CEO of FTC. This is a tough market, but for those of us who have worked in it for a long time, we really do love what we do, and we continue to support our customers and the market in general. As you know, we beat on revenue in Q2. As I also mentioned, we were awarded multiple new projects that make us very excited about the future. We also are going to guide to a great H2 and we have more than 80% of that revenue already in backlog with executed projects. I promised you that we would grow the company internationally, and we have done that, and we continue to do that, and we continue to focus on better systems and AI to improve efficiency and serve our customers better. And also robotics, I believe, is going to be a great part of the future of this industry, and FTC is going to be right there and growing and increasing efficiency and building projects for our customers. So thank you very much. Operator: This concludes today's conference call. You may now disconnect. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is pivoting the company from a 2P niche player to a broad-market 1P tracker provider, having successfully qualified the new platform for various environmental conditions and module types. Performance is increasingly driven by Tier 1 EPC and developer relationships, evidenced by achieving AVL status with 9 of the top 10 EPCs and securing a 400-megawatt order from a top 5 EPC. The value proposition centers on 'constructability,' with management claiming their solution allows crews to finish installations up to 40% faster, directly improving customer IRR. Strategic positioning focuses on being the primary diversification choice for developers seeking to reduce vendor concentration in a highly consolidated tracker market. Operational efficiency is being addressed through the integration of AI and software to automate routine workflows, aiming to reduce the time required for project bidding and quoting. International expansion is accelerating with new project wins in India and a significant 330-plus megawatt project restart in Australia. Management reaffirmed a full-year 2026 revenue growth outlook of 40%, which implies a significantly stronger fourth quarter following the projected 24% sequential growth in Q3. Revenue visibility for the second half of 2026 is high, with approximately 80% of needed revenue already covered by booked projects currently in execution. The company expects gross margins to improve in Q4 and beyond as larger projects with Tier 1 customers allow for better forecasting and volume-based supply chain efficiencies. Future margin expansion is dependent on implementing targeted labor and non-labor cost savings initiatives intended to offset strategic hiring in sales and customer support. Management anticipates robotics will become a major productivity driver, moving from recent pilot tests to commercial projects with real-world data in the near term. The company was not in compliance with minimum unrestricted cash ($15 million) or direct margin covenants for Q2, though lenders provided waivers to prevent debt from being callable. All outstanding borrowings were reclassified as current liabilities as of June 30th due to the covenant breaches, a status that will be reconsidered based on future capital raising or operating results. A new $20 million equity line of credit (ELOC) was established post-quarter end to provide a flexible funding source, though it has not yet been utilized. Management is pursuing IEPA refunds from tariffs through brokers, with activity expected to flow through financial results starting in Q3. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the current waiver applies specifically to Q2; they expect continued lender support but did not confirm a waiver for the previously discussed $50 million Q3 revenue covenant. The company is relying on its projected revenue growth and the new ELOC to manage liquidity and satisfy lender requirements. Tracker industry lead times are currently around or under 20 weeks, which supports the conversion of recent bookings into H2 2026 revenue. The 80% coverage of second-half revenue is considered a 'very positive indicator' of the company's ability to meet its annual growth targets. Efficiency gains are being driven by applying AI systems to repeatable tasks like project quoting, allowing the company to handle a larger pipeline without proportional headcount increases. Management expects these efficiency strategies to begin trickling through to the financial results as early as Q4 2026. The primary challenge in winning business has been the 'time-consuming' nature of the design cycle, as projects are often designed years before construction begins. Management noted that since their 1P product is relatively new, it is only now entering the window where it can be selected for projects currently reaching the construction phase.

Interested in FTC Solar, Inc.? Here are five stocks we like better. Revenue growth accelerated: FTC Solar reported second-quarter revenue of $26.2 million, up 51.5% sequentially and 30.8% year over year. It forecast third-quarter revenue of $30 million to $35 million and reaffirmed expectations for at least 40% revenue growth in 2026. Customer and international expansion strengthened: The company secured new 1P tracker orders totaling about 500 megawatts, expanded approved-vendor-list access with major EPCs and developers, and won projects in Australia and India. Profitability and liquidity remain challenges: FTC Solar posted a $27.1 million GAAP net loss, continued to report negative gross margins and ended the quarter with $11.2 million in cash, below a debt-covenant minimum. Lenders waived the covenant breaches, while the company established a potential $20 million equity facility after quarter-end. FTC Solar (NASDAQ:FTCI) reported second-quarter revenue at the high end of its guidance range and reaffirmed its expectation for at least 40% revenue growth in 2026, as the solar-tracker company seeks to convert expanded customer approvals into larger project wins. Revenue for the second quarter was $26.2 million, up 51.5% sequentially and 30.8% from the prior-year quarter, Chief Financial Officer Cathy Behnen said during the company’s earnings call. The company guided for third-quarter revenue of $30 million to $35 million and said it expects sequential growth through the rest of the year. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control President and Chief Executive Officer Anthony Carroll, who completed his first full quarter in the role, said the company has focused on extending its product reach beyond its historical two-panel tracker niche through its one-panel, or 1P, platform. The strategy has included product development, module qualifications, expansion for wind, snow and terrain requirements, and placement on customer approved-vendor lists. Carroll said FTC Solar has secured approved-vendor-list, or AVL, status with nine of the 10 largest engineering, procurement and construction firms, or EPCs. Since the prior earnings call, the company also has been added to the AVLs of five additional large EPCs and six large developers, he said. → 3 Drone Stocks That Should Soar After the Summer Slump The company recently received a 400-megawatt purchase order from a top-five EPC for a new 1P project serving a top-five U.S. developer, Carroll said. FTC Solar also received a roughly 100-megawatt 1P order on the East Coast from a developer that had previously been a customer for its 2P products. Carroll said the company expects to add more projects involving two new customers from its top-10 customer list by year-end. He cited customer interest in supplier diversification and described the company’s installation advantages as a factor in its sales efforts. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure “When our solution, which customers describe as easier and faster to install, enables a crew to finish an installation up to 40% faster and move on to the next project sooner, that translates directly into higher profitability for them,” Carroll said. FTC Solar said it has booked close to $60 million per quarter in aggregate over the past three quarters and is seeking to increase that figure materially. Carroll did not provide 2027 revenue guidance but said management is confident that bookings can remain elevated as the company pursues a larger volume of bids and expands geographically. International markets are becoming a larger part of FTC Solar’s growth plan. The company announced a new approximately 90-megawatt project win in Australia, with deliveries expected during the second half of 2026. It also expects to begin deliveries on a more than 330-megawatt Australian project in the second half after receiving a notice to proceed in the second quarter. That project was initially announced in March 2025, but its timeline was revised. Carroll also said FTC Solar has entered India and has won multiple initial projects there, ranging from pilot projects to projects exceeding 100 megawatts. Shipments in the region have been ongoing during 2026, he said. The company is also adding sales and customer-support personnel while using software and artificial intelligence tools to improve its bidding processes and other operational workflows. Carroll said the company has implemented targeted labor and non-labor cost-saving measures that are expected to more than offset strategic hiring. Despite revenue growth, FTC Solar continued to report gross and operating losses in the quarter. GAAP gross loss was $2.2 million, or 8.5% of revenue, compared with a $1.2 million gross loss in the first quarter. Non-GAAP gross loss was $1.3 million, or 5.1% of revenue, compared with a $0.4 million non-GAAP gross loss in the prior quarter. GAAP operating expenses totaled $11.5 million, while non-GAAP operating expenses were $8.5 million, in line with the company’s target range. Adjusted EBITDA loss was $9.8 million, within guidance. GAAP net loss was $27.1 million, or $1.69 per diluted share; Behnen said the result included a non-cash quarterly adjustment related to the fair value of warrants. For the third quarter, FTC Solar forecast non-GAAP gross profit ranging from a loss of $0.9 million to a profit of $1.8 million. It forecast non-GAAP operating expenses of $7.7 million to $8.3 million and an adjusted EBITDA loss of $9.3 million to $6 million. Management said margin performance should improve as volume increases, aided by supply-chain initiatives, larger projects with more predictable margins, and internal efficiency efforts. Carroll said he expects some of those improvements to begin affecting financial results in the fourth quarter. The company ended the second quarter with approximately $11.2 million in cash. Behnen said the balance was below the $15 million minimum unrestricted-cash covenant in its credit agreement, and FTC Solar also did not meet its required minimum direct-margin covenant for the quarter. Lenders granted waivers for the second-quarter covenant breaches, meaning the debt was not callable, though all outstanding borrowings were classified as current as of June 30 because of the accounting treatment. After quarter-end, FTC Solar established an equity line of credit with an institutional investor with a maximum aggregate value of $20 million. The facility had not been used as of the call. Behnen said the company believes the facility, expected revenue growth and working-capital initiatives provide multiple options to support liquidity needs. FTC Solar is also pursuing construction automation opportunities. The company hosted its first robotics day at its Austin training facility last month, bringing together more than 100 attendees from robotics companies, EPCs, developers and technology partners, Carroll said. The event included demonstrations involving module installation, fastening, pile installation, quality control and material handling. Carroll said the company has generated test and pilot results and expects robotic technologies to begin operating on commercial projects with real-world data in the future. “The industry needs faster, safer, and more automated processes to reduce install costs and support continued growth,” Carroll said. 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. 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 [email protected]. The article "FTC Solar Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second Quarter Highlights and Recent Developments Second quarter revenue up 52% q/q, 31% y/y, ahead of target Awarded 400MW project with top EPC and top developer Awarded 80+MW project in Australia for 2H delivery Scheduled to begin deliveries on 330+MW Australia project Announced entry into India market with multiple initial project wins Reaffirm outlook for 40% y/y revenue growth in 2026 Announced agreement for up to $20 million equity line of credit with institutional investor AUSTIN, Texas, Aug. 05, 2026 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the second quarter ended June 30, 2026. “We’re pleased to report that second quarter results were in line with or better than our targeted ranges,” said Anthony Carroll, President and CEO of FTC Solar, “and that we remain on track to outpace the market with 40% annual revenue growth in 2026. “While I am just over one quarter into my tenure as CEO, the company has done an incredible amount over the past two years to put the company in a great position to grow and scale. This includes developing and introducing a 1P tracker line that is regarded by customers as easier and faster to install and an engineering capability that is willing to go the extra mile and increasingly helps enable more power or less land grading through a more efficient design. “To build on that foundation and continue the momentum, we have been focused on five key areas. They include: Expanding top 10 customer base. Following great work to achieve qualification with top prospects, including 9 of the top 10 EPCs, the focus now is on converting these opportunities and expanding our customer base within this group. We have recently signed two projects associated with three top developers and EPCs and expect to add projects with two more by year-end. Making immediate bookings progress. With a significantly expanded overall customer base and improved access to bid opportunities, our focus is now on converting that stronger pipeline into bookings. We're investing in sales talent, AI-driven bidding capabilities, and international expansion, with meaningful momentum in Australia and new entry into India reinforcing the opportunity ahead. Ramping second half revenue. Following 52% sequential growth in the second quarter, we’re looking for another 24% growth in Q3 before accelerating again in Q4. We’re reaffirming our full-year 2026 growth outlook of 40%. While we will look to grow even faster, what is most important is systematic execution and layering on an increasing amount of projects to build sustainable future growth. Cost and breakeven optimization: Improving our cost structure and lowering our breakeven revenue level remain key priorities. Through targeted cost savings, greater use of AI and automation, and better monetization of the value we deliver to customers, we see meaningful opportunities to expand margins as the business grows. Robotics and AI: We believe robotics will be a major productivity driver for our customers, and we want to help lead that transition. We've already generated promising test and pilot results and expect to have these technologies operating on commercial projects with real-world data soon. “Overall, while we still have work to do and need to win much more business, I'm proud of what our team has accomplished and confident in where we're headed. We have the products, the partnerships, and the strategy to drive sustainable growth, and we'll continue earning trust through execution and customer focus. Our opportunity is great, our plan is clear, the path to profitability is there, and our second half revenue growth outlook is very strong.” Second Quarter ResultsTotal second-quarter revenue was $26.2 million. This represents an increase of 51.5% compared to the prior quarter revenue and an increase of 30.8% compared to the year-ago quarter. GAAP gross loss was $2.2 million, or 8.5% of revenue, compared to gross loss of $1.2 million, or 7.1% of revenue, in the prior quarter. Non-GAAP gross loss was $1.3 million or 5.1% of revenue. This compares to Non-GAAP gross loss of $3.5 million in the prior-year period. Summary Financial Performance: Q2 2026 compared to Q2 2025 (a)   Adjusted EBITDA for Non-GAAP(b)   See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures GAAP operating expenses were $11.5 million. On a Non-GAAP basis, operating expenses were $8.5 million. This compares to Non-GAAP operating expenses of $7.8 million1 in the prior quarter and $6.5 million in the year-ago quarter. GAAP net loss was $27.1 million, or a loss of $1.69 per diluted share, compared to income of $32.6 million or a loss of $0.72 per diluted share in the prior quarter and a net loss of $15.4 million or $1.18 per diluted share in the year-ago quarter. Adjusted EBITDA loss, which excludes approximately $17.3 million for (i) a loss from the change in fair value of the warrant liability, (ii) certain CEO transition costs, and (iii) other non-cash items, was $9.8 million, compared to Adjusted EBITDA losses of $8.2 million1 in the prior quarter and $10.4 million in the year-ago quarter. The contracted portion of the company's backlog2 now stands at approximately $560 million. During the quarter, the company received a purchase order for its first 1P tracker system with a top U.S. developer, which has heretofore been a 2P customer. The project is just over 100 megawatts and located on the East Coast. The company is very pleased to expand its relationship with this developer. The company also received notice to begin production on a 330+ megawatt project in Queensland, Australia. FTC first announced the project award in March 2025 with tracker production at the time expected to begin in mid-2025. The project timeline has been revised and now finalized with notice to proceed issued during the second quarter. Tracker deliveries begin in the second half of 2026. The aggregate value of the project was added to the company’s backlog in 2025 and was reflected in the most recent backlog disclosed on May 5, 2026. The company also announced that it has recently entered the India market, and has already won multiple initial projects there, ranging from pilot to 100+ megawatt projects with large and well-known customers. Shipments in this region have been ongoing in 2026. Subsequent EventsSubsequent to quarter end, the company received a new 400 megawatt purchase order for a 1P project being constructed by a top 5 U.S. EPC and a top 5 U.S. developer. The company has worked with this EPC on other projects recently and is pleased to see a nice-sized follow-on project. In addition to its financial results, the company announced that it has entered into a purchase agreement establishing an Equity Line of Credit (“ELOC”) with Lincoln Park Capital, a long-only institutional investor. Under the terms of the agreement and subject to certain conditions, FTC Solar has the right to sell, and Lincoln Park is obligated to purchase, up to $20 million worth of common shares at prices that are based on the market price at the time of each sale. FTC Solar, at its sole discretion, controls the timing and amount of all sales of shares associated with the ELOC. There are no upper limits to the price per share Lincoln Park may pay and Lincoln Park has agreed not to enter into or effect any direct or indirect short-selling or hedging of our common stock. There are no warrants, derivatives, or other share classes associated with this agreement. The company believes that this agreement will provide the company with an additional and flexible source of funding as may be appropriate. OutlookThe company expects third quarter revenue to grow by roughly 24% relative to the second quarter, based on the midpoint of the guidance range. The company expects further sequential growth in the fourth quarter and continues to expect full-year revenue 2026 growth of 40% relative to 2025, outpacing the market. Second Quarter 2026 Earnings Conference CallFTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its second quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar's website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast. About FTC Solar Inc. Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage. Footnotes1. A reconciliation of the prior sequential quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on May 5, 2026. 2. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors. 3. We do not provide a quantitative reconciliation of our forward-looking Non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures. Forward-Looking StatementsThis press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law. FTC Solar Investor Contact:Bill Michalek Vice President, Investor Relations FTC SolarT: (737) 241-8618 E: [email protected] Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP MeasuresWe utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net income (loss) plus (i) provision for (benefit from) income taxes, (ii) interest expense, less interest income, (iii) depreciation expense, (iv) amortization expense, (v) stock-based compensation, (vi) loss from changes in the fair value of our warrant liability, and (vii) Chief Executive Officer ("CEO") transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct (i) the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary, and (ii) gains from changes in the fair value of our warrant liability from net income or loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net income (loss) plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in the fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct (i) the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary, and (ii) gains from changes in the fair value of our warrant liability from net income (loss) in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding. Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these Non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies. Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below. The following table reconciles Non-GAAP gross loss to the most closely related GAAP measure for the three and six months ended June 30, 2026 and 2025, respectively: The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and six months ended June 30, 2026 and 2025, respectively: The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and six months ended June 30, 2026 and 2025, respectively: The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net income (loss) for the three months ended June 30, 2026 and 2025, respectively:

Anthony Carroll was appointed president and CEO as the board looks to scale the business; Carroll said he will invest capital and leverage his operational experience to push FTC toward becoming a global tracker leader. FTC reported Q1 revenue of $17.3 million, below expectations due to a delayed project (roughly $3–4M), with an $8.2M adjusted EBITDA loss and GAAP results materially swung by a ~$48.7M non‑cash gain from warrant remeasurement. The company emphasized improving commercial momentum—gaining AVL access to nine of the top 10 EPCs, winning a 1 GW Safe Harbor award described as a "triple‑digit millions" contributor, and raising contracted backlog to about $543 million—supporting guidance for sequential growth and roughly 40% full‑year 2026 revenue growth. Interested in FTC Solar, Inc.? Here are five stocks we like better. 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. 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.” → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook 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.” → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches 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. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries 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. 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. 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. 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. 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. The article "FTC Solar Q1 Earnings Call Highlights" was originally published by MarketBeat.

Weak quarterly performance contrasts with new leadership and expectations for growth recovery later in 2026. FTC Solar, Inc. (NASDAQ:FTCI) reported Q1 earnings marked by a sharp revenue decline and continued losses, alongside a CEO transition that could signal a shift in strategy. For investors, the update highlights near-term operational challenges but also introduces a potential inflection point under new leadership. FTC Solar (NASDAQ:FTCI) posted revenue of $17.3M, down 17% year over year and 47.5% sequentially. The company reported a gross loss and continued negative EBITDA, reflecting ongoing margin pressure. A new CEO appointment may signal strategic changes at a critical stage for the business. Backlog remains significant at approximately $543M, offering future revenue visibility. Management expects sequential growth through 2026, with full-year revenue projected to rise ~40% vs. 2025. FTC Solar reported first-quarter revenue of $17.3 million, declining from $20.8 million in the same period last year and significantly lower than the prior quarter. The company recorded a GAAP gross loss of $1.2 million, compared to a gross profit of $4.9 million in the previous quarter. Non-GAAP gross loss was $0.4 million. Operating losses continued, with GAAP operating expenses of $10.8 million and an adjusted EBITDA loss of $8.2 million. GAAP net income was reported at $32.6 million due to a non-cash gain related to warrant liabilities, while adjusted net results remained negative. The company also announced a leadership transition, with Anthony Carroll appointed CEO effective April 29. Additionally, FTC Solar secured a new 1 gigawatt tracker award in the U.S., with part of the project already contracted. The company reported a backlog of approximately $543 million. For Q2 2026, FTC Solar expects: Revenue between $22 million and $26 million Continued negative gross margin Adjusted EBITDA loss between $7.4 million and $10.5 million The Q1 earnings highlight ongoing operational challenges, including declining revenue and persistent losses, which may weigh on near-term sentiment. However, the sizable backlog and new project awards suggest underlying demand for solar tracker systems remains intact. The appointment of a new CEO introduces a potential strategic shift, particularly as the company describes the current period as a “critical inflection point.” Leadership changes at this stage may influence execution, cost structure, and growth strategy. Management’s expectation of sequential revenue growth and ~40% annual expansion suggests a recovery narrative, but this outlook may depend on project execution, margin improvement, and broader solar market conditions. Execution under the new CEO and any strategic changes Conversion of backlog into recognized revenue Progress toward improving margins and reducing losses Delivery timelines for the 1 GW tracker award Ability to meet full-year growth expectations FTC Solar’s Q1 earnings reflect a challenging start to the year, with declining revenue and continued losses. While new leadership and a strong backlog may support a recovery narrative, investors are likely to focus on execution and margin improvement as key factors in the company’s near-term outlook. FTC Solar stock price

Anthony Carroll First Quarter Highlights and Recent Developments Awarded 1GW agreement for 1P trackers from new customer with a leading global company offtaker First quarter revenue of $17.3 million Profitability metrics (ex-warrant gain) within target ranges Leadership transition announced with Board Member Anthony Carroll appointed CEO AUSTIN, Texas, May 05, 2026 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the first quarter ended March 31, 2026 and a leadership transition. Leadership Transition Board Member Anthony Carroll has been appointed President and Chief Executive Officer of FTC Solar, effective April 29. Carroll brings strong renewables experience with a proven track record of scaling operations and driving value creation. He most recently served as CEO of Veev, a subsidiary of Lennar focused on efficient and sustainable homebuilding. Prior to joining Veev in early 2024, he was the President of Powin, a global leader in energy storage systems. He has also served as Managing Director at Siemens Gamesa Electric, leading the Power Conversion and Energy Storage business in North America, as well as in leadership roles for Schneider Electric and Power Electronics. "We are excited to welcome Anthony in this new capacity, at what we believe is a critical inflection point for the business," said Shaker Sadasivam, Chairman of the Board, FTC Solar. "His operational depth, dynamic leadership, and demonstrated success in scaling growth businesses make him exceptionally well-suited to lead FTC Solar into its next chapter. We have a strong foundation now, and we believe the best is ahead for this business, our customers, and our team." “Yann Brandt stepped into FTC at an important inflection point and delivered what was needed to position the company for its next stage of growth,” Sadasivam continued. “We are grateful for his contributions to FTC Solar and wish him well in his future endeavors." First Quarter Results Total first-quarter revenue was $17.3 million. This represents a decrease of 47.5% compared to the prior quarter revenue and a decrease of 17.0% compared to the year-ago quarter. GAAP gross loss was $1.2 million, or 7.1% of revenue, compared to gross profit of $4.9 million, or 14.9% of revenue, in the prior quarter. Non-GAAP gross loss was $0.4 million or 2.2% of revenue. This compares to Non-GAAP gross loss of $3.0 million in the prior-year period. Summary Financial Performance: Q1 2026 compared to Q1 2025 (a) Adjusted EBITDA for Non-GAAP (b) See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures GAAP operating expenses were $10.8 million. On a Non-GAAP basis, 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 year-ago 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 year-ago quarter. Adjusted EBITDA loss, which excludes approximately $40.8 million for (i) a gain from the change in 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 million1 in the prior quarter and $9.8 million in the year-ago quarter. The contracted portion of the company's backlog2 now stands at approximately $543 million. Subsequent Events In addition to its financial results, the company announced that it has received a new award for 1 gigawatt of trackers for multiple project sites in the U.S. The award comes from a new customer, a private equity-backed portfolio company developing projects with high-profile corporate offtakers. The first of three roughly equal project tranches under this award has been contracted. Outlook The company continues to expect the first quarter to represent the low point in revenue for the year, with sequential quarterly growth for the remainder of 2026. With recent new wins and visibility, the company also has increasing confidence that full-year revenue will outpace the market in 2026 and represent growth of approximately 40% relative to 2025. First Quarter 2026 Earnings Conference Call FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its first quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar's website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast. About FTC Solar Inc. Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage. Footnotes 1. A reconciliation of the prior sequential quarter Non-GAAP financial measures to the nearest comparable GAAP measures is shown below: 2. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors. 3. We do not provide a quantitative reconciliation of our forward-looking Non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures. Forward-Looking Statements This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law. FTC Solar Investor Contact: Bill Michalek Vice President, Investor Relations FTC Solar T: (737) 241-8618 E: [email protected] Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net income (loss) plus (i) provision for (benefit from) income taxes, (ii) interest expense, less interest income, (iii) depreciation expense, (iv) amortization expense, (v) stock-based compensation, (vi) loss from changes in the fair value of our warrant liability, and (vii) Chief Executive Officer ("CEO") transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct (i) the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary, and (ii) gains from changes in the fair value of our warrant liability from net income or loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net income (loss) plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in the fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct (i) the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary, and (ii) gains from changes in the fair value of our warrant liability from net income (loss) in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding. Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these Non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies. Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below. The following table reconciles Non-GAAP gross loss to the most closely related GAAP measure for the three months ended March 31, 2026 and 2025, respectively: The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three months ended March 31, 2026 and 2025, respectively: The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three months ended March 31, 2026 and 2025, respectively: The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net income (loss) for the three months ended March 31, 2026 and 2025, respectively: A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37459344-00b6-482f-b800-1e7ae6d53ea9