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EX-99.1

3 ftci-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

FTC Solar Announces First Quarter 2026 Financial Results

and Leadership Transition

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 5, 2026– 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

U.S. GAAP

Non-GAAP(b)

Three months ended March 31,

(in thousands, except per share data)

2026

2025

2026

2025

Revenue

$

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) 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 g

8-K

0001828161false00018281612026-03-052026-03-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 5, 2026

FTC Solar, Inc. (Exact name of registrant as specified in its charter)

Delaware

001-40350

81-4816270

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

10900 Stonelake Blvd, Suite 100, Quarry Oaks II Building, Austin, Texas

78759

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (512) 481-4271

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value

FTCI

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On March 5, 2026, FTC Solar, Inc. (the "Company") issued a press release regarding its financial results for the fourth quarter ended December 31, 2025. A copy of the Company's press release is furnished herewith as Exhibit 99.1.

The information furnished in this Current Report under this Item 2.02 and the exhibit furnished herewith shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press release dated March 5, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FTC SOLAR, INC.

Date:

March 5, 2026

By:

/s/ Cathy Behnen

Cathy Behnen, Chief Financial Officer