FTCI

EX-99.1

2 ftci-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

FTC Solar Announces Third Quarter 2026 Financial Results

Third Quarter Highlights and Recent Developments

• Third quarter revenue up 25% q/q; profitability metrics within, or better than, target ranges

• Significant new project wins across multiple geographies with several new customers, including Tata Power Solar and Evren, platform backed by Brookfield

• Targeting 46% revenue growth in fourth quarter at mid-point

• Expect continued strong growth and Adjusted EBITDA profitability in 2027 on strength of pipeline

AUSTIN, Texas — November 4, 2026– FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the third quarter ended September 30, 2026.

“We delivered a strong quarter with revenue up 25% sequentially and margins ahead of our targets,” said Anthony Carroll, CEO of FTC Solar. “We expect continued significant growth in the fourth quarter with a path to EBITDA profitability in the first quarter of next year. With significant new awards and growing momentum across North America, India, Australia, and Europe and with AI and robotics enhancing our current and future productivity, we’re well positioned for a strong 2027. Additionally, we obtained independent validation from DNV that our tracker installs in an industry-leading 81 labor hours per megawatt, confirming what customers are telling us: speed in the field is a winning competitive advantage.”

Third Quarter Results

Total third-quarter revenue was $32.8 million. This represents an increase of 25.4% compared to the prior quarter revenue and an increase of 26.1% compared to the year-ago quarter.

GAAP gross profit was $1.9 million, or 5.8% of revenue, compared to gross loss of $2.2 million, or 8.5% of revenue, in the prior quarter. Non-GAAP gross profit was $2.8 million or 8.4% of revenue. This compares to Non-GAAP gross profit of $2.0 million in the prior-year period.

Summary Financial Performance: Q3 2026 compared to Q3 2025

U.S. GAAP

Non-GAAP(b)

Three months ended September 30,

(in thousands, except per share data)

2026

2025

2026

2025

Revenue

$

32,813

$

26,030

$

32,813

$

26,030

Gross margin percentage

5.8

%

6.1

%

8.4

%

7.7

%

Total operating expenses

$

10,441

$

9,299

$

8,096

$

7,986

Loss from operations(a)

$

(8,540

)

$

(7,705

)

$

(5,181

)

$

(3,962

)

Net income (loss)

$

6,702

$

(23,938

)

$

(7,557

)

$

(5,320

)

Diluted loss per share

$

(0.54

)

$

(1.61

)

$

(0.44

)

$

(0.36

)

(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 $10.4 million. On a Non-GAAP basis, operating expenses were $8.1 million. This compares to Non-GAAP operating expenses of $8.5 million1 in the prior quarter and $8.0 million in the year-ago quarter.

GAAP net income was $6.7 million, or a loss of $0.54 per diluted share, compared to loss of $27.1 million or a loss of $1.69 per diluted share in the prior quarter and a net loss of $23.9 million or $1.61 per diluted share in the year-ago quarter.

Adjusted EBITDA loss, which excludes approximately $11.9 million for (i) a gain from the change in fair value of the warrant liability, (ii) certain CEO transition and employee severance costs, and (iii) other non-cash items, was $5.2 million, compared to Adjusted EBITDA losses of $9.8 million1 in the prior quarter and $4.0 million in the year-ago quarter.

The contracted portion of the company's backlog2 now stands at approximately $640 million.

Subsequent Events

Subsequent to quarter end, the company received a number of new project awards, contracts and other agreements across various geographies. A few highlights include:

North America

• Contracted 750-megawatt (MW) project from a well-regarded developer with a high-profile backer for a project to begin in 2027 and continue into 2028;

• Awarded 175MW project in U.S. from a new customer;

• The company is working with Linxon and private equity firm Energy Transition Capital to advance a portfolio of solar projects across multiple locations in Puerto Rico. FTC is currently providing engineering, design and qualification support for this roughly 600-megawatt portfolio; This is among the first activity under the recently announced collaboration with Linxon and Hitatchi Energy establishing a strategic collaboration framework to jointly pursue and deliver utility scale solar projects across North America and other markets;

Europe

• Announced a new collaboration and Master Supply Agreement with AGR Renewables. Under the terms of the agreement, FTC Solar will provide solar trackers, along with design, engineering, site assessment, and software solutions, as needed, to enhance installation speed, ensure site quality and reliability, and improve project profitability. The companies have established an initial target of 500 MW of proje

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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