Management ChangeMay 5, 2026, 06:43 AM
FTC Solar Appoints Anthony Carroll CEO; Q1 Revenue $17.3M
AI Summary
FTC Solar, Inc. announced the appointment of Anthony Carroll as President and Chief Executive Officer, effective April 29, 2026, replacing Yann Brandt. Carroll brings extensive experience from Veev, Powin, and Siemens Gamesa Electric. Concurrently, the company reported first-quarter 2026 revenue of $17.3 million, a 17.0% decrease year-over-year, and a GAAP net income of $32.6 million, primarily due to a gain from warrant liability. The company also secured a new 1GW tracker agreement and expects full-year revenue growth of approximately 40% relative to 2025.
Key Highlights
- Anthony Carroll appointed President and CEO, effective April 29, 2026, replacing Yann Brandt.
- Carroll's compensation includes a $700,000 annual base salary and a $900,000 sign-on cash payment.
- Carroll granted 400,000 time-based RSUs and 200,000 share target RSUs with $10 and $20 price hurdles.
- Q1 2026 revenue was $17.3 million, down 17.0% from Q1 2025 and 47.5% from Q4 2025.
- GAAP gross loss was $1.2 million (7.1% of revenue), compared to a $3.4 million loss (16.6%) in Q1 2025.
- GAAP net income was $32.6 million, compared to a net loss of $3.8 million in Q1 2025, primarily due to a $48.7 million warrant liability gain.
- Adjusted EBITDA loss was $8.2 million, an improvement from a $9.8 million loss in Q1 2025.
- Awarded a new 1GW agreement for 1P trackers from a new customer.
- Full-year 2026 revenue expected to grow approximately 40% relative to 2025.