Management ChangeMay 5, 2026, 06:33 AM
FTC Solar Appoints Anthony Carroll CEO; Secures 1GW Tracker Deal
AI Summary
FTC Solar announced the appointment of Board Member Anthony Carroll as its new President and CEO, effective April 29, bringing extensive renewables experience. Concurrently, the company secured a significant 1GW agreement for 1P trackers from a new U.S. customer. For Q1 2026, revenue was $17.3 million, a decrease from the prior year, with a GAAP net income of $32.6 million primarily due to a warrant liability gain. The company anticipates sequential quarterly revenue growth for the remainder of 2026, projecting approximately 40% full-year revenue growth relative to 2025.
Key Highlights
- Board Member Anthony Carroll appointed President and CEO, effective April 29.
- Secured a 1GW agreement for 1P trackers from a new U.S. customer.
- Q1 2026 revenue was $17.3 million, a 17.0% decrease from Q1 2025.
- GAAP gross loss was $1.2 million, or 7.1% of revenue.
- GAAP net income was $32.6 million, or diluted loss per share of $(0.72).
- Adjusted EBITDA loss was $8.2 million for Q1 2026.
- Contracted backlog increased to approximately $543 million.
- Forecasts Q2 2026 revenue of $22.0M-$26.0M and full-year 2026 revenue growth of ~40%.