FTC Solar reported a challenging start to 2026, posting a notable decline in first-quarter revenue even as the company unveiled a leadership transition aimed at driving long-term growth. The solar tracker manufacturer recorded revenue of $17.3 million for the quarter ended March 31, reflecting a sharp drop both sequentially and year-over-year.
Despite the weak topline performance, the company emphasized that the first quarter is expected to mark the low point for the year. Management projects steady improvement in the coming quarters, supported by new project wins and a growing backlog, which now stands at approximately $543 million.
In a significant leadership move, Anthony Carroll has been appointed President and Chief Executive Officer, effective late April. Carroll brings extensive experience in the renewable energy and infrastructure sectors, having held senior roles at companies including Veev, Powin, and Siemens Gamesa. The board expressed confidence that his operational expertise will help scale the business and navigate the company through its next phase.
Financially, FTC Solar reported a GAAP gross loss of $1.2 million, a reversal from profitability in the prior quarter. Operating expenses also increased, contributing to continued operational losses. However, non-GAAP metrics indicated some improvement in cost control compared to the previous year.
Looking ahead, the company remains optimistic about its growth trajectory. It expects full-year revenue to grow by around 40% compared to 2025, driven by increased demand and recent contract wins, including a major 1-gigawatt tracker project in the United States.
While near-term financial pressures persist, FTC Solar’s leadership change and expanding project pipeline signal a strategic push toward recovery and sustained growth in the evolving renewable energy market.
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