FTC Solar Swings To Profit Despite Revenue Decline In Q1 2026

US-based solar tracker manufacturer FTC Solar reported a net income of $32.6 million for Q1 2026, improving from a net loss of $3.8 million in the same period last year. However, the company’s quarterly revenue fell 47.5% quarter-on-quarter (QoQ) and 17% year-on-year (YoY) to $17.3 million, attributed to a project delay. 

The reported revenue also missed the company’s earlier guidance of $20 million to $25 million (see FTC Solar Reports Strong Q4 2025 Revenue Growth, But Losses Widen). 

Gross loss of $1.2 million or 7.1% of revenue compared to a gross profit of $4.9 million or 14.9% of revenue in the previous quarter. The company forecasts its Q2 2026 revenue to range between $22 million and $26 million.  

The company’s backlog as of the end of the quarter was approximately $543 million, up from $541 million reported for the last quarter. 

FTC also announced a new 1 GW tracker contract for multiple project sites in the US from a new private-equity backed portfolio company with high-profile offtakers.  

Management Change 

FTC announced a leadership transition with the appointment of Anthony Carroll as the company’s new President and CEO. His appointment took effect on April 29, 2026, as he stepped into the role previously held by Yann Brandt.

An FTC Board Member, Carroll was most recently the CEO of Veev, which he joined after leaving energy storage company Powin as President. Carroll also served as the MD of Siemens Gamesa Electric. 

“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.”