NEW YORK, May 28, 2026, 10:04 EDT
- FTC Solar was last trading at $5.43, up 0.6%. The stock opened at $5.40.
- The Invesco Solar ETF was up 0.6%. The Russell 2000 ETF and Invesco QQQ Trust traded down.
- Investors are still focused on the company’s May 5 update. First-quarter revenue missed expectations, there’s a new CEO, and the backlog came in at about $543 million.
FTC Solar Inc shares picked up a bit in early Nasdaq trading Thursday, with the move standing out as some bigger solar-tracker stocks slipped. The stock last changed hands at $5.43, up 3 cents, putting the company’s market cap near $121.6 million.
Investors are watching FTC Solar as they try to figure out if the company can convert its backlog, which is contracted work that hasn’t yet been recognized as revenue, into more consistent sales. The company, based in Austin, Texas, makes solar trackers—gear that shifts solar panels to keep them facing the sun to boost output. FTC Solar had a weak first quarter.
Solar names traded differently than the wider small-cap market. The iShares Russell 2000 ETF dropped 0.6% and the Invesco QQQ Trust lost 0.3%, but the Invesco Solar ETF rose 0.6%. FTC Solar’s move looks more like a one-off move for the stock rather than a straight read-through for the group.
Array Technologies fell 0.7%, while Nextpower, previously known as Nextracker, dropped 1.6% among tracker sector stocks. Array calls itself a provider of solar tracking technology. Nextpower says it has trackers, foundations, robotics, software and more in its power-plant portfolio.
FTC Solar said its first-quarter revenue dropped 47.5% from the previous quarter to $17.3 million and fell 17% from a year ago. The company reported a GAAP gross loss of $1.2 million. Adjusted EBITDA loss came in at $8.2 million. Adjusted EBITDA leaves out interest, taxes, depreciation, amortization and some one-time or non-cash items.
FTC Solar (FTC Solar) reported GAAP net income of $32.6 million, but most of that came from a $48.7 million gain related to the fair value of warrant liabilities, an accounting item tied to stock warrants, not cash from operations. The quarterly filing showed FTC Solar had $5.6 million in cash and equivalents at March 31, dropping from $21.1 million at the close of 2025.
FTC Solar’s board said the leadership shakeup was tied to its turnaround plans. Chairman Shaker Sadasivam called this a “critical inflection point” for the company and said FTC has a “strong foundation.” The board appointed Anthony Carroll, a current director, as president and CEO effective April 29. SEC
FTC Solar CEO Carroll said on the call that “solar is growing globally” and called it an “unstoppable source of energy.” Carroll said the company’s contracted backlog grew by about $70 million since the last call. CFO Cathy Behnen told investors that first-quarter revenue came in below target, blaming a delayed project. Investing
FTC Solar put its second-quarter revenue outlook at $22 million to $26 million and projected quarterly growth through the rest of 2026. Management called out a new 1-gigawatt tracker award, describing it as a large-scale deal with three nearly equal tranches, the first of which is already under contract.
But the downside is clear. Project delays have already moved revenue timing, and liquidity looks tight for a public company. Any more holdups could make it tougher to deliver the second-half rebound management promised. Behnen told investors the first-quarter project that was delayed had been forecast to bring in $3 million to $4 million, saying execution was expected soon, but the story still hinges on conversion and not just awards.
FTC Solar is still trading like a backlog play, not a clean-margin company. Now it has to deliver. Orders will have to turn into revenue that doesn’t drain cash as much.
