U.S.-based solar tracker company FTC Solar reported revenue of $17.3 million in the first quarter of 2026, down 17% year-over-year from $20.8 million and missing analyst expectations by $7 million.

The company’s adjusted EBITDA loss was $8.2 million compared to a loss of $9.8 million in the corresponding quarter last year.

On a non-GAAP basis, FTC Solar reported a net loss of $10.5 million, compared to a net loss of $10.8 million in Q1 2025.

FTC Solar’s adjusted loss per share was $0.67 compared to an adjusted loss per share of $0.84 in the same quarter last year. Adjusted EPS missed analyst estimates by $0.25.

Gross margin was negative 2.2%, compared to negative 14.4% in the corresponding quarter last year.

Chief Financial Officer Cathy Behnen said a delayed project reduced first-quarter revenue by approximately $3 million to $4 million. The company expects the project to contribute revenue later in 2026.

Senior Vice President of Capital Markets and Business Development Patrick Cook said FTC Solar added approximately $70 million to contracted backlog since the company’s previous earnings call, and that bookings have been running at roughly $55 million per quarter. The company’s contracted backlog stood at approximately $543 million at quarter-end.

Cook also said FTC Solar secured a new 1 GW tracker award for multiple U.S. project sites from a private equity-backed customer serving high-profile corporate offtakers. The project is expected to generate revenue in the triple-digit millions across 2026 and 2027.

Cook said FTC Solar now holds approved vendor status with 9 of the top 10 engineering, procurement, and construction firms in the U.S. solar market.

Behnen said the company ended the quarter with $5.6 million in cash and cash equivalents and does not intend to continue using its at-the-market equity program.

FTC Solar said it expects sequential quarterly revenue growth through the remainder of 2026 and forecasts full-year revenue growth of approximately 40% compared to 2025.

The company posted revenue of $99.7 million in 2025, up 110.5% YoY from $47.4 million in 2024. The increase was primarily attributable to higher product and logistics volume, partially offset by a decline in average selling price.