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					</table><p>U.S.-based smart energy storage company <a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a> reported revenue of $29 million in the first quarter (Q1) of 2026, down 11% year-over-year (YoY) from $32.5 million and missing analyst expectations by $5.61 million.</p>
<p>Software, services, and edge hardware revenue rose 4% YoY to $29 million from $28 million, driven by 16% YoY growth in PowerTrack software revenue.</p>
<p>The company reported a net loss of $18.9 million, down from $25 million in Q1 2025, due to lower operating expenses.</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) improved to $2 million from a loss of $4.6 million in the corresponding quarter last year. The improvement was attributed to lower operating expenses and continued software revenue growth.</p>
<p>Stem Chief Executive Officer Arun Narayanan said the company delivered its fourth consecutive quarter of positive adjusted EBITDA and its first-ever positive adjusted EBITDA in the first fiscal quarter, which he described as historically Stem’s lightest revenue quarter.</p>
<p>“Delivering positive adjusted EBITDA in our seasonally lightest revenue quarter, combined with strong gross margins and continued PowerTrack momentum, underscores the strength of our execution and gives us confidence in our outlook,” he said during the earnings call.</p>
<p>Loss per share came in at $2.22, missing analyst expectations by $0.09.</p>
<p>Stem reported bookings of $26.5 million in the quarter compared to $32.7 million in Q4 2025. Management attributed the sequential decline to typical first-quarter seasonality.</p>
<p>Contracted backlog stood at $23 million at the end of the quarter, up from $21.3 million at the end of Q4 2025.</p>
<p>Narayanan said utility scale bookings more than doubled quarter over quarter and described the company’s utility scale pipeline as the “strongest we have ever seen.”</p>
<p>The company booked new utility-scale projects across four geographies, including standalone storage and hybrid solar-plus-storage deployments.</p>
<p>Stem highlighted a utility-scale project in Hungary that integrates a battery energy storage system exceeding 50 MWh with existing solar assets, using its PowerTrack EMS platform.</p>
<p>According to Narayanan, PowerTrack EMS has become a key differentiator for Stem in utility-scale markets by providing unified controls, cloud monitoring, and portfolio-level visibility.</p>
<p>The company also announced a co-marketing agreement with Nuvation Energy to jointly market a North American-designed and manufactured battery energy storage system control stack.</p>
<p>Contracted annual recurring revenue was $67.2 million, flat sequentially. Annual recurring revenue (ARR) increased slightly to $61.2 million from $61.1 million in Q4 2025.</p>
<p>PowerTrack ARR increased 12% YoY and 2% sequentially, according to management.</p>
<p>Managed services ARR declined 4% sequentially due to a battery supplier&#8217;s bankruptcy, which affected warranty management contracts tied to those systems.</p>
<p>Solar operating assets under management increased 4% sequentially to 37.5 GW, while storage operating AUM remained flat at 1.7 GWh.</p>
<p>Stem ended the quarter with $36.6 million in cash and cash equivalents, compared to $48.9 million at the end of Q4 2025.</p>
<p>Operating cash flow was negative $8.3 million. Musfeldt said the cash outflow reflected seasonal working-capital timing and scheduled interest payments, rather than a deterioration in business fundamentals.</p>
<p>The company reaffirmed its full-year 2026 guidance, including revenue of $140 million to $190 million, adjusted EBITDA of $10 million to $15 million, and year-end ARR of $65 million to $70 million.</p>
<p>Stem also highlighted its <a href="https://www.mercomindia.com/stem-acquires-solar-monitoring-software-assets-from-raicoon" target="_blank" rel="noopener">acquisition</a> of Austrian software company raicoon, which provides automated fault detection and event management capabilities for solar assets.</p>
<p>Narayanan said the acquisition would strengthen the company’s PowerTrack platform and improve the ability to identify and prioritize performance issues across customer portfolios.</p>
<p>The company said the acquisition was a “small, focused tuck-in acquisition” intended to integrate quickly into the PowerTrack platform.</p>
<p>International revenue represented approximately 5% of Stem’s total revenue in Q1 2026. The company expects that share to increase as European utility-scale projects move through commissioning and into revenue recognition during late 2026 and 2027.</p>
<p>Stem additionally discussed its AI initiatives during the call. Narayanan said the company also launched PowerTrack Sage, an AI assistant that converts live site data and analytics into plain language operational briefings for customers.</p>
<p>The company continues to explore AI service offerings for customers and opportunities to support data center developers and operators facing rising power costs, grid constraints, and resilience requirements.</p>
<p>Stem’s revenue for the full year 2025 <a href="https://www.mercomindia.com/stem-narrows-loss-in-q4-2025-as-utility-scale-market-expansion-gains-traction/" target="_blank" rel="noopener">rose</a> 8.1% YoY to $156.3 million from $144.6 million.</p>


Stem’s Q1 2026 Revenue Drops 11%, Misses Analyst Expectations


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					</table><p>U.S.-based solar tracker company <a href="https://www.ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a> reported revenue of $17.3 million in the first quarter of 2026, <a href="https://www.mercomindia.com/ftc-solar-revenue-20-8-million-increased-saes-volume" target="_blank" rel="noopener">down</a> 17% year-over-year from $20.8 million and missing analyst expectations by $7 million.</p>
<p>The company’s adjusted EBITDA loss was $8.2 million compared to a loss of $9.8 million in the corresponding quarter last year.</p>
<p>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.</p>
<p>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.</p>
<p>Gross margin was negative 2.2%, compared to negative 14.4% in the corresponding quarter last year.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>The company <a href="https://www.mercomindia.com/ftc-solars-q4-revenue-jumps-149-yoy-on-higher-demand-for-solar-trackers" target="_blank" rel="noopener">posted</a> 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.</p>


FTC Solar Q1 Revenue Falls 17% YoY as Delayed Project Weighs on Results


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					</table><p><a href="https://shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical infrastructure solutions for utility-scale solar, battery storage, and data center power systems, reported first quarter (Q1) 2026 revenue of $140.6 million, an <a href="https://www.mercomindia.com/shoals-technologies-q1-2025-revenue-drops11-5-but-beats-estimates/" target="_blank" rel="noopener">increase</a> of 74.9% year-over-year (YoY) from $80.4 million. Revenue exceeded analyst estimates by $11.41 million.</p>
<p>Chief Executive Officer Brandon Moss said revenue came in above guidance, with the company adding about $151 million in new orders during the quarter. Backlog and awarded orders reached a record $758 million, up 17.5% YoY. Backlog and awarded orders worth $627.6 million are scheduled for delivery over the next four quarters through Q1 2027.</p>
<p>The company recorded a net loss of $297,000, compared with $282,000 in the prior-year period. Chief Financial Officer Dominic Bardos said the loss reflected the net impact of a shareholder class action settlement of approximately $5 million. The company’s release reported litigation settlement expense, net of recoveries, of $5.3 million.</p>
<p>Gross profit margin declined to 29.2% from 35%, while adjusted gross profit margin was 29.6%. Moss said the decline was driven by product mix, tariffs, higher freight costs, and temporary labor inefficiencies stemming from employee training and the ramp-up of new production lines.</p>
<p>Bardos said that product mix, freight, and tariffs accounted for approximately 200 basis points of margin compression relative to expectations. Management expects margins to improve sequentially through the year as operational efficiencies increase.</p>
<p>Selling, general, and administrative expenses rose to $31 million from $21.7 million, primarily due to higher legal expenses. Bardos said the increase included $4.1 million related to ITC litigation, $1.2 million related to the Prysmian case, and less than $1 million related to shareholder litigation.</p>
<p>Earnings per share remained nil on both a basic and diluted basis, unchanged from Q1 2025 and below analyst expectations by $0.04.</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $21.1 million from $13.5 million, representing 56% growth. Adjusted EBITDA margin declined to 15.0% from 16.8%, driven primarily by product mix, according to Bardos.</p>
<p>The company used $41.4 million in cash from operations during the quarter, primarily to support higher inventory levels to meet demand. Bardos said inventory was built to protect delivery timelines and is expected to decline in the second half of the year. Net debt increased to $179.9 million, driven by inventory growth across both the battery energy storage and core utility-scale solar businesses.</p>
<p>Shoals reported continued growth in its battery energy storage segment, with more than $1 million in revenue recognized in Q1 and $9 million in new bookings, bringing the total backlog and awarded orders to $75 million.</p>
<p>Moss said the company is seeing traction across data center, grid firming, and solar-plus-storage applications. He expects new products, including battery energy storage products, to contribute about one-fifth of total revenue in 2026.</p>
<p>Moss said demand remained strong, with quote volume exceeding $1 billion in the quarter and no material impact from tightening tax equity markets observed in the order book. International backlog and awarded orders totaled nearly $100 million, with strong pipeline activity in markets such as Australia.</p>
<p>The company raised its full-year 2026 outlook, expecting revenue of $600 million to $640 million and adjusted EBITDA of $118 million to $132 million. For the second quarter, Shoals expects revenue of $150 million to $170 million and adjusted EBITDA of $28 million to $33 million.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-q4-2025-revenues-up-on-higher-sales-to-large-scale-solar-projects" target="_blank" rel="noopener">reported</a> revenue of $475.3 million in 2025, up 19.1% from $399.2 million in 2024.</p>


Shoals Technologies’ Q1 2026 Revenue Up 75% YoY, Exceeds Analysts’ Estimates


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					</table><p>U.S.-based power producer <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> reported operating revenue of $6.7 billion for the first quarter (Q1) of 2026, a 7.3% year-over-year (YoY) <a href="https://www.mercomindia.com/nexteras-revenue-grows-9-in-q1-reaffirms-guidance-for-2025" target="_blank" rel="noopener">increase</a> from $6.25 billion in Q1 2025. The revenue, however, missed analysts’ expectations by $390 million.</p>
<p>NextEra’s adjusted earnings were $2.275 billion, a 12% increase from $2.038 billion in the corresponding quarter last year.</p>
<p>The company’s adjusted earnings per share (EPS) stood at $1.09, compared to $0.99 in Q1 2025. The adjusted EPS beat analysts’ expectations by $0.06.</p>
<p><strong>Florida Power &amp; Light</strong></p>
<p>The company’s regulated utility, Florida Power &amp; Light (FPL), reported operating revenue of $4.27 billion in Q1 2026, compared to $4 billion in the corresponding quarter last year.</p>
<p>The segment’s adjusted earnings were $1.462 billion, or $0.70 per share, compared to $1.316 billion, or $0.64 per share, a year earlier.</p>
<p>FPL’s performance was supported by continued capital investments, with approximately $3.2 billion deployed during the quarter. The utility expects capital investments of $12-$13 billion for the full year.</p>
<p>Chief Executive Officer John Ketchum said FPL added nearly 100,000 customers over the past year, reflecting strong population growth in Florida. The utility expects to invest between $90 billion and $100 billion through 2032 to support the state’s expanding economy.</p>
<p>Regulatory capital employed increased by approximately 8.8% YoY. Chief Financial Officer Michael Dunne said this growth was a key driver of earnings expansion during the quarter.</p>
<p>FPL also placed approximately 600 MW of new solar capacity into service during the quarter, bringing its total solar portfolio to over 8.5 GW.</p>
<p><strong>NextEra Energy Resources</strong></p>
<p>NextEra Energy Resources reported operating revenue of $2.31 billion in Q1 2026, compared to $2.16 billion in the corresponding quarter last year.</p>
<p>The segment’s adjusted earnings were $1.038 billion, or $0.50 per share, compared to $908 million, or $0.44 per share, a year earlier.</p>
<p>Ketchum said the business delivered a record quarter for renewables and storage origination, adding 4 GW to its backlog, including 1.3 GW of battery storage.</p>
<p>With these additions, the backlog increased to approximately 33 GW, reflecting strong demand across customer segments. About 30% of new backlog additions were driven by hyperscalers, while the remaining 70% came from utilities, cooperatives, and municipalities.</p>
<p>The company highlighted multiple growth pathways for battery storage. “We build standalone battery storage, co-locate storage at existing sites, develop storage as a grid solution, and expand batteries from four hours to eight hours,” Ketchum said, adding that the standalone and co-located storage pipeline exceeds 110 GW.</p>
<p>NextEra also pointed to a growing opportunity in recontracting existing assets. Ketchum said the company has up to 6 GW of renewables and 1.5 GW of nuclear recontracting opportunities through 2032 and expects pricing to improve as power purchase agreements expire. In Q1, the company contracted over 600 MW of existing projects with an average contract duration of more than 18 years.</p>
<p>Dunne added that NEER’s adjusted earnings grew approximately 14% YoY, driven by the continued expansion of its power generation portfolio and new investments.</p>
<p>The company also highlighted its supply chain readiness, noting it has secured solar modules and battery storage supply through 2029, wind components through 2027, and sufficient transformer capacity to support its buildout through the end of the decade.</p>
<p><strong>Outlook</strong></p>
<p>NextEra Energy’s long-term financial expectations remain unchanged. The company expects 2026 adjusted EPS in the range of $3.92 to $4.02, targeting the higher end.</p>
<p>It also expects adjusted EPS to grow at a compound annual growth rate of 8%+ through 2032 and through 2035, off a 2025 base of $3.71. The company expects dividend per share growth of approximately 10% annually through 2026 and 6% annually from 2026 through 2028.</p>


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