---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-020047"
form_type: "8-K"
ticker: "FTCI"
cik: "0001828161"
company_name: "FTC Solar, Inc."
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T06:59:25.156974+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# FTC Solar Q1 revenue $40.9M (+56% QoQ), GAAP gross margin 5.0%, net loss $0.11/sh, backlog $1.4B

## Summary
- Revenue $40.9M (above guidance $36-40M), up 56% QoQ; non-GAAP gross margin 7.3%.
- GAAP net loss $11.8M ($0.11/sh) vs $20.5M loss in prior Q; adjusted EBITDA loss $7.2M.
- Backlog reached $1.4B with $235M added since March 1; pipeline record 134 GW.
- Q2 guidance: revenue $42.5-52.5M, non-GAAP gross margin 9-12%, adjusted EBITDA loss $(7.0)-$(3.5)M.
- New Pioneer 1P tracker shipping ahead of schedule; first orders in U.S. and Australia.

## SEC filing metadata
- accession: 0000950170-23-020047
- form_type: 8-K
- ticker: FTCI
- cik: 0001828161
- company_name: FTC Solar, Inc.
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828161/000095017023020047/0000950170-23-020047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828161/000095017023020047/ftci-20230510.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-020047
- JSON: https://secwatch.observer/filing/0000950170-23-020047.json
- Plain text: https://secwatch.observer/filing/0000950170-23-020047.txt

## Key facts
- Earnings Releases
  FTC Solar, Inc. reported the first quarter ended March 31, 2023 results: revenue $40.9 million, net income $11.8 million, EPS $0.11 per share.
  - Period: the first quarter ended March 31, 2023
  - Revenue: $40.9 million
  - Net income: $11.8 million
  - EPS: $0.11 per share
  - Result: reported results
  source text: $ (11,762 ) $ (27,793 ) $ (7,358 ) $ (20,284 ) Diluted loss per share $ (0.11 ) $ (0.28 ) $ (0.07 ) $ (0.20 ) (a) Adjusted EBITDA for Non-GAAP Total first quarter revenue was $40.9 million, slightly above our prior guidance range. This revenue level represents an increase of 56.0% compared to the prior quarter, continuing the momentum off the third-quarter 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828161/000095017023020047/0000950170-23-020047-index.htm
- Earnings Releases
  FTC Solar, Inc. reported the second quarter of 2023 results: revenue $42.5 - $52.5. Guidance initiated.
  - Period: the second quarter of 2023
  - Revenue: $42.5 - $52.5
  - Guidance: initiated
  - Result: guidance update
  source text: as our product cost-reduction initiatives continue to positively impact the income statement. (in millions) 1Q '23 Guidance 1Q '23 Actual 2Q '23 Guidance Revenue $36 - $40 $40.9 $42.5 - $52.5 Non-GAAP Gross Profit $0.7 - $3.2 $3.0 $4.0 - $6.5 Non-GAAP Gross Margin 2% - 8% 7.3% 9% - 12% Non-GAAP operating expenses $10 - $11 $10.1 $10 - $11 Non-GAAP adjusted
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828161/000095017023020047/0000950170-23-020047-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.