{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-23-060655","form_type":"8-K","ticker":"FTCI","cik":"0001828161","company_name":"FTC Solar, Inc.","filed_at":"2023-11-08T23:59:59+00:00","discovered_at":"2026-05-14T18:03:30.804228+00:00","generated_at":"2026-06-08T10:35:44.586393+00:00","sec_items":["2.02","5.02","9.01"],"event_type":"leadership","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"FTC Solar Q3 revenue $30.5M (+84% YoY); CEO and CFO depart; interim CFO appointed","bullets":["CEO Sean Hunkler and CFO Phelps Morris stepped down effective Nov 2, 2023; will stay as advisors until December.","Cathy Behnen (Chief Accounting Officer) appointed interim CFO effective Nov 3, 2023.","Q3 revenue $30.5M, up 84% YoY, down 5.6% QoQ; GAAP net loss $16.9M ($0.14 per share).","Non-GAAP gross margin 12.8% (includes $1M one-time benefits); $4M credit loss charge in Q3 operating expenses.","Backlog $1.6B; Q4 revenue guidance $18-28M; Q1 2024 revenue guidance $40-50M."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-23-060655","json":"https://secwatch.observer/filing/0000950170-23-060655.json","markdown":"https://secwatch.observer/filing/0000950170-23-060655.md","text":"https://secwatch.observer/filing/0000950170-23-060655.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/ftci-20231102.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-08T10:35:44.586393+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"117a4b621bf0576cd400ad714193685f9b2d9c9d","claim":"FTC Solar, Inc. reported the third quarter ended September 30, 2023 results: revenue $30.5 million, net income GAAP net loss was $16.9 million or $0.14 per share, EPS $0.14 per share.","evidence_excerpt":"--- EX-99.1 Exhibit 99.1 FTC Solar Announces Third Quarter 2023 Financial Results and Leadership Transition Third Quarter Highlights and Recent Developments • Revenue of $30.5 million up 84% y/y, down 5.6% q/q • Continue to improve cost structure, as evidenced by gross margin on sub-scale revenue levels • Project backlog of approximately $1.6 billion, with","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the third quarter ended September 30, 2023"},{"label":"Revenue","value":"$30.5 million"},{"label":"Net income","value":"GAAP net loss was $16.9 million or $0.14 per share"},{"label":"EPS","value":"$0.14 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"7c37de8e11","claim":"Cathy Behnen was appointed as Chief Financial Officer (interim) at FTC Solar, Inc..","evidence_excerpt":"Additionally, on November 2, 2023, the Board appointed Cathy Behnen, the Company’s Chief Accounting Officer, to serve as the Chief Financial Officer of the Company on an interim basis, effective November 3, 2023.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Chief Financial Officer (interim)"}],"fact_type":"executive_change"},{"claim_id":"d296a27ec5","claim":"Sean Hunkler departed as President and Chief Executive Officer at FTC Solar, Inc..","evidence_excerpt":"On November 2, 2023, Sean Hunkler and the Board of Directors of the Company (the “Board”) agreed that Mr. Hunkler would step down from his position as President and Chief Executive Officer of the Company, effective as of such date, with Mr. Hunkler continuing to be employed as an advisor until December in order to ensure a smooth transition.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"stepped down"},{"label":"Role","value":"President and Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"e21805bde3","claim":"Robert Phelps Morris departed as Chief Financial Officer at FTC Solar, Inc..","evidence_excerpt":"Also on November 2, 2023, Robert Phelps Morris and the Board agreed that Mr. Morris would step down from his position as Chief Financial Officer of the Company, effective as of such date, with Mr. Morris continuing to be employed as an advisor until December in order to ensure a smooth transition.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"stepped down"},{"label":"Role","value":"Chief Financial Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}