---
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"
generated_at: "2026-06-08T10:35:44.586393+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# FTC Solar Q3 revenue $30.5M (+84% YoY); CEO and CFO depart; interim CFO appointed

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: leadership
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-060655
- JSON: https://secwatch.observer/filing/0000950170-23-060655.json
- Plain text: https://secwatch.observer/filing/0000950170-23-060655.txt

## Key facts
- Earnings Releases
  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.
  - Period: the third quarter ended September 30, 2023
  - Revenue: $30.5 million
  - Net income: GAAP net loss was $16.9 million or $0.14 per share
  - EPS: $0.14 per share
  - Result: reported results
  source text: --- 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_url: https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm
- Executive change
  Cathy Behnen was appointed as Chief Financial Officer (interim) at FTC Solar, Inc..
  - Action: appointed
  - Role: Chief Financial Officer (interim)
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm
- Executive change
  Sean Hunkler departed as President and Chief Executive Officer at FTC Solar, Inc..
  - Action: stepped down
  - Role: President and Chief Executive Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm
- Executive change
  Robert Phelps Morris departed as Chief Financial Officer at FTC Solar, Inc..
  - Action: stepped down
  - Role: Chief Financial Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1828161/000095017023060655/0000950170-23-060655-index.htm

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