Thank you for standing by, and welcome to FTC Solar first quarter 2026 earnings conference call. I'd like to remind everyone that this call is being recorded and that all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time then press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Mr. Bill Michalek, VP of Investor Relations. You may begin. Thank you, welcome everyone to FTC Solar's first quarter 2026 earnings conference call. Before today's call, you may have reviewed our earnings release and supplemental financial information, which were posted earlier today. If you haven't reviewed these documents, they're available on the investor relations section of our website at investor.ftcsolar.com. I'm joined today by Shaker Sadasivam, Chairman of the Board, Anthony Carroll, the company's newly appointed President and Chief Executive Officer, Cathy Behnen, the company's Chief Financial Officer, and Patrick Cook, the company's Head of Capital Markets and BD. Before we begin, I remind everyone that today's discussion contains forward-looking statements based on our assumptions and beliefs in the current environment and speaks only as of the current date. As such, these forward-looking statements include risks and uncertainties, and actual results and events could differ materially from our current expectations. Please refer to our press release and other FTC filings for more information on the specific risk factors. We assume no obligation to update such information except as required by law. As you'd expect, we'll discuss both GAAP and non-GAAP financial measures today. Please note that the earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure. With that, I'll turn the call over to Shaker. Thank you, Bill, and good morning, everyone. I felt it was important to speak with you directly on behalf of the Board of Directors about the leadership transition we announced today. I'm incredibly pleased to welcome and congratulate current board member, Anthony Carroll, on his appointment as the new President and CEO of FTC Solar. Anthony is a truly talented leader with a proven track record of scaling operations and driving value creation. He has served on the FTC Board of Directors since last December and has been the Chairman of our Customer Advisory Board since 2023. He most recently served as CEO of Veev, a division of Lennar, where he was brought in to scale operations. Many of you may also know him from his time as the President of Powin, the CEO of Power Electronics, or his time at Siemens or Schneider Electric. He has been in the industry for many years, has helped scale multiple billion-dollar businesses and is well-connected. The board and I believe that based on the progress made to date and recent project wins, FTC is at a critical inflection point, positioned with a strong foundation and the potential for very significant growth. Anthony's operational depth, dynamic leadership, and demonstrated success in scaling growth businesses make him exceptionally well-suited to lead FTC Solar into its next chapter. On behalf of the board, I would like to thank Yann Brandt for his many contributions to the company. Yann stepped into FTC at an important point in time, one that was focused on stabilization and recovery. Under his leadership, the company secured strategic financing, completed its 1P tracker introduction, and experienced good customer re-engagement, resulting in increased AVL list access, pipeline visibility, and new project wins. While today's leadership change may not have been expected, the board and I believe it represents a tremendous opportunity for us to build on the strong foundation that is now in place and to leverage Anthony's capabilities to accelerate momentum, scale the business, and achieve profitability. Now, I will turn it over to Anthony. Thanks, Shaker. Good morning, everyone. I'm very excited to be speaking with all of you for the first time in my new capacity as CEO of FTC Solar. As Shaker mentioned, I've had the pleasure of working with the board of directors, the management team, and several other FTC Solar employees over the past couple of years in those other FTC board capacities. I have seen firsthand all the great work the team has done to position itself for future growth and strong performance. For these reasons, I am so excited to take on this new role. As Shaker alluded, the majority of my career has been in or around energy and renewables, including with leading companies such as Schneider Electric and Siemens, focused on power conversion, solar, and energy storage. I have also led other companies as Power Electronics and Powin, which became very successful in their respective industries, growing from startups to corporations with over $1 billion in revenue in both cases. I most recently led the real estate and construction company, Veev, focused on product innovation, manufacturing evolution, and growth. The growth and success there has been rewarding, and it's truly a great team, but I knew I wanted to get back to renewables. I'm very excited to be at FTC. The team at FTC has done a great job laying the groundwork for a strong future. I couldn't be more pleased to join as CEO and spearhead the next phase of our growth and to work with all of you. I'll turn it over to Patrick to discuss the highlights from Q1 and the progress that's been made. Thanks, Anthony. I think the key operational takeaway from this call is even though our Q1 revenue was a bit lower than our expectations, our customer momentum and new business bookings have been exceptional, and we now have greater confidence that we will outpace the market and deliver strong growth in 2026. Starting with Q1, we did have one key project that was expected to sign and contribute revenue in the first quarter that was delayed. Given our current run rate and the expected contribution from that project, that was enough to cause revenue to come in short of our range for the quarter. Operating expenses were better than expected, however, and helped offset some of that shortfall, and all our other metrics were within our target ranges. More importantly, in my view, is the progress we're making in setting ourselves up for the future. In that regard, I am very pleased with the progress. On our last call, we shared that our commercial momentum was accelerating on a number of levels. From approved vendor list additions to project bidding, bookings, and contract conversion, these are all leading indicators of where our business is going and that progress continues. In terms of Approved Vendor Lists, last quarter we told you that in Q4 alone, we were added to four AVLs of the top 10 EPCs, bringing the total to eight of the top 10. We have since added another top 10, in fact, the top 3, bringing us to nine of the top 10. We are getting visibility into the pipelines of these prospects and customers, overall, we are bidding with more customers on larger project sizes. Last quarter, we also talked about how FTC is winning new projects, including bookings from two leading EPCs. Since then, we have had some great new wins. One of particular note is a new 1 GW award. It's a Safe Harbor award from a private equity-backed portfolio company for projects with very high-profile off-takers, including a global Fortune 20 company. The first of three equal tranches of the project has already been contracted. These projects are expected to add meaningfully to 2026 revenue and continue into 2027. In total, it's a triple-digit millions contributor to revenue. We have had improved net bookings over the past four quarters now with a positive book-to-bill or positive net bookings in Q4 and accelerating in Q1 as we are starting to convert our MSAs into firm orders and book new projects. Since our last earnings call, we have added about $70 million to the contracted backlog or roughly $52 million addition net of Q1 revenue. Over the past seven months or so, our bookings have been running at about a $55 million quarterly run rate. The leading indicators on the customer front are what is driving this business, and they are looking good, improving, and we are having good momentum. From MSAs, AVLs, and strong bidding activity, these are clear signals that show that FTC is on the right track. We have turned the quarter on our bookings, and now we want to accelerate the business. This customer momentum is driven by a great team that is doing great work across the board, from R&D and engineering to sales support and our support teams, and driven by our great products. We continue to receive excellent feedback on our trackers, supporting our beliefs that we have what is unquestionably the fastest, easiest to install tracker in the marketplace. Our team is not stopping as we look to achieve another 20% in labor savings. In an environment where we have an increasingly need for new energy supply combined with labor shortages, our trackers provide incredibly compelling solutions, allowing for our customers to build more megawatts in less time at a lower cost. We have done a great deal to prepare the company and lay the groundwork for the strong growth ahead. We're increasingly optimistic about our future. While we are seeing a first-half lull similar to others, our strong bookings momentum gives us increased confidence in the full year, and we are providing a bit more details on our expectations, which Cathy will discuss. With that, I'll turn it over to Cathy. Thanks, Patrick. Good morning, everyone. I'll provide some additional color on our first quarter performance and our outlook. Beginning with a discussion of the first quarter results, revenue was $17.3 million, which was below our target range for the quarter, as Patrick mentioned, driven by a key project that was delayed. This revenue level represents a decrease of 47.5% compared to the prior quarter and a decrease of 17% compared to the year-earlier quarter. GAAP gross loss was $1.2 million or 7.1% of revenue compared to gross profit of $4.9 million or 14.9% of revenue in the prior quarter. Non-GAAP gross loss was $0.4 million or 2.2% of revenue. This quarter's result compares to non-GAAP gross profit of $5.7 million or 17.3% of revenue in the prior quarter and a $3 million gross loss in the year ago quarter. GAAP operating expenses were $10.8 million. On a non-GAAP basis, operating expenses were $7.8 million, which is better than our target range as we identified and executed some cost-saving opportunities during the quarter. This compares to non-GAAP operating expenses of $8.2 million in the prior quarter and $6.6 million in the year ago quarter. Moving to GAAP net income, I want to remind everyone that the warrants which were issued as part of last year's capital raise are subject to liability rather than equity accounting. As a result, we are required to remeasure the fair value of the warrants each quarter in our GAAP financials. If our share price goes down during the quarter, as it did in Q1, it will show a non-cash gain. Conversely, a share price increase would result in a loss. The share price decrease we saw in the first quarter drove a decrease in the fair value of the warrant liability of about $48.7 million. This is a non-cash accounting adjustment that does not reflect the underlying business performance or cash flow and will be excluded for purposes of Adjusted EBITDA, but does impact our GAAP financials. Including this adjustment, GAAP net income was $32.6 million or on a per share diluted basis, a loss of $0.72 per share, compared to a loss of $36.4 million or $2.40 per diluted share in the prior quarter, and a net loss of $3.8 million or $0.58 per diluted share in the year-ago quarter. Adjusted EBITDA loss was $8.2 million, coming in close to the midpoint of our guidance range as the OpEx management largely offset the lower than expected revenue. Adjusted EBITDA excluded approximately $40.8 million net for the change in fair value of the warrant liability, certain transition costs as well as other non-cash items. The contracted portion of our backlog now stands at $543 million with a net of approximately $52 million added since March 5th. In terms of liquidity, we ended Q1 with about $5.6 million in cash, although that was due to the timing of customer payments, which came in shortly after the quarter end. Given the new cash that has come in and the cash expected from new business, including the Safe Harbor project, we do not intend to utilize the ATM going forward and will take actions to terminate the program. With that, let's turn our focus to the outlook. Our targets for the second quarter call for the following. Revenue between $22 million-$26 million. Non-GAAP gross profit between -$1.4 million and +$1 million, or between -6.4% and +4% of revenue. Non-GAAP operating expenses between $8.4 million and $9 million. Finally, Adjusted EBITDA loss between $10.5 million and $7.4 million. We continue to expect the first quarter to represent the low point in revenue for the year with sequential quarterly growth for the remainder of 2026. The commercial momentum we've been seeing since the last call gives us even more confidence that full-year revenue will outpace the market in 2026 and represent growth of approximately 40% relative to 2025. With that, we conclude our prepared remarks, and I will turn it over to the operator for any questions. Operator? Thank you. We will now begin the question and answer session. Your first question comes from the line of Philip Shen with ROTH Capital Partners. Your line is now open. Hey, guys. Thanks for taking my questions. Shaker, I was wondering if you might be able to provide us a little more color on why now is the right timing for this CEO change. Anthony, welcome as the new CEO of FTC Solar, and was wondering if you could help us understand your vision for where you would like to take the company next and what might be the kind of contrast with what Yann was doing, and what you would do either differently or the same, and so forth. Thanks. Thank you, Philip. Good morning. I'll take the first part of the question. You know, the company has made great progress, you know, the last couple of years. You know, we have a comprehensive one big product line, you know, strong pipeline, and good positioning with customers and several new wins. You heard some of that in Patrick's opening remarks. There are a lot more on the horizon. We have a significant opportunity to really accelerate the growth of the business. The board saw a need to bring in a CEO with a lot of experience scaling businesses. We felt this was the right time to bring Anthony in as a CEO, and he was available. You know, it allows us to leverage the significant strengths and experience in scaling businesses, as we enter the next phase of our growth. He's been in the industry a long time. He has extensive industry contacts. He's scaled multiple billion-dollar businesses, and he also brings good global experience, which will be important for us in the future. We felt this was the right time, and hence the board made the decision. I'll turn it over to Anthony now. Thank you. Thank you, Shaker. Thank you, Philip, for the question. I think I've known FTC for multiple years now, and it was clear to me that I wanted to be part of this project. As Shaker said, I think there's a few things about my background that are specially connected to what FTC wants to do. One is become a global leader in the tracker industry, and I have that global experience. Another one is scaling the business. You mentioned what had been achieved by Yann and what we want to build on. I think the company has great foundations. Like from a product perspective, a few years ago, the company didn't have. The 2P and the 1P variety to choose from, didn't have as much traction with the customers as they do have now, and didn't have an operational pillars like they do have now. The team has been able to do great things, and now I'm just very pleased that the board considered that I could be a good candidate to take the company to the next level. On top of that, you asked me why FTC and why now. I think we all agree that solar is growing globally and is an unstoppable source of energy, whether it's for providing power to hyperscalers or providing affordable power. This is really the time to join a company in this industry. FTC's product is very unique. It's fast to install, it's safe. I've been in touch with the EPCs developers and utilities that are familiar with the product, the feedback has been very consistent during the time that I was on the board and on the customer advisory committee. This gave me the excitement and the momentum to trust the company. Like Shaker said, the board believed that I was the right person at the right time, I'm extremely excited to take this role. Great. Thank you, Anthony and Shaker. Shifting over to some of the news from the quarter. You guys announced this 1 GW award. I think you guys said that there could be projects that add meaningfully to 2026 revenue. I was wondering how many megawatts might be able to hit in 2026? If you could give us a little more color on the award, and maybe how you guys won it versus maybe competition. I think you guys said for Q1, there was a project that was pushed out. I was wondering if you might be able to share a little bit of color on why that project was delayed and if that could be an issue for other projects as we get through 2026. Thanks. Yeah, Philip, this is Patrick. Thanks for the question. You know, I think it relates to the 1 GW Safe Harbor award that we announced. You know, as we said in my opening remarks, we signed the first tranche of that project. We do expect it to create kind of meaningful revenue in the back half of the year and into early 2027, just given kind of the project schedule. We're really excited about it. I think when you look at why FTC versus some of the competition, I think it piggybacks on a lot of the things that Anthony just said. You know, they really liked the constructability aspect of the system, the ease to install. Quite frankly, it was the customer service that, you know, we provided. This is a big project for this developer and this EPC, and we were to kind of able to be in lockstep with them throughout the process and give them comfort that they're gonna hit their deadlines. You know, given that this is tied to Safe Harbor, timelines are of the essence. We really partnered with this private equity group to deliver the expectations that they want in order to achieve their project. On the project that got pushed out in Q1, it was really nothing material or major. It was more just kind of delays in the project scheduling. We still expect that project to move forward here in the very short term, but it was just some delays in construction progress timing. Got it. Okay. Thanks, Patrick. One more from me, and then I'll pass it on. We've written a fair amount about this tax equity pause, and was wondering what you guys might be seeing out there as it relates to how this pause might impact you guys, especially in 2026. You know, do you see things adversely impacted, or is it too early to say at this point with you know, four major banks pausing on Section 48E? Maybe help us, if you can, understand what percentage of your business for 2026 and 2027 might be dependent on 48E as opposed to the Section 48 ITC. Thanks, guys. No, it's a great question. I think part of it is, you know, it's too early to tell. You know, a lot of what's going on in Washington, I think it obviously creates some ambiguity on, you know, tax capacity or the timing of certain things. However, you know, the near-term projects that we have, you know, they've secured their tax equity financing and feel confident on the project schedules ultimately going forward. That's the one nice part about continuing to grow the international business. You know, we have continued wins in Australia, South Africa that we talked about. Those will contribute to our revenue on a go-forward basis. We're not really contingent on just making sure that, you know, the U.S. market is solid. As it relates to the ITC, I think, you know, we're watching it closely and we'll see how it ultimately progresses. We're in contact with all the major tax equity banks. Okay, thanks, guys. I'll pass it on. Your next question comes from the line of Sameer Joshi with H.C. Wainwright. Your line is now open. Yeah, good morning. Thanks for taking my questions. Welcome, Anthony, to the new role. Will you remind us the geographical distribution, historical geographical distribution of your revenues and how it matched with the 1Q revenue and how it figures in the outlook for the rest of the year? Yeah. I think as it relates to our revenues, obviously we're very, kind of U.S.-centric when it comes to kind of the near-term revenues. Obviously, we continue to build out the team in Australia, Europe. In certain parts of Sub-Saharan Africa. As it currently stands, there's a lot of revenue in the U.S. As we continue to grow and scale, and with Anthony's background, we expect the international sector of our market to continue to gain momentum and speed. Okay. thanks for that. just a little bit on the delayed project. was that like closer to a $3 million delay or closer to a $8 million delay? I think you mentioned it will be executed over the next 12 months or so. just wanted to see what the actual dollar impact was from this delayed project. Yeah. Our expectation that we were expecting in Q1 was in the $3 million-$4 million range. The project is, you know, a good solid project, and we're expecting that execution to hit soon and continue to drive revenue into 2026. Okay, got it. Then one more. I think you mentioned bookings are sort of at a $55 million quarterly run rate, contrasted to the revenues of around $20 million-$30 million on a quarterly run rate for you guys. Is this activity because of the Safe Harbor action, or is it that you are getting designed in earlier on in the project cycles? Yeah. The Safe Harbor, while it's a great win for us, and we're excited about it, you know, that only makes up a portion of kind of the $55 million quarterly run rate that we're talking about. You know, where we're seeing traction and momentum is, you know, if you think about the evolution of engaging with new customers, first is to get on the AVL. As we talked about last earnings call, we were on eight of the top 10. Today, we told you we're on nine of the top 10. Now we're being able to participate in RFPs, participate in the designs, and really partner with these larger EPCs and even developers who are ultimately buying the project. That allows us to really showcase the constructability of the tracker, the ease of install, the safety, and then also our engineering chops as well. Really partnering with these EPCs earlier in the design process has really allowed us to showcase who we are and what we can do and how we can really partner with these folks, and it's really gaining traction and momentum. Understood. Thanks for taking my questions. Anthony, looking forward to work with you in the future. Thanks. Same here. Thank you. That concludes our question and answer session. I will now turn the conference back over to the management for some closing remarks. Thank you. I think just as closing remarks, I wanted to reiterate my excitement for joining FTC. The solar market is unstoppable. We see some respectable competition, we believe FTC has a very strong positioning in the market. I am very familiar with the product, the speed and the quality, also with the customers, utilities, EPCs, developers, both in the U.S. and globally, I am very sure that we're continuing to grow that penetration into these customers. As I said, I'm very excited to lead the company, I'm going to be investing not just my time, but also continue to invest in the company, appreciate your time. Thank you very much. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.