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FTCI logoFTC Solar, Inc.(FTCI)Earnings, Financials & Key Ratios

FTCI•NASDAQ
Price updated Jun 19, 2026
SectorEnergyIndustrySolarSub-IndustrySolar racking, trackers and BOS components
AboutFTC Solar, Inc. provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites. Its customers include project developers; solar asset owners; and engineering, procurement, and construction contractors that design and build solar energy projects. FTC Solar, Inc. was incorporated in 2017 and is headquartered in Austin, Texas.Show more
  • Revenue$100M+110.5%
  • EBITDA-$32M+37.2%
  • Net Income-$77M-58.3%
  • EPS (Diluted)-5.49-43.3%
  • Gross Margin1.13%+104.3%
  • EBITDA Margin-32.23%+70.2%
  • Operating Margin-33.52%+70.0%
  • Net Margin-77.16%+24.8%

FTCI Key Insights

FTC Solar, Inc. (FTCI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Profits declining 37.0% over 5 years
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Sales declining 11.9% over 5 years
  • ✗Shares diluted 10.5% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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FTCI Price & Volume

FTC Solar, Inc. (FTCI) stock price & volume — 10-year historical chart

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FTCI Growth Metrics

FTC Solar, Inc. (FTCI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-11.86%
3 Years-6.78%
TTM73.02%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM7.22%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-54.72%

Return on Capital

10 Years-1780.15%
5 Years-100.15%
3 Years-84.86%
Last Year-86.59%

FTCI Recent Earnings

FTC Solar, Inc. (FTCI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$0.67-63.4%
$0.41
Rev
$17M-28.8%
$24M
Q2 2026
Mar 5, 2026
Metric
Actual
Est
EPS
$2.23-755.8%
$0.26
Rev
$33M+0.2%
$33M
Q4 2025
Nov 12, 2025
Metric
Actual
Est
EPS
$0.36+28.0%
$0.50
Rev
$26M-20.2%
$33M
Q3 2025
Aug 5, 2025
Metric
Actual
Est
EPS
$0.86-34.4%
$0.64
Rev
$20M-5.3%
$21M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.67vs $0.41-63.4%
$17Mvs $24M-28.8%
Q2 2026Mar 5, 2026
$2.23vs $0.26-755.8%
$33Mvs $33M+0.2%
Q4 2025Nov 12, 2025
$0.36vs $0.50+28.0%
$26Mvs $33M-20.2%
Q3 2025Aug 5, 2025
$0.86vs $0.64-34.4%
$20Mvs $21M-5.3%
Based on last 12 quarters of dataView full earnings history →

FTCI Peer Comparison

FTC Solar, Inc. (FTCI) competitors in Solar racking, trackers and BOS components — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ARRY logoARRYArray Technologies, Inc.Direct Competitor1.23B8.00-10.9640.22%-5.56%-20.64%2.94
SHLS logoSHLSShoals Technologies Group, Inc.Direct Competitor1.75B10.4252.1019.07%6.27%5.67%0.29
NXT logoNXTNextpower Inc.Direct Competitor18.92B125.9032.7920.28%16.46%28.31%
FSLR logoFSLRFirst Solar, Inc.Product Competitor27.69B257.7018.1424.09%30.73%18.01%0.05
ENPH logoENPHEnphase Energy, Inc.Product Competitor6.89B52.2840.5310.72%9.64%13.28%1.14
SEDG logoSEDGSolarEdge Technologies, Inc.Product Competitor3.53B58.05-8.4131.39%-28.56%-79.58%0.99
CSIQ logoCSIQCanadian Solar Inc.Product Competitor1.1B16.27-10.50-6.65%-1.87%-2.39%1.80
SPWR logoSPWRSunPower Inc.Product Competitor127.72M0.78-11.662.92%-8.66%

Compare FTCI vs Peers

FTC Solar, Inc. (FTCI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARRY

Most directly comparable listed peer for FTCI.

Scale Benchmark

vs GE

Larger-name benchmark to compare FTCI against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARRY, SHLS, NXT, FSLR

FTCI Income Statement

FTC Solar, Inc. (FTCI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
53.12M187.35M270.52M123.07M127M47.35M99.69M96.15M
Revenue Growth %
-252.67%44.39%-54.51%3.2%-62.71%110.51%73.02%
Cost of Goods Sold
55.08M183.71M303.07M150.29M118.69M59.95M98.56M92.8M
COGS % of Revenue
103.67%98.06%112.03%122.12%93.46%126.59%98.87%-
Gross Profit
-1.95M▲ 0%
3.64M▲ 286.5%
-32.55M▼ 994.3%
-27.23M▲ 16.3%
8.31M▲ 130.5%
-12.59M▼ 251.6%
1.13M▲ 109.0%
3.35M▲ 0%
Gross Margin %
-3.67%1.94%-12.03%-22.12%6.54%-26.59%1.13%3.48%
Gross Profit Growth %
-286.52%-994.34%16.34%130.51%-251.61%108.96%-
Operating Expenses
10.42M20.57M94.26M72.34M59.08M40.24M34.54M38.26M
OpEx % of Revenue
19.61%10.98%34.84%58.78%46.52%84.97%34.65%-
Selling, General & Admin
6.46M15.34M82.72M62.4M51.92M34.32M30.16M33.68M
SG&A % of Revenue
12.16%8.19%30.58%50.7%40.88%72.48%30.25%-
Research & Development
3.96M5.22M11.54M9.95M7.17M5.92M4.39M4.58M
R&D % of Revenue
7.45%2.79%4.27%8.08%5.64%12.49%4.4%-
Other Operating Expenses
00000000
Operating Income
-12.37M▲ 0%
-16.93M▼ 36.8%
-126.8M▼ 649.2%
-99.57M▲ 21.5%
-50.78M▲ 49.0%
-52.83M▼ 4.0%
-33.41M▲ 36.7%
-34.91M▲ 0%
Operating Margin %
-23.29%-9.03%-46.87%-80.91%-39.98%-111.56%-33.52%-36.31%
Operating Income Growth %
--36.82%-649.17%21.48%49%-4.04%36.75%-
EBITDA
-11.96M-16.88M-126.57M-98.67M-49.4M-51.16M-32.13M-33.58M
EBITDA Margin %
-22.51%-9.01%-46.79%-80.18%-38.9%-108.03%-32.23%-34.92%
EBITDA Growth %
--41.14%-649.88%22.04%49.93%-3.56%37.2%39.94%
D&A (Non-Cash Add-back)
412K47K232K900K1.38M1.67M1.29M1.34M
EBIT
-12.37M-15.64M-105.61M-98.2M-50.38M-48.06M-33.43M-52.27M
Net Interest Income
-454K-364K-814K-978K-253K-319K-7.53M-10.72M
Interest Income
00000023K22K
Interest Expense
454K364K814K978K253K319K7.56M10.74M
Other Income/Expense
-1.16M919K20.38M394K149K4.45M-42.98M-5.12M
Pretax Income
-13.53M▲ 0%
-16.01M▼ 18.3%
-106.42M▼ 564.8%
-99.18M▲ 6.8%
-50.63M▲ 49.0%
-48.38M▲ 4.4%
-76.4M▼ 57.9%
-40.04M▲ 0%
Pretax Margin %
-25.48%-8.54%-39.34%-80.59%-39.86%-102.16%-76.64%-41.64%
Income Tax
-39K-83K169K435K-338K230K525K466K
Effective Tax Rate %
0.29%0.52%-0.16%-0.44%0.67%-0.48%-0.69%-1.16%
Net Income
-13.49M▲ 0%
-15.92M▼ 18.0%
-106.59M▼ 569.4%
-99.61M▲ 6.5%
-50.29M▲ 49.5%
-48.61M▲ 3.3%
-76.92M▼ 58.3%
-40.5M▲ 0%
Net Margin %
-25.4%-8.5%-39.4%-80.94%-39.6%-102.64%-77.16%-42.13%
Net Income Growth %
--18%-569.36%6.54%49.51%3.35%-58.25%7.22%
Net Income (Continuing)
-13.49M-15.92M-106.59M-99.61M-50.29M-48.61M-76.92M-40.5M
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-0.16▲ 0%
-0.20▼ 25.0%
-12.39▼ 6095.0%
-9.82▲ 20.7%
-4.35▲ 55.7%
-3.83▲ 12.0%
-5.49▼ 43.3%
-2.68▲ 0%
EPS Growth %
--25%-6095%20.74%55.7%11.95%-43.34%-54.72%
EPS (Basic)
-0.16-0.20-12.39-9.82-4.35-3.83-5.49-
Diluted Shares Outstanding
8.22M8.51M8.6M10.14M11.55M12.68M14.01M15.14M
Basic Shares Outstanding
8.22M8.51M8.6M10.14M11.55M12.68M14.01M15.57M
Dividend Payout Ratio
--------

FTCI Balance Sheet

FTC Solar, Inc. (FTCI) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
30.64M64.72M235.78M118.69M108.51M76.13M97.77M83.82M
Cash & Short-Term Investments
7.22M33.37M102.19M44.38M25.23M11.25M21.11M5.64M
Cash Only
7.22M33.37M102.19M44.38M25.23M11.25M21.11M5.64M
Short-Term Investments
00000000
Accounts Receivable
14.05M23.73M107.55M49.05M65.28M39.71M55.74M56.39M
Days Sales Outstanding
96.5246.24145.11145.48187.61306.07204.1196.43
Inventory
4.5M5.89M8.86M14.95M3.9M10.14M9.63M9.43M
Days Inventory Outstanding
29.8611.710.6736.312.0161.7635.6533.45
Other Current Assets
2.92M684K1.52M1.51M6.2M4.4M11.29M12.37M
Total Non-Current Assets
3.19M6.67M7.24M15.71M14.56M13.8M14.04M14.03M
Property, Plant & Equipment
43K571K3.31M2.86M3.64M3.37M4.78M4.59M
Fixed Asset Turnover
1235.44x328.11x81.61x43.09x34.87x14.07x20.87x24.84x
Goodwill
0007.54M7.35M7.14M7.44M7.53M
Intangible Assets
33K001.11M542K000
Long-Term Investments
2.58M1.86M00240K954K0391K
Other Non-Current Assets
579K4.24M3.93M4.2M2.79M2.34M1.82M1.91M
Total Assets
33.83M▲ 0%
71.39M▲ 111.0%
243.02M▲ 240.4%
134.4M▼ 44.7%
123.07M▼ 8.4%
89.93M▼ 26.9%
111.81M▲ 24.3%
97.85M▲ 0%
Asset Turnover
1.57x2.62x1.11x0.92x1.03x0.53x0.89x0.95x
Asset Growth %
-111.03%240.4%-44.7%-8.43%-26.93%24.34%45.03%
Total Current Liabilities
33.72M59.81M93.25M60.34M54.66M49.07M75.49M63.45M
Accounts Payable
8.19M17.13M39.26M15.8M7.98M12.99M13.25M11.62M
Days Payables Outstanding
54.2834.0347.2938.3724.5479.1249.0658.06
Short-Term Debt
11K1.24M000033.33M9.71M
Deferred Revenue (Current)
19.87M22.98M1.42M11.32M3.61M5.31M7.17M17.91M
Other Current Liabilities
5.47M15.59M5.01M12.69M38.39M30.02M21.11M37.29M
Current Ratio
0.91x1.08x2.53x1.97x1.98x1.55x1.30x1.32x
Quick Ratio
0.77x0.98x2.43x1.72x1.91x1.34x1.17x1.17x
Cash Conversion Cycle
72.0923.92108.49143.41175.08288.71190.69171.83
Total Non-Current Liabilities
8.55M4.13M6.91M7.61M5.93M21.82M76.62M40.55M
Long-Term Debt
7.83M784K0009.47M013.32M
Capital Lease Obligations
27K355K1.34M786K1.12M411K553K436K
Deferred Tax Liabilities
3K000000178K
Other Non-Current Liabilities
688K2.99M5.57M6.82M4.81M11.94M76.07M27.05M
Total Liabilities
42.27M63.94M100.15M67.95M60.6M70.89M152.11M104M
Total Debt
7.83M2.38M1.79M1.2M1.86M10.63M33.88M23.03M
Net Debt
612K-30.99M-100.39M-43.18M-23.37M-615K12.78M17.39M
Debt / Equity
-0.32x0.01x0.02x0.03x0.56x--3.75x
Debt / EBITDA
--------0.69x
Net Debt / EBITDA
--------0.52x
Interest Coverage
-27.25x-42.98x-129.74x-100.41x-199.11x-150.65x-4.42x-4.87x
Total Equity
-8.45M▲ 0%
7.45M▲ 188.2%
142.87M▲ 1817.4%
66.45M▼ 53.5%
62.47M▼ 6.0%
19.04M▼ 69.5%
-40.3M▼ 311.7%
-6.15M▲ 0%
Equity Growth %
-188.23%1817.41%-53.49%-5.99%-69.53%-311.71%-676.04%
Book Value per Share
-1.030.8816.606.555.411.50-2.88-0.41
Total Shareholders' Equity
-8.45M7.45M142.87M66.45M62.47M19.04M-40.3M-6.15M
Common Stock
1K1K9K11K13K1K2K2K
Retained Earnings
-26.72M-42.64M-149.23M-248.84M-299.13M-347.74M-424.66M-394.72M
Treasury Stock
00000000
Accumulated OCI
0-3K7K-61K-293K-542K-290K-191K
Minority Interest
00000000

FTCI Cash Flow Statement

FTC Solar, Inc. (FTCI) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-254K629K-132.85M-54.51M-52.66M-34.7M-33.44M-37.73M
Operating CF Margin %
-0.48%0.34%-49.11%-44.29%-41.46%-73.27%-33.55%-
Operating CF Growth %
-347.64%-21221.46%58.97%3.4%34.1%3.62%-476.23%
Net Income
-13.49M-15.92M-106.59M-99.61M-50.29M-48.61M-76.92M-40.5M
Depreciation & Amortization
412K47K232K900K1.38M1.67M1.27M1.34M
Stock-Based Compensation
906K1.82M61.77M20.3M8.29M04.96M6.89M
Deferred Taxes
-3K-3K-12.68M-135K138K83K221K-27K
Other Non-Cash Items
3.01M5.34M-402K14.74M12.55M12.68M47.98M9.88M
Working Capital Changes
8.91M9.35M-75.18M9.29M-24.73M-530K-10.96M-15.31M
Change in Receivables
-13.84M-9.71M-83.72M57.34M-23.6M23.5M-10.19M-6.4M
Change in Inventory
-4.5M2.82M-7.26M-7.9M10.34M-6.42M1.43M-1.88M
Change in Payables
7.78M10.08M21.66M-22.94M-7.96M4.96M-4.51M-7.83M
Cash from Investing
-18K1.87M21.31M-4.25M-397K6.26M2.8M-599K
Capital Expenditures
-18K-256K-1.02M-985K-816K-1.65M-1.13M-1.32M
CapEx % of Revenue
0.03%0.14%0.38%0.8%0.64%3.47%1.13%1.37%
Acquisitions
02.12M22.33M-3.35M419K0580K583K
Investments
--------
Other Investing
0022.33M86K0900K3.35M140K
Cash from Financing
7M22.64M180.37M903K33.95M14.5M40.4M37.98M
Debt Issued (Net)
1M-6.22M-1M0014.49M35.8M32.7M
Equity Issued (Net)
6M30M187M034.01M8K4.6M5.38M
Dividends Paid
00000000
Share Repurchases
00-54.16M00000
Other Financing
0-1.14M-5.63M903K-57K00-112K
Net Change in Cash
6.73M▲ 0%
25.14M▲ 273.6%
68.81M▲ 173.7%
-57.8M▼ 184.0%
-19.15M▲ 66.9%
-13.99M▲ 27.0%
9.86M▲ 170.5%
-270K▲ 0%
Free Cash Flow
-272K▲ 0%
373K▲ 237.1%
-133.88M▼ 35992.5%
-55.49M▲ 58.5%
-53.47M▲ 3.6%
-36.34M▲ 32.0%
-34.57M▲ 4.9%
-39.05M▲ 0%
FCF Margin %
-0.51%0.2%-49.49%-45.09%-42.1%-76.75%-34.68%-40.62%
FCF Growth %
-237.13%-35992.49%58.55%3.65%32.03%4.87%-19.72%
FCF per Share
-0.030.04-15.56-5.47-4.63-2.87-2.47-2.58
FCF Conversion (FCF/Net Income)
0.02x-0.04x1.25x0.55x1.05x0.71x0.43x0.96x
Interest Paid
0350K461K784K576K006K
Taxes Paid
0076K123K177K005K

FTCI Key Ratios

FTC Solar, Inc. (FTCI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
-213.72%-141.82%-95.18%-78.02%-119.27%-316.79%
Return on Invested Capital (ROIC)
--1004.68%-227.19%-122.12%-137.77%-343.08%
Gross Margin
1.94%-12.03%-22.12%6.54%-26.59%1.13%3.48%
Net Margin
-8.5%-39.4%-80.94%-39.6%-102.64%-77.16%-42.13%
Debt / Equity
0.32x0.01x0.02x0.03x0.56x--3.75x
Interest Coverage
-42.98x-129.74x-100.41x-199.11x-150.65x-4.42x-4.87x
FCF Conversion
-0.04x1.25x0.55x1.05x0.71x0.43x0.96x
Revenue Growth
252.67%44.39%-54.51%3.2%-62.71%110.51%73.02%
Related:FTCI Dividend History·FTCI Revenue History·FTCI Price History·FTCI P/E History·FTCI Financial Ratios·FTCI Institutional Holders

FTCI SEC Filings & Documents

FTC Solar, Inc. (FTCI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Mar 24, 2026·SEC

Material company update

Mar 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 24, 2026·SEC

FY 2025

Mar 31, 2025·SEC

FY 2024

Mar 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 5, 2025·SEC

FTCI Frequently Asked Questions

FTC Solar, Inc. (FTCI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

FTC Solar, Inc. (FTCI) reported $96.1M in revenue for fiscal year 2025. This represents a 81% increase from $53.1M in 2019.

FTC Solar, Inc. (FTCI) grew revenue by 110.5% over the past year. This is strong growth.

FTC Solar, Inc. (FTCI) reported a net loss of $40.5M for fiscal year 2025.

Dividend & Returns

FTC Solar, Inc. (FTCI) had negative free cash flow of $39.1M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in FTCI back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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How much would $100/month in FTCI be worth today?

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