Financial stability is deteriorating as total debt increased to $23.0M in 2026Q1 while the equity position collapsed into negative territory at -$6.1M, signaling significant solvency risks.
| Total Current Assets | 83.82M | 97.77M | 76.13M | 108.51M | 118.69M | 235.78M | 64.72M | 30.64M |
| Cash & Short-Term Investments | 5.64M | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M | 33.37M | 7.22M |
| Cash Only | 5.64M | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M | 33.37M | 7.22M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 56.39M | 55.74M | 39.71M | 65.28M | 49.05M | 107.55M | 23.73M | 14.05M |
| Days Sales Outstanding | 196.43 | 204.1 | 306.07 | 187.61 | 145.48 | 145.11 | 46.24 | 96.52 |
| Inventory | 9.43M | 9.63M | 10.14M | 3.9M | 14.95M | 8.86M | 5.89M | 4.5M |
| Days Inventory Outstanding | 33.45 | 35.65 | 61.76 | 12.01 | 36.3 | 10.67 | 11.7 | 29.86 |
| Other Current Assets | 12.37M | 11.29M | 4.4M | 6.2M | 1.51M | 1.52M | 684K | 2.92M |
| Total Non-Current Assets | 14.03M | 14.04M | 13.8M | 14.56M | 15.71M | 7.24M | 6.67M | 3.19M |
| Property, Plant & Equipment | 4.59M | 4.78M | 3.37M | 3.64M | 2.86M | 3.31M | 571K | 43K |
| Fixed Asset Turnover | 24.84x | 20.87x | 14.07x | 34.87x | 43.09x | 81.61x | 328.11x | 1235.44x |
| Goodwill | 7.53M | 7.44M | 7.14M | 7.35M | 7.54M | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 542K | 1.11M | 0 | 0 | 33K |
| Long-Term Investments | 391K | 0 | 954K | 240K | 0 | 0 | 1.86M | 2.58M |
| Other Non-Current Assets | 1.91M | 1.82M | 2.34M | 2.79M | 4.2M | 3.93M | 4.24M | 579K |
| Total Assets | 97.85M | 111.81M | 89.93M | 123.07M | 134.4M | 243.02M | 71.39M | 33.83M |
| Asset Turnover | 0.95x | 0.89x | 0.53x | 1.03x | 0.92x | 1.11x | 2.62x | 1.57x |
| Asset Growth % | 45.03% | 24.34% | -26.93% | -8.43% | -44.7% | 240.4% | 111.03% | - |
| Total Current Liabilities | 63.45M | 75.49M | 49.07M | 54.66M | 60.34M | 93.25M | 59.81M | 33.72M |
| Accounts Payable | 11.62M | 13.25M | 12.99M | 7.98M | 15.8M | 39.26M | 17.13M | 8.19M |
| Days Payables Outstanding | 58.06 | 49.06 | 79.12 | 24.54 | 38.37 | 47.29 | 34.03 | 54.28 |
| Short-Term Debt | 9.71M | 33.33M | 0 | 0 | 0 | 0 | 1.24M | 11K |
| Deferred Revenue (Current) | 17.91M | 7.17M | 5.31M | 3.61M | 11.32M | 1.42M | 22.98M | 19.87M |
| Other Current Liabilities | 37.29M | 21.11M | 30.02M | 38.39M | 12.69M | 5.01M | 15.59M | 5.47M |
| Current Ratio | 1.32x | 1.30x | 1.55x | 1.98x | 1.97x | 2.53x | 1.08x | 0.91x |
| Quick Ratio | 1.17x | 1.17x | 1.34x | 1.91x | 1.72x | 2.43x | 0.98x | 0.77x |
| Cash Conversion Cycle | 171.83 | 190.69 | 288.71 | 175.08 | 143.41 | 108.49 | 23.92 | 72.09 |
| Total Non-Current Liabilities | 40.55M | 76.62M | 21.82M | 5.93M | 7.61M | 6.91M | 4.13M | 8.55M |
| Long-Term Debt | 13.32M | 0 | 9.47M | 0 | 0 | 0 | 784K | 7.83M |
| Capital Lease Obligations | 436K | 553K | 411K | 1.12M | 786K | 1.34M | 355K | 27K |
| Deferred Tax Liabilities | 178K | 0 | 0 | 0 | 0 | 0 | 0 | 3K |
| Other Non-Current Liabilities | 27.05M | 76.07M | 11.94M | 4.81M | 6.82M | 5.57M | 2.99M | 688K |
| Total Liabilities | 104M | 152.11M | 70.89M | 60.6M | 67.95M | 100.15M | 63.94M | 42.27M |
| Total Debt | 23.03M | 33.88M | 10.63M | 1.86M | 1.2M | 1.79M | 2.38M | 7.83M |
| Net Debt | 17.39M | 12.78M | -615K | -23.37M | -43.18M | -100.39M | -30.99M | 612K |
| Debt / Equity | -3.75x | - | 0.56x | 0.03x | 0.02x | 0.01x | 0.32x | - |
| Debt / EBITDA | -0.69x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.52x | - | - | - | - | - | - | - |
| Interest Coverage | -4.87x | -4.42x | -150.65x | -199.11x | -100.41x | -129.74x | -42.98x | -27.25x |
| Total Equity | -6.15M | -40.3M | 19.04M | 62.47M | 66.45M | 142.87M | 7.45M | -8.45M |
| Equity Growth % | -676.04% | -311.71% | -69.53% | -5.99% | -53.49% | 1817.41% | 188.23% | - |
| Book Value per Share | -0.41 | -2.88 | 1.50 | 5.41 | 6.55 | 16.60 | 0.88 | -1.03 |
| Total Shareholders' Equity | -6.15M | -40.3M | 19.04M | 62.47M | 66.45M | 142.87M | 7.45M | -8.45M |
| Common Stock | 2K | 2K | 1K | 13K | 11K | 9K | 1K | 1K |
| Retained Earnings | -394.72M | -424.66M | -347.74M | -299.13M | -248.84M | -149.23M | -42.64M | -26.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -191K | -290K | -542K | -293K | -61K | 7K | -3K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial statements, FTCI's equity position has deteriorated from a positive $62.5M in 2023Q4 to a negative $6.1M by 2026Q1, reflecting a persistent erosion of shareholder value driven by recurring net losses and an inability to achieve sustainable operational scale.
The shift into negative equity territory suggests that the company's accumulated losses have now fully exhausted its book value, leaving the balance sheet in a precarious state. This trajectory indicates that the business model has struggled to generate sufficient returns to offset its capital consumption, warranting significant caution regarding long-term solvency.
Based on the company's reported figures, total debt has climbed from $1.9M in 2023Q4 to $23.0M in 2026Q1, a trend that appears to be a necessity-driven response to operational cash burn rather than a strategic move to optimize the capital structure for growth.
The rapid accumulation of debt relative to the company's shrinking asset base suggests that management is increasingly reliant on external financing to bridge liquidity gaps. Investors should monitor whether this debt load becomes a restrictive burden, particularly given the company's limited ability to generate positive cash flow from its core operations.
According to recent SEC filings, FTCI's cash reserves have dwindled to $5.6M as of 2026Q1, down significantly from the $25.2M held in 2023Q4, which leaves the company with a dangerously thin buffer against the inherent volatility of its project-based revenue cycle.
The current ratio of 1.32, while technically above parity, masks the underlying reality that a large portion of current assets may be tied up in inventory or receivables that are not immediately liquid. This limited cash position suggests that the company may face significant challenges in funding its working capital requirements without further dilutive capital raises.
As indicated by the balance sheet data, the company's asset base is heavily weighted toward items that may be subject to impairment, with $7.5M in goodwill and limited PPE, suggesting that the headline asset value may overstate the company's true tangible recovery value in a liquidation scenario.
The presence of significant goodwill on a balance sheet with negative equity warrants further investigation into potential impairment risks, as these intangible assets may not provide the necessary support for future financing. This distortion suggests that the company's financial health is even more fragile than the headline asset figures might imply.
Quick answers to the most common questions about buying FTCI stock.
As of 2025, FTC Solar, Inc. (FTCI) had total assets of $111.8M including $97.8M in current assets.
FTC Solar, Inc. (FTCI) carries total debt of $33.9M, offset by $21.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FTC Solar, Inc. (FTCI) has total shareholders' equity (book value) of $-40.3M ($-2.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FTC Solar, Inc. (FTCI) reported a current ratio of 1.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.