Operational cash generation remains elusive, with the company burning cash consistently and reporting a free cash flow margin of -75.6% in 2026Q1, further exacerbated by erratic working capital outflows.
| Cash from Operations | -37.73M | -33.44M | -34.7M | -52.66M | -54.51M | -132.85M | 629K | -254K |
| Operating CF Margin % | - | -33.55% | -73.27% | -41.46% | -44.29% | -49.11% | 0.34% | -0.48% |
| Operating CF Growth % | -476.23% | 3.62% | 34.1% | 3.4% | 58.97% | -21221.46% | 347.64% | - |
| Net Income | -40.5M | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M | -15.92M | -13.49M |
| Depreciation & Amortization | 1.34M | 1.27M | 1.67M | 1.38M | 900K | 232K | 47K | 412K |
| Stock-Based Compensation | 6.89M | 4.96M | 0 | 8.29M | 20.3M | 61.77M | 1.82M | 906K |
| Deferred Taxes | -27K | 221K | 83K | 138K | -135K | -12.68M | -3K | -3K |
| Other Non-Cash Items | 9.88M | 47.98M | 12.68M | 12.55M | 14.74M | -402K | 5.34M | 3.01M |
| Working Capital Changes | -15.31M | -10.96M | -530K | -24.73M | 9.29M | -75.18M | 9.35M | 8.91M |
| Change in Receivables | -6.4M | -10.19M | 23.5M | -23.6M | 57.34M | -83.72M | -9.71M | -13.84M |
| Change in Inventory | -1.88M | 1.43M | -6.42M | 10.34M | -7.9M | -7.26M | 2.82M | -4.5M |
| Change in Payables | -7.83M | -4.51M | 4.96M | -7.96M | -22.94M | 21.66M | 10.08M | 7.78M |
| Cash from Investing | -599K | 2.8M | 6.26M | -397K | -4.25M | 21.31M | 1.87M | -18K |
| Capital Expenditures | -1.32M | -1.13M | -1.65M | -816K | -985K | -1.02M | -256K | -18K |
| CapEx % of Revenue | 1.37% | 1.13% | 3.47% | 0.64% | 0.8% | 0.38% | 0.14% | 0.03% |
| Acquisitions | 583K | 580K | 0 | 419K | -3.35M | 22.33M | 2.12M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 140K | 3.35M | 900K | 0 | 86K | 22.33M | 0 | 0 |
| Cash from Financing | 37.98M | 40.4M | 14.5M | 33.95M | 903K | 180.37M | 22.64M | 7M |
| Debt Issued (Net) | 32.7M | 35.8M | 14.49M | 0 | 0 | -1M | -6.22M | 1M |
| Equity Issued (Net) | 5.38M | 4.6M | 8K | 34.01M | 0 | 187M | 30M | 6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -54.16M | 0 | 0 |
| Other Financing | -112K | 0 | 0 | -57K | 903K | -5.63M | -1.14M | 0 |
| Net Change in Cash | -270K | 9.86M | -13.99M | -19.15M | -57.8M | 68.81M | 25.14M | 6.73M |
| Free Cash Flow | -39.05M | -34.57M | -36.34M | -53.47M | -55.49M | -133.88M | 373K | -272K |
| FCF Margin % | -40.62% | -34.68% | -76.75% | -42.1% | -45.09% | -49.49% | 0.2% | -0.51% |
| FCF Growth % | -19.72% | 4.87% | 32.03% | 3.65% | 58.55% | -35992.49% | 237.13% | - |
| FCF per Share | -2.58 | -2.47 | -2.87 | -4.63 | -5.47 | -15.56 | 0.04 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.43x | 0.71x | 1.05x | 0.55x | 1.25x | -0.04x | 0.02x |
| Interest Paid | 6K | 0 | 0 | 576K | 784K | 461K | 350K | 0 |
| Taxes Paid | 5K | 0 | 0 | 177K | 123K | 76K | 0 | 0 |
Liquidity and solvency constraints
As reported in financial statements, FTCI consistently exhibits a negative relationship between net income and operating cash flow, with the company burning cash even in periods where accounting profits appear, suggesting that accrual-based earnings are failing to translate into actual liquidity for the business.
The frequent divergence between net income and operating cash flow indicates that the company's reported profitability is often driven by non-cash or non-operating adjustments rather than core operational efficiency. Investors should monitor this gap closely, as it suggests that the business model is structurally incapable of self-funding its operations under current conditions.
Based on the provided cash flow data, FTCI has maintained a consistently negative free cash flow trajectory, with margins reaching as low as -128.6% in 2024Q4, highlighting the company's inability to generate surplus cash from its project-based revenue streams to cover its ongoing operational requirements.
The persistent negative free cash flow suggests that the company is trapped in a cycle of capital consumption where every dollar of revenue growth requires disproportionate cash investment. This trajectory appears unsustainable without significant changes to the cost structure or a fundamental shift in the company's ability to monetize its tracker hardware.
According to recent SEC filings, FTCI's working capital dynamics are highly erratic, with quarterly changes swinging from a $7.0M inflow in 2025Q2 to an $8.5M outflow in 2025Q4, reflecting the inherent difficulty in managing cash cycles within the lumpy, project-heavy utility-scale solar market.
These wild swings in working capital suggest that the company lacks the scale or leverage to effectively manage its payables and receivables, leading to unpredictable cash outflows. Such volatility creates significant liquidity risk, as the company is forced to rely on its limited cash reserves to bridge the gaps between project milestones.
Based on reported figures, stock-based compensation has remained a consistent feature of the company's cash flow statement, often offsetting the lack of operational cash generation and masking the true extent of the cash burn required to retain talent in a struggling industrial environment.
While stock-based compensation is a non-cash expense, its prevalence in the face of persistent operating losses warrants further investigation into the company's long-term incentive alignment. This practice appears to dilute shareholders while failing to correlate with any meaningful improvement in the company's underlying cash-generating capacity.
Quick answers to the most common questions about buying FTCI stock.
FTC Solar, Inc. (FTCI) generated $-33.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FTC Solar, Inc. (FTCI) reported negative free cash flow of $34.6M in 2025, indicating capital requirements exceeded cash from operations.
FTC Solar, Inc. (FTCI) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.