The company struggles with inconsistent profitability, evidenced by operating losses that reached 147.8% of revenue in 2024Q3 and a failure to maintain stable gross margins, which fluctuated between -19.6% and 21% over the last two years.
| Sales/Revenue | 96.15M | 99.69M | 47.35M | 127M | 123.07M | 270.52M | 187.35M | 53.12M |
| Revenue Growth % | 73.02% | 110.51% | -62.71% | 3.2% | -54.51% | 44.39% | 252.67% | - |
| Cost of Goods Sold | 92.8M | 98.56M | 59.95M | 118.69M | 150.29M | 303.07M | 183.71M | 55.08M |
| COGS % of Revenue | - | 98.87% | 126.59% | 93.46% | 122.12% | 112.03% | 98.06% | 103.67% |
| Gross Profit | 3.35M | 1.13M | -12.59M | 8.31M | -27.23M | -32.55M | 3.64M | -1.95M |
| Gross Margin % | 3.48% | 1.13% | -26.59% | 6.54% | -22.12% | -12.03% | 1.94% | -3.67% |
| Gross Profit Growth % | - | 108.96% | -251.61% | 130.51% | 16.34% | -994.34% | 286.52% | - |
| Operating Expenses | 38.26M | 34.54M | 40.24M | 59.08M | 72.34M | 94.26M | 20.57M | 10.42M |
| OpEx % of Revenue | - | 34.65% | 84.97% | 46.52% | 58.78% | 34.84% | 10.98% | 19.61% |
| Selling, General & Admin | 33.68M | 30.16M | 34.32M | 51.92M | 62.4M | 82.72M | 15.34M | 6.46M |
| SG&A % of Revenue | - | 30.25% | 72.48% | 40.88% | 50.7% | 30.58% | 8.19% | 12.16% |
| Research & Development | 4.58M | 4.39M | 5.92M | 7.17M | 9.95M | 11.54M | 5.22M | 3.96M |
| R&D % of Revenue | - | 4.4% | 12.49% | 5.64% | 8.08% | 4.27% | 2.79% | 7.45% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -34.91M | -33.41M | -52.83M | -50.78M | -99.57M | -126.8M | -16.93M | -12.37M |
| Operating Margin % | -36.31% | -33.52% | -111.56% | -39.98% | -80.91% | -46.87% | -9.03% | -23.29% |
| Operating Income Growth % | - | 36.75% | -4.04% | 49% | 21.48% | -649.17% | -36.82% | - |
| EBITDA | -33.58M | -32.13M | -51.16M | -49.4M | -98.67M | -126.57M | -16.88M | -11.96M |
| EBITDA Margin % | -34.92% | -32.23% | -108.03% | -38.9% | -80.18% | -46.79% | -9.01% | -22.51% |
| EBITDA Growth % | 39.94% | 37.2% | -3.56% | 49.93% | 22.04% | -649.88% | -41.14% | - |
| D&A (Non-Cash Add-back) | 1.34M | 1.29M | 1.67M | 1.38M | 900K | 232K | 47K | 412K |
| EBIT | -52.27M | -33.43M | -48.06M | -50.38M | -98.2M | -105.61M | -15.64M | -12.37M |
| Net Interest Income | -10.72M | -7.53M | -319K | -253K | -978K | -814K | -364K | -454K |
| Interest Income | 22K | 23K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.74M | 7.56M | 319K | 253K | 978K | 814K | 364K | 454K |
| Other Income/Expense | -5.12M | -42.98M | 4.45M | 149K | 394K | 20.38M | 919K | -1.16M |
| Pretax Income | -40.04M | -76.4M | -48.38M | -50.63M | -99.18M | -106.42M | -16.01M | -13.53M |
| Pretax Margin % | -41.64% | -76.64% | -102.16% | -39.86% | -80.59% | -39.34% | -8.54% | -25.48% |
| Income Tax | 466K | 525K | 230K | -338K | 435K | 169K | -83K | -39K |
| Effective Tax Rate % | -1.16% | -0.69% | -0.48% | 0.67% | -0.44% | -0.16% | 0.52% | 0.29% |
| Net Income | -40.5M | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M | -15.92M | -13.49M |
| Net Margin % | -42.13% | -77.16% | -102.64% | -39.6% | -80.94% | -39.4% | -8.5% | -25.4% |
| Net Income Growth % | 7.22% | -58.25% | 3.35% | 49.51% | 6.54% | -569.36% | -18% | - |
| Net Income (Continuing) | -40.5M | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M | -15.92M | -13.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.68 | -5.49 | -3.83 | -4.35 | -9.82 | -12.39 | -0.20 | -0.16 |
| EPS Growth % | -54.72% | -43.34% | 11.95% | 55.7% | 20.74% | -6095% | -25% | - |
| EPS (Basic) | - | -5.49 | -3.83 | -4.35 | -9.82 | -12.39 | -0.20 | -0.16 |
| Diluted Shares Outstanding | 15.14M | 14.01M | 12.68M | 11.55M | 10.14M | 8.6M | 8.51M | 8.22M |
| Basic Shares Outstanding | 15.57M | 14.01M | 12.68M | 11.55M | 10.14M | 8.6M | 8.51M | 8.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial filings, FTCI's revenue trajectory remains highly erratic, characterized by a 17% year-over-year decline in 2026Q1 following a period of triple-digit growth, which underscores the company's extreme sensitivity to the lumpy, project-based nature of utility-scale solar installations and grid interconnection delays.
The sharp fluctuations in quarterly revenue suggest that the company lacks a recurring revenue base, leaving it exposed to the timing of specific project completions. Investors should monitor whether this volatility reflects genuine market share shifts or merely the inherent unpredictability of the current project-based business model.
Based on the provided income statement data, FTCI's gross margin profile remains deeply inconsistent, oscillating between negative territory and a peak of 21% in 2025Q4, which indicates a fundamental inability to maintain pricing power or absorb variable logistics and raw material costs effectively.
The persistent failure to achieve stable, positive gross margins suggests that the company's 2P tracker architecture may be struggling to compete on a cost-plus basis against the scale-advantaged 1P designs of larger industry peers. This margin instability implies that the company is currently unable to pass through commodity price volatility to its developer customers.
According to the historical income statement, FTCI has failed to demonstrate meaningful operating leverage, as SG&A expenses consistently dwarf gross profit, resulting in persistent operating losses that have reached as high as 147.8% of revenue in previous periods, signaling a lack of overhead efficiency.
The company's inability to scale operating income faster than gross profit suggests that its fixed cost structure is currently too heavy for its revenue volume. This trend warrants further investigation into whether management can successfully execute on recent restructuring efforts to align overhead with current market realities.
Based on the reported figures, FTCI's net income is frequently decoupled from operational performance, as evidenced by the 2026Q1 net income of $32.6M despite an operating loss of $12.1M, suggesting that non-operating items are masking the underlying weakness in the core business.
The presence of significant non-operating gains in the face of persistent operating losses complicates the assessment of true earnings quality. Investors should be cautious of these accounting anomalies, as they do not represent a sustainable path toward profitability or cash generation.
As indicated by the recent financial data, the company's cash position of $21.1M against a trailing twelve-month net loss exceeding $70M suggests a high probability of a liquidity crunch, which may force dilutive financing or strategic asset sales to maintain ongoing operations.
The bear case for FTCI centers on the potential for insolvency if the current burn rate is not addressed through immediate and drastic cost-cutting measures. The market appears to be pricing in this existential risk, as the company struggles to bridge the gap between its technical niche and commercial scale.
Quick answers to the most common questions about buying FTCI stock.
For fiscal year 2025, FTC Solar, Inc. (FTCI) reported total revenue of $99.7M. This represents a 87.6% increase compared to $53.1M in 2019.
FTC Solar, Inc. (FTCI) reported a net loss of $76.9M for the fiscal year ending 2025.
FTC Solar, Inc. (FTCI) reported an operating income of $-33.4M, resulting in an operating profit margin of -33.5%. This margin reflects the operational efficiency of the business before interest and taxes.
FTC Solar, Inc. (FTCI) generated $1.1M in gross profit for the year, representing a gross profit margin of 1.1%. This demonstrates the company's core pricing power and production efficiency.