Ftc Solar, Inc. Financials
Ftc Solar, Inc. (FTCI) reported $102.3M in revenue over the twelve months to Jun 30, 2026, up 59.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Near-break-even gross economics returned in FY2025, but financing dependence and negative equity remain the dominant business mechanics.
The revenue rebound from$47.4M in FY2024 to$99.7M in FY2025 nearly restored gross-margin breakeven, while the operating margin improved from-111.6% to-35.5% ; lower selling and administrative expense suggests fixed-cost absorption contributed alongside volume. Yet interest expense rose to$8.2M , helping push net loss to-$79.6M even as the operating loss narrowed.
Operating cash flow of
FY2025 ended with negative equity of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ftc Solar, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ftc Solar, Inc. scores -5.04, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($38.8M) relative to total liabilities ($154.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ftc Solar, Inc. passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Ftc Solar, Inc. reported a net loss of $79.6M while operations used $33.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ftc Solar, Inc. reported an operating loss of $35.4M against $8.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ftc Solar, Inc. generated $99.7M in revenue in fiscal year 2025. This represents an increase of 110.5% from the prior year.
Ftc Solar, Inc.'s EBITDA was -$34.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.3% from the prior year.
Ftc Solar, Inc. reported -$79.6M in net income in fiscal year 2025. This represents a decrease of 63.7% from the prior year.
Ftc Solar, Inc. earned -$5.68 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.3% from the prior year.
Cash & Balance Sheet
Ftc Solar, Inc. recorded an outflow of $34.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 4.9% from the prior year.
Ftc Solar, Inc. held $21.1M in cash against $9.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ftc Solar, Inc.'s gross margin was -0.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 25.7 percentage points from the prior year.
Ftc Solar, Inc.'s operating margin was -35.5% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Ftc Solar, Inc.'s net profit margin was -79.8% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Ftc Solar, Inc. invested $4.4M in research and development in fiscal year 2025. This represents a decrease of 25.8% from the prior year.
Ftc Solar, Inc. invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.4% from the prior year.
Not reported for fiscal year 2025.
FTCI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $26.2M+51.5% | $17.3M-47.5% | $32.9M+26.2% | $26.0M+30.2% | $20.0M-3.9% | $20.8M+57.6% | $13.2M+30.2% | $10.1M |
| Cost of Revenue | $28.4M+53.5% | $18.5M-33.9% | $28.0M+14.5% | $24.4M+2.2% | $23.9M-1.4% | $24.3M+42.3% | $17.0M+18.0% | $14.4M |
| Gross Profit | -$2.2M-82.1% | -$1.2M-125.1% | $4.9M+206.9% | $1.6M+140.7% | -$3.9M-13.7% | -$3.4M+10.2% | -$3.8M+10.9% | -$4.3M |
| R&D Expenses | $1.2M+8.1% | $1.1M+1.1% | $1.1M-9.9% | $1.2M+8.8% | $1.1M+22.2% | $924K-37.3% | $1.5M+0.5% | $1.5M |
| SG&A Expenses | $8.2M+2.8% | $8.0M+8.9% | $7.3M+14.8% | $6.4M+24.0% | $5.2M+2.1% | $5.1M-16.7% | $6.1M-10.8% | $6.8M |
| Operating Income | -$13.7M-13.8% | -$12.1M-113.1% | -$5.7M+26.6% | -$7.7M+33.0% | -$11.5M-8.9% | -$10.6M+21.4% | -$13.4M+10.3% | -$15.0M |
| Interest Expense | $4.3M+11.2% | $3.9M-18.4% | $4.8M+140.2% | $2.0M+172.0% | $731K+2.8% | $711K+227.6% | $217K+1450.0% | $14K |
| Income Tax | $217K+11.3% | $195K+3.7% | $188K+327.3% | $44K+12.8% | $39K-84.6% | $254K+473.5% | -$68K-127.9% | $244K |
| Net Income | -$27.1M-183.2% | $32.6M+189.6% | -$36.4M-52.0% | -$23.9M-55.1% | -$15.4M-304.0% | -$3.8M+68.8% | -$12.2M+20.3% | -$15.4M |
| EPS (Diluted) | -$1.69-134.7% | -$0.72+71.3% | -$2.51-55.9% | -$1.61-36.4% | -$1.18 | -$0.58 | -$0.95 | -$1.21 |
FTCI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.1M+0.2% | $97.8M-12.5% | $111.8M+0.3% | $111.5M+34.4% | $83.0M-1.3% | $84.1M-6.5% | $89.9M-1.9% | $91.7M |
| Current Assets | $83.3M-0.6% | $83.8M-14.3% | $97.8M+1.2% | $96.6M+37.4% | $70.3M-1.1% | $71.1M-6.6% | $76.1M-0.1% | $76.2M |
| Cash & Equivalents | $10.1M+78.7% | $5.6M-73.3% | $21.1M-13.4% | $24.4M+592.5% | $3.5M-40.4% | $5.9M-47.5% | $11.2M+36.2% | $8.3M |
| Inventory | $10.0M+6.0% | $9.4M-2.1% | $9.6M+25.8% | $7.7M+4.6% | $7.3M+7.1% | $6.8M-32.7% | $10.1M-32.9% | $15.1M |
| Accounts Receivable | $48.7M-13.7% | $56.4M+1.2% | $55.7M+13.3% | $49.2M+7.8% | $45.6M+3.2% | $44.2M+11.4% | $39.7M+6.3% | $37.3M |
| Goodwill | $7.7M+1.7% | $7.5M+1.1% | $7.4M+1.8% | $7.3M+0.6% | $7.3M+1.3% | $7.2M+0.5% | $7.1M-3.8% | $7.4M |
| Total Liabilities | $128.4M+23.5% | $104.0M-32.8% | $154.8M+23.6% | $125.3M+69.5% | $73.9M+7.9% | $68.5M-3.3% | $70.9M+15.7% | $61.3M |
| Current Liabilities | $91.2M+43.8% | $63.4M-7.0% | $68.2M+17.4% | $58.1M-4.1% | $60.6M+19.1% | $50.9M+3.7% | $49.1M-14.4% | $57.3M |
| Long-Term Debt | $0-100.0% | $12.9M+29.9% | $9.9M-40.4% | $16.6M+52.8% | $10.9M+7.1% | $10.2M+7.4% | $9.5M | N/A |
| Total Equity | -$30.3M-393.5% | -$6.1M+85.7% | -$43.0M-212.8% | -$13.7M-251.9% | $9.0M-41.8% | $15.5M-18.4% | $19.0M-37.4% | $30.4M |
| Retained Earnings | -$421.8M-6.9% | -$394.7M+7.6% | -$427.3M-9.3% | -$390.9M-6.5% | -$367.0M-4.4% | -$351.6M-1.1% | -$347.7M-3.6% | -$335.5M |
FTCI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.3M+164.9% | -$12.8M-59.1% | -$8.0M+45.1% | -$14.6M-537.2% | -$2.3M+72.9% | -$8.5M+49.2% | -$16.7M-603.4% | -$2.4M |
| Capital Expenditures | $319K+15.6% | $276K-17.9% | $336K-24.0% | $442K+138.9% | $185K+122.9% | $83K-71.4% | $290K+29.5% | $224K |
| Free Cash Flow | $8.0M+161.1% | -$13.0M-56.0% | -$8.4M+44.5% | -$15.1M-507.5% | -$2.5M+71.0% | -$8.6M+49.6% | -$17.0M-553.9% | -$2.6M |
| Investing Cash Flow | -$293K-6.2% | -$276K-213.1% | $244K+156.5% | -$432K-220.0% | -$135K-104.3% | $3.1M-41.4% | $5.3M+2480.4% | -$224K |
| Financing Cash Flow | -$2.6M-6.6% | -$2.4M-153.8% | $4.5M-87.5% | $35.9M | $0-100.0% | $3K-100.0% | $14.5M | $0 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FTCI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -8.5%-1.4pp | -7.1%-22.0pp | 14.9%+8.8pp | 6.1%+25.7pp | -19.6%-3.0pp | -16.6%+12.5pp | -29.1%+13.4pp | -42.5% |
| Operating Margin | -52.5%+17.4pp | -69.8%-52.6pp | -17.2%+12.4pp | -29.6%+27.9pp | -57.5%-6.8pp | -50.8% | -101.7% | -147.8% |
| Net Margin | -103.7% | 188.8% | -110.7% | -92.0%-14.8pp | -77.2%-58.8pp | -18.4%+74.3pp | -92.7% | -151.5% |
| Return on Equity | N/A | N/A | N/A | N/A | -170.6%-146.1pp | -24.6%+39.7pp | -64.3%-13.8pp | -50.5% |
| Return on Assets | -27.7%-61.0pp | 33.3%+65.9pp | -32.6%-11.1pp | -21.5%-2.9pp | -18.6%-14.1pp | -4.5%+9.1pp | -13.6%+3.1pp | -16.8% |
| Current Ratio | 0.91-0.4x | 1.32-0.1x | 1.43-0.2x | 1.66+0.5x | 1.16-0.2x | 1.40-0.2x | 1.55+0.2x | 1.33 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 1.20+0.6x | 0.65+0.2x | 0.50-1.5x | 2.02 |
| FCF Margin | 30.5%+106.1pp | -75.6%-50.1pp | -25.4%+32.5pp | -57.9%-45.5pp | -12.4%+28.8pp | -41.2% | -128.6% | -25.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$43.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Ftc Solar, Inc. Ranks
Frequently Asked Questions
What is Ftc Solar, Inc.'s annual revenue?
Ftc Solar, Inc. (FTCI) reported $99.7M in total revenue for fiscal year 2025. This represents a 110.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ftc Solar, Inc.'s revenue growing?
Ftc Solar, Inc. (FTCI) revenue grew by 110.5% year-over-year, from $47.4M to $99.7M in fiscal year 2025.
Is Ftc Solar, Inc. profitable?
No, Ftc Solar, Inc. (FTCI) reported a net income of -$79.6M in fiscal year 2025, with a net profit margin of -79.8%.
What is Ftc Solar, Inc.'s EBITDA?
Ftc Solar, Inc. (FTCI) had EBITDA of -$34.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ftc Solar, Inc. have?
As of fiscal year 2025, Ftc Solar, Inc. (FTCI) had $21.1M in cash and equivalents against $9.9M in long-term debt.
What is Ftc Solar, Inc.'s gross margin?
Ftc Solar, Inc. (FTCI) had a gross margin of -0.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ftc Solar, Inc.'s operating margin?
Ftc Solar, Inc. (FTCI) had an operating margin of -35.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ftc Solar, Inc.'s net profit margin?
Ftc Solar, Inc. (FTCI) had a net profit margin of -79.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ftc Solar, Inc.'s free cash flow?
Ftc Solar, Inc. (FTCI) recorded an outflow of $34.6M in free cash flow during fiscal year 2025. This represents a 4.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ftc Solar, Inc.'s operating cash flow?
Ftc Solar, Inc. (FTCI) recorded an outflow of $33.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ftc Solar, Inc.'s total assets?
Ftc Solar, Inc. (FTCI) had $111.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ftc Solar, Inc.'s capital expenditures?
Ftc Solar, Inc. (FTCI) invested $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ftc Solar, Inc. spend on research and development?
Ftc Solar, Inc. (FTCI) invested $4.4M in research and development during fiscal year 2025.
What is Ftc Solar, Inc.'s current ratio?
Ftc Solar, Inc. (FTCI) had a current ratio of 1.43 as of fiscal year 2025, which is considered adequate.
What is Ftc Solar, Inc.'s return on assets (ROA)?
Ftc Solar, Inc. (FTCI) had a return on assets of -71.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Ftc Solar, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Ftc Solar, Inc. (FTCI) held $21.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $33.4M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Ftc Solar, Inc.'s debt-to-equity ratio negative or not reported?
Ftc Solar, Inc. (FTCI) has negative shareholder equity of -$43.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ftc Solar, Inc.'s Altman Z-Score?
Ftc Solar, Inc. (FTCI) has an Altman Z-Score of -5.04, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ftc Solar, Inc.'s Piotroski F-Score?
Ftc Solar, Inc. (FTCI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ftc Solar, Inc.'s earnings high quality?
Ftc Solar, Inc. (FTCI) reported a net loss of $79.6M while operations used $33.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ftc Solar, Inc. cover its interest payments?
Ftc Solar, Inc. (FTCI) reported an operating loss of $35.4M against $8.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ftc Solar, Inc.?
Ftc Solar, Inc. (FTCI) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.