FTCI · Ftc Solar, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.27M | - | $26.03M | $19.99M | $20.80M | - | $10.14M | $11.43M | $12.59M | - |
| Cost of Revenue | $18.49M | - | $24.44M | $23.91M | $24.25M | - | $14.44M | $13.77M | $14.70M | - |
| Gross Profit | ($1.23M) | - | $1.59M | ($3.92M) | ($3.45M) | - | ($4.31M) | ($2.34M) | ($2.11M) | - |
| R&D | $1.12M | - | $1.23M | $1.13M | $924.0K | - | $1.47M | $1.53M | $1.44M | - |
| SG&A | $8.00M | - | $6.40M | $5.16M | $5.05M | - | $6.80M | $6.01M | $6.57M | - |
| Total Operating Expenses | $10.83M | - | $9.30M | $7.58M | $7.11M | - | $10.67M | $9.58M | $10.39M | - |
| D&A | $365.0K | - | $417.0K | $408.0K | $302.0K | - | $300.0K | $300.0K | $404.0K | - |
| Operating Income | ($12.06M) | - | ($7.71M) | ($11.50M) | ($10.56M) | - | ($14.98M) | ($11.92M) | ($12.50M) | - |
| Interest Expense | $3.90M | - | $1.99M | $731.0K | $317.0K | - | - | - | - | - |
| Income Tax | $195.0K | - | $44.0K | $39.0K | $254.0K | - | $244.0K | $65.0K | ($11.0K) | - |
| Net Income | $32.60M | - | ($23.94M) | ($15.43M) | ($3.82M) | - | ($15.36M) | ($12.24M) | ($8.77M) | - |
| EPS - Basic | $2.09 | - | ($1.61) | ($1.18) | ($0.30) | - | ($1.20) | ($1.00) | ($0.70) | - |
| EPS - Diluted | ($0.72) | - | ($1.61) | ($1.18) | ($0.58) | - | ($1.20) | ($1.00) | ($0.70) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.64M | $21.11M | $24.37M | $3.52M | $5.91M | $11.25M | $8.26M | $10.78M | $14.04M | $25.23M |
| Accounts Receivable | $56.39M | $55.74M | $49.19M | $45.65M | $44.24M | $39.71M | $37.34M | $41.51M | $66.38M | $65.28M |
| Inventory | $9.43M | $9.63M | $7.66M | $7.32M | $6.83M | $10.14M | $15.12M | $17.06M | $3.84M | $3.90M |
| Accounts Payable | $11.62M | $13.25M | $16.31M | $17.87M | $14.64M | $12.99M | $18.74M | $17.58M | $12.06M | $7.98M |
| Current Assets | $83.82M | $97.77M | $96.59M | $70.30M | $71.10M | $76.13M | $76.23M | $84.32M | $100.23M | $108.51M |
| Total Assets | $97.85M | $111.81M | $111.53M | $82.95M | $84.06M | $89.93M | $91.69M | $100.35M | $115.03M | $123.07M |
| Current Liabilities | $63.45M | $68.22M | $58.13M | $60.63M | $50.90M | $49.07M | $57.35M | $51.32M | $54.53M | $54.66M |
| Long-term Debt | $12.89M | $9.92M | $16.65M | $10.89M | $10.17M | $9.47M | - | - | - | $0 |
| Total Liabilities | $104.00M | $154.77M | $125.26M | $73.91M | $68.53M | $70.89M | $61.28M | $56.11M | $59.87M | $60.60M |
| Stockholders' Equity | ($6.15M) | ($42.96M) | ($13.73M) | $9.04M | $15.53M | $19.04M | $30.41M | $44.24M | $55.16M | $62.47M |
| Retained Earnings | ($394.72M) | ($427.32M) | ($390.93M) | ($366.99M) | ($351.56M) | ($347.74M) | ($335.51M) | ($320.15M) | ($307.91M) | ($299.13M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($12.77M) | - | - | - | ($8.48M) | - | - | - | ($11.86M) | - |
| Investing Cash Flow | ($276.0K) | - | - | - | $3.12M | - | - | - | $2.62M | - |
| Financing Cash Flow | ($2.42M) | - | - | - | $3.0K | - | - | - | $0 | - |
| CapEx | $276.0K | - | $442.0K | $185.0K | $83.0K | - | - | - | $432.0K | - |
| Free Cash Flow | ($13.05M) | - | - | - | ($8.57M) | - | - | - | ($12.29M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -7.1% | - | 6.1% | -19.6% | -16.6% | - | -42.5% | -20.5% | -16.7% | - |
| Operating margin | -69.8% | - | -29.6% | -57.5% | -50.8% | - | -147.8% | -104.3% | -99.3% | - |
| EBITDA margin | -67.7% | - | -28.0% | -55.5% | -49.3% | - | -144.8% | -101.7% | -96.1% | - |
| Net margin | 188.8% | - | -92.0% | -77.2% | -18.4% | - | -151.5% | -107.1% | -69.7% | - |
| Free cash flow margin | -75.6% | - | - | - | -41.2% | - | - | - | -97.6% | - |
| FCF / Net income | -0.40 | - | - | - | 2.24 | - | - | - | 1.40 | - |
| R&D / Revenue | 6.5% | - | 4.7% | 5.6% | 4.4% | - | 14.5% | 13.4% | 11.4% | - |
| SG&A / Revenue | 46.3% | - | 24.6% | 25.8% | 24.3% | - | 67.1% | 52.6% | 52.2% | - |
| Effective tax rate | 0.6% | - | - | - | - | - | - | - | - | - |
| Return on assets | 33.3% | - | -21.5% | -18.6% | -4.5% | - | -16.8% | -12.2% | -7.6% | - |
| Return on equity | -530.2% | - | 174.3% | -170.6% | -24.6% | - | -50.5% | -27.7% | -15.9% | - |
| Return on invested capital | -177.9% | - | -208.7% | -45.6% | -32.5% | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.32 | 1.43 | 1.66 | 1.16 | 1.40 | 1.55 | 1.33 | 1.64 | 1.84 | 1.98 |
| Quick ratio | 1.17 | 1.29 | 1.53 | 1.04 | 1.26 | 1.34 | 1.07 | 1.31 | 1.77 | 1.91 |
| Cash ratio | 0.09 | 0.31 | 0.42 | 0.06 | 0.12 | 0.23 | 0.14 | 0.21 | 0.26 | 0.46 |
| Leverage | ||||||||||
| Debt / Equity | -2.10 | -0.23 | -1.21 | 1.20 | 0.65 | 0.50 | - | - | - | 0.00 |
| Debt / Assets | 0.13 | 0.09 | 0.15 | 0.13 | 0.12 | 0.11 | - | - | - | 0.00 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -3.1x | - | -3.9x | -15.7x | -33.3x | - | - | - | - | - |
| Equity multiplier | -15.91 | -2.60 | -8.12 | 9.17 | 5.41 | 4.72 | 3.02 | 2.27 | 2.09 | 1.97 |
| Liabilities / Assets | 1.06 | 1.38 | 1.12 | 0.89 | 0.82 | 0.79 | 0.67 | 0.56 | 0.52 | 0.49 |
| Efficiency | ||||||||||
| Asset turnover | 0.18 | - | 0.23 | 0.24 | 0.25 | - | 0.11 | 0.11 | 0.11 | - |
| Inventory turnover | 1.96 | - | 3.19 | 3.27 | 3.55 | - | 0.95 | 0.81 | 3.82 | - |
| Days sales outstanding | 1192d | - | 690d | 833d | 776d | - | 1345d | 1326d | 1925d | - |
| Days inventory outstanding | 186d | - | 114d | 112d | 103d | - | 382d | 452d | 95d | - |
| Days payable outstanding | 229d | - | 244d | 273d | 220d | - | 474d | 466d | 300d | - |
| Cash conversion cycle | 1149d | - | 560d | 672d | 659d | - | 1253d | 1312d | 1721d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | 6.6x | 2.7x | - | 28.5x | 10.1x | 12.3x | - |
| P / S | 4.9x | - | 4.0x | 3.0x | 2.0x | - | 85.6x | 39.0x | 53.8x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -17.0% | - | 156.8% | 74.9% | 65.3% | - | -66.8% | -64.7% | -69.2% | - |
| Revenue CAGR (3y) | -25.0% | - | 16.2% | -13.3% | -25.1% | - | -42.4% | -38.9% | -27.0% | - |
| Revenue CAGR (5y) | -11.8% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 64.4% | - | - | -67.3% | -63.5% | - | - | - | - | - |
| Operating income growth (YoY) | -14.2% | - | 48.6% | 3.6% | 15.5% | - | 8.0% | -15.0% | -0.8% | - |
| Net income growth (YoY) | - | - | -55.9% | -26.1% | 56.5% | - | 9.3% | -17.5% | 25.4% | - |
| EPS growth (YoY) | -24.1% | - | -34.2% | -18.0% | 17.1% | - | -757.1% | -1011.1% | -536.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -52.3% | - | - | - | 30.3% | - | - | - | -47.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | - | - | -79.6% | -71.8% | -69.5% | -58.9% | -44.3% | -19.2% | -6.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$99.69M totalProduct$80.31M · 80.6%
Service$19.38M · 19.4%
Geographic
$99.69M totalUS$98.24M · 98.5%
AU$1.45M · 1.5%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing FTC Solar against the 5 most active filers in the same SIC group.