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FTCI

FTC Solar, Inc.

FTCI

FTC Solar, Inc. • NASDAQ
$9.43 ▲ 2.61% (+0.24)
Market Cap $140.89 M
52w High $11.45
52w Low $2.13
Dividend Yield 0%
P/E -2.29
Volume 68.02K
Outstanding Shares 14.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $26.03M ▲ $9.299M ▲ $-23.938M ▼ -91.963% ▼ $-1.61 ▼ $-21.616M ▼
Q2-2025 $19.993M ▼ $7.58M ▲ $-15.43M ▼ -77.177% ▼ $-1.18 ▼ $-14.355M ▼
Q1-2025 $20.803M ▲ $7.113M ▼ $-3.819M ▲ -18.358% ▲ $-0.3 ▼ $-10.56M ▲
Q4-2024 $13.202M ▲ $9.591M ▼ $-12.235M ▲ -92.675% ▲ $-0.096 ▲ $-11.653M ▲
Q3-2024 $10.136M $10.67M $-15.359M -151.529% $-1.2 $-14.559M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $24.369M ▲ $111.525M ▲ $125.257M ▲ $-13.732M ▼
Q2-2025 $3.519M ▼ $82.955M ▼ $73.913M ▲ $9.042M ▼
Q1-2025 $5.909M ▼ $84.061M ▼ $68.533M ▼ $15.528M ▼
Q4-2024 $11.247M ▲ $89.928M ▼ $70.892M ▲ $19.036M ▼
Q3-2024 $8.255M $91.693M $61.285M $30.408M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-23.938M ▼ $-14.636M ▼ $-432K ▼ $35.897M ▲ $20.85M ▲ $-15.161M ▼
Q2-2025 $-15.43M ▼ $-2.297M ▲ $-135K ▼ $0 ▼ $-2.39M ▲ $-2.482M ▲
Q1-2025 $-3.819M ▲ $-8.483M ▲ $3.124M ▼ $3K ▼ $-5.338M ▼ $-8.566M ▲
Q4-2024 $-12.235M ▲ $-16.691M ▼ $5.332M ▲ $14.495M ▲ $2.992M ▲ $-16.981M ▼
Q3-2024 $-15.359M $-2.373M $-224K $0 $-2.524M $-2.597M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Service
Service
 $10.00M ▲$0 ▼$0 ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue peaked a few years ago and has since stepped down, which is notable given how strong the overall solar market has been. Gross profit has hovered around break‑even or slightly negative, so the core hardware and services still do not consistently cover their own costs. Operating income and net income have been negative every year in the period, pointing to a business that has not yet found profitable scale. The sharp-looking drop in recent per‑share earnings is partly a technical effect of the reverse stock split, but underneath that, the underlying story is still one of persistent losses and a cost base that is too heavy for the current level of sales.

Balance Sheet

Balance Sheet The balance sheet has been gradually shrinking, with total assets and shareholders’ equity both moving down over time. Cash has been drawn down meaningfully from earlier levels, leaving a thinner cushion today. The company has historically carried little to no debt, though some borrowing now appears on the books, which modestly increases financial risk but is still small in absolute terms. Overall, the balance sheet reflects the cumulative impact of years of losses and suggests less flexibility if the current pace of losses continues.

Cash Flow

Cash Flow Cash flow from operations has been negative in every recent year, which means the business is consistently consuming cash rather than generating it. Free cash flow is also negative, and because capital spending is minimal, this cash burn is driven mainly by operating losses rather than heavy investment in physical assets. In practical terms, FTC Solar has been funding itself through its existing cash and external capital rather than through self‑sustaining operations. Unless operating performance improves, the question of how to finance ongoing losses will remain central.

Competitive Edge

Competitive Edge On the competitive side, FTC Solar is a specialist in solar trackers with a clear focus on reducing labor and installation costs for utility‑scale projects. Its designs aim to be faster and easier to install, especially on difficult terrain, and its SunPath software adds a layer of energy‑yield optimization that many rivals do not match in the same way. These are real differentiators in an industry where project developers care deeply about construction speed, labor constraints, and overall project returns. However, the tracker space is crowded with larger, better‑capitalized competitors, and pricing and project timing can be volatile, so turning technical advantages into stable, profitable market share is not guaranteed.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. The Voyager and Pioneer tracker families are built around “constructability,” with features aimed at lowering on‑site labor, enabling automation, and handling high slopes and high‑wind conditions. The “robot‑ready” design of Pioneer and the high‑wind variants show a forward‑looking approach to where utility‑scale solar is heading. SunPath software adds a data‑driven layer that can boost output without extra hardware, which is attractive for customers. The main risk is that continued innovation and software development require ongoing investment, while the company is still loss‑making and reliant on external funding, making execution and commercialization of this R&D especially important.

Summary

FTC Solar combines a weak current financial profile with a relatively strong innovation story. Financially, revenue has slipped from earlier peaks, margins are thin to negative, and the company has yet to demonstrate consistent progress toward profitability. The balance sheet and cash flows show the strain of repeated losses and a narrowing cash buffer, which increases the importance of improving operating performance or accessing additional capital. Strategically, though, FTC Solar has carved out a niche in cost‑efficient, installation‑friendly trackers and smart software, with products tailored to complex terrain and future automation. The company’s future will largely depend on whether it can scale these competitive and technological strengths fast enough to strengthen its finances, stabilize cash flow, and support continued innovation in a very competitive solar hardware market.

NEWS

November 12, 2025 · 6:30 AM UTC

FTC Solar Announces Third Quarter 2025 Financial Results

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November 11, 2025 · 8:30 AM UTC

FTC Solar publishes white paper on Automation-Ready Construction with 1P Pioneer Tracker

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October 30, 2025 · 8:02 AM UTC

FTC Solar to Announce Third Quarter 2025 Financial Results Wednesday, November 12, 2025

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September 3, 2025 · 8:30 AM UTC

FTC Solar Launches Automated 80° High Angle Stow for 1P Pioneer Tracker to Maximize Hail Protection

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