NASDAQ : FTCI
FTC Solar, Inc. — Financial statements
Technology · Solar · United States
Last price 1.38 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 22.72M
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Financial statements
FTC Solar, Inc. (FTCI) reported revenue of 102.31M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 102.31M | 99.69M | 47.35M | 127.00M | 123.07M | 270.52M |
| Cost of Revenue | 99.25M | 100.53M | 59.88M | 118.44M | 150.15M | 303.07M |
| Gross Profit | 3.06M | -846.00K | -12.52M | 8.56M | -27.08M | -32.55M |
| Selling, General & Admin | 36.40M | 30.09M | 33.88M | 47.94M | 62.26M | 82.76M |
| Research & Development | 4.56M | 4.31M | 5.79M | 6.97M | 9.79M | 11.50M |
| Operating Expenses | 40.97M | 34.40M | 39.67M | 54.91M | 72.05M | 94.26M |
| Operating Income | -37.91M | -35.25M | -52.19M | -46.35M | -99.13M | -126.80M |
| Interest Expense | -14.99M | -8.21M | -665.00K | -1.25M | -1.38M | -814.00K |
| Interest & Investment Income | 22.00K | 23.00K | 346.00K | 1.00M | 400.00K | |
| Other Non Operating Income (Expenses) | -2.52M | -40.55M | -3.85M | -257.00K | -373.00K | -67.00K |
| EBT Excluding Unusual Items | -54.84M | -83.98M | -56.37M | -46.87M | -100.48M | -127.69M |
| Merger & Restructuring Charges | -175.00K | -175.00K | -638.00K | -4.42M | -441.00K | |
| Gain (Loss) on Sale of Investments | 3.20M | 8.81M | 1.32M | 1.75M | 20.83M | |
| Gain (Loss) on Sale of Assets | 116.00K | 140.00K | 906.00K | |||
| Other Unusual Items | -862.00K | 204.00K | 790.00K | |||
| Pretax Income | -55.76M | -80.60M | -47.29M | -49.97M | -99.18M | -106.07M |
| Income Tax Expense | 644.00K | 525.00K | 230.00K | -338.00K | 435.00K | 169.00K |
| Earnings From Continuing Operations | -56.40M | -81.13M | -47.52M | -49.63M | -99.61M | -106.23M |
| Minority Interest in Earnings | 1.55M | 1.55M | -1.09M | -660.00K | -354.00K | |
| Net Income | -54.85M | -79.58M | -48.61M | -50.29M | -99.61M | -106.59M |
| Net Income to Common | -54.85M | -79.58M | -48.61M | -50.29M | -99.61M | -106.59M |
| Shares Outstanding (Basic) | 15.44M | 14.01M | 12.68M | 11.55M | 10.14M | 8.60M |
| Shares Outstanding (Diluted) | 15.44M | 14.01M | 12.68M | 11.55M | 10.14M | 8.60M |
| EPS (Basic) | -3.55 | -5.68 | -3.83 | -4.35 | -9.82 | -12.39 |
| EPS (Diluted) | -6.13 | -5.68 | -3.83 | -4.35 | -9.82 | -12.40 |
| Free Cash Flow | -28.60M | -34.57M | -36.34M | -53.47M | -55.49M | -133.88M |
| Free Cash Flow Per Share | -1.85 | -2.47 | -2.87 | -4.63 | -5.47 | -15.56 |
| Gross Margin | 2.99% | -0.85% | -26.45% | 6.74% | -22.01% | -12.03% |
| Operating Margin | -37.05% | -35.36% | -110.21% | -36.50% | -80.55% | -46.87% |
| Profit Margin | -53.61% | -79.83% | -102.64% | -39.60% | -80.94% | -39.40% |
| Free Cash Flow Margin | -27.95% | -34.68% | -76.75% | -42.10% | -45.09% | -49.49% |
| EBITDA | -36.68M | -34.21M | -50.77M | -45.65M | -98.61M | -126.63M |
| EBITDA Margin | -35.85% | -34.32% | -107.21% | -35.94% | -80.13% | -46.81% |
| D&A For EBITDA | 1.23M | 1.04M | 1.42M | 710.00K | 516.00K | 170.00K |
| EBIT | -37.91M | -35.25M | -52.19M | -46.35M | -99.13M | -126.80M |
| EBIT Margin | -37.05% | -35.36% | -110.21% | -36.50% | -80.55% | -46.87% |
| Revenue as Reported | 102.31M | 99.69M | 47.35M | 127.00M | 123.07M | 270.52M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.07M | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M |
| Cash & Short-Term Investments | 10.07M | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M |
| Accounts Receivable | 41.40M | 50.54M | 36.59M | 64.41M | 49.03M | 107.40M |
| Other Receivables | 7.27M | 5.20M | 3.12M | 871.00K | 25.00K | 147.00K |
| Receivables | 50.67M | 57.74M | 41.71M | 68.28M | 49.05M | 107.55M |
| Inventory | 9.99M | 9.63M | 10.14M | 3.90M | 14.95M | 8.86M |
| Prepaid Expenses | 1.59M | 1.45M | 1.44M | 1.70M | 3.71M | 2.57M |
| Restricted Cash | 1.00M | |||||
| Other Current Assets | 10.00M | 7.85M | 11.59M | 9.39M | 6.60M | 14.62M |
| Total Current Assets | 83.32M | 97.77M | 76.13M | 108.51M | 118.69M | 235.78M |
| Property, Plant & Equipment | 5.29M | 4.78M | 3.37M | 3.64M | 2.86M | 3.31M |
| Long-Term Investments | 954.00K | 240.00K | ||||
| Goodwill | 7.66M | 7.44M | 7.14M | 7.35M | 7.54M | |
| Other Intangible Assets | 542.00K | 1.11M | ||||
| Other Long-Term Assets | 1.80M | 1.82M | 2.34M | 2.79M | 4.20M | 3.93M |
| Total Assets | 98.06M | 111.81M | 89.93M | 123.07M | 134.40M | 243.02M |
| Accounts Payable | 11.44M | 13.25M | 12.99M | 7.98M | 15.80M | 39.26M |
| Accrued Expenses | 7.49M | 7.58M | 5.46M | 6.74M | 11.16M | 4.85M |
| Short-Term Debt | 12.68M | |||||
| Current Portion of Leases | 529.00K | 404.00K | 755.00K | 740.00K | 417.00K | 452.00K |
| Current Income Taxes Payable | 570.00K | 630.00K | 325.00K | 88.00K | 443.00K | 47.00K |
| Current Unearned Revenue | 5.45M | 7.17M | 5.31M | 3.61M | 11.32M | 1.42M |
| Other Current Liabilities | 43.11M | 26.51M | 24.23M | 35.50M | 21.20M | 47.22M |
| Total Current Liabilities | 91.23M | 68.22M | 49.07M | 54.66M | 60.34M | 93.25M |
| Long-Term Debt | 9.92M | 9.47M | ||||
| Long-Term Leases | 1.10M | 553.00K | 411.00K | 1.12M | 786.00K | 1.34M |
| Long-Term Deferred Tax Liabilities | 207.00K | |||||
| Other Long-Term Liabilities | 35.87M | 76.07M | 11.94M | 4.81M | 6.82M | 5.57M |
| Total Liabilities | 128.41M | 154.77M | 70.89M | 60.60M | 67.95M | 100.15M |
| Common Stock | 2.00K | 2.00K | 1.00K | 1.00K | 11.00K | 9.00K |
| Additional Paid-In Capital | 391.57M | 384.65M | 367.32M | 361.90M | 315.35M | 292.08M |
| Retained Earnings | -421.84M | -427.32M | -347.74M | -299.13M | -248.84M | -149.23M |
| Comprehensive Income & Other | -72.00K | -290.00K | -542.00K | -293.00K | -61.00K | 7.00K |
| Shareholders' Equity | -30.35M | -42.96M | 19.04M | 62.47M | 66.45M | 142.87M |
| Total Liabilities & Equity | 98.06M | 111.81M | 89.93M | 123.07M | 134.40M | 243.02M |
| Total Debt | 24.27M | 23.56M | 10.63M | 1.86M | 1.20M | 1.79M |
| Net Cash (Debt) | -14.19M | -2.45M | 615.00K | 23.37M | 43.18M | 100.39M |
| Net Cash Per Share | -0.92 | -0.18 | 0.05 | 2.02 | 4.26 | 11.67 |
| Filing Date Shares Outstanding | 16.46M | 15.59M | 12.87M | 12.56M | 10.62M | 9.91M |
| Total Common Shares Outstanding | 16.46M | 15.54M | 12.85M | 12.54M | 10.50M | 9.26M |
| Working Capital | -7.91M | 29.54M | 27.05M | 53.84M | 58.35M | 142.53M |
| Book Value Per Share | -1.84 | -2.76 | 1.48 | 4.98 | 6.33 | 15.43 |
| Tangible Book Value | -38.00M | -50.40M | 11.90M | 54.58M | 57.80M | 142.87M |
| Tangible Book Value Per Share | -2.31 | -3.24 | 0.93 | 4.35 | 5.50 | 15.43 |
| Machinery | 6.32M | 5.82M | 3.61M | 2.54M | 2.26M | 1.56M |
| Leasehold Improvements | 802.00K | 696.00K | 338.00K | 157.00K | 22.00K | 22.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -54.85M | -79.58M | -48.61M | -50.29M | -99.61M | -106.59M |
| Depreciation & Amortization | 1.23M | 1.04M | 1.42M | 710.00K | 516.00K | 170.00K |
| Other Amortization | 8.31M | 4.04M | 543.00K | 1.37M | 1.09M | 523.00K |
| Loss (Gain) From Sale of Assets | -113.00K | -140.00K | -906.00K | -2.00K | 183.00K | |
| Loss (Gain) From Sale of Investments | -3.20M | -8.81M | -1.32M | -1.75M | -20.83M | |
| Loss (Gain) on Equity Investments | -2.11M | -1.55M | 1.09M | 660.00K | 354.00K | |
| Stock-Based Compensation | 9.25M | 4.96M | 5.41M | 8.29M | 20.30M | 61.77M |
| Provision & Write-off of Bad Debts | 1.12M | 1.35M | 2.07M | 7.37M | 1.16M | -91.00K |
| Other Operating Activities | 10.84M | 47.94M | 13.61M | 6.24M | 14.80M | 7.42M |
| Change in Accounts Receivable | 2.88M | -10.19M | 23.50M | -23.60M | 57.34M | -83.72M |
| Change in Inventory | -2.43M | 1.43M | -6.42M | 10.34M | -7.90M | -7.26M |
| Change in Accounts Payable | -11.18M | -4.51M | 4.96M | -7.96M | -22.94M | 21.66M |
| Change in Unearned Revenue | 3.96M | 1.87M | 1.75M | -7.70M | 9.89M | -21.56M |
| Change in Other Net Operating Assets | 5.96M | 3.10M | -24.33M | 3.23M | -27.59M | 15.31M |
| Operating Cash Flow | -27.14M | -33.44M | -34.70M | -52.66M | -54.51M | -132.85M |
| Capital Expenditures | -1.46M | -1.13M | -1.65M | -816.00K | -985.00K | -1.02M |
| Sale of Property, Plant & Equipment | 119.00K | 146.00K | 900.00K | 86.00K | ||
| Cash Acquisitions | 580.00K | 580.00K | -5.09M | |||
| Investment in Securities | 3.20M | 7.01M | 419.00K | 1.75M | 22.33M | |
| Investing Cash Flow | -757.00K | 2.80M | 6.26M | -397.00K | -4.25M | 21.31M |
| Long-Term Debt Issued | 35.95M | 14.55M | ||||
| Long-Term Debt Repaid | -1.00M | |||||
| Net Debt Issued (Repaid) | 29.70M | 35.95M | 14.55M | -1.00M | ||
| Issuance of Common Stock | 6.19M | 4.72M | 8.00K | 34.23M | 903.00K | 241.47M |
| Repurchase of Common Stock | -54.16M | |||||
| Other Financing Activities | -490.00K | -281.00K | -60.00K | -283.00K | -5.95M | |
| Financing Cash Flow | 35.40M | 40.40M | 14.50M | 33.95M | 903.00K | 180.37M |
| Foreign Exchange Rate Adjustments | 56.00K | 102.00K | -49.00K | -47.00K | 54.00K | -10.00K |
| Net Cash Flow | 7.56M | 9.86M | -13.99M | -19.15M | -57.80M | 68.81M |
| Free Cash Flow | -28.60M | -34.57M | -36.34M | -53.47M | -55.49M | -133.88M |
| Free Cash Flow Margin | -27.95% | -34.68% | -76.75% | -42.10% | -45.09% | -49.49% |
| Free Cash Flow Per Share | -1.85 | -2.47 | -2.87 | -4.63 | -5.47 | -15.56 |
| Levered Free Cash Flow | -14.28M | -23.21M | -14.52M | -35.16M | -15.48M | -84.35M |
| Unlevered Free Cash Flow | -12.98M | -21.89M | -14.40M | -35.08M | -15.32M | -84.30M |
| Cash Interest Paid | 2.53M | 786.00K | 222.00K | 576.00K | 784.00K | 461.00K |
| Cash Income Tax Paid | 231.00K | 12.00K | 133.00K | 177.00K | 123.00K | 76.00K |
| Change in Working Capital | -810.00K | -8.30M | -530.00K | -25.70M | 8.80M | -75.58M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.72M | 163.00M | 70.82M | 86.60M | 276.81M | 642.48M |
| Enterprise Value | 36.91M | 156.29M | 64.32M | 57.14M | 228.42M | 501.82M |
| Last Close Price | 1.38 | 10.91 | 5.51 | 6.93 | 26.80 | 75.60 |
| Forward PE | 124.83 | 124.83 | 124.83 | 124.83 | 124.83 | |
| PS Ratio | 0.22 | 1.64 | 1.50 | 0.68 | 2.25 | 2.38 |
| PB Ratio | -3.79 | 3.72 | 1.39 | 4.17 | 4.50 | |
| P/TBV Ratio | 5.95 | 1.59 | 4.79 | 4.50 | ||
| PEG Ratio | 10.99 | 10.99 | 10.99 | 10.99 | 10.99 | |
| EV/Sales Ratio | 0.36 | 1.57 | 1.36 | 0.45 | 1.86 | 1.85 |
| Debt / Equity Ratio | -0.80 | -0.55 | 0.56 | 0.03 | 0.02 | 0.01 |
| Net Debt / Equity Ratio | -0.47 | -0.06 | -0.03 | -0.37 | -0.65 | -0.70 |
| Net Debt / EBITDA Ratio | -0.39 | -0.07 | 0.01 | 0.51 | 0.44 | 0.79 |
| Net Debt / FCF Ratio | -0.50 | -0.07 | 0.02 | 0.44 | 0.78 | 0.75 |
| Asset Turnover | 1.13 | 0.99 | 0.45 | 0.99 | 0.65 | 1.72 |
| Inventory Turnover | 11.47 | 10.17 | 8.52 | 12.56 | 12.61 | 57.48 |
| Quick Ratio | 0.64 | 1.13 | 1.04 | 1.66 | 1.55 | 2.25 |
| Current Ratio | 0.91 | 1.43 | 1.55 | 1.99 | 1.97 | 2.53 |
| Return on Equity (ROE) | -116.60% | -76.99% | -95.18% | -141.35% | ||
| Return on Assets (ROA) | -26.18% | -21.84% | -30.63% | -22.50% | -32.83% | -50.41% |
| Return on Capital Employed (ROCE) | -555.00% | -80.90% | -127.70% | -67.80% | -133.90% | -84.70% |
| Earnings Yield | -444.19% | -48.82% | -68.63% | -58.07% | -35.99% | -16.59% |
| FCF Yield | -125.89% | -21.21% | -51.32% | -61.74% | -20.05% | -20.84% |
| Buyback Yield / Dilution | -20.09% | -10.54% | -9.70% | -13.94% | -17.86% | -25.04% |