FTC Solar, Inc.

NASDAQ•FTCI

CEO: Mr. Sasan Aminpour

Sector: Energy

Industry: Solar

Listing Date: 2021-04-28

FTC Solar, Inc. engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name. Its customers include project developers and solar asset owners, as well as engineering, procurement, and construction contractors that design and build solar energy projects. The company was incorporated in 2017 and is headquartered in Austin, Texas.

Contact Information

Building 1, Suite 260 9020 North Capital of Texas Highway, Austin, TX, 78759, United States

737-787-7906

ftcsolar.com

Market Cap

$56.57M

P/E (TTM)

-0.7

13.1

Dividend Yield

52W High

$12.75

52W Low

$2.13

52W Range

14%

Rank69Top 98.7%

1.2

F-Score

Modified Piotroski Analysis

Based on 6-year fundamentals

Weak • 1.2 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2020-2025

Financial Dashboard

Q4 2025 Data

Revenue

$32.86M+0.00%

4-Quarter Trend

EPS

-$2.23+0.00%

4-Quarter Trend

FCF

-$8.36M+0.00%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Nearly Doubles Total revenue reached $66.83M, marking 95.7% growth for nine months. Product revenue jumped 99.8% due to 185% MW increase.

Gross Loss Significantly Narrows Nine-month gross loss improved to ($5.77M) from ($8.76M). Margin shifted from negative 25.6% to negative 8.6% year-over-year.

Cash Position Improved Cash reserves grew to $24.37M by period end, up $13.12M since December 31, 2024. Total assets reached $111.53M.

New Debt Financing Secured $35.9M net cash provided by financing activities, largely from new $75M Credit Agreement facility funded through September 2025.

Risk Factors

Going Concern Uncertainty Substantial doubt exists regarding ability to continue as going concern within next year due to recurring operating losses and covenant requirements.

Debt Covenant Compliance Needed Meeting minimum cash ($20.0M) and quarterly revenue targets required under new Credit Agreement over the next twelve months.

Tariff Assessment Risk Uncertainty remains regarding finalized CBP tariff assessments, potentially causing future material adverse effects on operations or liquidity.

Customer Litigation Exposure Lawsuit filed against BayWa for alleged contract breach; outcome uncertain regarding recovery or material financial impact.

Outlook

Alpha Steel Acquisition Closing Agreement signed November 11, 2025, to acquire 100% of Alpha Steel, becoming a wholly-owned subsidiary shortly after filing.

Technology Investment Continues Investing in product technology expansion, including SUNOPS monitoring and Pioneer+ tracker enhancements for challenging terrains.

Cost Savings Implementation Implementing additional cost savings measures, impacting headcount location and the level of third-party services currently utilized.

ATM Program Capacity Available Maintaining $13.75M capacity available under the ATM program for potential future equity sales to fund general corporate purposes.

Peer Comparison

Revenue (TTM)

TYGO

$103.54M

+91.7%

FTCI

$99.69M

+110.5%

ZEO

$51.21M

-30.0%

Gross Margin (Latest Quarter)

TYGO

44.5%

+30.2pp

FTCI

21.0%

+48.6pp

-333.3%

+86.5pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
TYGO	$283.51M	-140.2	-16.7%	3.4%
EP	$103.81M	-1.4	-177.3%	23.3%
FTCI	$56.57M	-0.7	1044.3%	20.7%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

16.5%

Strong Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:May 7, 2026

EPS:-$0.41

Revenue:$24.26M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data