FTCI · FTC Solar, Inc.
FTC Solar, Inc. engages in the manufacture and service of solar tracker systems in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company provides a two modules-in-portrait solar tracker system under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name. It also offers trackers and software solutions for the utility-scale solar energy markets, as well as for the project developers, solar asset owners, and engineering, procurement, and construction contractors that design and build solar energy projects. The company was incorporated in 2017 and is headquartered in Austin, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $4.28 |
| SO | 16.0M |
| Options | 0.2M |
| Warrants | 6.8M |
| FD SO | 23.0M |
| MC | $98.6M |
| Cash | $5.6M |
| Total debt | $12.9M |
| EV | $105.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.1x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-30. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 17.27 | 32.86 | 26.03 | 19.99 |
| Revenue YoY % | (17.0%) | 148.9% | 156.8% | 74.9% |
| Cost of Revenue | 18.49 | 27.97 | 24.44 | 23.91 |
| Gross Profit | (1.23) | 4.89 | 1.59 | (3.92) |
| Gross Profit YoY % | 64.4% | 227.5% | 137.0% | (67.3%) |
| Gross Margin % | (7.1%) | 14.9% | 6.1% | (19.6%) |
| SG&A | 9.71 | 9.45 | 8.07 | 6.45 |
| R&D | 1.12 | 1.11 | 1.23 | 1.13 |
| Operating Expense | 10.83 | 10.55 | 9.30 | 7.58 |
| Operating Income | (12.06) | (5.66) | (7.71) | (11.50) |
| Operating Income YoY % | (14.2%) | 57.9% | 48.6% | 3.6% |
| Operating Margin % | (69.8%) | (17.2%) | (29.6%) | (57.5%) |
| EBITDA | (11.69) | (5.28) | (7.42) | (11.19) |
| EBITDA Margin % | (67.7%) | (16.1%) | (28.5%) | (56.0%) |
| Interest Expense | 3.90 | 4.78 | 1.99 | 0.73 |
| Pretax Income | 32.79 | (36.20) | (23.89) | (15.39) |
| Tax Provision | 0.20 | 0.19 | 0.04 | 0.04 |
| Net Income | 32.60 | (36.39) | (23.94) | (15.43) |
| Net Margin % | 188.8% | (110.7%) | (92.0%) | (77.2%) |
| Diluted EPS | -$0.72 | -$2.51 | -$1.61 | -$1.18 |
| Basic EPS | $2.09 | -$2.51 | -$1.61 | -$1.18 |
| Diluted Avg Shares | 22.4 | 0.4 | 14.9 | 13.1 |
| Basic Avg Shares | 15.6 | 0.4 | 14.9 | 13.1 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 96.15 | 99.69 | 47.35 | 127.00 | 123.07 |
| Revenue YoY % | (3.5%) | 110.5% | (62.7%) | 3.2% | — |
| Cost of Revenue | 94.81 | 100.57 | 59.95 | 118.69 | 150.29 |
| Gross Profit | 1.34 | (0.88) | (12.59) | 8.31 | (27.23) |
| Gross Profit YoY % | 252.3% | 93.0% | (251.6%) | 130.5% | — |
| Gross Margin % | 1.4% | (0.9%) | (26.6%) | 6.5% | (22.1%) |
| SG&A | 33.68 | 30.16 | 34.32 | 51.92 | 62.40 |
| R&D | 4.58 | 4.39 | 5.92 | 7.17 | 9.95 |
| Operating Expense | 38.26 | 34.54 | 40.24 | 59.08 | 72.34 |
| Operating Income | (36.92) | (35.42) | (52.83) | (50.78) | (99.57) |
| Operating Income YoY % | (4.2%) | 32.9% | (4.0%) | 49.0% | — |
| Operating Margin % | (38.4%) | (35.5%) | (111.6%) | (40.0%) | (80.9%) |
| EBITDA | (35.58) | (34.15) | (51.16) | (49.40) | (98.67) |
| EBITDA Margin % | (37.0%) | (34.3%) | (108.0%) | (38.9%) | (80.2%) |
| Interest Expense | 11.39 | 8.21 | 0.67 | (1.28) | (0.98) |
| Pretax Income | (42.69) | (79.05) | (48.38) | (50.63) | (99.18) |
| Tax Provision | 0.47 | 0.53 | 0.23 | (0.34) | 0.43 |
| Net Income | (43.16) | (79.58) | (48.61) | (50.29) | (99.61) |
| Net Margin % | (44.9%) | (79.8%) | (102.6%) | (39.6%) | (80.9%) |
| Diluted EPS | -$6.02 | -$5.68 | -$3.83 | -$4.35 | -$0.98 |
| Basic EPS | -$3.21 | -$5.68 | -$3.83 | -$4.35 | -$0.98 |
| Diluted Avg Shares | 22.4 | 14.0 | 12.7 | 11.6 | 101.4 |
| Basic Avg Shares | 15.6 | 14.0 | 12.7 | 11.6 | 101.4 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 5.64 | 21.11 | 24.37 | 3.52 |
| Receivables | 56.39 | 55.74 | 49.19 | 45.65 |
| Inventory | 9.43 | 9.63 | 7.66 | 7.32 |
| Total Current Assets | 83.82 | 97.77 | 96.59 | 70.30 |
| Net PPE | 3.72 | 3.79 | 2.23 | 1.93 |
| Goodwill | 7.53 | 7.44 | 7.31 | 7.27 |
| Total Assets | 97.85 | 111.81 | 111.53 | 82.95 |
| Accounts Payable | 11.62 | 13.25 | 16.31 | 17.87 |
| Total Current Liabilities | 63.45 | 68.22 | 58.13 | 60.63 |
| Long-term Debt | 12.89 | 9.92 | 16.65 | 10.89 |
| Total Liabilities | 104.00 | 154.77 | 125.26 | 73.91 |
| Retained Earnings | (394.72) | (427.32) | (390.93) | (366.99) |
| Total Equity | (6.15) | (42.96) | (13.73) | 9.04 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 5.64 | 21.11 | 11.25 | 25.23 | 44.38 |
| Receivables | 56.39 | 55.74 | 39.71 | 65.28 | 49.05 |
| Inventory | 9.43 | 9.63 | 10.14 | 3.90 | 14.95 |
| Total Current Assets | 83.82 | 97.77 | 76.13 | 108.51 | 118.69 |
| Net PPE | 3.72 | 3.79 | 2.22 | 1.82 | 1.70 |
| Goodwill | 7.53 | 7.44 | 7.14 | 7.35 | 7.54 |
| Total Assets | 97.85 | 111.81 | 89.93 | 123.07 | 134.40 |
| Accounts Payable | 11.62 | 13.25 | 12.99 | 7.98 | 15.80 |
| Total Current Liabilities | 63.45 | 68.22 | 49.07 | 54.66 | 60.34 |
| Long-term Debt | 12.89 | 9.92 | 9.47 | 0.00 | — |
| Total Liabilities | 104.00 | 154.77 | 70.89 | 60.60 | 67.95 |
| Retained Earnings | (394.72) | (427.32) | (347.74) | (299.13) | (248.84) |
| Total Equity | (6.15) | (42.96) | 19.04 | 62.47 | 66.45 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | 32.60 | (36.39) | (23.94) | (15.43) |
| D&A | 0.36 | 0.38 | 0.29 | 0.30 |
| Stock-Based Comp | 3.34 | 2.62 | 1.13 | 0.94 |
| Operating Cash Flow | (12.77) | (8.03) | (14.64) | (2.30) |
| CapEx | (0.28) | (0.34) | (0.44) | (0.18) |
| Investing Cash Flow | (0.28) | 0.24 | (0.43) | (0.14) |
| Debt Repayment | (3.03) | — | — | — |
| Stock Issuance | 0.81 | 4.71 | — | — |
| Financing Cash Flow | (2.42) | 4.50 | 35.90 | 0.00 |
| Effect of FX on Cash | 0.00 | 0.02 | 0.02 | 0.04 |
| Free Cash Flow | (13.05) | (8.36) | (15.08) | (2.48) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (43.16) | (79.58) | (48.61) | (50.29) | (99.61) |
| D&A | 1.34 | 1.27 | 1.67 | 1.38 | 0.90 |
| Stock-Based Comp | 8.02 | 4.96 | 5.41 | 8.29 | 20.30 |
| Operating Cash Flow | (37.73) | (33.44) | (34.70) | (52.66) | (54.51) |
| CapEx | (1.24) | (1.13) | (1.65) | (0.82) | (0.98) |
| Investing Cash Flow | (0.60) | 2.80 | 6.26 | (0.40) | (4.25) |
| Debt Issuance | — | — | — | — | 0.00 |
| Debt Repayment | — | — | — | 0.00 | 0.00 |
| Stock Issuance | — | 4.71 | 0.00 | 34.01 | 0.00 |
| Stock Buyback | — | — | — | 0.00 | 0.00 |
| Financing Cash Flow | 37.98 | 40.40 | 14.50 | 33.95 | 0.90 |
| Effect of FX on Cash | 0.09 | 0.10 | (0.05) | (0.05) | 0.05 |
| Free Cash Flow | (38.97) | (34.57) | (36.34) | (53.47) | (55.49) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.32 | 1.43 | 1.66 | 1.16 |
| Quick Ratio | 1.17 | 1.29 | 1.53 | 1.04 |
| Debt / Equity | -16.91 | -3.60 | -9.12 | 8.17 |
| EBITDA Margin % | (67.7%) | (16.1%) | (28.5%) | (56.0%) |
| Working Capital | 20.38 | 29.54 | 38.46 | 9.66 |
| Net Debt | 7.25 | (11.18) | (7.72) | 7.38 |
| ROE % | (530.2%) | 84.7% | 174.3% | (170.6%) |
| ROA % | 33.3% | (32.5%) | (21.5%) | (18.6%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.43 | 1.55 | 1.98 | 1.97 |
| Quick Ratio | 1.17 | 1.29 | 1.34 | 1.91 | 1.72 |
| Debt / Equity | -16.91 | -3.60 | 3.72 | 0.97 | 1.02 |
| EBITDA Margin % | (37.0%) | (34.3%) | (108.0%) | (38.9%) | (80.2%) |
| Working Capital | 20.38 | 29.54 | 27.05 | 53.84 | 58.35 |
| Net Debt | 7.25 | (11.18) | (1.78) | (25.23) | — |
| ROE % | 701.9% | 185.2% | (255.3%) | (80.5%) | (149.9%) |
| ROA % | (44.1%) | (71.2%) | (54.0%) | (40.9%) | (74.1%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-07 | ALVAREZ ANTONIO R | Director | 2026-05-06 | P | 2,500 | $3.98 | $9,950 |
| 2026-05-07 | Carroll Anthony | Director, Officer (Chief Executive Officer) | 2026-05-06 | P | 7,250 | $3.43 | $24,868 |
| 2026-05-07 | SADASIVAM SHAKER | Director | 2026-05-06 | P | 27,025 | $3.70 | $99,992 |
| 2026-05-06 | Carroll Anthony | Director, Officer (Chief Executive Officer) | 2026-05-04 | A | 400,000 | — | $0 |
| 2026-05-06 | Carroll Anthony | Director, Officer (Chief Executive Officer) | 2026-05-04 | A | 200,000 | — | $0 |
| 2026-01-20 | Aminpour Sasan | Officer (Chief Operating Officer) | 2026-01-15 | A | 25,000 | — | $0 |
| 2025-12-31 | Behnen Cathy | Officer (CHIEF FINANCIAL OFFICER) | 2025-12-30 | S | (1,646) | $10.93 | -$17,991 |
| 2025-12-31 | Aminpour Sasan | Officer (Chief Operating Officer) | 2025-12-30 | S | (3,239) | $10.93 | -$35,402 |
| 2025-12-31 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2025-12-30 | S | (37,450) | $10.83 | -$405,584 |
| 2025-12-31 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2025-12-30 | S | (325) | $11.67 | -$3,793 |
| 2025-12-18 | Carroll Anthony | Director | 2025-12-16 | P | 10,638 | $9.53 | $101,380 |
| 2025-12-17 | Carroll Anthony | Director | 2025-12-15 | A | 13,567 | — | $0 |
| 2025-12-03 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2025-12-02 | G | (2,500) | — | $-0 |
| 2025-11-20 | Springer David | Director | 2025-11-18 | S | (100,000) | $8.98 | -$898,000 |
| 2025-10-22 | Aminpour Sasan | Officer (Chief Operating Officer) | 2025-10-20 | A | 125,000 | — | $0 |
| 2025-10-22 | Behnen Cathy | Officer (CHIEF FINANCIAL OFFICER) | 2025-10-20 | A | 150,000 | — | $0 |
| 2025-10-22 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2025-10-20 | A | 400,000 | — | $0 |
| 2025-08-07 | ALVAREZ ANTONIO R | Director | 2025-08-05 | A | 13,576 | — | $0 |
| 2025-08-07 | ALVAREZ ANTONIO R | Director | 2025-08-05 | A | 7,707 | — | $0 |
| 2025-06-16 | Barahona Pablo | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | PRIDDY WILLIAM A | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | Chatila Ahmad R | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | Springer David | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | Jackson Darrell B. | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | SADASIVAM SHAKER | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | Hung Lisan | Director | 2025-06-12 | A | 9,045 | — | $0 |
| 2025-06-16 | Barahona Pablo | Director | 2024-08-12 | A | 16,960 | — | $0 |
| 2025-05-02 | Behnen Cathy | Officer (CHIEF FINANCIAL OFFICER) | 2025-04-30 | A | 50,000 | — | $0 |
| 2025-05-02 | Aminpour Sasan | Officer (Chief Operating Officer) | 2025-04-30 | A | 50,000 | — | $0 |
| 2025-05-02 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2025-04-30 | A | 125,000 | — | $0 |
| 2025-05-02 | Chatila Ahmad R | Director | 2025-04-02 | P | 16,740 | $2.93 | $49,048 |
| 2025-05-02 | Chatila Ahmad R | Director | 2025-04-01 | P | 16,922 | $2.91 | $49,243 |
| 2025-04-03 | Chatila Ahmad R | Director | 2025-04-02 | P | 16,740 | $2.93 | $49,048 |
| 2025-04-02 | Chatila Ahmad R | Director | 2025-04-01 | P | 16,922 | $2.91 | $49,243 |
| 2025-04-02 | Behnen Cathy | Officer (CHIEF FINANCIAL OFFICER) | 2025-04-01 | S | (2,640) | $2.63 | -$6,943 |
| 2024-12-16 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2024-12-13 | P | 31,450 | $3.12 | $98,124 |
| 2024-12-10 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2024-12-06 | P | 8,900 | $2.98 | $26,522 |
| 2024-12-10 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2024-12-06 | P | 1,350 | $3.01 | $4,063 |
| 2024-12-09 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2024-12-06 | P | 8,900 | $2.98 | $26,522 |
| 2024-12-09 | Brandt Yann | Director, Officer (Chief Executive Officer) | 2024-12-06 | P | 1,350 | $3.01 | $4,063 |
| 2024-09-09 | Chatila Ahmad R | Director | 2024-09-06 | P | 238,000 | $0.21 | $49,980 |
| 2024-09-05 | Chatila Ahmad R | Director | 2024-09-04 | P | 110,000 | $0.23 | $25,300 |
| 2024-08-27 | Chatila Ahmad R | Director | 2024-08-26 | P | 100,000 | $0.25 | $25,000 |
| 2024-08-21 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-20 | P | 30,000 | $0.26 | $7,800 |
| 2024-08-21 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-19 | P | 160,000 | $0.25 | $40,000 |
| 2024-08-20 | Chatila Ahmad R | Director | 2024-08-19 | P | 100,000 | $0.25 | $25,000 |
| 2024-08-20 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-16 | P | 200,000 | $0.25 | $50,000 |
| 2024-08-20 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-15 | P | 106,048 | $0.24 | $25,452 |
| 2024-08-19 | Brandt Yann | Officer (Chief Executive Officer) | 2024-08-19 | A | 4,000,000 | — | $0 |
| 2024-08-19 | Brandt Yann | Officer (Chief Executive Officer) | 2024-08-19 | A | 2,500,000 | — | $0 |
| 2024-08-16 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-15 | P | 3,952 | $0.26 | $1,028 |
| 2024-08-16 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-14 | P | 321,337 | $0.25 | $80,334 |
| 2024-08-15 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-13 | P | 40,000 | $0.22 | $8,800 |
| 2024-08-15 | Quiroga Cortes Isidoro Alfonso | Other (Former Director) | 2024-08-12 | P | 500,000 | $0.22 | $110,000 |
| 2024-08-13 | Chatila Ahmad R | Director | 2024-08-12 | P | 212,800 | $0.23 | $48,944 |
| 2024-06-18 | Chatila Ahmad R | Director | 2024-06-14 | P | 108,062 | $0.45 | $48,628 |
| 2024-06-14 | Chatila Ahmad R | Director | 2024-06-13 | P | 114,726 | $0.44 | $50,479 |
| 2024-06-10 | Springer David | Director | 2024-06-06 | A | 90,450 | — | $0 |
| 2024-06-10 | Quiroga Cortes Isidoro Alfonso | Director | 2024-06-06 | A | 90,450 | — | $0 |
| 2024-06-10 | PRIDDY WILLIAM A | Director | 2024-06-06 | A | 90,450 | — | $0 |
| 2024-06-10 | Hung Lisan | Director | 2024-06-06 | A | 90,450 | — | $0 |
| 2024-06-10 | SADASIVAM SHAKER | Director | 2024-06-06 | A | 90,450 | — | $0 |