FTCI (FTC Solar, Inc.) Stock Financials & Earnings | Market Cap Arena

FTCI (FTC Solar, Inc.) Stock Financials & Earnings | Market Cap Arena

FTCIFTC Solar, Inc.

Mkt Cap$75M

Energy·Solar·🇺🇸 United States·NASDAQ

Revenue (TTM)$100M

Net Income (TTM)-$77M

EPS (TTM)-$5.49

Free Cash Flow (TTM)-$35M

Gross Margin1.1%

Op. Margin-33.5%

Net Margin-77.2%

FCF Margin-34.7%

P/S Ratio (TTM)0.7x

P/E Ratio (TTM)—

YoY Rev Growth+110.5%

Employees—

Earnings Reports

Next: Q1 2026 · Mar 30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$41M	$2M	-$12M
Q2 23	$32M	$2M	-$10M
Q3 23	$31M	$3M	-$16M
Q4 23	$23M	$692K	-$12M
Q1 24	$13M	-$2M	-$13M
Q2 24	$11M	-$2M	-$12M
Q3 24	$10M	-$4M	-$15M
Q4 24	$13M	-$4M	-$13M
Q1 25	$21M	-$3M	-$11M
Q2 25	$20M	-$4M	-$11M
Q3 25	$26M	$2M	-$8M
Q4 25	$33M	$7M	-$4M

Valuation

Quarter	P/S	P/E
Q1 23	0.7x	—
Q2 23	0.6x	—
Q3 23	0.6x	—
Q4 23	0.6x	—
Q1 24	0.8x	—
Q2 24	1.0x	—
Q3 24	1.3x	—
Q4 24	1.6x	—
Q1 25	1.3x	—
Q2 25	1.2x	—
Q3 25	0.9x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$8M	-$8M
Q2 23	-$22M	-$23M
Q3 23	-$16M	-$16M
Q4 23	-$6M	-$7M
Q1 24	-$12M	-$12M
Q2 24	-$4M	-$4M
Q3 24	-$2M	-$3M
Q4 24	-$17M	-$17M
Q1 25	-$8M	-$9M
Q2 25	-$2M	-$2M
Q3 25	-$15M	-$15M
Q4 25	-$8M	-$8M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$28K
Q2 23	$167K
Q3 23	$265K
Q4 23	$356K
Q1 24	$432K
Q2 24	$699K
Q3 24	$224K
Q4 24	$290K
Q1 25	$83K
Q2 25	$185K
Q3 25	$525K
Q4 25	$336K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-17.5%	-31.1%
Q2 23	+5.3%	-23.6%
Q3 23	+84.3%	+8.2%
Q4 23	-11.5%	-24.2%
Q1 24	-69.2%	-52.9%
Q2 24	-64.7%	-45.3%
Q3 24	-66.8%	-46.4%
Q4 24	-43.1%	-23.8%
Q1 25	+65.3%	+25.0%
Q2 25	+74.9%	+34.8%
Q3 25	+156.8%	+34.3%
Q4 25	+148.9%	+37.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$5M	12.0%
Q2 23	$3M	9.2%
Q3 23	$1M	3.9%
Q4 23	-$749K	-3.2%
Q1 24	$2M	13.0%
Q2 24	$1M	11.2%
Q3 24	$1M	13.0%
Q4 24	$1M	8.9%
Q1 25	$280K	1.3%
Q2 25	$936K	4.7%
Q3 25	$0	0.0%
Q4 25	$3M	8.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$2M	$11M	$2M
Q2 23	$2M	$9M	$2M
Q3 23	$2M	$11M	$6M
Q4 23	$1M	$6M	$5M
Q1 24	$1M	$7M	$2M
Q2 24	$2M	$6M	$2M
Q3 24	$1M	$7M	$2M
Q4 24	$1M	$6M	$2M
Q1 25	$924K	$5M	$1M
Q2 25	$1M	$5M	$1M
Q3 25	$1M	$6M	$2M
Q4 25	$1M	$7M	$2M

Revenue Segments

Quarter	Product	Service
Q1 23	$33M	$8M
Q2 23	$21M	$11M
Q3 23	$27M	$3M
Q4 23	$21M	$2M
Q1 24	$11M	$2M
Q2 24	$9M	$3M
Q3 24	$7M	$3M
Q1 25	$18M	$3M
Q2 25	$16M	$4M
Q3 25	$20M	$6M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$41M	$0	$41M
Q2 23	$34M	$0	$34M
Q3 23	$32M	$0	$32M
Q4 23	$25M	$0	$25M
Q1 24	$14M	$0	$14M
Q2 24	$11M	$0	$11M
Q3 24	$8M	$0	$8M
Q4 24	$11M	$0	$11M
Q1 25	$6M	$0	$6M
Q2 25	$4M	$0	$4M
Q3 25	$24M	$0	$24M
Q4 25	$21M	$0	$21M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	11M	+2.8%
Q2 23	11M	+5.5%
Q3 23	12M	+6.3%
Q4 23	13M	+4.4%
Q1 24	13M	+0.4%
Q2 24	13M	+0.5%
Q3 24	13M	+1.0%
Q4 24	13M	+0.4%
Q1 25	15M	+14.1%
Q2 25	13M	-10.2%
Q3 25	15M	+13.7%
Q4 25	15M	+1.6%