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. It also produces steel. The company was incorporated in 2017 and is headquartered in Austin, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $2.30 |
| SO | 16.5M |
| Options | 0.2M |
| Warrants | 6.8M |
| FD SO | 23.5M |
| MC | $54.0M |
| Cash | $10.1M |
| Total debt | $22.6M ⚠ |
| EV | $66.6M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 8.7% |
| Insiders | 28.9% |
| # Institutions | 41 |
| Analysts | 4 |
| Consensus | — |
| Avg target | $8.88 |
| Short % float | 10.5% |
| Days to cover | 4.96 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-07-31. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-02 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-14; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — $23.0M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 26.16 | 17.27 | 32.86 | 26.03 |
| Revenue YoY % | 30.8% | (17.0%) | 148.9% | 156.8% |
| Cost of Revenue | 28.39 | 18.49 | 27.97 | 24.44 |
| Gross Profit | (2.23) | (1.23) | 4.89 | 1.59 |
| Gross Profit YoY % | 43.0% | 64.4% | 227.5% | 137.0% |
| Gross Margin % | (8.5%) | (7.1%) | 14.9% | 6.1% |
| SG&A | 10.28 | 9.71 | 9.45 | 8.07 |
| R&D | 1.21 | 1.12 | 1.11 | 1.23 |
| Operating Expense | 11.49 | 10.83 | 10.55 | 9.30 |
| Operating Income | (13.73) | (12.06) | (5.66) | (7.71) |
| Operating Income YoY % | (19.4%) | (14.2%) | 57.9% | 48.6% |
| Operating Margin % | (52.5%) | (69.8%) | (17.2%) | (29.6%) |
| EBITDA | (13.30) | (11.69) | (5.28) | (7.42) |
| EBITDA Margin % | (50.8%) | (67.7%) | (16.1%) | (28.5%) |
| Interest Expense | 4.33 | 3.90 | 4.78 | 1.99 |
| Other Income / (Expense) | (8.85) | 48.75 | (25.77) | (14.20) |
| Pretax Income | (26.91) | 32.79 | (36.20) | (23.89) |
| Tax Provision | 0.22 | 0.20 | 0.19 | 0.04 |
| Net Income | (27.12) | 32.60 | (36.39) | (23.94) |
| Net Margin % | (103.7%) | 188.8% | (110.7%) | (92.0%) |
| Diluted EPS | -$1.69 | -$0.72 | -$2.51 | -$1.61 |
| Basic EPS | -$1.69 | $2.09 | -$2.51 | -$1.61 |
| Diluted Avg Shares | 16.0 | 22.4 | — | 14.9 |
| Basic Avg Shares | 16.0 | 15.6 | — | 14.9 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 102.31 | 99.69 | 47.35 | 127.00 | 123.07 |
| Revenue YoY % | 2.6% | 110.5% | (62.7%) | 3.2% | — |
| Cost of Revenue | 99.29 | 100.57 | 59.95 | 118.69 | 150.29 |
| Gross Profit | 3.02 | (0.88) | (12.59) | 8.31 | (27.23) |
| Gross Profit YoY % | 443.8% | 93.0% | (251.6%) | 130.5% | — |
| Gross Margin % | 3.0% | (0.9%) | (26.6%) | 6.5% | (22.1%) |
| SG&A | 37.51 | 30.16 | 34.32 | 51.92 | 62.40 |
| R&D | 4.66 | 4.39 | 5.92 | 7.17 | 9.95 |
| Operating Expense | 42.17 | 34.54 | 40.24 | 59.08 | 72.34 |
| Operating Income | (39.15) | (35.42) | (52.83) | (50.78) | (99.57) |
| Operating Income YoY % | (10.5%) | 32.9% | (4.0%) | 49.0% | — |
| Operating Margin % | (38.3%) | (35.5%) | (111.6%) | (40.0%) | (80.9%) |
| EBITDA | (37.69) | (34.15) | (51.16) | (49.40) | (98.67) |
| EBITDA Margin % | (36.8%) | (34.3%) | (108.0%) | (38.9%) | (80.2%) |
| Interest Expense | 14.99 | 8.21 | 0.67 | (1.28) | (0.98) |
| Other Income / (Expense) | — | (35.42) | 5.12 | (1.14) | (0.58) |
| Pretax Income | (54.21) | (79.05) | (48.38) | (50.63) | (99.18) |
| Tax Provision | 0.64 | 0.53 | 0.23 | (0.34) | 0.43 |
| Net Income | (54.85) | (79.58) | (48.61) | (50.29) | (99.61) |
| Net Margin % | (53.6%) | (79.8%) | (102.6%) | (39.6%) | (80.9%) |
| Diluted EPS | -$6.53 | -$5.68 | -$3.83 | -$4.35 | -$0.98 |
| Basic EPS | -$3.72 | -$5.68 | -$3.83 | -$4.35 | -$0.98 |
| Diluted Avg Shares | 16.0 | 14.0 | 12.7 | 11.6 | 101.4 |
| Basic Avg Shares | 16.0 | 14.0 | 12.7 | 11.6 | 101.4 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 10.07 | 5.64 | 21.11 | 24.37 |
| Receivables | 48.67 | 56.39 | 55.74 | 49.19 |
| Inventory | 9.99 | 9.43 | 9.63 | 7.66 |
| Other Current Assets | 14.58 | 12.37 | 11.29 | 15.37 |
| Total Current Assets | 83.32 | 83.82 | 97.77 | 96.59 |
| Net PPE | 3.65 | 3.72 | 3.79 | 2.23 |
| Operating Lease ROU | 1.64 | 0.87 | 0.98 | 1.03 |
| Goodwill | 7.66 | 7.53 | 7.44 | 7.31 |
| Long-term Investments | — | — | 0.00 | 2.30 |
| Other Assets | 1.80 | 1.91 | 1.82 | 2.07 |
| Total Assets | 98.06 | 97.85 | 111.81 | 111.53 |
| Accounts Payable | 11.44 | 11.62 | 13.25 | 16.31 |
| Current Lease Liabilities | 0.53 | 0.39 | 0.40 | 0.42 |
| Other Current Liabilities | 79.26 | 51.44 | 54.57 | 41.40 |
| Total Current Liabilities | 91.23 | 63.45 | 68.22 | 58.13 |
| Long-term Debt | 0.00 | 12.89 | 9.92 | 16.65 |
| Long-term Lease Liabilities | 1.10 | 0.44 | 0.55 | 0.58 |
| Other Liabilities | 36.08 | 27.23 | 76.07 | 49.89 |
| Total Liabilities | 128.41 | 104.00 | 154.77 | 125.26 |
| Retained Earnings | (421.84) | (394.72) | (427.32) | (390.93) |
| Total Equity | (30.35) | (6.15) | (42.96) | (13.73) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 10.07 | 21.11 | 11.25 | 25.23 | 44.38 |
| Receivables | 48.67 | 55.74 | 39.71 | 65.28 | 49.05 |
| Inventory | 9.99 | 9.63 | 10.14 | 3.90 | 14.95 |
| Other Current Assets | 14.58 | 11.29 | 15.03 | 14.09 | 10.30 |
| Total Current Assets | 83.32 | 97.77 | 76.13 | 108.51 | 118.69 |
| Net PPE | 3.65 | 3.79 | 2.22 | 1.82 | 1.70 |
| Operating Lease ROU | 1.64 | 0.98 | 1.15 | 1.82 | 1.15 |
| Goodwill | 7.66 | 7.44 | 7.14 | 7.35 | 7.54 |
| Intangible Assets | — | — | 0.00 | 0.54 | 1.11 |
| Long-term Investments | — | 0.00 | 0.95 | 0.24 | 0.00 |
| Other Assets | 1.80 | 1.82 | 2.34 | 2.79 | 4.20 |
| Total Assets | 98.06 | 111.81 | 89.93 | 123.07 | 134.40 |
| Accounts Payable | 11.44 | 13.25 | 12.99 | 7.98 | 15.80 |
| Current Lease Liabilities | 0.53 | 0.40 | 0.76 | 0.74 | 0.42 |
| Other Current Liabilities | 79.26 | 54.57 | 35.32 | 45.95 | 44.12 |
| Total Current Liabilities | 91.23 | 68.22 | 49.07 | 54.66 | 60.34 |
| Long-term Debt | 0.00 | 9.92 | 9.47 | 0.00 | — |
| Long-term Lease Liabilities | 1.10 | 0.55 | 0.41 | 1.12 | 0.79 |
| Other Liabilities | 36.08 | 76.07 | 11.94 | 4.81 | 6.82 |
| Total Liabilities | 128.41 | 154.77 | 70.89 | 60.60 | 67.95 |
| Retained Earnings | (421.84) | (427.32) | (347.74) | (299.13) | (248.84) |
| Total Equity | (30.35) | (42.96) | 19.04 | 62.47 | 66.45 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (27.12) | 32.60 | (36.39) | (23.94) |
| D&A | 0.43 | 0.36 | 0.38 | 0.29 |
| Stock-Based Comp | 2.17 | 3.34 | 2.62 | 1.13 |
| Δ Working Cap & Other | 32.82 | (49.07) | 25.37 | 7.88 |
| Operating Cash Flow | 8.29 | (12.77) | (8.03) | (14.64) |
| CapEx | (0.32) | (0.28) | (0.34) | (0.44) |
| Other Investing | — | — | 0.58 | — |
| Investing Cash Flow | (0.29) | (0.28) | 0.24 | (0.43) |
| Debt Repayment | (3.23) | (3.03) | — | — |
| Stock Issuance | 0.67 | 0.81 | — | — |
| Other Financing | — | — | 4.50 | 35.90 |
| Financing Cash Flow | (2.58) | (2.42) | 4.50 | 35.90 |
| Effect of FX on Cash | 0.01 | 0.00 | 0.02 | 0.02 |
| Free Cash Flow | 7.97 | (13.05) | (8.36) | (15.08) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (54.85) | (79.58) | (48.61) | (50.29) | (99.61) |
| D&A | 1.46 | 1.27 | 1.67 | 1.38 | 0.90 |
| Stock-Based Comp | 9.25 | 4.96 | 5.41 | 8.29 | 20.30 |
| Δ Working Cap & Other | 17.00 | 39.90 | 6.82 | (12.04) | 23.90 |
| Operating Cash Flow | (27.14) | (33.44) | (34.70) | (52.66) | (54.51) |
| CapEx | (1.37) | (1.13) | (1.65) | (0.82) | (0.98) |
| Acquisitions | — | — | — | 0.00 | (5.09) |
| Other Investing | 0.62 | 3.93 | 7.91 | — | 1.83 |
| Investing Cash Flow | (0.76) | 2.80 | 6.26 | (0.40) | (4.25) |
| Debt Issuance | — | — | — | — | 0.00 |
| Debt Repayment | — | — | — | 0.00 | 0.00 |
| Stock Issuance | 6.18 | 4.71 | 0.00 | 34.01 | 0.00 |
| Stock Buyback | — | — | — | 0.00 | 0.00 |
| Other Financing | 29.22 | 35.69 | 14.50 | — | 0.90 |
| Financing Cash Flow | 35.40 | 40.40 | 14.50 | 33.95 | 0.90 |
| Effect of FX on Cash | 0.06 | 0.10 | (0.05) | (0.05) | 0.05 |
| Free Cash Flow | (28.52) | (34.57) | (36.34) | (53.47) | (55.49) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.91 | 1.32 | 1.43 | 1.66 |
| Quick Ratio | 0.80 | 1.17 | 1.29 | 1.53 |
| Debt / Equity | -0.00 | -2.10 | -0.23 | -1.21 |
| EBITDA Margin % | (50.8%) | (67.7%) | (16.1%) | (28.5%) |
| Working Capital | (7.91) | 20.38 | 29.54 | 38.46 |
| Net Debt | (10.07) | 7.25 | (11.18) | (7.72) |
| ROE % | 89.4% | (530.2%) | 84.7% | 174.3% |
| ROA % | (27.7%) | 33.3% | (32.5%) | (21.5%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.91 | 1.43 | 1.55 | 1.98 | 1.97 |
| Quick Ratio | 0.80 | 1.29 | 1.34 | 1.91 | 1.72 |
| Debt / Equity | -0.00 | -0.23 | 0.50 | 0.00 | — |
| EBITDA Margin % | (36.8%) | (34.3%) | (108.0%) | (38.9%) | (80.2%) |
| Working Capital | (7.91) | 29.54 | 27.05 | 53.84 | 58.35 |
| Net Debt | (10.07) | (11.18) | (1.78) | (25.23) | — |
| ROE % | 180.8% | 185.2% | (255.3%) | (80.5%) | (149.9%) |
| ROA % | (55.9%) | (71.2%) | (54.0%) | (40.9%) | (74.1%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | SADASIVAM SHAKER | Director | 2026-08-28 | P | 101,083 | $2.69 | $271,913 |
| 2026-08-31 | SADASIVAM SHAKER | Director | 2026-08-27 | P | 39,583 | $2.35 | $93,020 |
| 2026-08-28 | SADASIVAM SHAKER | Director | 2026-08-26 | P | 33,290 | $2.19 | $72,905 |
| 2026-08-26 | Carroll Anthony | Director, Officer (Chief Executive Officer) | 2026-08-25 | P | 24,745 | $2.08 | $51,470 |
| 2026-05-12 | ALVAREZ ANTONIO R | Director | 2026-05-07 | P | 2,500 | $4.23 | $10,575 |
| 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 |