What is FTC Solar's operating income?

FTC Solar's total operating income in 2025 was -$35.42 million, based on the following breakdown: Total Gross Profit: -$880 thousand Total Operating Expenses: $34.54 million

FTC Solar (FTCI) Financials

$5.37 +0.25 (+4.88%)

Closing price 07/10/2026 04:00 PM Eastern

Extended Trading

$5.29 -0.08 (-1.51%)

As of 07/10/2026 07:56 PM Eastern

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Annual Income Statements for FTC Solar

This table shows FTC Solar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	-16	-107	-100	-50	-49	-80
Consolidated Net Income / (Loss)	-13	-16	-107	-100	-50	-49	-80
Net Income / (Loss) Continuing Operations	-13	-16	-107	-100	-50	-49	-80
Total Pre-Tax Income	-14	-16	-106	-99	-51	-48	-79
Total Operating Income	-12	-17	-127	-100	-51	-53	-35
Total Gross Profit	-1.95	3.64	-33	-27	8.31	-13	-0.88
Total Revenue	53	187	271	123	127	47	100
Operating Revenue	53	187	271	123	127	47	100
Total Cost of Revenue	55	184	303	150	119	60	101
Operating Cost of Revenue	55	184	303	150	119	60	101
Total Operating Expenses	10	21	94	72	59	40	35
Selling, General & Admin Expense	4.56	12	76	54	37	25	24
Marketing Expense	1.90	3.55	6.82	8.66	15	8.88	6.20
Research & Development Expense	3.96	5.22	12	9.95	7.17	5.92	4.39
Total Other Income / (Expense), net	-1.16	0.92	21	0.39	0.15	4.45	-44
Interest Expense	0.45	0.48	0.02	0.98	0.25	0.67	8.38
Interest & Investment Income	-0.71	1.40	21	1.75	0.66	8.07	4.78
Other Income / (Expense), net	0.00	0.00	-0.07	-0.37	-0.26	-2.95	-40
Income Tax Expense	-0.04	-0.08	0.17	0.44	-0.34	0.23	0.53
Basic Earnings per Share	($0.22)	($0.23)	($1.24)	($0.98)	($4.35)	($3.83)	($5.68)
Weighted Average Basic Shares Outstanding	62.04M	68.81M	86.04M	101.41M	11.55M	12.68M	14.01M
Diluted Earnings per Share	($0.22)	($0.23)	($1.24)	($0.98)	($4.35)	($3.83)	($5.68)
Weighted Average Diluted Shares Outstanding	62.04M	68.81M	86.04M	101.41M	11.55M	12.68M	14.01M
Weighted Average Basic & Diluted Shares Outstanding	-	-	99.14M	106.20M	125.61M	12.87M	15.59M

This table shows FTC Solar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-17	-11	-8.77	-12	-15	-12	-3.82	-15	-24	-36	33
Consolidated Net Income / (Loss)	-17	-11	-8.77	-12	-15	-12	-3.82	-15	-24	-36	33
Net Income / (Loss) Continuing Operations	-17	-11	-8.77	-12	-15	-12	-3.82	-15	-24	-36	33
Total Pre-Tax Income	-17	-12	-8.78	-12	-15	-12	-3.57	-15	-24	-36	33
Total Operating Income	-16	-12	-13	-12	-15	-13	-11	-11	-7.71	-5.66	-12
Total Gross Profit	3.38	0.69	-2.11	-2.34	-4.31	-3.84	-3.45	-3.92	1.59	4.89	-1.23
Total Revenue	31	23	13	11	10	13	21	20	26	33	17
Operating Revenue	31	23	13	11	10	13	21	20	26	33	17
Total Cost of Revenue	27	23	15	14	14	17	24	24	24	28	18
Operating Cost of Revenue	27	23	15	14	14	17	24	24	24	28	18
Total Operating Expenses	20	12	10	9.58	11	9.59	7.11	7.58	9.30	11	11
Selling, General & Admin Expense	11	6.05	6.57	6.01	6.80	6.07	5.05	5.16	6.40	7.34	8.00
Marketing Expense	6.32	4.92	2.39	2.04	2.41	2.05	1.14	1.29	1.67	2.10	1.72
Research & Development Expense	1.92	1.45	1.44	1.54	1.47	1.47	0.92	1.13	1.23	1.11	1.12
Total Other Income / (Expense), net	-0.49	0.05	3.72	-0.25	-0.14	1.13	7.00	-3.89	-16	-31	45
Interest Expense	0.11	0.06	0.32	0.12	0.01	0.21	0.71	0.73	2.16	4.78	3.90
Interest & Investment Income	-0.34	0.10	4.00	-0.13	-0.22	4.40	3.10	-0.45	1.91	0.21	0.01
Other Income / (Expense), net	-0.05	0.01	0.04	-0.01	0.09	-3.07	4.61	-2.72	-16	-26	49
Income Tax Expense	0.17	-0.51	-0.01	0.07	0.24	-0.07	0.25	0.04	0.04	0.19	0.20
Basic Earnings per Share	($0.14)	($0.97)	($0.70)	($0.97)	($1.21)	($0.97)	($0.30)	($1.18)	($1.61)	($2.60)	$2.09
Weighted Average Basic Shares Outstanding	119.79M	11.55M	12.56M	12.62M	12.74M	12.68M	12.89M	13.10M	14.90M	14.01M	15.57M
Diluted Earnings per Share	($0.14)	($0.97)	($0.70)	($0.97)	($1.21)	($0.97)	($0.58)	($1.18)	($1.61)	($2.60)	($0.72)
Weighted Average Diluted Shares Outstanding	119.79M	11.55M	12.56M	12.62M	12.74M	12.68M	14.59M	13.10M	14.90M	14.01M	22.40M
Weighted Average Basic & Diluted Shares Outstanding	125.01M	125.61M	125.98M	127.37M	127.77M	12.87M	13.07M	14.87M	14.94M	15.59M	16.01M

This table details how cash moves in and out of FTC Solar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.73	25	69	-58	-19	-14	9.86
Net Cash From Operating Activities	-0.25	0.63	-133	-55	-53	-35	-33
Net Cash From Continuing Operating Activities	-0.25	0.63	-133	-55	-53	-35	-33
Net Income / (Loss) Continuing Operations	-13	-16	-107	-100	-50	-49	-80
Consolidated Net Income / (Loss)	-13	-16	-107	-100	-50	-49	-80
Depreciation Expense	0.41	0.05	0.23	0.90	1.38	1.67	1.28
Amortization Expense	0.00	0.00	0.46	0.70	0.71	0.30	3.80
Non-Cash Adjustments To Reconcile Net Income	3.92	7.45	49	35	21	12	49
Changes in Operating Assets and Liabilities, net	8.91	9.05	-76	8.66	-26	-0.45	-8.08
Net Cash From Investing Activities	-0.02	1.87	21	-4.25	-0.40	6.26	2.80
Net Cash From Continuing Investing Activities	-0.02	1.87	21	-4.25	-0.40	6.26	2.80
Purchase of Property, Plant & Equipment	-0.02	-0.26	-1.03	-0.99	-0.82	-1.65	-1.13
Acquisitions	-	0.00	0.00	-5.09	-	0.00	0.58
Purchase of Investments	-	-	0.00	0.00	-0.90	-1.80	0.00
Sale of Property, Plant & Equipment	-	0.00	0.00	0.09	-	0.00	0.01
Divestitures	0.00	2.12	22	1.75	1.32	9.71	3.34
Net Cash From Financing Activities	7.00	23	180	0.90	34	14	40
Net Cash From Continuing Financing Activities	7.00	23	180	0.90	34	14	40
Repayment of Debt	0.00	-7.00	-1.00	0.00	0.00	14	36
Repurchase of Common Equity	0.00	-1.14	-60	0.00	-0.28	0.00	-0.12
Issuance of Common Equity	6.00	30	241	0.00	34	0.00	4.71
Other Financing Activities, net	0.00	0.00	0.32	0.90	0.23	0.01	0.02
Effect of Exchange Rate Changes	0.00	-0.00	-0.01	0.05	-0.05	-0.05	0.10
Cash Interest Paid	0.71	0.35	0.46	0.78	0.58	0.22	0.79
Cash Income Taxes Paid	0.00	0.00	0.08	0.12	0.18	0.13	0.01

This table details how cash moves in and out of FTC Solar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.30	-6.29	-9.30	-5.16	-2.52	2.99	-5.34	-2.39	21	-3.26	-15
Net Cash From Operating Activities	-16	-6.27	-12	-3.78	-2.37	-17	-8.48	-2.30	-15	-8.03	-13
Net Cash From Continuing Operating Activities	-16	-6.27	-12	-3.78	-2.37	-17	-8.48	-2.30	-15	-8.03	-13
Net Income / (Loss) Continuing Operations	-17	-11	-8.77	-12	-15	-12	-3.82	-15	-24	-36	33
Consolidated Net Income / (Loss)	-17	-11	-8.77	-12	-15	-12	-3.82	-15	-24	-36	33
Depreciation Expense	0.34	0.37	0.40	0.41	0.42	0.44	0.30	0.31	0.29	0.38	0.37
Amortization Expense	0.18	0.18	0.18	0.06	-	0.06	0.21	0.22	0.96	2.42	2.20
Non-Cash Adjustments To Reconcile Net Income	6.98	2.34	-0.09	2.69	5.82	3.97	-5.56	5.91	17	32	-43
Changes in Operating Assets and Liabilities, net	-6.13	2.02	-3.58	5.31	6.75	-8.93	0.39	6.70	-9.09	-6.08	-4.54
Net Cash From Investing Activities	-0.27	0.07	2.62	-1.46	-0.22	5.33	3.12	-0.14	-0.43	0.24	-0.28
Net Cash From Continuing Investing Activities	-0.27	0.07	2.62	-1.46	-0.22	5.33	3.12	-0.14	-0.43	0.24	-0.28
Purchase of Property, Plant & Equipment	-0.27	-0.36	-0.43	-0.70	-0.22	-0.29	-0.08	-0.19	-0.53	-0.34	-0.28
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	0.00	-	0.00	-	0.00
Divestitures	-	0.42	4.09	-	-	5.62	3.20	0.05	0.09	-	0.00
Net Cash From Financing Activities	14	-0.18	0.00	0.00	-	14	0.00	-	36	4.50	-2.42
Net Cash From Continuing Financing Activities	14	-0.18	0.00	0.00	-	14	0.00	-	36	4.50	-2.42
Repayment of Debt	-	-	-	-	-	-	0.00	-	-	36	-3.20
Repurchase of Common Equity	0.02	-0.19	0.00	-	-	-	0.00	-	-	-	-0.02
Issuance of Common Equity	13	-	0.00	-	-	-	0.00	-	-	-	0.81
Other Financing Activities, net	0.17	0.01	0.00	0.00	-	0.01	0.00	-	-	0.01	0.00
Effect of Exchange Rate Changes	-0.01	0.11	-0.06	0.08	0.07	-0.14	0.02	0.04	0.02	0.02	0.00
Cash Interest Paid	0.18	0.14	0.14	0.05	0.02	0.01	0.01	0.01	0.25	0.52	0.89
Cash Income Taxes Paid	0.21	-0.15	0.06	0.02	0.04	0.02	0.01	0.01	-	-	0.23

This table presents FTC Solar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	71	243	134	123	90	112
Total Current Assets	66	236	119	109	76	98
Cash & Equivalents	32	102	44	25	11	21
Accounts Receivable	24	108	49	65	40	56
Inventories, net	1.69	8.86	15	3.91	10	9.63
Prepaid Expenses	6.92	17	10	14	15	11
Plant, Property, & Equipment, net	0.31	1.58	1.70	1.82	2.22	3.79
Total Noncurrent Assets	5.37	5.66	14	13	12	10
Goodwill	-	0.00	7.54	7.35	7.14	7.44
Other Noncurrent Operating Assets	3.51	5.66	5.36	4.60	3.49	2.81
Total Liabilities & Shareholders' Equity	71	243	134	123	90	112
Total Liabilities	64	100	68	61	71	155
Total Current Liabilities	60	93	60	55	49	68
Short-Term Debt	1.00	-	0.00	0.00	0.00	13
Accounts Payable	17	39	16	7.98	13	13
Accrued Expenses	14	48	24	35	20	24
Current Deferred Revenue	23	1.42	11	3.61	5.31	7.17
Current Deferred & Payable Income Tax Liabilities	0.08	0.05	0.44	0.09	0.33	0.63
Other Current Liabilities	4.86	4.66	8.88	8.14	10	11
Total Noncurrent Liabilities	4.13	6.91	7.61	5.93	22	87
Long-Term Debt	0.78	-	-	0.00	9.47	9.92
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	3.35	6.91	7.61	5.93	12	77
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7.45	143	66	62	19	-43
Total Preferred & Common Equity	7.45	143	66	62	19	-43
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7.45	143	66	62	19	-43
Common Stock	50	292	315	362	367	385
Retained Earnings	-43	-149	-249	-299	-348	-427
Treasury Stock	0.00	0.00	0.00	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-0.00	0.01	-0.06	-0.29	-0.54	-0.29

This table presents FTC Solar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	136	115	100	92	84	83	112	98
Total Current Assets	121	100	84	76	71	70	97	84
Cash & Equivalents	32	14	11	8.26	5.91	3.52	24	5.64
Accounts Receivable	71	66	42	37	44	46	49	56
Inventories, net	4.66	3.84	17	15	6.83	7.32	7.66	9.43
Prepaid Expenses	13	14	15	16	14	14	15	12
Plant, Property, & Equipment, net	1.69	1.99	2.45	2.41	1.95	1.93	2.23	3.72
Total Noncurrent Assets	14	13	14	13	11	11	13	10
Goodwill	7.14	7.21	7.17	7.42	7.17	7.27	7.31	7.53
Other Noncurrent Operating Assets	5.19	4.19	4.62	4.23	3.00	3.07	3.10	2.78
Total Liabilities & Shareholders' Equity	136	115	100	92	84	83	112	98
Total Liabilities	62	60	56	61	69	74	125	104
Total Current Liabilities	56	55	51	57	51	61	58	63
Short-Term Debt	-	-	-	-	-	-	-	9.71
Accounts Payable	9.78	12	18	19	15	18	16	12
Accrued Expenses	26	30	23	24	23	30	27	26
Current Deferred Revenue	11	4.90	2.60	4.44	2.24	1.49	4.41	4.83
Current Deferred & Payable Income Tax Liabilities	0.26	0.03	0.11	0.33	0.41	0.41	0.45	0.45
Other Current Liabilities	8.59	7.86	8.20	9.86	10	10	10	10
Total Noncurrent Liabilities	6.60	5.34	4.79	3.94	18	13	67	41
Long-Term Debt	-	-	-	-	10	11	17	13
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.00	-	-	-	-	-	0.18
Other Noncurrent Operating Liabilities	6.60	5.34	4.79	3.94	7.47	2.39	50	27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	74	55	44	30	16	9.04	-14	-6.15
Total Preferred & Common Equity	74	55	44	30	16	9.04	-14	-6.15
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	74	55	44	30	16	9.04	-14	-6.15
Common Stock	363	364	365	366	368	376	378	389
Retained Earnings	-288	-308	-320	-336	-352	-367	-391	-395
Treasury Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-0.51	-0.47	-0.44	-0.23	-0.51	-0.43	-0.40	-0.19

This table displays calculated financial ratios and metrics derived from FTC Solar's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	84,984,645.00	103,285,455.00	125,005,820.00	-	14,940,407.00
DEI Adjusted Shares Outstanding	0.00	0.00	8,498,464.00	10,328,545.00	12,500,582.00	-	14,940,407.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-12.54	-9.64	-4.02	-	-5.33
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	252.67%	44.39%	-54.51%	3.20%	-62.71%	110.51%
EBITDA Growth	0.00%	-41.14%	-647.54%	22.06%	50.22%	-9.93%	-30.78%
EBIT Growth	0.00%	-36.82%	-649.56%	21.22%	48.94%	-9.30%	-35.27%
NOPAT Growth	0.00%	-36.82%	-649.17%	21.48%	49.00%	-4.04%	32.95%
Net Income Growth	0.00%	-18.00%	-569.36%	6.54%	49.51%	3.35%	-63.72%
EPS Growth	0.00%	-4.55%	-439.13%	20.97%	49.51%	11.95%	-48.30%
Operating Cash Flow Growth	0.00%	347.64%	-21,221.46%	58.97%	3.40%	34.10%	3.62%
Free Cash Flow Firm Growth	0.00%	0.00%	-1,213.59%	67.09%	1.19%	67.73%	302.42%
Invested Capital Growth	0.00%	0.00%	257.75%	-45.76%	67.67%	-55.94%	-354.35%
Revenue Q/Q Growth	0.00%	0.00%	27.02%	-38.02%	-2.32%	-17.43%	24.57%
EBITDA Q/Q Growth	0.00%	0.00%	-10.20%	3.67%	14.51%	-9.83%	-22.34%
EBIT Q/Q Growth	0.00%	0.00%	-10.71%	3.45%	13.93%	-9.35%	-25.11%
NOPAT Q/Q Growth	0.00%	0.00%	-10.65%	3.57%	13.79%	-3.31%	17.99%
Net Income Q/Q Growth	0.00%	0.00%	-15.31%	3.28%	15.64%	-2.23%	-43.58%
EPS Q/Q Growth	0.00%	0.00%	-12.73%	8.41%	15.64%	-882.05%	-52.69%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-72.21%	39.11%	-1.64%	-42.91%	20.57%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	37.16%	2.02%	-10.89%	128.98%
Invested Capital Q/Q Growth	0.00%	0.00%	79.24%	-30.41%	-11.89%	-21.93%	-74.57%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	-3.67%	1.94%	-12.03%	-22.12%	6.54%	-26.59%	-0.88%
EBITDA Margin	-22.51%	-9.01%	-46.64%	-79.91%	-38.54%	-113.63%	-70.60%
Operating Margin	-23.29%	-9.03%	-46.87%	-80.91%	-39.98%	-111.56%	-35.53%
EBIT Margin	-23.29%	-9.03%	-46.90%	-81.21%	-40.18%	-117.79%	-75.69%
Profit (Net Income) Margin	-25.40%	-8.50%	-39.40%	-80.94%	-39.60%	-102.64%	-79.83%
Tax Burden Percent	99.71%	99.48%	100.16%	100.44%	99.33%	100.48%	100.66%
Interest Burden Percent	109.40%	94.57%	83.88%	99.23%	99.20%	86.73%	104.77%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-1,192.01%	-222.17%	-120.36%	-138.77%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,165.68%	-181.35%	-78.15%	-56.36%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,050.19%	126.99%	42.35%	19.51%	0.00%
Return on Equity (ROE)	0.00%	-213.72%	-141.82%	-95.18%	-78.02%	-119.27%	665.30%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-381.58%	-162.83%	-170.92%	-61.11%	0.00%
Operating Return on Assets (OROA)	0.00%	-23.71%	-80.70%	-52.96%	-39.64%	-52.37%	-74.80%
Return on Assets (ROA)	0.00%	-22.30%	-67.80%	-52.79%	-39.07%	-45.64%	-78.89%
Return on Common Equity (ROCE)	0.00%	-213.72%	-141.82%	-95.18%	-78.02%	-119.27%	665.30%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-213.72%	-74.61%	-149.91%	-80.50%	-255.34%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.66	-12	-89	-70	-36	-37	-25
NOPAT Margin	-16.30%	-6.32%	-32.81%	-56.64%	-27.99%	-78.09%	-24.87%
Net Nonoperating Expense Percent (NNEP)	0.00%	-24.52%	-26.33%	-40.82%	-42.22%	-82.42%	-8,849.90%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-56.90%	-129.75%	121.81%
Cost of Revenue to Revenue	103.67%	98.06%	112.03%	122.12%	93.46%	126.59%	100.88%
SG&A Expenses to Revenue	8.59%	6.30%	28.06%	43.66%	29.22%	53.72%	24.03%
R&D to Revenue	7.45%	2.79%	4.27%	8.08%	5.64%	12.49%	4.40%
Operating Expenses to Revenue	19.61%	10.98%	34.84%	58.78%	46.52%	84.97%	34.65%
Earnings before Interest and Taxes (EBIT)	-12	-17	-127	-100	-51	-56	-75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-17	-126	-98	-49	-54	-70
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	34.62	4.50	4.17	1.39	3.70	0.00
Price to Tangible Book Value (P/TBV)	0.00	34.62	4.50	4.79	1.59	5.92	0.00
Price to Revenue (P/Rev)	4.86	1.38	2.38	2.25	0.68	1.49	1.64
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	13.28	10.53	1.65	4.15	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	1.20	2.00	1.89	0.48	1.43	1.65
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	356.87	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.10	0.00	0.00	0.00	0.00	4.99
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.24	0.00	0.00	0.00	0.50	-0.53
Long-Term Debt to Equity	0.00	0.11	0.00	0.00	0.00	0.50	-0.23
Financial Leverage	0.00	-4.46	-0.90	-0.70	-0.54	-0.35	0.05
Leverage Ratio	0.00	9.58	2.09	1.80	2.00	2.61	-8.43
Compound Leverage Factor	0.00	9.06	1.75	1.79	1.98	2.27	-8.84
Debt to Total Capital	0.00%	19.32%	0.00%	0.00%	0.00%	33.21%	-111.03%
Short-Term Debt to Total Capital	0.00%	10.83%	0.00%	0.00%	0.00%	0.00%	-62.30%
Long-Term Debt to Total Capital	0.00%	8.49%	0.00%	0.00%	0.00%	33.21%	-48.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	80.68%	100.00%	100.00%	100.00%	66.79%	211.03%
Debt to EBITDA	0.00	-0.11	0.00	0.00	0.00	-0.18	-0.32
Net Debt to EBITDA	0.00	1.98	0.00	0.00	0.00	0.05	-0.02
Long-Term Debt to EBITDA	0.00	-0.05	0.00	0.00	0.00	-0.18	-0.14
Debt to NOPAT	0.00	-0.15	0.00	0.00	0.00	-0.26	-0.91
Net Debt to NOPAT	0.00	2.82	0.00	0.00	0.00	0.07	-0.06
Long-Term Debt to NOPAT	0.00	-0.07	0.00	0.00	0.00	-0.26	-0.40
Altman Z-Score	0.00	3.53	3.08	-1.17	-2.36	-5.98	-5.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.10	2.53	1.97	1.99	1.55	1.43
Quick Ratio	0.00	0.94	2.25	1.55	1.66	1.04	1.13
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	14	-155	-51	-50	-16	33
Operating Cash Flow to CapEx	-1,411.11%	245.70%	-12,961.37%	-6,063.40%	-6,452.94%	-2,109.36%	-2,978.09%
Free Cash Flow to Firm to Interest Expense	0.00	29.04	-6,467.99	-52.23	-199.51	-51.05	3.93
Operating Cash Flow to Interest Expense	-0.56	1.31	-5,535.58	-55.74	-208.13	-108.77	-3.99
Operating Cash Flow Less CapEx to Interest Expense	-0.60	0.78	-5,578.29	-56.66	-211.35	-113.93	-4.13
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	2.62	1.72	0.65	0.99	0.44	0.99
Accounts Receivable Turnover	0.00	7.89	4.12	1.57	2.22	0.90	2.09
Inventory Turnover	0.00	108.96	57.48	12.63	12.59	8.53	10.17
Fixed Asset Turnover	0.00	602.42	285.82	74.95	72.06	23.44	33.17
Accounts Payable Turnover	0.00	10.73	10.75	5.46	9.98	5.72	7.66
Days Sales Outstanding (DSO)	0.00	46.24	88.56	232.23	164.29	404.61	174.75
Days Inventory Outstanding (DIO)	0.00	3.35	6.35	28.91	28.99	42.77	35.88
Days Payable Outstanding (DPO)	0.00	34.03	33.96	66.86	36.56	63.85	47.62
Cash Conversion Cycle (CCC)	0.00	15.56	60.96	194.28	156.72	383.53	163.00
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-26	41	22	37	16	-41
Invested Capital Turnover	0.00	-14.53	36.33	3.92	4.30	1.78	-7.92
Increase / (Decrease) in Invested Capital	0.00	-26	66	-19	15	-21	-58
Enterprise Value (EV)	0.00	224	540	232	61	68	164
Market Capitalization	258	258	642	277	87	70	163
Book Value per Share	$0.00	$0.11	$1.68	$0.64	$0.50	$0.15	($2.88)
Tangible Book Value per Share	$0.00	$0.11	$1.68	$0.56	$0.44	$0.09	($3.37)
Total Capital	0.00	9.24	143	66	62	29	-20
Total Debt	0.00	1.78	0.00	0.00	0.00	9.47	23
Total Long-Term Debt	0.00	0.78	0.00	0.00	0.00	9.47	9.92
Net Debt	0.00	-33	-102	-44	-25	-2.74	1.50
Capital Expenditures (CapEx)	0.02	0.26	1.03	0.90	0.82	1.65	1.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-26	40	14	29	16	21
Debt-free Net Working Capital (DFNWC)	0.00	6.91	143	58	54	27	42
Net Working Capital (NWC)	0.00	5.91	143	58	54	27	30
Net Nonoperating Expense (NNE)	4.84	4.08	18	30	15	12	55
Net Nonoperating Obligations (NNO)	0.00	-33	-102	-44	-25	-2.74	1.50
Total Depreciation and Amortization (D&A)	0.41	0.05	0.69	1.60	2.08	1.97	5.08
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-14.13%	14.91%	11.35%	22.53%	33.38%	21.19%
Debt-free Net Working Capital to Revenue	0.00%	3.69%	52.69%	47.41%	42.40%	57.13%	42.36%
Net Working Capital to Revenue	0.00%	3.15%	52.69%	47.41%	42.40%	57.13%	29.64%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.24)	($0.98)	($4.40)	($3.83)	($5.68)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	86.04M	101.41M	11.55M	12.68M	14.01M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.24)	($0.98)	($4.40)	($3.83)	($5.68)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	86.04M	101.41M	11.55M	12.68M	14.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	99.14M	106.20M	12.56M	12.87M	15.59M
Normalized Net Operating Profit after Tax (NOPAT)	-8.66	-12	-89	-70	-36	-37	-25
Normalized NOPAT Margin	-16.30%	-6.32%	-32.81%	-56.64%	-27.99%	-78.09%	-24.87%
Pre Tax Income Margin	-25.48%	-8.54%	-39.34%	-80.59%	-39.86%	-102.16%	-79.30%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-27.25	-35.26	-5,286.29	-102.19	-201.72	-174.85	-9.01
NOPAT to Interest Expense	-19.07	-24.68	-3,698.45	-71.27	-140.49	-115.93	-2.96
EBIT Less CapEx to Interest Expense	-27.29	-35.80	-5,329.00	-103.11	-204.94	-180.01	-9.14
NOPAT Less CapEx to Interest Expense	-19.11	-25.22	-3,741.16	-72.19	-143.72	-121.08	-3.09
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-7.16%	-56.39%	0.00%	-0.56%	0.00%	-0.15%

This table displays calculated financial ratios and metrics derived from FTC Solar's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	118,109,076.00	125,005,820.00	125,613,644.00	125,979,165.00	127,366,590.00	-	12,867,671.00	13,071,549.00	14,874,797.00	14,940,407.00	15,585,198.00
DEI Adjusted Shares Outstanding	11,810,908.00	12,500,582.00	12,561,364.00	12,597,916.00	12,736,659.00	-	12,867,671.00	13,071,549.00	14,874,797.00	14,940,407.00	15,585,198.00
DEI Earnings Per Adjusted Shares Outstanding	-1.43	-0.89	-0.70	-0.97	-1.21	-	-0.30	-1.18	-1.61	-2.44	2.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	84.34%	-11.51%	-69.22%	-64.68%	-66.82%	-43.10%	65.27%	74.92%	156.81%	148.91%	-17.01%
EBITDA Growth	40.42%	42.64%	0.63%	-14.66%	8.51%	-43.08%	54.23%	-19.43%	-54.83%	-80.33%	821.45%
EBIT Growth	39.61%	41.32%	0.04%	-13.54%	8.84%	-40.67%	52.25%	-19.14%	-58.88%	-91.78%	716.35%
NOPAT Growth	39.02%	40.91%	-0.85%	-15.02%	7.99%	-14.42%	15.53%	3.56%	48.55%	57.86%	-62.15%
Net Income Growth	33.93%	45.48%	25.43%	-17.54%	9.32%	-9.47%	56.46%	-26.05%	-55.86%	-197.43%	953.60%
EPS Growth	44.00%	45.48%	25.43%	-17.54%	9.32%	0.00%	17.14%	-21.65%	-33.06%	-168.04%	-24.14%
Operating Cash Flow Growth	-22.76%	-15.63%	-42.58%	83.20%	84.76%	-166.08%	28.46%	39.20%	-516.77%	51.90%	-50.56%
Free Cash Flow Firm Growth	21.74%	-591.08%	-158.23%	124.48%	149.03%	148.80%	156.23%	78.68%	269.23%	376.31%	-132.43%
Invested Capital Growth	32.43%	67.67%	47.83%	-28.52%	-50.27%	-55.94%	-50.42%	-49.81%	-213.75%	-354.35%	-42.94%
Revenue Q/Q Growth	-5.60%	-24.05%	-45.75%	-9.19%	-11.32%	30.25%	57.57%	-3.89%	30.20%	26.24%	-47.46%
EBITDA Q/Q Growth	-58.15%	29.29%	-6.31%	3.54%	-26.19%	-10.58%	65.99%	-151.69%	-63.58%	-28.78%	236.06%
EBIT Q/Q Growth	-55.38%	28.17%	-6.29%	4.29%	-24.74%	-10.85%	63.92%	-138.81%	-66.36%	-33.81%	215.95%
NOPAT Q/Q Growth	-57.01%	27.90%	-6.53%	4.62%	-25.60%	10.34%	21.36%	-8.89%	32.99%	26.55%	-202.59%
Net Income Q/Q Growth	-62.64%	34.01%	21.53%	-39.56%	-25.47%	20.34%	68.79%	-304.03%	-55.14%	-52.02%	189.58%
EPS Q/Q Growth	-55.56%	34.01%	21.53%	-39.56%	-25.47%	-708.33%	40.21%	-103.45%	-36.44%	-61.49%	72.31%
Operating Cash Flow Q/Q Growth	30.76%	59.72%	-89.02%	68.14%	37.19%	-603.37%	49.18%	72.92%	-537.18%	45.15%	-59.09%
Free Cash Flow Firm Q/Q Growth	-20.69%	-6.78%	8.78%	120.83%	141.67%	6.29%	5.11%	-33.83%	399.41%	37.12%	-107.16%
Invested Capital Q/Q Growth	-6.01%	-11.89%	3.28%	-16.43%	-34.61%	-21.93%	16.23%	-15.41%	-248.19%	-74.57%	126.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.06%	2.98%	-16.75%	-20.50%	-42.48%	-29.06%	-16.57%	-19.60%	6.12%	14.89%	-7.11%
EBITDA Margin	-51.76%	-48.19%	-94.42%	-100.30%	-142.72%	-121.16%	-26.15%	-68.48%	-86.05%	-87.78%	227.32%
Operating Margin	-53.28%	-50.58%	-99.32%	-104.32%	-147.75%	-101.71%	-50.76%	-57.52%	-29.60%	-17.22%	-69.84%
EBIT Margin	-53.45%	-50.55%	-99.04%	-104.38%	-146.83%	-124.97%	-28.61%	-71.09%	-90.84%	-96.28%	212.48%
Profit (Net Income) Margin	-55.44%	-48.17%	-69.68%	-107.10%	-151.53%	-92.68%	-18.36%	-77.18%	-91.96%	-110.74%	188.82%
Tax Burden Percent	100.99%	95.61%	99.87%	100.53%	101.61%	99.45%	107.12%	100.25%	100.18%	100.52%	99.41%
Interest Burden Percent	102.72%	99.68%	70.45%	102.05%	101.56%	74.57%	59.90%	108.28%	101.05%	114.42%	89.39%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.59%
Return on Invested Capital (ROIC)	-131.61%	-152.28%	-214.24%	-148.25%	-188.70%	-126.52%	-69.09%	-107.68%	0.00%	0.00%	-448.66%
ROIC Less NNEP Spread (ROIC-NNEP)	-118.07%	-143.80%	-214.17%	-131.69%	-165.27%	-106.42%	-121.91%	169.64%	0.00%	0.00%	-11.06%
Return on Net Nonoperating Assets (RNNOA)	62.15%	77.92%	102.99%	50.09%	65.82%	36.83%	23.33%	-16.95%	0.00%	0.00%	-24.02%
Return on Equity (ROE)	-69.46%	-74.36%	-111.25%	-98.16%	-122.88%	-89.69%	-45.76%	-124.62%	-664.69%	665.30%	-472.68%
Cash Return on Invested Capital (CROIC)	-139.80%	-170.92%	-149.80%	-62.56%	-46.72%	-61.11%	-57.23%	-80.98%	0.00%	0.00%	-119.03%
Operating Return on Assets (OROA)	-48.81%	-49.87%	-76.95%	-68.28%	-73.89%	-55.57%	-15.97%	-49.75%	-71.55%	-95.16%	224.62%
Return on Assets (ROA)	-50.63%	-47.53%	-54.14%	-70.05%	-76.25%	-41.21%	-10.25%	-54.00%	-72.43%	-109.44%	199.60%
Return on Common Equity (ROCE)	-69.46%	-74.36%	-111.25%	-98.16%	-122.88%	-89.69%	-45.76%	-124.62%	-664.69%	665.30%	-472.68%
Return on Equity Simple (ROE_SIMPLE)	-80.48%	0.00%	-85.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-8.22	-8.75	-8.35	-10	-9.40	-7.39	-8.05	-5.39	-3.96	-12
NOPAT Margin	-37.30%	-35.41%	-69.53%	-73.03%	-103.43%	-71.20%	-35.53%	-40.26%	-20.72%	-12.05%	-69.43%
Net Nonoperating Expense Percent (NNEP)	-13.54%	-8.48%	-0.07%	-16.56%	-23.43%	-20.10%	52.82%	-277.31%	-189.74%	-5,238.89%	-437.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-13.15%	-15.87%	-18.87%	-34.48%	-32.98%	-28.77%	-40.37%	-184.96%	19.46%	-72.87%
Cost of Revenue to Revenue	88.94%	97.02%	116.75%	120.50%	142.48%	129.06%	116.57%	119.60%	93.88%	85.11%	107.11%
SG&A Expenses to Revenue	37.35%	26.09%	52.17%	52.58%	67.06%	45.95%	24.29%	25.81%	24.58%	22.35%	46.32%
R&D to Revenue	6.29%	6.25%	11.43%	13.43%	14.47%	11.17%	4.44%	5.65%	4.72%	3.37%	6.48%
Operating Expenses to Revenue	64.34%	53.57%	82.58%	83.82%	105.27%	72.65%	34.19%	37.91%	35.72%	32.11%	62.73%
Earnings before Interest and Taxes (EBIT)	-16	-12	-12	-12	-15	-16	-5.95	-14	-24	-32	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-16	-11	-12	-11	-14	-16	-5.44	-14	-22	-29	39
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.04	1.39	1.23	1.01	2.85	3.70	2.38	6.55	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	2.28	1.59	1.42	1.21	3.79	5.92	4.42	33.38	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.16	0.68	0.69	0.57	1.51	1.49	0.66	0.92	1.31	1.64	0.61
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.84	1.65	1.33	1.01	3.70	4.15	2.13	4.13	0.00	0.00	7.02
Enterprise Value to Revenue (EV/Rev)	0.92	0.48	0.51	0.41	1.35	1.43	0.73	1.03	1.19	1.65	0.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.59	4.99	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.50	0.65	1.20	-1.21	-0.53	-3.68
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.50	0.65	1.20	-1.21	-0.23	-2.10
Financial Leverage	-0.53	-0.54	-0.48	-0.38	-0.40	-0.35	-0.19	-0.10	-1.17	0.05	2.17
Leverage Ratio	1.83	2.00	2.06	1.92	2.18	2.61	2.82	3.44	12.19	-8.43	19.40
Compound Leverage Factor	1.88	1.99	1.45	1.96	2.22	1.95	1.69	3.73	12.31	-9.65	17.34
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	33.21%	39.57%	54.65%	570.92%	-111.03%	137.38%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-62.30%	59.04%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	33.21%	39.57%	54.65%	570.92%	-48.74%	78.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	66.79%	60.43%	45.35%	-470.92%	211.03%	-37.38%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.18	-0.21	-0.22	-0.29	-0.32	-0.88
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.05	-0.07	-0.14	0.17	-0.02	-0.66
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.18	-0.21	-0.22	-0.29	-0.14	-0.50
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.26	-0.29	-0.31	-0.55	-0.91	-0.87
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.07	-0.10	-0.20	0.33	-0.06	-0.66
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.26	-0.29	-0.31	-0.55	-0.40	-0.50
Altman Z-Score	-0.36	-1.30	-2.09	-3.21	-3.94	-4.54	-4.82	-5.37	-3.97	-4.44	-2.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.18	1.99	1.84	1.64	1.33	1.55	1.40	1.16	1.66	1.43	1.32
Quick Ratio	1.85	1.66	1.47	1.02	0.80	1.04	0.99	0.81	1.27	1.13	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-23	-21	4.40	11	11	12	7.86	39	54	-3.85
Operating Cash Flow to CapEx	-5,876.98%	-1,762.08%	-2,744.68%	-540.49%	-1,059.38%	-5,755.52%	-10,603.75%	-1,241.62%	-2,803.83%	-2,389.29%	-4,627.54%
Free Cash Flow to Firm to Interest Expense	-200.70	-392.31	-66.61	37.58	759.06	54.30	16.70	10.75	18.16	11.27	-0.99
Operating Cash Flow to Interest Expense	-144.20	-106.32	-37.40	-32.29	-169.50	-80.25	-11.93	-3.14	-6.77	-1.68	-3.28
Operating Cash Flow Less CapEx to Interest Expense	-146.66	-112.36	-38.77	-38.27	-185.50	-81.64	-12.04	-3.40	-7.01	-1.75	-3.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.91	0.99	0.78	0.65	0.50	0.44	0.56	0.70	0.79	0.99	1.06
Accounts Receivable Turnover	2.09	2.22	1.55	1.40	1.06	0.90	1.00	1.47	1.85	2.09	1.91
Inventory Turnover	11.32	12.59	15.18	6.76	6.62	8.53	13.03	6.53	7.87	10.17	11.67
Fixed Asset Turnover	76.12	72.06	55.59	39.34	28.02	23.44	28.17	29.31	34.51	33.17	33.90
Accounts Payable Turnover	6.77	9.98	5.29	3.50	4.59	5.72	5.21	4.49	5.11	7.66	7.22
Days Sales Outstanding (DSO)	174.48	164.29	236.11	261.05	345.95	404.61	363.28	248.02	197.35	174.75	191.00
Days Inventory Outstanding (DIO)	32.24	28.99	24.04	53.96	55.18	42.77	28.02	55.86	46.38	35.88	31.29
Days Payable Outstanding (DPO)	53.92	36.56	69.04	104.23	79.57	63.85	70.09	81.23	71.37	47.62	50.53
Cash Conversion Cycle (CCC)	152.80	156.72	191.11	210.79	321.55	383.53	321.20	222.65	172.35	163.00	171.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	42	37	38	32	21	16	19	16	-24	-41	11
Invested Capital Turnover	3.53	4.30	3.08	2.03	1.82	1.78	1.94	2.67	-55.75	-7.92	6.46
Increase / (Decrease) in Invested Capital	10	15	12	-13	-21	-21	-19	-16	-45	-58	-8.14
Enterprise Value (EV)	119	61	51	32	77	68	40	66	95	164	76
Market Capitalization	151	87	68	44	87	70	37	59	105	163	59
Book Value per Share	$0.63	$0.50	$0.44	$0.35	$0.24	$0.15	$0.12	$0.69	($0.92)	($2.88)	($0.39)
Tangible Book Value per Share	$0.56	$0.44	$0.38	$0.29	$0.18	$0.09	$0.07	$0.14	($1.41)	($3.37)	($0.88)
Total Capital	74	62	55	44	30	29	26	20	2.92	-20	16
Total Debt	0.00	0.00	0.00	0.00	0.00	9.47	10	11	17	23	23
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	9.47	10	11	17	9.92	13
Net Debt	-32	-25	-17	-12	-9.53	-2.74	3.42	6.99	-10	1.50	17
Capital Expenditures (CapEx)	0.27	0.36	0.43	0.70	0.22	0.29	0.08	0.19	0.52	0.34	0.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	29	30	22	11	16	14	6.14	14	21	24
Debt-free Net Working Capital (DFNWC)	65	54	46	33	19	27	20	9.66	38	42	30
Net Working Capital (NWC)	65	54	46	33	19	27	20	9.66	38	30	20
Net Nonoperating Expense (NNE)	5.54	2.96	0.02	3.89	4.88	2.84	-3.57	7.38	19	32	-45
Net Nonoperating Obligations (NNO)	-32	-25	-17	-12	-9.53	-2.74	3.42	6.99	-10	1.50	17
Total Depreciation and Amortization (D&A)	0.52	0.55	0.58	0.47	0.42	0.50	0.51	0.52	1.25	2.80	2.56
Debt-free, Cash-free Net Working Capital to Revenue	26.08%	22.53%	30.15%	28.58%	18.53%	33.38%	25.72%	9.58%	17.60%	21.19%	25.43%
Debt-free Net Working Capital to Revenue	50.32%	42.40%	46.30%	42.44%	32.92%	57.13%	36.35%	15.07%	48.05%	42.36%	31.29%
Net Working Capital to Revenue	50.32%	42.40%	46.30%	42.44%	32.92%	57.13%	36.35%	15.07%	48.05%	29.64%	21.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($9.70)	($0.70)	($1.00)	($1.20)	($0.97)	($0.30)	($1.18)	($1.61)	($2.60)	$2.09
Adjusted Weighted Average Basic Shares Outstanding	119.79M	1.16M	12.56M	12.62M	12.74M	12.68M	12.89M	13.10M	14.90M	14.01M	15.57M
Adjusted Diluted Earnings per Share	($0.14)	($9.70)	($0.70)	($1.00)	($1.20)	($0.97)	($0.58)	($1.18)	($1.61)	($2.60)	($0.72)
Adjusted Weighted Average Diluted Shares Outstanding	119.79M	1.16M	12.56M	12.62M	12.74M	12.68M	14.59M	13.10M	14.90M	14.01M	22.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	($9.70)	$0.00	$0.00	$0.00	($0.97)	$0.00	$0.00	$0.00	($2.60)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	125.01M	12.56M	12.60M	12.74M	12.78M	12.87M	13.07M	14.87M	14.94M	15.59M	16.01M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-8.22	-8.75	-8.35	-10	-9.40	-7.39	-8.05	-5.39	-3.96	-12
Normalized NOPAT Margin	-37.30%	-35.41%	-69.53%	-73.03%	-103.43%	-71.20%	-35.53%	-40.26%	-20.72%	-12.05%	-69.43%
Pre Tax Income Margin	-54.90%	-50.39%	-69.77%	-106.53%	-149.12%	-93.19%	-17.14%	-76.98%	-91.79%	-110.17%	189.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-151.18	-198.78	-39.32	-101.97	-1,063.07	-79.32	-8.37	-19.44	-10.94	-6.63	9.42
NOPAT to Interest Expense	-105.50	-139.24	-27.61	-71.34	-748.80	-45.19	-10.40	-11.01	-2.50	-0.83	-3.08
EBIT Less CapEx to Interest Expense	-153.63	-204.81	-40.69	-107.95	-1,079.07	-80.71	-8.48	-19.70	-11.18	-6.70	9.35
NOPAT Less CapEx to Interest Expense	-107.95	-145.27	-28.97	-77.31	-764.80	-46.58	-10.51	-11.26	-2.74	-0.90	-3.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.16%	-0.56%	-0.53%	-0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.15%	-0.33%

Financials Breakdown Chart

FTC Solar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FTC Solar's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

FTC Solar's net income appears to be on an upward trend, with a most recent value of -$79.58 million in 2025, rising from -$13.50 million in 2019. The previous period was -$48.61 million in 2024. See where experts think FTC Solar is headed by visiting FTC Solar's forecast page.

FTC Solar's total operating income in 2025 was -$35.42 million, based on the following breakdown:

Total Gross Profit: -$880 thousand
Total Operating Expenses: $34.54 million

Over the last 6 years, FTC Solar's total revenue changed from $53.12 million in 2019 to $99.69 million in 2025, a change of 87.6%.

FTC Solar's total liabilities were at $154.77 million at the end of 2025, a 118.3% increase from 2024, and a 142.0% increase since 2020.

In the past 5 years, FTC Solar's cash and equivalents has ranged from $11.25 million in 2024 to $102.19 million in 2021, and is currently $21.11 million as of their latest financial filing in 2025.

Over the last 6 years, FTC Solar's book value per share changed from 0.00 in 2019 to -2.88 in 2025, a change of -287.5%.

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Financial statements for NASDAQ:FTCI last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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FTC Solar (FTCI) Financials

Financials Breakdown Chart

FTC Solar Financials - Frequently Asked Questions

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FTC Solar (FTCI) Financials

Annual Income Statements for FTC Solar

Quarterly Income Statements for FTC Solar

Annual Cash Flow Statements for FTC Solar

Quarterly Cash Flow Statements for FTC Solar

Annual Balance Sheets for FTC Solar

Quarterly Balance Sheets for FTC Solar

Annual Metrics And Ratios for FTC Solar

Quarterly Metrics And Ratios for FTC Solar

Financials Breakdown Chart

FTC Solar Financials - Frequently Asked Questions

When does FTC Solar's fiscal year end?

How has FTC Solar's net income changed over the last 6 years?

What is FTC Solar's operating income?

How has FTC Solar's revenue changed over the last 6 years?

How much debt does FTC Solar have?

How much cash does FTC Solar have?

How has FTC Solar's book value per share changed over the last 6 years?

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