FTCI FTC Solar, Inc.

Overview and Growth

In fiscal 2025, FTC Solar, Inc. recorded $99.69M of revenue, net loss of $79.58M, and an operating cash outflow of $33.44M. Revenue of $99.69M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $47.35M in fiscal 2024, revenue recorded a 110.5% year-over-year increase. The company reported diluted EPS of -$5.68, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $111.81M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.89x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

A gross loss of $880.00K left no positive gross-profit layer to absorb operating expenses. Relative to revenue, the gross deficit measured 0.9% before operating expenses. Operations produced a $35.42M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 35.5%, showing the shortfall after operating costs. The bottom-line result was a net loss of $79.58M after operating, financing, tax, and other recognized items. The net loss equaled 79.8% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $79.05M, before the effect of income taxes. Pretax margin was -79.3%, reflecting a pre-tax loss equal to 79.3% of revenue. The company recognized $525.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-assets relationship was 71.2%, placing the bottom-line deficit against the company’s resource base. Compared with a $48.61M net loss in fiscal 2024, the current loss increased to $79.58M.

Liquidity and Capital Structure

At period end, the $111.81M asset base was financed through $154.77M of liabilities and -$42.96M of equity. With total equity at -$42.96M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $97.77M of current assets with $68.22M of current liabilities at the reporting date. At 1.43x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $21.11M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 30.9%, excluding receivables and other current assets. Total debt was $22.60M, establishing the amount of borrowing carried within the company’s capital structure. Debt represented 20.2% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was -38.4%, placing book capital against the total resource base. Liabilities represented 138.4% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 18.9%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 24.3% from $89.93M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 325.7% from $19.04M in fiscal 2024, placing the current capital base lower year over year. Compared with $11.25M in fiscal 2024, the current cash balance moved 87.7% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $33.44M, showing that operations absorbed cash during the period. Capital expenditures used $1.13M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $34.57M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 34.7% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 30.9% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.