FTC Solar, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $99.7M | $47.4M | $127.0M | $123.1M | $270.5M |
| Cost of revenue | $100.6M | $59.9M | $118.7M | $150.3M | $303.1M |
| Gross profit | -$880,000 | -$12.6M | $8.3M | -$27.2M | -$32.5M |
| Research and development | $4.4M | $5.9M | $7.2M | $9.9M | $11.5M |
| Operating expenses | $34.5M | $40.2M | $59.1M | $72.3M | $94.3M |
| Operating income | -$35.4M | -$52.8M | -$50.8M | -$99.6M | -$126.8M |
| Interest expense | $8.2M | $665,000 | $1.3M | — | — |
| Pretax income | -$79.1M | -$48.4M | -$50.6M | -$99.2M | -$106.4M |
| Income tax expense | $525,000 | $230,000 | -$338,000 | $435,000 | $169,000 |
| Net income | -$79.6M | -$48.6M | -$50.3M | -$99.6M | -$106.6M |
| Balance Sheet | |||||
| Cash and equivalents | $21.1M | $11.2M | $25.2M | $44.4M | $102.2M |
| Current assets | $97.8M | $76.1M | $108.5M | $118.7M | $235.8M |
| Total assets | $111.8M | $89.9M | $123.1M | $134.4M | $243.0M |
| Current liabilities | $68.2M | $49.1M | $54.7M | $60.3M | $93.2M |
| Total liabilities | $154.8M | $70.9M | $60.6M | $67.9M | $100.2M |
| Total debt | $22.6M | $9.5M | — | — | $0 |
| Stockholders' equity | -$43.0M | $19.0M | $62.5M | $66.5M | $142.9M |
| Cash Flow Statement | |||||
| Cash from operations | -$33.4M | -$34.7M | -$52.7M | -$54.5M | -$132.9M |
| Depreciation and amortization | $1.3M | $1.1M | $833,000 | $631,000 | $232,000 |
| Stock-based compensation | $5.0M | $5.4M | $8.3M | $20.3M | $61.8M |
| Capital expenditure | $1.1M | $1.6M | $816,000 | $985,000 | $1.0M |
| Free cash flow | -$34.6M | -$36.3M | -$53.5M | -$55.5M | -$133.9M |
| Share repurchases | — | — | $0 | $0 | $54.2M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 16.0M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.