FTC Solar, Inc. FTCI
FTC Solar, Inc. (the "Company", "we", "our", or "us") was founded in 2017 and is incorporated in the state of Delaware. In April 2021, we completed an initial public offering ("IPO"), and our common stock currently trades on the Nasdaq Capital Market ("Nasdaq") under the symbol "FTCI".
We are a global provider of solar tracker systems, supported by proprietary software and value-added engineering services. Solar tracker systems move solar panels throughout the day to maintain an optimal orientation relative to the sun, thereby increasing the amount of solar energy produced at a solar installation. Our one module-in-portrait ("1P") solar tracker system is marketed under the Pioneer brand name ("Pioneer"), and our original two modules-in-portrait ("2P") solar tracker system is marketed under the Voyager brand name ("Voyager"). We also have a mounting solution to support the installation and use of U.S.-manufactured thin-film modules. Our primary software offerings include SUNPATH, which helps customers optimize solar tracking for increased energy production, and our SUNOPS real-time operations management platform. In addition, we have a team of renewable energy professionals available to assist our U.S. and worldwide clients in site layout, structural design, pile testing and other needs across the solar project development and construction cycle. Our products and services provide tracker solutions for large utility-scale solar and distributed generation projects around the world. Our customers are primarily engineering, procurement and construction companies ("EPCs") and we also contract with developers and owners. The Company is headquartered in Austin, Texas, and has international subsidiaries in Australia, China, India, South Africa and Spain.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $99.7M | $47.4M | $127.0M | $123.1M | $270.5M | $187.4M | $53.1M | — |
| Cost of revenue | $100.6M | $59.9M | $118.7M | $150.3M | $303.1M | $183.7M | $55.1M | — |
| Gross profit | -$880.0K | -$12.6M | $8.3M | -$27.2M | -$32.5M | $3.6M | -$2.0M | — |
| R&D | $4.4M | $5.9M | $7.2M | $9.9M | $11.5M | $5.2M | $4.0M | — |
| SG&A | $24.0M | $25.4M | $37.1M | $53.7M | $75.9M | $11.8M | $4.6M | — |
| Total operating expenses | $34.5M | $40.2M | $59.1M | $72.3M | $94.3M | $20.6M | $10.4M | — |
| Operating income | -$35.4M | -$52.8M | -$50.8M | -$99.6M | -$126.8M | -$16.9M | -$12.4M | — |
| Interest expense | $8.2M | $665.0K | $1.3M | $978.0K | $814.0K | $364.0K | $454.0K | — |
| Pre-tax income | -$79.1M | -$48.4M | -$50.6M | -$99.2M | -$106.4M | -$16.0M | -$13.5M | — |
| Income tax | $525.0K | $230.0K | $338.0K | $435.0K | $169.0K | $83.0K | $39.0K | — |
| Net income | -$79.6M | -$48.6M | -$50.3M | -$99.6M | -$106.6M | -$15.9M | -$13.5M | — |
| EPS, basic | -5.68 | -3.83 | -4.35 | -0.98 | -1.24 | -0.23 | -0.22 | — |
| EPS, diluted | -5.68 | -3.83 | -4.35 | -0.98 | -1.24 | -0.23 | -0.22 | — |
| Shares, diluted (wtd. avg.) | 14.0M | 12.7M | 11.6M | 101.4M | 86.0M | 68.8M | 62.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.1M | $11.2M | $25.2M | $44.4M | $102.2M | $33.4M | $8.2M | $1.5M |
| Receivables | $55.7M | $39.7M | $65.3M | $49.1M | $107.5M | $23.7M | — | — |
| Inventory | $9.6M | $10.1M | $3.9M | $14.9M | $8.9M | $1.7M | — | — |
| Total current assets | $97.8M | $76.1M | $108.5M | $118.7M | $235.8M | $65.7M | — | — |
| Property, plant and equipment | $3.8M | $2.2M | $1.8M | $1.7M | $1.6M | $311.0K | — | — |
| Goodwill | $7.4M | $7.1M | $7.4M | $7.5M | $0 | — | — | — |
| Other intangibles | — | $0 | $542.0K | $1.1M | $0 | — | — | — |
| Total assets | $111.8M | $89.9M | $123.1M | $134.4M | $243.0M | $71.4M | — | — |
| Accounts payable | $13.2M | $13.0M | $8.0M | $15.8M | $39.3M | $17.1M | — | — |
| Short-term debt | $12.7M | $0 | — | $0 | $0 | $1.0M | — | — |
| Total current liabilities | $68.2M | $49.1M | $54.7M | $60.3M | $93.2M | $59.8M | — | — |
| Long-term debt | $9.9M | $9.5M | $0 | — | $0 | $784.0K | — | — |
| Total liabilities | $154.8M | $70.9M | $60.6M | $67.9M | $100.2M | $63.9M | — | — |
| Retained earnings | -$427.3M | -$347.7M | -$299.1M | -$248.8M | -$149.2M | -$42.6M | — | — |
| Total equity | -$43.0M | $19.0M | $62.5M | $66.5M | $142.9M | $7.5M | -$8.4M | -$1.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$33.4M | -$34.7M | -$52.7M | -$54.5M | -$132.9M | $629.0K | -$254.0K | — |
| Depreciation and amortisation | $1.3M | $1.1M | $833.0K | $631.0K | $232.0K | $14.0K | $12.0K | — |
| Stock-based compensation | $5.0M | $5.4M | $8.3M | $20.3M | $61.8M | $1.8M | $906.0K | — |
| Capital expenditure | $1.1M | $1.6M | $816.0K | $985.0K | $1.0M | $256.0K | $18.0K | — |
| Investing cash flow | $2.8M | $6.3M | -$397.0K | -$4.2M | $21.3M | $1.9M | -$18.0K | — |
| Financing cash flow | $40.4M | $14.5M | $34.0M | $903.0K | $180.4M | $22.6M | $7.0M | — |
| Buybacks | — | — | $0 | $0 | $54.2M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-068820.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $53.1M | $187.4M | $270.5M | $123.1M | $127.0M | $47.4M | $99.7M |
| Gross profit | — | -$2.0M | $3.6M | -$32.5M | -$27.2M | $8.3M | -$12.6M | -$880.0K |
| Net income | — | -$13.5M | -$15.9M | -$106.6M | -$99.6M | -$50.3M | -$48.6M | -$79.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Debt acceleration or default Something has triggered a lender's right to demand early repayment - usually a covenant breach. Item 2.04
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
- Debt acceleration or default Item 2.04
- Results announced Item 2.02
- Officer or director change Item 5.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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