Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data FTC Solar, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
53.1
187
271
123
127
47.4
99.7
Cost of revenue
55.1
184
303
150
119
59.9
101
Gross profit
-1.95
3.64
-32.5
-27.2
8.31
-12.6
-0.88
Research and development
3.96
5.22
11.5
9.95
7.17
5.92
4.39
Selling and marketing
1.9
3.55
6.82
8.66
14.8
8.88
6.2
General and administrative
4.56
11.8
75.9
53.7
37.1
25.4
24
Operating expenses
10.4
20.6
94.3
72.3
59.1
40.2
34.5
Operating income
-12.4
-16.9
-127
-99.6
-50.8
-52.8
-35.4
Interest expense
-1.29
0.67
8.21
Other non-operating income
-0.26
0.47
0.14
Pre-tax income
-13.5
-16
-106
-99.2
-50.6
-48.4
-79.1
Income tax
-0.04
-0.08
0.17
0.44
-0.34
0.23
0.53
Net income
-13.5
-15.9
-107
-99.6
-50.3
-48.6
-79.6
EBITDA
-12
-16.9
-127
-98.7
-49.4
-51.2
-34.1
EPS, basic
-2.18
-2.27
-12.26
-9.69
-4.35
-3.83
-5.68
EPS, diluted
-2.18
-2.27
-12.26
-9.69
-4.35
-3.83
-5.68
Shares, basic (weighted)
6.28
6.96
8.7
10.3
11.6
12.7
14
Shares, diluted (weighted)
6.28
6.96
8.7
10.3
11.6
12.7
14
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
7.22
32.4
102
44.4
25.2
11.2
21.1
Receivables
23.7
108
49.1
65.3
39.7
55.7
Inventory
1.69
8.86
14.9
3.91
10.1
9.63
Other current assets
0.57
1.06
1.41
5.54
3.97
3.1
Total current assets
65.7
236
119
109
76.1
97.8
Property, plant and equipment
0.31
1.58
1.7
1.82
2.22
3.79
Lease right-of-use assets
0.57
1.73
1.15
1.82
1.15
0.98
Goodwill
0
7.54
7.35
7.14
7.44
Intangible assets
0
1.11
0.54
0
Other non-current assets
2.94
3.93
4.2
2.79
2.34
1.82
Total assets
71.4
243
134
123
89.9
112
Accounts payable
17.1
39.3
15.8
7.98
13
13.2
Accrued liabilities
13.6
47.9
23.9
34.8
20.1
23.8
Deferred revenue
23
1.42
11.3
3.61
5.3
7.17
Short-term debt
1
0
0
0
12.7
Total current liabilities
59.8
93.2
60.3
54.7
49.1
68.2
Long-term debt
0.78
0
Lease liabilities
0.36
1.34
0.79
1.12
0.41
0.55
Other non-current liabilities
2.99
5.57
6.82
4.81
2.42
1.56
Total liabilities
63.9
100
67.9
60.6
70.9
155
Total debt
0.78
0
0
9.47
9.92
Paid-in capital
50.1
292
315
362
367
385
Retained earnings
-42.6
-149
-249
-299
-348
-427
Treasury stock
0
0
0
0
0
0
Other comprehensive income
-0
0.01
-0.06
-0.29
-0.54
-0.29
Shareholders' equity
-8.45
7.45
143
66.5
62.5
19
-43
Total equity
-8.45
7.45
143
66.5
62.5
19
-43
Total liabilities and equity
71.4
243
134
123
89.9
112
Shares outstanding
6.69
9.37
10.6
12.5
12.9
15.5
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-13.5
-15.9
-107
-99.6
-50.3
-48.6
-79.6
Depreciation and amortization
0.41
0.05
0.23
0.9
1.38
1.67
1.28
Stock-based compensation
0.91
1.82
61.8
20.3
8.3
5.41
4.96
Deferred income tax
-0
-0
0
-0.14
0.14
0.08
0.22
Change in receivables
-13.8
-9.71
-83.7
57.3
-23.6
23.5
-10.2
Change in inventory
-4.51
2.82
-7.26
-7.9
10.3
-6.42
1.43
Change in payables
7.78
10.1
21.7
-22.9
-7.96
4.96
-4.51
Cash from operations
-0.25
0.63
-133
-54.5
-52.7
-34.7
-33.4
Capital expenditures
-0.02
-0.26
-1.03
-0.99
-0.82
-1.65
-1.13
Acquisitions
0
-5.09
0
Cash from investing
-0.02
1.87
21.3
-4.25
-0.4
6.26
2.8
Debt issued
1
0.78
0
0
Debt repaid
0
-7
-1
0
0
Stock issued
6
30
0
0
34
0
4.71
Share buybacks
0
0
-54.2
0
0
Cash from financing
7
22.6
180
0.9
34
14.5
40.4
Exchange rate effect
0
-0
-0.01
0.05
-0.05
-0.05
0.1
Net change in cash
6.73
25.1
68.8
-57.8
-19.2
-14
9.86
Free cash flow
-0.27
0.37
-134
-55.5
-53.5
-36.3
-34.6
Income taxes paid
0
0
0.08
0.12
0.18
0.13
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.66 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
3.0%
Gross profit / revenue.
Operating margin
-38.3%
Operating income / revenue.
EBITDA margin
-36.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-53.0%
Pre-tax income / revenue.
Net margin
-53.6%
Net income / revenue.
FCF margin
-27.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-26.5%
Cash from operations / revenue.
Return on assets (ROA)
-55.9%
Net income / average total assets.
R&D / revenue
4.6%
Research and development expense / revenue.
Stock-based pay / revenue
9.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.3%
Capital expenditures / revenue.
D&A / revenue
1.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
110.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-11.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-325.7%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
24.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-5.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
9.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
10.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
11.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
15.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.91x
Current assets / current liabilities.
Quick ratio
0.64x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.11x
(Cash + short-term investments) / current liabilities.
Debt / assets
0.0%
Total debt / total assets.
Liabilities / assets
130.9%
Total liabilities / total assets.
Net debt
-$10.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$3.42
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.38
Revenue / diluted weighted shares.
FCF per share
-$1.78
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.69
Cash from operations / diluted weighted shares.
Book value per share
-$1.84
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.43x
Market cap / revenue.
EV/Sales
0.33x
Enterprise value / revenue.
FCF yield
-64.9%
Free cash flow / market cap.
Earnings yield
-124.8%
Net income / market cap (the inverse of P/E).
What was FTC Solar, Inc.'s revenue in fiscal 2025?
FTC Solar, Inc. reported revenue of $99.7M for fiscal 2025, 110.5% higher than the year before.
Was FTC Solar, Inc. profitable in fiscal 2025?
No. It reported a net loss of $79.6M.
How much free cash flow did FTC Solar, Inc. generate in fiscal 2025?
Cash from operations of $33.4M minus capital expenditures of $1.1M left free cash flow of -$34.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.