10-Q · May 5, 2026
FTC Solar's Q1 2026 results showed significant revenue decline, totaling $17.3 million, down 47.5% sequentially and 17.0% year-over-year, which missed analyst expectations of $24.2 million. The company reported a…
Earnings analysis · 10-K
FTCI earnings analysis
Filed June 15, 2026 · Our reading of the company's report
The latest report
FTC Solar's 2025 10-K report reveals a significant decline in revenue, resulting in a full-year revenue of just $13 million, down 43% from the prior year, and a continuing trend of operational losses with a diluted EPS…
Read full summary
FTC Solar's 2025 10-K report reveals a significant decline in revenue, resulting in a full-year revenue of just $13 million, down 43% from the prior year, and a continuing trend of operational losses with a diluted EPS of -$2.51. The company is navigating significant headwinds, including supply chain issues and regulatory impacts, which have led to revised risk factors and concerns about future profitability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.51
- Operating margin
- -101.7%
What stood out
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Revenue Decline Over 43%
FTC Solar reported total revenue of $13 million for FY 2025, a decrease of 43% from FY 2024.
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Operational Losses Persist
The company experienced an operating margin of -101.7% in Q4 2025, showcasing significant operational challenges.
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Negative Earnings Per Share
Full-year diluted EPS was reported at -$2.51, continuing losses year-over-year.
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Improved Sequential Revenue in Q4
Revenue in Q4 2025 was $33 million, up 26.8% sequentially from $26 million in Q3 2025.
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High Demand for Future Development
Despite challenges, management noted an ongoing demand for solar installations, hinting at potential recovery.
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Cash Flow Management Measures
Company noted efforts to manage cash flows better amid significant negative free cash flows of -$17 million in Q4 2025.
What to watch
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Regulatory Compliance Pressure
Ongoing government regulations continue to pose risks, as emphasized by operational challenges impacting revenues.
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Customer Concentration Risks
Dependence on a small number of large customers exposes FTC Solar to significant revenue risk.
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Increasing Debt Levels
The company has noted rising debt levels; total liabilities are significantly impacting liquidity and operational flexibility.
Management's outlook
Company expects sequential growth in revenue for 2026, targeting a 40% increase compared to 2025.
Earlier filings 4
10-K · April 28, 2026
FTC Solar shows a clear top-line rebound in 2025 with aggregate revenue of $100.0M and Q4 2025 revenue of $33.0M, accompanied by a material gross-margin recovery (Q4 2025 gross margin 14.9% vs Q4 2024 -29.1%). However,…
10-K · March 24, 2026
FTC Solar reports a clear top-line rebound in 2025 with quarterly revenue rising to $33.0M in 2025Q4 and aggregate 2025 revenue of $100.0M, and material gross-margin recovery (Q4 2025 gross margin 14.9% vs Q4 2024…
10-Q · November 12, 2025
FTCI reported a notable increase in revenue for Q3 2025, achieving $26 million, up 157% from $10 million in Q3 2024 and surpassing consensus estimates. Despite this revenue growth, the company posted a loss of ($1.61)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.