FTC Solar Inc
NASDAQ: FTCI · TECHNOLOGY · SOLAR
Updated 2026-06-03
FTC Solar Inc (FTCI) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $-254000.00 | $629000.00 | $-132.85M | $-54.51M | $-52.66M | $-34.70M | $-33.44M |
| Capital expenditures | $18000.00 | $256000.00 | $1.02M | $985000.00 | $816000.00 | $1.65M | $1.13M |
| Depreciation | — | — | — | — | — | — | — |
| Stock-based comp | $906000.00 | $1.82M | $61.77M | $20.30M | $8.29M | $5.41M | $4.96M |
| Free cash flow | $-272000.00 | $373000.00 | $-133.88M | $-55.49M | $-53.47M | $-36.34M | $-34.57M |
| Investing cash flow | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — |
| Dividends paid | — | — | $317000.00 | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — |
| Net change in cash | — | — | $68.82M | — | — | — | — |
Frequently asked questions
What is FTC Solar Inc's revenue?
FTC Solar Inc's trailing twelve-month revenue is $96.15M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is FTCI?
In its most recent fiscal year, FTCI ran a gross margin of 1.13%, an operating margin of -33.52%, and a net margin of -77.16%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does FTCI generate?
FTCI produced $-34.57M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is FTCI's balance sheet healthy?
FTCI holds $21.11M in cash and equivalents against $9.92M in long-term debt, on $-40.30M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.