FTC Solar, Inc. (FTCI) Stock Price & Analysis
FTC Solar, Inc. (FTCI) is trading at USD 1.49, up 2.05% today, as of October 23, 2026 at 16:37 UTC (US market open; quotes may be delayed), according to Nexqual market data.
FTCI last closed at USD 1.46; today's session has ranged USD 1.42–1.51 on volume of 82,880 shares. Market capitalization is $24.62M, with a 52-week range of USD 1.42–12.75 (NCM). Source: Nexqual, retrieved October 23, 2026 at 16:39 UTC.
Also available as compact Markdown for AI agents: nexqual.com/FTCI.md
Key facts (FTCI)
- Last four reported quarters (through Jun 30, 2026): revenue $102M, net income -$54.9M (-53.6% margin), free cash flow -$28.5M (SEC filings).
- Insider open-market purchases, last ~7 months: 8 Form 4 filings, $635K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 10.2 (range 3.6–20).
- Total return with dividends: 1Y -82.3% vs S&P 500 +14.6%; 5Y -98.4% vs S&P 500 +77.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.33, revenue estimate $33.7M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (FTCI)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $271M | $123M | $127M | $47.4M | $99.7M | $102M |
| Gross profit | -$32.5M | -$27.2M | $8.3M | -$12.6M | -$880K | — |
| Operating income | -$127M | -$99.6M | -$50.8M | -$52.8M | -$35.4M | -$39.1M |
| Net income | -$107M | -$99.6M | -$50.3M | -$48.6M | -$79.6M | -$54.9M |
| EPS (diluted) | -$12.40 | -$9.80 | -$4.35 | -$3.83 | -$5.68 | — |
| Free cash flow | -$134M | -$55.5M | -$53.5M | -$36.3M | -$34.6M | -$28.5M |
| Gross margin | -12.0% | -22.1% | 6.5% | -26.6% | -0.9% | — |
| Operating margin | -46.9% | -80.9% | -40.0% | -111.6% | -35.5% | -38.3% |
| Net margin | -39.4% | -80.9% | -39.6% | -102.6% | -79.8% | -53.6% |
| Revenue growth | +44.4% | -54.5% | +3.2% | -62.7% | +110.5% | — |
| Cash + short-term investments | $102M | $44.4M | $25.2M | $11.2M | $21.1M | — |
| Total debt | $0K | — | $0K | $9.5M | $22.6M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (FTCI)
P/S 0.2x · EV/Sales 0.4x · FCF yield -115.84% · Earnings yield -222.84% · Net debt $12.6M · EV $37.2M
Insider purchases (SEC Form 4, open-market, last ~7 months) (FTCI)
8 purchases, $635K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-28 | Sadasivam Shaker | Director | 101,083 | $272K | 2.69 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-27 | Sadasivam Shaker | Director | 39,583 | $93K | 2.35 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-26 | Sadasivam Shaker | Director | 33,290 | $73K | 2.19 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-25 | Carroll Anthony | Chief Executive Officer | 24,745 | $51K | 2.08 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-07 | Alvarez Antonio R | Director | 2,500 | $11K | 4.23 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Alvarez Antonio R | Director | 2,500 | $10K | 3.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Carroll Anthony | Chief Executive Officer | 7,250 | $25K | 3.43 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Sadasivam Shaker | Director | 27,025 | $100K | 3.7 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (FTCI)
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 10.2 (low 3.6, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | UBS | Upgrade | Neutral → Buy | $3.5 → $3.6 |
| 2026-08-12 | Roth Capital | Target lowered | Buy | $10 → $7 |
Total return (dividends reinvested) (FTCI)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -82.3% | -98.4% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -82.3% | -56.5% |
| Volatility (annualized) | 111.6% | 114.8% |
| Max drawdown | -88.4% (Jan 2026→Oct 2026) | -98.6% (Nov 2021→Oct 2026) |
FTCI revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $22.4M | 85.7% | +41.2% |
| Service | $3.8M | 14.3% | -9.1% |
| Total revenue | $26.2M | 100% | — |
FTCI revenue by region (fiscal year ended Dec 31, 2025)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $98.2M | 98.5% | +132.5% |
| Australia | $1.4M | 1.5% | -66.8% |
| Total revenue | $99.7M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
FTCI suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Auxin Solar | “In addition, regulatory, tariff and import concerns such as those caused by the UFLPA and an AD/CVD investigation begun in April 2022 by the U.S. Department of Commerce in response to a petition by Auxin Solar, Inc. have in the past, and may continue to, affect our ability to obtain project materials and may delay the timing of customer project activity which has had in the past, and may continue to have, an adver…” |
| Partner | Alpha Steel | “On November 11, 2025, we entered into the First Amendment to Credit Agreement with the administrative agent on behalf of the Lenders (the "First Amendment") to amend certain financial covenants applicable to us and in connection with our agreement to acquire 100% of the membership interests of Alpha Steel LLC ("Alpha Steel").” |
| Partner | DAYV | “On November 11, 2025, we entered into a Membership Interest Purchase Agreement with Taihua New Energy (Thailand) Co. LTD. ("Taihua") and DAYV LLC (collectively, the "Selling Members") pursuant to which we agreed to purchase 100% of the Membership Interests of Alpha Steel, with such transaction closing on November 12, 2025.” |
| Partner | Acquiom Agency Services | “As described further in this Annual Report, on the Credit Agreement Closing Date, we entered into the Original Credit Agreement with the Lenders, and Acquiom Agency Services LLC, as administrative agent for the Lenders.” |
Quoted from the company's 10-K filed Mar 24, 2026.
FTCI customer concentration
In the period ended Dec 31, 2025, 4 direct customers each accounted for at least 10% (28%, 20%, 18%, 12%) of revenue, per the company's 10-K filed Mar 24, 2026. The company does not name them.
FTCI company outlook (results filed Aug 5, 2026)
- “The company expects third quarter revenue to grow by roughly 24% relative to the second quarter, based on the midpoint of the guidance range.”
- “The company expects further sequential growth in the fourth quarter and continues to expect full-year revenue 2026 growth of 40% relative to 2025, outpacing the market.”
Quoted word-for-word from the SEC 8-K results press release.
FTCI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.33 | $-0.16 | +101.9% | $33.7M | 1 |
| Next quarter (ends Dec 2026) | $-0.21 | $-0.00 | +30482.6% | $62.8M | 1 |
| Current fiscal year (ends Dec 2026) | $-1.98 | $-1.10 | +78.8% | $137.6M | 2 |
| Next fiscal year (ends Dec 2027) | $-0.22 | $0.03 | -920.5% | $217.8M | 2 |
Key Statistics (as of October 23, 2026 at 16:39 UTC)
| Price | USD 1.49 |
|---|---|
| Change | ▲ 2.05% (up) |
| Previous Close | USD 1.46 |
| Open | USD 1.48 |
| Day Range | USD 1.42 – 1.51 |
| 52-Week Range | USD 1.42 – 12.75 |
| Volume | 82,880 shares |
| Market Cap | $24.62M |
| Exchange | NCM |
Technical Analysis (FTCI)
Nexqual's technical model rates FTCI "SELL" based on 2 bullish and 5 bearish signals across 128 daily candles, as of October 23, 2026 at 16:39 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 26.58 (oversold) |
| vs SMA50 | Below (USD 2.13) |
| MACD | -0.23 (negative) |
Analyst Ratings (FTCI)
Wall Street analysts rate FTCI "Buy" based on 3 analysts, with a mean price target of USD 10.2 (range USD 3.6–20), per Nexqual as of October 23, 2026 at 16:39 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 3 |
| Mean Target | USD 10.2 |
| High Target | USD 20 |
| Low Target | USD 3.6 |
| Buy / Hold / Sell | 3 / 0 / 0 |
Earnings (FTCI)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD -0.33 |
| Revenue Estimate | $33.68M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.76 vs est -0.41 ▼ miss |
| 2026-03-31 | USD -0.67 vs est -0.42 ▼ miss |
| 2025-12-31 | USD -0.17 vs est -0.22 ▲ beat |
| 2025-09-30 | USD -0.36 vs est -0.53 ▲ beat |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
Financials & Fundamentals (FTCI)
| Total Revenue | $102.31M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +30.80% |
| Gross Margin | +2.99% |
| Operating Margin | -47.44% |
| Profit Margin | -53.61% |
| Current Ratio | 0.91 |
| Total Cash | $10.07M |
| Total Debt | $24.27M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$28.52M (-27.9% of revenue) |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
Financial Health Score (FTCI)
Nexqual rates FTC Solar, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 16:39 UTC.
| Growth | Strong — Revenue +111% YoY (annual) |
|---|---|
| Profitability | Critical — Gross margin 3%, operating -47% (last 12 months) |
| Balance Sheet | Mixed — $10M cash and investments vs $23M debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$29M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — No data |
Ownership (FTCI)
| Insider Ownership | +27.23% |
|---|---|
| Institutional Ownership | +8.03% |
| Shares Outstanding | 16.52M |
| Float | 11.64M |
| Short % of Float | +11.77% |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
Leadership (FTCI)
FTC Solar, Inc. is led by Anthony Carroll, President, CEO & Director, per Nexqual as of October 23, 2026 at 16:39 UTC.
| President, CEO & Director | Anthony Carroll |
|---|---|
| CFO, Chief Accounting Officer & Secretary | Cathy Behnen |
| Chief Operating Officer | Sasan Aminpour |
| Senior Vice President of Capital Markets & Business Development | Patrick M. Cook |
| Vice President of Investor Relations & Corporate Communications | Bill Michalek |
Major Backers & Investors (FTCI)
Notable institutional backers of FTC Solar, Inc. include Gilder Gagnon Howe & Co LLC, Fidelity, Cerity Partners LLC, according to Nexqual as of October 23, 2026 at 16:39 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Gilder Gagnon Howe & Co LLC | 1.37% |
| Fidelity | 0.52% |
| Cerity Partners LLC | 0.27% |
| Marshall Wace LLP | 0.26% |
| GSA Capital Partners LLP | 0.25% |
| Morgan Stanley | 0.23% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 2.85% |
| Geode Capital | 0.66% |
| BlackRock | 0.63% |
| State Street | 0.25% |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
From FTC Solar, Inc.'s Latest SEC 10-K Filing (filed 2026-03-24)
Key Strengths & Strategy (as disclosed to the SEC)
- Our acquisition of Alpha Steel allows us to continue for a longer period of time to obtain benefits of lower product costs as a result of the production tax credit program.
Partnerships
- On November 11, 2025, we entered into a Membership Interest Purchase Agreement with Taihua New Energy (Thailand) Co.
- On December 4, 2024, we entered into a Securities Purchase Agreement (the "Purchase Agreement") with an institutional investor as the purchaser under the Purchase Agreement (the "Investor").
Legal & Regulatory Risks (Item 1A, quoted)
- The reduction, elimination or expiration of government incentives for, or regulations mandating the use of, as well as corporate commitments to the use of, renewable energy and solar energy specifically could reduce demand for solar energy systems and harm our business.
- The cost of solar power may exceed retail electricity rates from other sources.
- Changes in the U.S. trade environment, including the imposition of import tariffs, could adversely affect the amount or timing of our revenue, results of operations or cash flows.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| JKS | JinkoSolar Holding Company Limi | USD 8.21 | ▲ 0.86% |
| ARRY | Array Technologies, Inc. | USD 3.16 | ▼ 4.39% |
| CSIQ | Canadian Solar Inc. | USD 9.2 | ▼ 0.22% |
| SHLS | Shoals Technologies Group, Inc. | USD 7.53 | ▼ 2.59% |
| RUN | Sunrun Inc. | USD 7.53 | ▼ 2.27% |
| SEDG | SolarEdge Technologies, Inc. | USD 33.16 | ▲ 0.67% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 16:39 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt