# FTC Solar, Inc. (FTCI)

> Source: Nexqual · https://nexqual.com/FTCI · data as of 2026-10-23 17:24 UTC · cite as "Nexqual, FTC Solar, Inc. (FTCI), nexqual.com/FTCI" · informational, not investment advice.

**Price:** USD 1.47 (+0.67% today) · US market open, as of October 23, 2026 at 17:24 UTC; quotes may be delayed. Prev close 1.46 · day 1.42–1.51 · 52w 1.42–12.75 · market cap $24.3M · NCM

## Key facts
- 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 -82.5% vs S&P 500 +14.4%; 5Y -98.5% vs S&P 500 +77.0%.
- 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)
| 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)
P/S 0.2x · EV/Sales 0.4x · FCF yield -117.43% · Earnings yield -225.89% · Net debt $12.6M · EV $36.8M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
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
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)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -82.5% | -98.5% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -82.5% | -56.6% |
| Volatility (annualized) | 111.5% | 114.8% |
| Max drawdown | -88.4% (Jan 2026→Oct 2026) | -98.6% (Nov 2021→Oct 2026) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.32 +2.21% · ARRY (Array Technologies, Inc.) USD 3.18 -3.79% · CSIQ (Canadian Solar Inc.) USD 9.2 -0.22% · SHLS (Shoals Technologies Group, Inc.) USD 7.59 -1.81% · RUN (Sunrun Inc.) USD 7.55 -2.01% · SEDG (SolarEdge Technologies, Inc.) USD 33.21 +0.82%

## More
Full page: https://nexqual.com/FTCI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FTCI's own 10-K filed 2026-03-24 (https://www.sec.gov/Archives/edgar/data/1828161/000119312526120372/ftci-20251231.htm):

| 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…" |
| 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 co…" |
| 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 purch…" |
| 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." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $22.4M | 85.7% | +41.2% |
| Service | $3.8M | 14.3% | -9.1% |
| Total revenue | $26.2M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $98.2M | 98.5% | +132.5% |
| Australia | $1.4M | 1.5% | -66.8% |
| Total revenue | $99.7M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 28%, 20%, 18%, 12% of revenue from unnamed direct customers (10-K, filed 2026-03-24).

## Company outlook (8-K filed 2026-08-05)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.33 | $-0.16 | +101.9% | $33.7M | 1 |
| Next quarter (ends 2026-12-31) | $-0.21 | $-0.00 | +30482.6% | $62.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $-1.98 | $-1.10 | +78.8% | $137.6M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.22 | $0.03 | -920.5% | $217.8M | 2 |