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FTC Solar, Inc. engages in the manufacture and service of solar tracker systems in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company provides a two modules-in-portrait solar tracker system under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name. It also offers trackers and software solutions for the utility-scale solar energy markets, as well as for the project developers, solar asset owners, and engineering, procurement, and construction contractors that design and build solar energy projects. The company was incorporated in 2017 and is headquartered in Austin, Texas.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
FTC Solar Inc is a provider of utility-scale photovoltaic tracker systems and related project services for large solar installations. Its long-term growth may be supported by continued global deployment of utility-scale PV, repowering of existing sites and policies driving decarbonization. Investors may find exposure to renewable infrastructure and potential recurring aftermarket and service revenue attractive.
Material risks include intense competition from larger tracker manufacturers, sensitivity to project timing and cancellations, supply-chain and commodity cost volatility, and dependence on policy incentives and utility procurement cycles.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -76.40M | -48.38M | -50.63M | -99.18M | -106.42M |
| Net income | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M |
| Selling general administrative | 23.95M | 25.44M | 37.11M | 53.74M | 75.90M |
| Selling and marketing expenses | 6.20M | 8.88M | 14.81M | 8.66M | 6.82M |
| Gross profit | 1.13M | -12.59M | 8.31M | -27.23M | -32.55M |
| Reconciled depreciation | 1.27M | 1.67M | 1.32M | 0.90M | 0.23M |
| Ebit | -33.43M | -48.06M | -50.38M | -99.57M | -126.80M |
| Ebitda | -32.14M | -46.39M | -49.00M | -99.05M | -126.99M |
| Depreciation and amortization | 1.29M | 1.67M | 1.38M | 0.53M | -0.19M |
| Non operating income net other | - | - | - | - | 21.20M |
| Operating income | -33.41M | -52.83M | -50.78M | -99.57M | -126.80M |
| Other operating expenses | 133.10M | 100.19M | 177.78M | 222.64M | 397.33M |
| Interest expense | 7.56M | 0.32M | 0.25M | 0.98M | 0.81M |
| Tax provision | 0.53M | 0.23M | 0.59M | 0.43M | -0.17M |
| Interest income | 0.02M | 0.35M | - | - | - |
| Net interest income | -8.18M | -0.32M | -0.29M | -0.98M | 0.81M |
| Income tax expense | 0.53M | 0.23M | -0.34M | 0.43M | 0.17M |
| Total revenue | 99.69M | 47.35M | 127.00M | 123.07M | 270.52M |
| Total operating expenses | 34.54M | 40.24M | 59.08M | 72.34M | 94.26M |
| Cost of revenue | 98.56M | 59.95M | 118.69M | 150.29M | 303.07M |
| Total other income expense net | -42.98M | 4.45M | 0.15M | 0.39M | 20.38M |
| Net income from continuing ops | -79.58M | -48.61M | -59.61M | -99.61M | -106.59M |
| Net income applicable to common shares | - | - | - | -99.61M | -106.59M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 111.81M | 89.93M | 123.07M | 134.40M | 243.02M |
| Intangible assets | - | - | 0.54M | 1.11M | - |
| Other current assets | 11.29M | 15.03M | 7.90M | 10.30M | 1.06M |
| Total liab | 152.11M | 70.89M | 60.60M | 67.95M | 100.15M |
| Total stockholder equity | -40.30M | 19.04M | 62.47M | 66.45M | 142.87M |
| Deferred long term liab | - | - | - | 0.90M | 1.60M |
| Other current liab | 21.74M | 29.69M | 42.33M | 32.81M | 52.11M |
| Common stock | 0.00M | 0.00M | 0.01M | 0.01M | 0.01M |
| Capital stock | 0.00M | 0.00M | 0.01M | 0.01M | 0.01M |
| Retained earnings | -424.66M | -347.74M | -299.13M | -248.84M | -149.23M |
| Other liab | - | - | - | 6.82M | 5.57M |
| Good will | 7.44M | 7.14M | 7.35M | 7.54M | - |
| Other assets | - | - | 0.00M | 4.20M | 3.93M |
| Cash | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M |
| Total current liabilities | 75.49M | 49.07M | 54.66M | 60.34M | 93.25M |
| Current deferred revenue | 7.17M | 5.31M | 3.61M | 11.32M | 1.42M |
| Net debt | 12.78M | -0.61M | -23.37M | -43.18M | -100.39M |
| Short term debt | 33.33M | 0.76M | 0.74M | 0.42M | 0.45M |
| Short long term debt | 12.68M | - | - | - | - |
| Short long term debt total | 33.88M | 10.63M | 1.86M | 1.20M | 1.79M |
| Other stockholder equity | 384.65M | 367.32M | 361.89M | 315.35M | 292.08M |
| Property plant equipment | - | - | - | 2.86M | 3.31M |
| Total current assets | 97.77M | 76.13M | 108.51M | 118.69M | 235.78M |
| Long term investments | 0.00M | 0.95M | 0.24M | - | 0.00M |
| Net tangible assets | - | - | - | 57.80M | 142.87M |
| Net receivables | 55.74M | 39.71M | 65.28M | 49.05M | 107.55M |
| Long term debt | 9.92M | 9.47M | - | - | - |
| Inventory | 9.63M | 10.14M | 10.09M | 14.95M | 8.86M |
| Accounts payable | 13.25M | 12.99M | 7.98M | 15.80M | 39.26M |
| Accumulated other comprehensive income | -0.29M | -0.54M | -0.29M | -0.06M | 0.01M |
| Common stock total equity | - | - | - | - | 0.01M |
| Retained earnings total equity | - | - | - | - | -149.23M |
| Non currrent assets other | 1.82M | 2.34M | 2.24M | 4.20M | 3.93M |
| Non current assets total | 14.04M | 13.80M | 14.56M | 15.71M | 7.24M |
| Capital lease obligations | 0.96M | 1.17M | 1.86M | 1.20M | 1.34M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | 6.26M | -0.63M | -4.25M | 22.33M |
| Change to liabilities | - | - | - | -13.04M | 0.10M |
| Total cashflows from investing activities | 2.80M | 6.26M | -0.40M | -4.25M | 21.31M |
| Net borrowings | 35.95M | 14.55M | 0.00M | - | -1.00M |
| Total cash from financing activities | 40.40M | 14.50M | 33.95M | 0.90M | 180.37M |
| Change to operating activities | - | - | - | -27.59M | 18.07M |
| Net income | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M |
| Change in cash | 9.86M | -13.99M | -19.15M | -57.80M | 68.81M |
| Begin period cash flow | 11.25M | 25.23M | 44.38M | 102.19M | 33.37M |
| End period cash flow | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M |
| Total cash from operating activities | -33.44M | -34.70M | -52.66M | -54.51M | -132.85M |
| Issuance of capital stock | 4.71M | 0.00M | 34.01M | 0.00M | 241.16M |
| Depreciation | 1.27M | 1.67M | 1.38M | 0.90M | 0.23M |
| Other cashflows from investing activities | 3.35M | 0.90M | - | - | - |
| Dividends paid | - | - | - | - | 0.32M |
| Change to inventory | 1.43M | -6.42M | 10.34M | -7.90M | -7.26M |
| Change to account receivables | -10.19M | 23.50M | -23.60M | 57.34M | -83.72M |
| Sale purchase of stock | - | - | 0.00M | 0.00M | -54.16M |
| Other cashflows from financing activities | - | -0.05M | -0.06M | 0.90M | -5.31M |
| Change to netincome | - | - | - | 34.70M | 45.86M |
| Capital expenditures | 1.13M | 1.65M | 0.82M | 0.98M | 1.02M |
| Change receivables | - | - | - | - | -83.72M |
| Cash flows other operating | - | - | - | - | -12.68M |
| Cash and cash equivalents changes | - | - | - | - | 68.82M |
| Change in working capital | -10.96M | -0.53M | -24.73M | 9.29M | -75.18M |
| Stock based compensation | 4.96M | 5.41M | 8.29M | 20.30M | 61.77M |
| Other non cash items | 47.98M | 12.68M | 12.55M | 14.74M | -0.40M |
| Free cash flow | -34.57M | -36.34M | -53.47M | -55.49M | -133.88M |
Sector: Technology Industry: Solar
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FTCI FTC Solar Inc |
-0.06 3.83% |
1.44 | - | 18.83 | 0.77 | 18.26 | 0.77 | -0.70 |
| FSLR First Solar Inc |
- -% |
185.90 | 13.14 | 11.49 | 3.84 | 2.17 | 3.54 | 8.58 |
| NXT Nextpower Inc. |
4.89 5.37% |
96.02 | 21.39 | 18.42 | 3.38 | 4.90 | 3.30 | 15.84 |
| ENPH Enphase Energy Inc |
2.49 8.92% |
30.42 | 136.61 | 18.32 | 6.79 | 9.24 | 6.51 | 53.17 |
| XISHY Xinyi Solar Holdings Limited |
- -% |
4.64 | 11.55 | 14.93 | 0.22 | 1.24 | 0.24 | 1.12 |
FTC Solar, Inc. engages in the manufacture and service of solar tracker systems in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company provides a two modules-in-portrait solar tracker system under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name. It also offers trackers and software solutions for the utility-scale solar energy markets, as well as for the project developers, solar asset owners, and engineering, procurement, and construction contractors that design and build solar energy projects. The company was incorporated in 2017 and is headquartered in Austin, Texas.
| Name | Title | Year Born |
|---|---|---|
| Mr. Sean Hunkler | Pres, CEO & Director | 1962 |
| Mr. Deepak Navnith | Exec. Officer | 1975 |
| Mr. R. Phelps Morris | Chief Financial Officer | 1974 |
| Ms. Cathy Behnen | Chief Accounting Officer | NA |
| Mr. Nagendra Cherukupalli | Chief Technology Officer | 1960 |
| Mr. Bill Michalek | VP of Investor Relations | NA |
| Jacob D. Wolf Esq. | Gen. Counsel & Sec. | NA |
| Mr. Kristian Nolde | VP of Marketing & Strategy | 1978 |
| Ms. Giselle Phan | Chief People Officer | NA |
| Mr. Patrick M. Cook | Chief Commercial Officer | 1984 |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
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