FTC Solar, Inc. (FTCI) Balance Sheet
FTCI balance sheet, 2025
December 31, 2025 · U.S. dollars$111.8M assets = $152.1M liabilities + −$40.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$40.3M).
Both columns are drawn to the same scale: what FTCI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FTCI financial health
Descriptive bands, not a rating. Fiscal 2025.
FTCI balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $33.8M2019 | $111.8M2025 | +22.0%/yr | |
| Total liabilities | $42.3M2019 | $152.1M2025 | +23.8%/yr | |
| Shareholders’ equity | −$8.4M2019 | −$40.3M2025 | — | |
| Cash & short-term investments | $7.2M2019 | $21.1M2025 | +19.6%/yr | |
| Total debt | $7.8M2019 | $33.9M2025 | +27.6%/yr | |
| Net cash (debt) | −$612,0002019 | −$12.8M2025 | −$12.2M | |
| Working capital | −$3.1M2019 | $22.3M2025 | +$25.4M | |
| Book value per share | −$1.032019 | −$2.882025 | — | |
| Current ratio | 0.912019 | 1.302025 | +0.39 | |
| Debt / equity | 0.322020 | 0.562024 | +0.24 | |
| Shares outstanding | 8.2M2019 | 14.0M2025 | +9.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FTCI assets
FTCI liabilities and equity
FTCI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FTCI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $21.1M | $11.2M | $25.2M | $44.4M | $102.2M | $33.4M | $7.2M |
| Cash & equivalents | $21.1M | $11.2M | $25.2M | $44.4M | $102.2M | $33.4M | $7.2M |
| Receivables | $55.7M | $39.7M | $65.3M | $49.1M | $107.5M | $23.7M | $14.0M |
| Inventory | $9.6M | $10.1M | $3.9M | $14.9M | $8.9M | $5.9M | $4.5M |
| Other current assets | $11.3M | $15.0M | $14.1M | $10.3M | $17.2M | $1.7M | $4.9M |
| Total current assets | $97.8M | $76.1M | $108.5M | $118.7M | $235.8M | $64.7M | $30.6M |
| Property, plant & equipment (net) | $4.8M | $3.4M | $3.6M | $2.9M | $3.3M | $571,000 | $43,000 |
| Goodwill & intangible assets | $7.4M | $7.1M | $7.9M | $8.7M | $0 | $0 | $33,000 |
| Long-term investments | $0 | $954,000 | $240,000 | $0 | $0 | $1.9M | $2.6M |
| Other non-current assets | $1.8M | $2.3M | $2.8M | $4.2M | $3.9M | $4.2M | $536,000 |
| Total assets | $111.8M | $89.9M | $123.1M | $134.4M | $243.0M | $71.4M | $33.8M |
| Liabilities | |||||||
| Accounts payable | $13.2M | $13.0M | $8.0M | $15.8M | $39.3M | $17.1M | $8.2M |
| Short-term debt | $33.3M | $755,000 | $740,000 | $417,000 | $452,000 | $1.2M | $11,000 |
| Deferred revenue | $7.2M | $5.3M | $3.6M | $11.3M | $1.4M | $23.0M | $19.9M |
| Total current liabilities | $75.5M | $49.1M | $54.7M | $60.3M | $93.2M | $59.8M | $33.7M |
| Long-term debt | $9.9M | $9.5M | $0 | $0 | $0 | $784,000 | $7.8M |
| Lease obligations | $957,000 | $1.2M | $1.9M | $1.2M | $1.3M | $355,000 | — |
| Other long-term liabilities | $66.7M | $12.4M | $5.9M | $7.6M | $6.9M | $3.3M | $718,000 |
| Total liabilities | $152.1M | $70.9M | $60.6M | $67.9M | $100.2M | $63.9M | $42.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $2,000 | $1,000 | $13,000 | $11,000 | $9,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$424.7M | −$347.7M | −$299.1M | −$248.8M | −$149.2M | −$42.6M | −$26.7M |
| Accumulated other comprehensive income | −$290,000 | −$542,000 | −$293,000 | −$61,000 | $7,000 | −$3,000 | — |
| Total shareholders' equity | −$40.3M | $19.0M | $62.5M | $66.5M | $142.9M | $7.5M | −$8.4M |
| Key figures | |||||||
| Total debt | $33.9M | $10.6M | $1.9M | $1.2M | $1.8M | $2.4M | $7.8M |
| Net cash (debt) | −$12.8M | $615,000 | $23.4M | $43.2M | $100.4M | $31.0M | −$612,000 |
| Working capital | $22.3M | $27.1M | $53.8M | $58.4M | $142.5M | $4.9M | −$3.1M |
| Tangible book value | −$47.7M | $11.9M | $54.6M | $57.8M | $142.9M | $7.5M | −$8.5M |
| Book value per share | −$2.88 | $1.50 | $5.41 | $6.55 | $16.60 | $0.88 | −$1.03 |
| Shares outstanding | 14.0M | 12.7M | 11.6M | 10.1M | 8.6M | 8.5M | 8.2M |
| Current ratio | 1.30 | 1.55 | 1.98 | 1.97 | 2.53 | 1.08 | 0.91 |
| Quick ratio | 1.02 | 1.04 | 1.66 | 1.55 | 2.25 | 0.95 | 0.63 |
| Debt / equity | — | 0.56 | 0.03 | 0.02 | 0.01 | 0.32 | — |
| Equity / assets | −36.0% | 21.2% | 50.8% | 49.4% | 58.8% | 10.4% | −25.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $10.1M | $5.6M | $21.1M | $24.4M | $3.5M | $5.9M | $11.2M | $8.3M | $10.8M | $14.0M | $25.2M | $31.5M |
| Cash & equivalents | $10.1M | $5.6M | $21.1M | $24.4M | $3.5M | $5.9M | $11.2M | $8.3M | $10.8M | $14.0M | $25.2M | $31.5M |
| Receivables | $48.7M | $56.4M | $55.7M | $49.2M | $45.6M | $44.2M | $39.7M | $37.3M | $41.5M | $66.4M | $65.3M | $71.4M |
| Inventory | $10.0M | $9.4M | $9.6M | $7.7M | $7.3M | $6.8M | $10.1M | $15.1M | $17.1M | $3.8M | $3.9M | $10.0M |
| Other current assets | $14.6M | $12.4M | $11.3M | $15.4M | $13.8M | $14.1M | $15.0M | $15.5M | $15.0M | $16.0M | $14.1M | $8.1M |
| Total current assets | $83.3M | $83.8M | $97.8M | $96.6M | $70.3M | $71.1M | $76.1M | $76.2M | $84.3M | $100.2M | $108.5M | $121.0M |
| Property, plant & equipment (net) | $5.3M | $4.6M | $4.8M | $3.3M | $2.9M | $2.9M | $3.4M | $4.1M | $4.4M | $3.6M | $3.6M | $3.7M |
| Goodwill & intangible assets | $7.7M | $7.5M | $7.4M | $7.3M | $7.3M | $7.2M | $7.1M | $7.6M | $7.4M | $7.6M | $7.9M | $7.8M |
| Long-term investments | $0 | $0 | $0 | $2.3M | $391,000 | $842,000 | $954,000 | $1.3M | $1.5M | $1.0M | $240,000 | $564,000 |
| Other non-current assets | $1.8M | $1.9M | $1.8M | $2.1M | $2.1M | $2.0M | $2.3M | $2.5M | $2.7M | $2.5M | $2.8M | $3.2M |
| Total assets | $98.1M | $97.8M | $111.8M | $111.5M | $83.0M | $84.1M | $89.9M | $91.7M | $100.3M | $115.0M | $123.1M | $136.3M |
| Liabilities | ||||||||||||
| Accounts payable | $11.4M | $11.6M | $13.2M | $16.3M | $17.9M | $14.6M | $13.0M | $18.7M | $17.6M | $12.1M | $8.0M | $9.8M |
| Short-term debt | $23.2M | $10.1M | $22.6M | $424,000 | $493,000 | $623,000 | $755,000 | $872,000 | $857,000 | $742,000 | $740,000 | $742,000 |
| Deferred revenue | $5.5M | $4.8M | $7.2M | $4.4M | $1.5M | $2.2M | $5.3M | $4.4M | $2.6M | $4.9M | $3.6M | $11.2M |
| Total current liabilities | $91.2M | $63.4M | $75.5M | $58.1M | $60.6M | $50.9M | $49.1M | $57.3M | $51.3M | $54.5M | $54.7M | $55.6M |
| Long-term debt | $0 | $12.9M | $9.9M | $16.6M | $10.9M | $10.2M | $9.5M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.6M | $825,000 | $957,000 | $1.0M | $929,000 | $967,000 | $1.2M | $1.8M | $2.0M | $1.7M | $1.9M | $1.3M |
| Other long-term liabilities | $37.2M | $27.7M | $66.7M | $50.5M | $2.4M | $7.5M | $12.4M | $3.9M | $4.8M | $5.3M | $5.9M | $6.6M |
| Total liabilities | $128.4M | $104.0M | $152.1M | $125.3M | $73.9M | $68.5M | $70.9M | $61.3M | $56.1M | $59.9M | $60.6M | $62.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $1,000 | $1,000 | $1,000 | $1,000 | $13,000 | $13,000 | $13,000 | $13,000 | $12,000 |
| Retained earnings (deficit) | −$421.8M | −$394.7M | −$424.7M | −$390.9M | −$367.0M | −$351.6M | −$347.7M | −$335.5M | −$320.1M | −$307.9M | −$299.1M | −$288.0M |
| Accumulated other comprehensive income | −$72,000 | −$191,000 | −$290,000 | −$396,000 | −$433,000 | −$514,000 | −$542,000 | −$231,000 | −$438,000 | −$474,000 | −$293,000 | −$512,000 |
| Total shareholders' equity | −$30.3M | −$6.1M | −$40.3M | −$13.7M | $9.0M | $15.5M | $19.0M | $30.4M | $44.2M | $55.2M | $62.5M | $74.1M |
| Key figures | ||||||||||||
| Total debt | $24.3M | $23.4M | $23.2M | $17.7M | $11.8M | $11.1M | $10.6M | $1.8M | $2.0M | $1.7M | $1.9M | $2.1M |
| Net cash (debt) | −$14.2M | −$17.8M | −$2.0M | $6.7M | −$8.3M | −$5.2M | $615,000 | $6.5M | $8.8M | $12.4M | $23.4M | $29.5M |
| Working capital | −$7.9M | $20.4M | $22.3M | $38.5M | $9.7M | $20.2M | $27.1M | $18.9M | $33.0M | $45.7M | $53.8M | $65.4M |
| Tangible book value | −$38.0M | −$13.7M | −$47.7M | −$21.0M | $1.8M | $8.4M | $11.9M | $22.9M | $36.8M | $47.5M | $54.6M | $66.3M |
| Book value per share | −$1.89 | −$0.41 | −$2.66 | −$0.92 | $0.69 | $1.06 | $1.49 | $2.39 | $3.51 | $4.39 | $4.99 | $6.18 |
| Shares outstanding | 16.0M | 15.1M | 15.1M | 14.9M | 13.1M | 14.6M | 12.8M | 12.7M | 12.6M | 12.6M | 12.5M | 12.0M |
| Current ratio | 0.91 | 1.32 | 1.30 | 1.66 | 1.16 | 1.40 | 1.55 | 1.33 | 1.64 | 1.84 | 1.98 | 2.18 |
| Quick ratio | 0.64 | 0.98 | 1.02 | 1.27 | 0.81 | 0.99 | 1.04 | 0.80 | 1.02 | 1.47 | 1.66 | 1.85 |
| Debt / equity | — | — | — | — | 1.31 | 0.72 | 0.56 | 0.06 | 0.04 | 0.03 | 0.03 | 0.03 |
| Equity / assets | −30.9% | −6.3% | −36.0% | −12.3% | 10.9% | 18.5% | 21.2% | 33.2% | 44.1% | 48.0% | 50.8% | 54.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 24, 2026); data from EODHD.
FTCI financial position
At the end of fiscal 2025 (December 31, 2025), FTC Solar had total assets of $111.8 million (up 24.3% from a year earlier), total liabilities of $152.1 million and shareholders' equity of -$40.3 million. It held $21.1 million in cash and short-term investments against $33.9 million of debt, net debt of $12.8 million. Its current ratio was 1.30. In the latest quarter (ended June 30, 2026) total assets were $98.1 million and equity -$30.3 million.
Related: FTCI income statement, FTCI cash flow statement, FTCI key metrics. See the FTCI stock overview for the latest quote and news.
FTCI balance sheet FAQ
What are FTC Solar's total assets?
FTC Solar reported total assets of $111.8 million at the end of fiscal 2025 (December 31, 2025), compared with $89.9 million a year earlier.
How much debt does FTC Solar have?
FTC Solar had $33.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does FTC Solar have?
FTC Solar held $21.1 million in cash and short-term investments at the end of fiscal 2025; with $33.9 million of debt that is net debt of $12.8 million.
What is FTC Solar's book value?
FTC Solar's shareholders' equity (book value) was -$40.3 million at the end of fiscal 2025, or −$2.88 per share.
What is FTC Solar's current ratio?
FTC Solar had current assets of $97.8 million and current liabilities of $75.5 million, a current ratio of 1.30 (it can cover its short-term obligations).
How much goodwill does FTC Solar have?
FTC Solar carried $7.4 million of goodwill and intangible assets, 6.7% of total assets, at the end of fiscal 2025.