FTC Solar, Inc. (FTCI) Income Statement
FTCI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFTCI revenue and net income
Where FTCI's revenue goes
2025Each bar shows an amount and its share of revenue. FTCI kept −77.2% of revenue as net income.
FTCI profit margins
FTCI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +110.5% | −6.8% | −11.9% | — |
| Gross profit | — | — | −20.9% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FTCI quarterly EPS vs estimates
FTC Solar beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.52).
FTCI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $99.7M | $47.4M | $127.0M | $123.1M | $270.5M | $187.4M | $53.1M |
| Cost of revenue | $98.6M | $59.9M | $118.7M | $150.3M | $303.1M | $183.7M | $55.1M |
| Gross profit | $1.1M | −$12.6M | $8.3M | −$27.2M | −$32.5M | $3.6M | −$2.0M |
| Research & development | $4.4M | $5.9M | $7.2M | $9.9M | $11.5M | $5.2M | $4.0M |
| Sales, general & admin | $30.2M | $34.3M | $51.9M | $62.4M | $82.7M | $15.3M | $6.5M |
| Total operating expenses | $34.5M | $40.2M | $59.1M | $72.3M | $94.3M | $20.6M | $10.4M |
| Operating income | −$33.4M | −$52.8M | −$50.8M | −$99.6M | −$126.8M | −$16.9M | −$12.4M |
| Interest income | $23,000 | $346,000 | — | — | — | — | — |
| Interest expense | $7.6M | $319,000 | $253,000 | $978,000 | $814,000 | $364,000 | $454,000 |
| Income before taxes | −$76.4M | −$48.4M | −$50.6M | −$99.2M | −$106.4M | −$16.0M | −$13.5M |
| Income taxes | $525,000 | $230,000 | −$338,000 | $435,000 | $169,000 | −$83,000 | −$39,000 |
| Net income | −$76.9M | −$48.6M | −$50.3M | −$99.6M | −$106.6M | −$15.9M | −$13.5M |
| EBITDA | −$67.6M | −$46.4M | −$49.0M | −$97.3M | −$105.4M | −$15.6M | −$12.0M |
| EPS (diluted) | −$2.23 | −$3.60 | −$2.18 | −$5.61 | −$4.07 | −$0.06 | −$2.25 |
| Gross margin | 1.1% | −26.6% | 6.5% | −22.1% | −12.0% | 1.9% | −3.7% |
| Operating margin | −33.5% | −111.6% | −40.0% | −80.9% | −46.9% | −9.0% | −23.3% |
| Net margin | −77.2% | −102.6% | −39.6% | −80.9% | −39.4% | −8.5% | −25.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.2M | $17.3M | $32.9M | $26.0M | $20.0M | $20.8M | $13.2M | $10.1M | $11.4M | $12.6M | $23.2M | $30.5M |
| Cost of revenue | $28.4M | $18.5M | $26.0M | $24.4M | $23.9M | $24.2M | $17.0M | $14.4M | $13.8M | $14.7M | $22.5M | $27.2M |
| Gross profit | −$2.2M | −$1.2M | $6.9M | $1.6M | −$3.9M | −$3.4M | −$3.8M | −$4.3M | −$2.3M | −$2.1M | $692,000 | $3.4M |
| Research & development | $1.2M | $1.1M | $1.1M | $1.2M | $1.1M | $924,000 | $1.5M | $1.5M | $1.5M | $1.4M | $1.4M | $1.9M |
| Sales, general & admin | $10.3M | $9.7M | $9.4M | $8.1M | $6.5M | $6.2M | $8.1M | $9.2M | $8.0M | $9.0M | $11.0M | $17.7M |
| Total operating expenses | $11.5M | $10.8M | $10.6M | $9.3M | $7.6M | $7.1M | $9.6M | $10.7M | $9.6M | $10.4M | $12.4M | $19.7M |
| Operating income | −$13.7M | −$12.1M | −$3.7M | −$7.7M | −$11.5M | −$10.6M | −$13.4M | −$15.0M | −$11.9M | −$12.5M | −$11.7M | −$16.3M |
| Interest income | $5,000 | $5,000 | $6,000 | $6,000 | $5,000 | $6,000 | — | $38,000 | $118,000 | — | — | — |
| Interest expense | $4.3M | $3.9M | $4.1M | $2.0M | $731,000 | $711,000 | $208,000 | $14,000 | $117,000 | $136,000 | $59,000 | $108,000 |
| Income before taxes | −$26.9M | $32.8M | −$33.5M | −$23.9M | −$15.4M | −$3.6M | −$12.3M | −$15.1M | −$12.2M | −$8.8M | −$11.7M | −$16.8M |
| Income taxes | $217,000 | $195,000 | $188,000 | $44,000 | $39,000 | $254,000 | −$68,000 | $244,000 | $65,000 | −$11,000 | −$513,000 | $166,000 |
| Net income | −$27.1M | $32.6M | −$33.7M | −$23.9M | −$15.4M | −$3.8M | −$12.2M | −$15.4M | −$12.2M | −$8.8M | −$11.2M | −$16.9M |
| EBITDA | −$4.4M | $37.1M | −$29.0M | −$21.6M | −$14.4M | −$4.0M | −$11.7M | −$14.7M | −$11.8M | −$8.2M | −$11.3M | −$16.3M |
| EPS (diluted) | −$0.90 | −$0.67 | −$0.17 | −$0.36 | −$0.86 | −$0.84 | −$0.80 | −$1.00 | −$0.90 | −$0.90 | −$0.08 | −$0.80 |
| Gross margin | −8.5% | −7.1% | 21.0% | 6.1% | −19.6% | −16.6% | −29.1% | −42.5% | −20.5% | −16.7% | 3.0% | 11.1% |
| Operating margin | −52.5% | −69.8% | −11.1% | −29.6% | −57.5% | −50.8% | −101.7% | −147.8% | −104.3% | −99.3% | −50.6% | −53.3% |
| Net margin | −103.7% | 188.8% | −102.7% | −92.0% | −77.2% | −18.4% | −92.7% | −151.5% | −107.1% | −69.7% | −48.2% | −55.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FTCI's financial statements (latest annual report filed March 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FTCI financial results
In fiscal year 2025 (ended December 31, 2025), FTC Solar reported revenue of $99.7 million, up 110.5% from the year before. It had a net loss of $76.9 million, a net profit margin of −77.2%. Diluted earnings per share came to −$2.23. Over five years revenue grew at an average rate of −11.9% a year.
See the FTCI stock overview for the latest quote and news, or the FTCI chart for price history and technical indicators.
FTCI income statement FAQ
What is FTC Solar's annual revenue?
FTC Solar reported total revenue of $99.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 110.5% from $47.4 million the previous year.
Is FTC Solar profitable?
No. FTC Solar reported a net loss of $76.9 million in fiscal 2025, a net profit margin of −77.2%; its operating margin was −33.5%.
What is FTC Solar's gross margin?
FTC Solar's gross margin was 1.1% in fiscal 2025: for every $100 of revenue, FTC Solar kept $1 after the direct cost of its products and services.
How much does FTC Solar spend on research and development?
FTC Solar spent $4.4 million on research and development in fiscal 2025, 4.4% of revenue.
How fast is FTC Solar growing?
Revenue grew −11.9% a year on average over the last five fiscal years, from $187.4 million to $99.7 million.
What are FTC Solar's earnings per share?
FTC Solar earned $-2.23 per diluted share in fiscal 2025, compared with $-3.60 a year earlier.
When will FTC Solar report its next earnings?
FTC Solar is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does FTC Solar's fiscal year end?
FTC Solar's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 24, 2026.