FTC Solar (FTCI) AI Stock Analysis

• Market Cap: $68.28M
• Dividend Yield: N/A
• Average Volume (3M): 137.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.66
• Revenue Growth: 39.53%
• EPS Growth: -7.16%
• Country: US
• Employees: 202
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): -2.23
• Shares Outstanding: 14,940,407
• 10 Day Avg. Volume: 238,658
• 30 Day Avg. Volume: 137,012
• PEG Ratio: -0.05
• Price to Book (P/B): -3.79
• Price to Sales (P/S): 1.53
• P/FCF Ratio: -4.42
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 0.71
• Enterprise Value/Gross Profit: 62.35
• Enterprise Value/Ebitda: -2.19
• 1Y Price Target: $11.00
• Price Target Upside: 140.70% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.58
• Revenue Forecast (FY): $161.68M

• Rating: 45 Neutral
• Price Target: $5.00 ▲(9.41% Upside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is held down primarily by weak financial performance (deep losses, ongoing cash burn, and negative equity) and bearish technical trends (price below major moving averages with negative MACD). These are partly offset by a relatively constructive earnings-call outlook highlighting strong revenue momentum, improved margins/EBITDA trajectory, and a large backlog—though near-term guidance and covenant/tariff risks remain meaningful.

Positive Factors

Backlog & MSAs

A $491M contracted backlog and recent additions provide durable revenue visibility and purchasing scale. This backlog supports multi-quarter production planning, supplier negotiations and topline growth prospects, reducing near-term demand risk if MSAs convert as expected.

Product Constructability

A low labor-hour install profile and targeted further labor reductions constitute a structural competitive advantage. Lower install time reduces LCOE for customers, strengthens win rates with EPCs, and supports sustainable gross-margin improvement and repeatable project economics.

Revenue Momentum & Margin Progress

Rapid revenue expansion combined with materially improved non‑GAAP gross margin and near‑breakeven adjusted EBITDA demonstrates operating leverage. If sustained, scale should help absorb fixed costs, improve unit economics and materially alter the company’s long-term profitability trajectory.

Negative Factors

Negative Equity

Negative shareholders' equity signals accumulated losses and materially weakens financial flexibility. It impairs leverage ratios, restricts access to capital markets, and increases creditor scrutiny, making it harder to fund operations or absorb shocks without dilutive or restrictive financing.

Persistent Cash Burn

Consistent negative operating and free cash flow highlights structural funding needs. Ongoing burn requires external financing or rapid operational improvement; absent durable cash generation, the company faces dilution risk, constrained investment and higher financing costs over the next several quarters.

Credit Covenant & Execution Risks

A technical covenant default elevates execution risk by potentially restricting lending flexibility and prompting lender negotiations. That constraint, combined with timing uncertainty converting MSAs, could delay backlog monetization, force concessions to customers, or require costlier financing solutions.

FTC Solar Business Overview & Revenue Model

Company Description

FTC Solar, Inc. provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites. Its customers include project developers; solar asset owners; and engineering, procurement, and construction contractors that design and build solar energy projects. FTC Solar, Inc. was incorporated in 2017 and is headquartered in Austin, Texas.

How the Company Makes Money

FTC Solar primarily makes money by selling solar tracker systems for utility-scale PV projects. Its revenue is mainly generated from (1) product sales of tracker structures and mechanical/electrical components (e.g., tracker rows, drive mechanisms, and related hardware) and (2) associated services tied to project delivery, which can include engineering, software/control-related offerings tied to tracker operation, and logistics/support provided to customers during project execution. Customers are typically utility-scale project developers and engineering, procurement, and construction (EPC) contractors, and revenue is generally recognized as tracker equipment is delivered and contractual performance obligations are met. Earnings are influenced by utility-scale solar buildout volumes, competitive pricing on large projects, steel and freight input costs, the company’s ability to source components and manufacture/ship on schedule, and the pace/timing of customer project construction. Specific information on significant partnerships: null.

FTC Solar Financial Statement Overview

Summary

Despite strong TTM revenue growth (+24.6%) and improved momentum, fundamentals remain stressed: very weak profitability (TTM net margin ~-69%), persistent operating and free-cash-flow burn (TTM FCF about -$34.6M), and a weakened balance sheet with negative equity (~-$40.3M) that reduces financial flexibility.

Income Statement

FTCI’s profitability profile remains weak despite a rebound in scale. Revenue rose strongly in TTM (Trailing-Twelve-Months) (+24.6%) versus the sharp contraction in 2024, but the company continues to generate heavy losses: gross profit is only ~$1.1M on ~$99.7M of revenue, and operating results and net income are deeply negative (net margin around -69% in TTM). While losses narrowed versus 2024, margins are still highly pressured and the business has not yet demonstrated a sustainable path to profitability.

Balance Sheet

Balance sheet risk has increased materially. Stockholders’ equity turned negative in TTM (Trailing-Twelve-Months) (about -$40.3M), which typically signals accumulated losses and reduced financial flexibility. Total debt is moderate in absolute terms (~$23.2M), but leverage metrics become unfavorable when equity is negative, and returns on equity are sharply negative in TTM. The main strength is that debt is not exceptionally large versus total assets (~$111.8M), but the negative equity position is a key weakness.

Cash Flow

Cash generation remains a clear pressure point. Operating cash flow is negative in every year from 2021 through TTM (Trailing-Twelve-Months) (TTM about -$33.4M), and free cash flow is also consistently negative (TTM about -$34.6M) with further deterioration versus 2024. A relative positive is that free cash flow roughly tracks net losses (free cash flow to net income near 1.0), suggesting limited non-cash distortion, but the company is still burning cash and will likely require improved operating performance and/or external funding to stabilize.

Breakdown	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	99.69M	47.35M	127.00M	123.07M	270.52M
Gross Profit	1.13M	-12.59M	8.31M	-27.23M	-32.55M
EBITDA	-32.14M	-46.39M	-49.00M	-97.30M	-105.37M
Net Income	-76.92M	-48.61M	-50.29M	-99.61M	-106.59M
Balance Sheet
Total Assets	111.81M	89.93M	123.07M	134.40M	243.02M
Cash, Cash Equivalents and Short-Term Investments	21.11M	11.25M	25.23M	44.38M	102.19M
Total Debt	33.88M	10.63M	1.86M	1.20M	1.79M
Total Liabilities	152.11M	70.89M	60.60M	67.95M	100.15M
Stockholders Equity	-40.30M	19.04M	62.47M	66.45M	142.87M
Cash Flow
Free Cash Flow	-34.57M	-36.34M	-53.47M	-55.49M	-133.88M
Operating Cash Flow	-33.44M	-34.70M	-52.66M	-54.51M	-132.85M
Investing Cash Flow	2.80M	6.26M	-397.00K	-4.25M	21.31M
Financing Cash Flow	40.40M	14.50M	33.95M	903.00K	180.37M

FTC Solar Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Negative. The current price of 4.57 is below the 20-day moving average (MA) of 6.14, below the 50-day MA of 8.93, and below the 200-day MA of 7.61, indicating a bearish trend. The MACD of -1.30 indicates Positive momentum. The RSI at 30.00 is Positive, neither overbought nor oversold. The STOCH value of 40.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FTCI.

FTC Solar Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TYGO	64 Neutral	$336.92M	-47.72	-16.66%	―	97.41%	11.83%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SPWR	50 Neutral	$142.25M	-4.13	―	―	657.27%	―
FTCI	45 Neutral	$68.28M	-1.99	1044.27%	―	39.53%	-7.16%
BEEM	42 Neutral	$27.97M	-2.62	-80.33%	―	-54.56%	-133.60%
MAXN	42 Neutral	$39.03M	-0.39	194.99%	―	-54.68%	63.56%

FTC Solar Corporate Events

FTC Solar Appoints Anthony Carroll as Independent Director

On December 15, 2025, FTC Solar, Inc., a prominent global provider of solar tracker systems, announced the appointment of Anthony Carroll as an independent director to its Board. Carroll, who brings extensive experience in the renewables sector, is expected to contribute significantly to the company’s strategic priorities and strengthen its position in the global tracker market. His past roles include CEO of Veev, President of Powin, and leadership positions at Siemens Gamesa Electric, Schneider Electric, and Power Electronics. This appointment is seen as a strategic move to leverage Carroll’s expertise in guiding growth businesses, aligning with FTC Solar’s goals of innovation and market expansion.

The most recent analyst rating on (FTCI) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on FTC Solar stock, see the FTCI Stock Forecast page.