FTC Solar, Inc.

Solar-tracker company with a negative gross margin, deep losses, and weak liquidity.

Strengths

• Strong revenue growth — +111% (89th)

Risks

• Negative gross margin, deep losses — gross margin -1%, net margin -80%
• Weak liquidity, negative equity — current ratio 1.43 (10th), ROE artifact
• Solar-demand/policy and input-cost cyclicality — per 10-K

Notable findings

• No interest coverageInterest coverage -4.32 (cannot cover interest)
• Debt accelerationRecent 8-K item 2.04 8-K ↗
• Going concern• Risks Related to Our Business and Our Industry o We have a history of losses that may continue in the future and have determined there is substantial doubt about our ability to continue as a goin
• Cash burnNegative free cash flow (-34.6M)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Negative equityNegative book equity (debt/equity -0.23)
• Net lossNet loss (net margin -79.8%)
• Buying back stockNet buyback — share count -33%/yr over 4y
• Insider buyingInsider buying — 4 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$145,385, last 6mo) Form 4 ↗
• New fund positionNotable fund(s) opened this quarter: FMR LLC
• China exposureInternational Trade Commission completed a sunset review in October 2024 and decided to continue existing AD/CVD orders on CSPV cells/modules from China resulting in longstanding China tariffs remaini
• Revenue declineRevenue -47.5% YoY
• Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)