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FTC Solar cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$5.5M in Q3 2026 · −$8.2M over twelve months

Operating cash flow$5.6M
Capital spending−$14K
Free cash flow+$5.5M
Cash / net income0.8×
Cash conversion cycle135 days

Analysis

In Q3 2026, FTC Solar generated $5.6M of operating cash flow and spent $14K on capital projects, leaving free cash flow of $5.5M. That is $20.7M more than in Q3 2025 (−$15.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$7.0M; the largest uses were other financing ($8.2M), operating cash flow ($7.0M), capital spending ($1.2M); besides operations, cash came from shares issued ($8.1M), other investing ($606K); the cash balance fell by $7.7M.

Operating cash flow was $5.6M against net income of $6.7M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$9.1M, prepaid and other assets −$7.5M, payables +$4.7M.

Its cash conversion cycle was 135 days (receivables 149 + inventory 27 − payables 41).

Free cash flow

FTC Solar: free cash flow by quarterFTC Solar: free cash flow by quarter−$17.0MQ4 2024−$8.6MQ1 2025−$2.5MQ2 2025−$15.2MQ3 2025−$8.4MQ4 2025−$13.0MQ1 2026$8.0MQ2 2026$5.5MQ3 2026
Operating cash flow less capital spending.
FTC Solar: operating cash flow against capital spendingFTC Solar: operating cash flow against capital spendingOperating cash flowCapital spending−$16.7M$290KQ4 2024−$8.5M$83KQ1 2025−$2.3M$185KQ2 2025−$14.6M$525KQ3 2025−$8.0M$336KQ4 2025−$12.8M$276KQ1 2026$8.3M$319KQ2 2026$5.6M$14KQ3 2026
Latest (Q3 2026): Operating cash flow $5.6M, Capital spending $14K.

Capital allocation, year by year

FTC Solar: where the cash came from (up) and went (down), by fiscal yearFTC Solar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$133MFY2021: Net borrowing −$1.0MFY2021: Shares issued $317KFY2021: Capital spending −$1.0MFY2021: Buybacks −$54.2M$317KFY2021FY2022: Operating cash flow −$54.5MFY2022: Shares issued $903KFY2022: Asset sales $86KFY2022: Capital spending −$985KFY2022: Acquisitions −$5.1M$989KFY2022FY2023: Operating cash flow −$52.7MFY2023: Shares issued $34.2MFY2023: Capital spending −$816K$34.2MFY2023FY2024: Operating cash flow −$34.7MFY2024: Net borrowing $14.6MFY2024: Shares issued $8KFY2024: Capital spending −$1.6M$14.6MFY2024FY2025: Operating cash flow −$33.4MFY2025: Net borrowing $36.0MFY2025: Shares issued $4.7MFY2025: Asset sales $6KFY2025: Capital spending −$1.1M$40.7MFY2025
Over these 5 years operating cash flow totalled −$308M; the largest uses were operating cash flow ($308M) and buybacks ($54.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.1M
Debt$24.8M
Net debt$19.7M
Cash runway7 months

FTC Solar is burning cash: its operations consume cash, a free cash flow of −$8.2M a year at the current rate against $5.1M of cash and investments: a runway of about 7 months before any new financing.

Where the cash came from and went

FTC Solar: sources (+) and uses (−) of cash, Q3 2026FTC Solar: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$5.6MOperating cash flow$5.6MShares issued$1.9MOther financing−$1.5MOther investing−$276KExchange rates−$15KCapital spending−$14K
FTC Solar: sources (+) and uses (−) of cash, TTM to Q3 2026FTC Solar: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$8.2MShares issued$8.1MCash drawn (+) / kept (−)$7.7MOperating cash flow−$7.0MCapital spending−$1.2MOther investing$606KExchange rates$20K

From profit to cash

FTC Solar: net income to operating cash flow, Q3 2026FTC Solar: net income to operating cash flow, Q3 2026Net income$6.7MDepreciation & amortization$430KStock-based pay$2.1MDeferred taxes$22KReceivables−$9.1MInventory$1.1MPayables$4.7MDeferred revenue$3.2MPrepaid and other assets−$7.5MOther liabilities−$312KOther operating capital−$313KOperating cash flow$5.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261492741135
Q2 20261833137177
Q1 20262924661278
Q4 20251472849127
Q3 20251682864131
Q2 20252052762170
Q1 20251823151162
Q4 20242686886251

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.6M−$14K—$1.9M−$5.6M$5.5M
Q2 2026$8.3M−$319K−$3.2M$667K−$5.4M$8.0M
Q1 2026−$12.8M−$276K−$3.0M$805K$15.5M−$13.0M
Q4 2025−$8.0M−$336K—$4.7M$3.3M−$8.4M
Q3 2025−$14.6M−$525K——−$20.9M−$15.2M
Q2 2025−$2.3M−$185K——$2.4M−$2.5M
Q1 2025−$8.5M−$83K—$3K$5.3M−$8.6M
Q4 2024−$16.7M−$290K$14.6M$5K−$3.0M−$17.0M

FTC Solar: income statement and cash flow

FTC Solar, Q3 2026: revenue $32.8M (+26% year over year), operating margin -26.0%. The chart follows the revenue to costs, profit and cash.

FTC Solar: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.