Filing Flows › FTC Solar (FTCI) › Q4 2025
FTC Solar (FTCI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 24, 2026
FTC Solar (FTCI) reported revenue of $32.9M for the fourth quarter 2025 (Q4 2025), +149% from a year earlier and +26% from the quarter before. Operating margin was -17.2%, net loss $36.4M (110.7% of revenue).
FTC Solar, Q4 2025: revenue $32.9M (+149% year over year), operating margin -17.2%, net loss $36.4M, operating cash flow −$8.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.9M | +26% | +149% |
| Operating profit | −$5.7M | — | — |
| Net earnings | −$36.4M | — | — |
| Operating cash flow | −$8.0M | — | — |
What changed
Revenue was $32.9M in Q4 2025, up 149% year over year and up 26% from the previous quarter. Product was the largest line at 80% of revenue.
Gross margin was 14.9%. Operating costs exceeded revenue by $5.7M, an operating margin of -17.2%. The fastest-growing cost line was General & admin (+21%). The quarter ended with a net loss of $36.4M, wider than the previous quarter's $23.9M loss. Net interest and other expense of $30.5M was the main reason.
Operating cash flow was −$8.0M. Non-cash charges added back $378K of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $25.4M. Capital expenditures of $336K exceeded it, leaving free cash flow of −$8.4M.
Questions
What was FTC Solar's revenue in the fourth quarter 2025?
FTC Solar (FTCI) reported revenue of $32.9M for the fourth quarter 2025 (Q4 2025), +149% from a year earlier and +26% from the quarter before.
Was FTC Solar profitable in the fourth quarter 2025?
Operating loss was $5.7M (-17.2% of revenue) and net loss $36.4M.
Source: FTC Solar 10-K on SEC EDGAR.