FTC Solar, Inc. (FTCI) Stock

FTC Solar, Inc. (FTCI) is a Technology stock trading at $2.15 (as of 2026-08-20), with a market capitalization of $35.39M and a trailing P/E of 2.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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.

Understand FTC Solar, Inc.: how it makes money

FTC Solar makes solar tracker systems and related technology, plus software and engineering services, and it earns money by selling its product (trackers) and its service offerings to customers.

The companys profit model depends on converting its project pipeline into awarded and purchased tracker orders, with additional contribution from service revenue.

Revenue by segment (latest quarter)
Product	$0.0B
Service	$0.0B

Business quality (Solid): Segment revenue candidates (Product, Service) total 0.02B while total revenue is shown as 0.0B (likely rounding), so treat segment split as approximate.

Bull case

Project demand indicators are present: Solar Pipeline is 86.0 (count), and International Pipeline is 32,000,000,000 (count).
Tracker solution traction in proposals and signed orders: One-Panel Tracker Share of Signed Purchase Orders is 70.0 (percent), and One-Panel Tracker Share of Average Proposal is 80.0 (percent).
More service agreements: Master Service Agreements Added is 7.5 (count).

Bear case

Profitability is deeply negative in the latest reported quarter: Gross margin is -7.1 (percent) and operating margin is -69.8 (percent) for the period 2026-03-31.
Revenue is very low in the latest reported quarter: Total revenue is reported as 0.0B for the period 2026-03-31.
Pipeline conversion may be limited: Distributed Generation Projects Awarded is 12.0 (count) versus a Solar Pipeline of 86.0 (count).
No contracted and awarded orders shown for 2022: Contracted and Awarded Orders for 2022 is 0.0 (USD_B).

Valuation — source: SEC EDGAR (first-party)
Price	$2.15
Market Cap	$35.39M
P/E Ratio	2.5
Price / Sales	0.41
FCF Yield	-160.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$99.69M
Net Margin	-79.8%
Revenue Growth (YoY)	110.5%
EPS Growth (YoY)	48.3%
FCF Growth (YoY)	-4.9%

Financial Health — source: SEC EDGAR
Altman Z-Score	-5.06 (distress)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Stock P/E	2.5
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4
vs Sector	-92.6%
vs Industry	-93.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($4.41M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Yann Brandt
Employees	202
Country	US
IPO Date	2021-04-28

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.