FTC Solar, Inc. (FTCI) Form 10-Q — Aug 5, 2026
FTC Solar's Q2 2026 10-Q carries an explicit going-concern warning: management concluded substantial doubt exists about the company's ability to continue operations over the next year, with $10.1 million of unrestricted cash, a $7.9 million working capital deficit, and a $30.3 million stockholders' deficit at June 30, 2026. The company breached its minimum unrestricted cash and direct tracker margin covenants at quarter-end and obtained a limited waiver from lenders on August 4, 2026.
Key figures
- Revenue
- 26157000
- Total Debt
- 22641000
- Revenue Yoy
- 30.8% (Q2 2026 vs Q2 2025)
- Total Assets
- 98059000
- Cash Position
- 10075000
- Interest Rate
- 12.00% stated (7.00% PIK / 5.00% cash); ~30% effective including exit fee accretion and discount amortization
- Maturity Date
- July 2, 2029 (original schedule); all debt classified as current at June 30, 2026
- Shares Outstanding
- 16461251
- Q2 gross loss usd
- 2234000
- Q2 gross margin pct
- -8.5%
- Six month revenue usd
- 43422000
- Estimated exit fee usd
- 2600000
- Lender warrants shares
- 6836237
- Covenant q3 revenue usd
- 50000000
- Covenant q4 revenue usd
- 75000000
- Q2 interest expense usd
- 4333000
- Six month net income usd
- 5475000
- Stockholders deficit usd
- 30300000
- Atm capacity remaining usd
- 7600000
- Working capital deficit usd
- 7900000
- Covenant min cash sept30 usd
- 10000000
- Lincoln park equity line usd
- 20000000
- Covenant ebitda ttm dec31 usd
- 10000000
- Principal repayment due sept30 usd
- 5000000
- Term loan principal outstanding usd
- 52055000
- Disputed or deferred receivables usd
- 12300000
- Six month cash used in operations usd
- 4500000
Price after filing
Close on the filing date to close N calendar days later (from $2.85). Historical, not a forecast.
AI analysis
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