vs
Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $32.9M, roughly 1.3× FTC Solar, Inc.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -110.7%, a 234.7% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 55.5%).
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
ADAM vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $32.9M |
| Net Profit | $53.5M | $-36.4M |
| Gross Margin | — | 14.9% |
| Operating Margin | — | -17.2% |
| Net Margin | 124.0% | -110.7% |
| Revenue YoY | 61.6% | 148.9% |
| Net Profit YoY | 270.5% | -197.4% |
| EPS (diluted) | $0.45 | $-2.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $32.9M | ||
| Q3 25 | $36.6M | $26.0M | ||
| Q2 25 | $36.4M | $20.0M | ||
| Q1 25 | $33.1M | $20.8M | ||
| Q4 24 | $26.7M | $13.2M | ||
| Q3 24 | $20.2M | $10.1M | ||
| Q2 24 | $19.0M | $11.4M | ||
| Q1 24 | $17.9M | $12.6M |
| Q4 25 | $53.5M | $-36.4M | ||
| Q3 25 | $44.8M | $-23.9M | ||
| Q2 25 | $8.5M | $-15.4M | ||
| Q1 25 | $42.2M | $-3.8M | ||
| Q4 24 | $-31.4M | $-12.2M | ||
| Q3 24 | $42.8M | $-15.4M | ||
| Q2 24 | $-15.6M | $-12.2M | ||
| Q1 24 | $-57.9M | $-8.8M |
| Q4 25 | — | 14.9% | ||
| Q3 25 | — | 6.1% | ||
| Q2 25 | — | -19.6% | ||
| Q1 25 | — | -16.6% | ||
| Q4 24 | — | -29.1% | ||
| Q3 24 | — | -42.5% | ||
| Q2 24 | — | -20.5% | ||
| Q1 24 | — | -16.7% |
| Q4 25 | — | -17.2% | ||
| Q3 25 | — | -29.6% | ||
| Q2 25 | 11.7% | -57.5% | ||
| Q1 25 | — | -50.8% | ||
| Q4 24 | -119.0% | -101.7% | ||
| Q3 24 | — | -147.8% | ||
| Q2 24 | -124.7% | -104.3% | ||
| Q1 24 | -448.8% | -99.3% |
| Q4 25 | 124.0% | -110.7% | ||
| Q3 25 | 122.5% | -92.0% | ||
| Q2 25 | 23.4% | -77.2% | ||
| Q1 25 | 127.4% | -18.4% | ||
| Q4 24 | -117.5% | -92.7% | ||
| Q3 24 | 211.7% | -151.5% | ||
| Q2 24 | -81.9% | -107.1% | ||
| Q1 24 | -324.1% | -69.7% |
| Q4 25 | $0.45 | $-2.31 | ||
| Q3 25 | $0.36 | $-1.61 | ||
| Q2 25 | $-0.04 | $-1.18 | ||
| Q1 25 | $0.33 | $-0.58 | ||
| Q4 24 | $-0.46 | $-0.95 | ||
| Q3 24 | $0.36 | $-1.21 | ||
| Q2 24 | $-0.29 | $-0.97 | ||
| Q1 24 | $-0.75 | $-0.70 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $21.1M |
| Total DebtLower is stronger | $735.8M | $9.9M |
| Stockholders' EquityBook value | $1.4B | $-43.0M |
| Total Assets | $12.6B | $111.8M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $21.1M | ||
| Q3 25 | $185.3M | $24.4M | ||
| Q2 25 | $160.4M | $3.5M | ||
| Q1 25 | $177.1M | $5.9M | ||
| Q4 24 | $167.4M | $11.2M | ||
| Q3 24 | $195.1M | $8.3M | ||
| Q2 24 | $235.5M | $10.8M | ||
| Q1 24 | $226.9M | $14.0M |
| Q4 25 | $735.8M | $9.9M | ||
| Q3 25 | $766.6M | $16.6M | ||
| Q2 25 | $653.0M | $10.9M | ||
| Q1 25 | $654.4M | $10.2M | ||
| Q4 24 | $573.2M | $9.5M | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $-43.0M | ||
| Q3 25 | $1.4B | $-13.7M | ||
| Q2 25 | $1.4B | $9.0M | ||
| Q1 25 | $1.4B | $15.5M | ||
| Q4 24 | $1.4B | $19.0M | ||
| Q3 24 | $1.4B | $30.4M | ||
| Q2 24 | $1.4B | $44.2M | ||
| Q1 24 | $1.5B | $55.2M |
| Q4 25 | $12.6B | $111.8M | ||
| Q3 25 | $12.4B | $111.5M | ||
| Q2 25 | $10.6B | $83.0M | ||
| Q1 25 | $10.0B | $84.1M | ||
| Q4 24 | $9.2B | $89.9M | ||
| Q3 24 | $8.9B | $91.7M | ||
| Q2 24 | $8.2B | $100.3M | ||
| Q1 24 | $7.4B | $115.0M |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | 1.20× | ||
| Q1 25 | 0.47× | 0.65× | ||
| Q4 24 | 0.41× | 0.50× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-8.0M |
| Free Cash FlowOCF − Capex | $125.9M | $-8.4M |
| FCF MarginFCF / Revenue | 291.6% | -25.7% |
| Capex IntensityCapex / Revenue | 18.9% | 1.3% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-8.0M | ||
| Q3 25 | $6.9M | $-14.6M | ||
| Q2 25 | $39.2M | $-2.3M | ||
| Q1 25 | $25.8M | $-8.5M | ||
| Q4 24 | $14.1M | $-16.7M | ||
| Q3 24 | $-922.0K | $-2.4M | ||
| Q2 24 | $-993.0K | $-3.8M | ||
| Q1 24 | $-13.1M | $-11.9M |
| Q4 25 | $125.9M | $-8.4M | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | — | $-2.5M | ||
| Q1 25 | — | $-8.6M | ||
| Q4 24 | $-10.6M | $-17.0M | ||
| Q3 24 | $-8.6M | $-2.6M | ||
| Q2 24 | $-8.6M | $-4.5M | ||
| Q1 24 | $-19.1M | $-12.3M |
| Q4 25 | 291.6% | -25.7% | ||
| Q3 25 | — | -57.9% | ||
| Q2 25 | — | -12.4% | ||
| Q1 25 | — | -41.2% | ||
| Q4 24 | -39.6% | -128.6% | ||
| Q3 24 | -42.3% | -25.6% | ||
| Q2 24 | -44.9% | -39.2% | ||
| Q1 24 | -107.0% | -97.6% |
| Q4 25 | 18.9% | 1.3% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 92.3% | 2.2% | ||
| Q3 24 | 37.7% | 2.2% | ||
| Q2 24 | 39.7% | 6.1% | ||
| Q1 24 | 33.5% | 3.4% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
