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Side-by-side financial comparison of AEMETIS, INC (AMTX) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
AEMETIS, INC is the larger business by last-quarter revenue ($43.3M vs $32.9M, roughly 1.3× FTC Solar, Inc.). On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -7.9%). FTC Solar, Inc. produced more free cash flow last quarter ($-8.4M vs $-10.8M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -22.8%).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
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.
AMTX vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $32.9M |
| Net Profit | — | $-36.4M |
| Gross Margin | 17.8% | 14.9% |
| Operating Margin | -5.7% | -17.2% |
| Net Margin | — | -110.7% |
| Revenue YoY | -7.9% | 148.9% |
| Net Profit YoY | — | -197.4% |
| EPS (diluted) | $-0.03 | $-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 | $43.3M | $32.9M | ||
| Q3 25 | $59.2M | $26.0M | ||
| Q2 25 | $52.2M | $20.0M | ||
| Q1 25 | $42.9M | $20.8M | ||
| Q4 24 | $47.0M | $13.2M | ||
| Q3 24 | $81.4M | $10.1M | ||
| Q2 24 | $66.6M | $11.4M | ||
| Q1 24 | $72.6M | $12.6M |
| Q4 25 | — | $-36.4M | ||
| Q3 25 | $-23.7M | $-23.9M | ||
| Q2 25 | $-23.4M | $-15.4M | ||
| Q1 25 | $-24.5M | $-3.8M | ||
| Q4 24 | — | $-12.2M | ||
| Q3 24 | $-17.9M | $-15.4M | ||
| Q2 24 | $-29.2M | $-12.2M | ||
| Q1 24 | $-24.2M | $-8.8M |
| Q4 25 | 17.8% | 14.9% | ||
| Q3 25 | -0.1% | 6.1% | ||
| Q2 25 | -6.4% | -19.6% | ||
| Q1 25 | -11.8% | -16.6% | ||
| Q4 24 | -4.3% | -29.1% | ||
| Q3 24 | 4.8% | -42.5% | ||
| Q2 24 | -2.7% | -20.5% | ||
| Q1 24 | -0.8% | -16.7% |
| Q4 25 | -5.7% | -17.2% | ||
| Q3 25 | -14.4% | -29.6% | ||
| Q2 25 | -20.4% | -57.5% | ||
| Q1 25 | -36.3% | -50.8% | ||
| Q4 24 | -28.7% | -101.7% | ||
| Q3 24 | -4.8% | -147.8% | ||
| Q2 24 | -20.4% | -104.3% | ||
| Q1 24 | -13.0% | -99.3% |
| Q4 25 | — | -110.7% | ||
| Q3 25 | -40.1% | -92.0% | ||
| Q2 25 | -44.8% | -77.2% | ||
| Q1 25 | -57.2% | -18.4% | ||
| Q4 24 | — | -92.7% | ||
| Q3 24 | -22.0% | -151.5% | ||
| Q2 24 | -43.8% | -107.1% | ||
| Q1 24 | -33.4% | -69.7% |
| Q4 25 | $-0.03 | $-2.31 | ||
| Q3 25 | $-0.37 | $-1.61 | ||
| Q2 25 | $-0.41 | $-1.18 | ||
| Q1 25 | $-0.47 | $-0.58 | ||
| Q4 24 | $-0.29 | $-0.95 | ||
| Q3 24 | $-0.38 | $-1.21 | ||
| Q2 24 | $-0.66 | $-0.97 | ||
| Q1 24 | $-0.58 | $-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 | $4.9M | $21.1M |
| Total DebtLower is stronger | — | $9.9M |
| Stockholders' EquityBook value | $-306.8M | $-43.0M |
| Total Assets | $259.8M | $111.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $21.1M | ||
| Q3 25 | $5.6M | $24.4M | ||
| Q2 25 | $1.6M | $3.5M | ||
| Q1 25 | $499.0K | $5.9M | ||
| Q4 24 | $898.0K | $11.2M | ||
| Q3 24 | $296.0K | $8.3M | ||
| Q2 24 | $234.0K | $10.8M | ||
| Q1 24 | $1.6M | $14.0M |
| Q4 25 | — | $9.9M | ||
| Q3 25 | — | $16.6M | ||
| Q2 25 | — | $10.9M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | $338.1M | $9.5M | ||
| Q3 24 | $322.2M | — | ||
| Q2 24 | $309.0M | — | ||
| Q1 24 | $307.2M | — |
| Q4 25 | $-306.8M | $-43.0M | ||
| Q3 25 | $-304.9M | $-13.7M | ||
| Q2 25 | $-289.3M | $9.0M | ||
| Q1 25 | $-280.7M | $15.5M | ||
| Q4 24 | $-263.9M | $19.0M | ||
| Q3 24 | $-258.9M | $30.4M | ||
| Q2 24 | $-249.0M | $44.2M | ||
| Q1 24 | $-232.1M | $55.2M |
| Q4 25 | $259.8M | $111.8M | ||
| Q3 25 | $241.1M | $111.5M | ||
| Q2 25 | $240.0M | $83.0M | ||
| Q1 25 | $242.5M | $84.1M | ||
| Q4 24 | $259.3M | $89.9M | ||
| Q3 24 | $259.3M | $91.7M | ||
| Q2 24 | $259.3M | $100.3M | ||
| Q1 24 | $259.3M | $115.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $5.8M | $-8.0M |
| Free Cash FlowOCF − Capex | $-10.8M | $-8.4M |
| FCF MarginFCF / Revenue | -24.9% | -25.7% |
| Capex IntensityCapex / Revenue | 38.2% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8M | $-8.0M | ||
| Q3 25 | $3.1M | $-14.6M | ||
| Q2 25 | $-5.7M | $-2.3M | ||
| Q1 25 | $160.0K | $-8.5M | ||
| Q4 24 | $-12.6M | $-16.7M | ||
| Q3 24 | $-5.0M | $-2.4M | ||
| Q2 24 | $-5.1M | $-3.8M | ||
| Q1 24 | $-10.3M | $-11.9M |
| Q4 25 | $-10.8M | $-8.4M | ||
| Q3 25 | $-1.0M | $-15.1M | ||
| Q2 25 | $-9.3M | $-2.5M | ||
| Q1 25 | $-1.7M | $-8.6M | ||
| Q4 24 | $-19.4M | $-17.0M | ||
| Q3 24 | $-9.5M | $-2.6M | ||
| Q2 24 | $-10.5M | $-4.5M | ||
| Q1 24 | $-13.9M | $-12.3M |
| Q4 25 | -24.9% | -25.7% | ||
| Q3 25 | -1.7% | -57.9% | ||
| Q2 25 | -17.7% | -12.4% | ||
| Q1 25 | -3.9% | -41.2% | ||
| Q4 24 | -41.2% | -128.6% | ||
| Q3 24 | -11.6% | -25.6% | ||
| Q2 24 | -15.8% | -39.2% | ||
| Q1 24 | -19.1% | -97.6% |
| Q4 25 | 38.2% | 1.3% | ||
| Q3 25 | 6.9% | 1.7% | ||
| Q2 25 | 6.7% | 0.9% | ||
| Q1 25 | 4.3% | 0.4% | ||
| Q4 24 | 14.4% | 2.2% | ||
| Q3 24 | 5.5% | 2.2% | ||
| Q2 24 | 8.1% | 6.1% | ||
| Q1 24 | 4.9% | 3.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
