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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
FTC Solar, Inc. is the larger business by last-quarter revenue ($32.9M vs $28.2M, roughly 1.2× Arena Group Holdings, Inc.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs -110.7%, a 129.6% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -22.0%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -1.2%).
Arena Racing Company, also called ARC Racing and Leisure Group is a UK private company, created in 2012 by the merger of Arena Leisure and Northern Racing. It owns and operates 16 racecourses in Great Britain, accounting for 39% of British racing fixtures. It also operates hotels at Wolverhampton Racecourse, Lingfield Park Racecourse and Doncaster Racecourse and golf courses at Lingfield, Southwell and Newcastle.
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.
AREN vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $32.9M |
| Net Profit | $5.3M | $-36.4M |
| Gross Margin | 43.6% | 14.9% |
| Operating Margin | 26.6% | -17.2% |
| Net Margin | 18.9% | -110.7% |
| Revenue YoY | -22.0% | 148.9% |
| Net Profit YoY | -22.5% | -197.4% |
| EPS (diluted) | $0.12 | $-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 | $28.2M | $32.9M | ||
| Q3 25 | $29.8M | $26.0M | ||
| Q2 25 | $45.0M | $20.0M | ||
| Q1 25 | $31.8M | $20.8M | ||
| Q4 24 | $36.2M | $13.2M | ||
| Q3 24 | $33.6M | $10.1M | ||
| Q2 24 | $27.2M | $11.4M | ||
| Q1 24 | $28.9M | $12.6M |
| Q4 25 | $5.3M | $-36.4M | ||
| Q3 25 | $6.9M | $-23.9M | ||
| Q2 25 | $108.6M | $-15.4M | ||
| Q1 25 | $4.0M | $-3.8M | ||
| Q4 24 | $6.9M | $-12.2M | ||
| Q3 24 | $4.0M | $-15.4M | ||
| Q2 24 | $-8.2M | $-12.2M | ||
| Q1 24 | $-103.4M | $-8.8M |
| Q4 25 | 43.6% | 14.9% | ||
| Q3 25 | 50.2% | 6.1% | ||
| Q2 25 | 56.5% | -19.6% | ||
| Q1 25 | 49.3% | -16.6% | ||
| Q4 24 | 52.6% | -29.1% | ||
| Q3 24 | 50.6% | -42.5% | ||
| Q2 24 | 39.4% | -20.5% | ||
| Q1 24 | 30.9% | -16.7% |
| Q4 25 | 26.6% | -17.2% | ||
| Q3 25 | 31.9% | -29.6% | ||
| Q2 25 | 36.5% | -57.5% | ||
| Q1 25 | 23.1% | -50.8% | ||
| Q4 24 | 28.6% | -101.7% | ||
| Q3 24 | 24.0% | -147.8% | ||
| Q2 24 | -9.5% | -104.3% | ||
| Q1 24 | -27.5% | -99.3% |
| Q4 25 | 18.9% | -110.7% | ||
| Q3 25 | 23.1% | -92.0% | ||
| Q2 25 | 241.4% | -77.2% | ||
| Q1 25 | 12.6% | -18.4% | ||
| Q4 24 | 19.0% | -92.7% | ||
| Q3 24 | 11.8% | -151.5% | ||
| Q2 24 | -30.1% | -107.1% | ||
| Q1 24 | -357.1% | -69.7% |
| Q4 25 | $0.12 | $-2.31 | ||
| Q3 25 | $0.14 | $-1.61 | ||
| Q2 25 | $2.28 | $-1.18 | ||
| Q1 25 | $0.08 | $-0.58 | ||
| Q4 24 | $1.23 | $-0.95 | ||
| Q3 24 | $0.11 | $-1.21 | ||
| Q2 24 | $-0.28 | $-0.97 | ||
| Q1 24 | $-3.91 | $-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 | $10.3M | $21.1M |
| Total DebtLower is stronger | $97.6M | $9.9M |
| Stockholders' EquityBook value | $-4.8M | $-43.0M |
| Total Assets | $112.6M | $111.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | $21.1M | ||
| Q3 25 | $12.5M | $24.4M | ||
| Q2 25 | $6.8M | $3.5M | ||
| Q1 25 | $2.9M | $5.9M | ||
| Q4 24 | $4.4M | $11.2M | ||
| Q3 24 | $5.8M | $8.3M | ||
| Q2 24 | $6.1M | $10.8M | ||
| Q1 24 | $4.0M | $14.0M |
| Q4 25 | $97.6M | $9.9M | ||
| Q3 25 | $110.5M | $16.6M | ||
| Q2 25 | $110.5M | $10.9M | ||
| Q1 25 | $110.5M | $10.2M | ||
| Q4 24 | $110.4M | $9.5M | ||
| Q3 24 | $102.4M | — | ||
| Q2 24 | $102.4M | — | ||
| Q1 24 | $102.3M | — |
| Q4 25 | $-4.8M | $-43.0M | ||
| Q3 25 | $-10.4M | $-13.7M | ||
| Q2 25 | $-17.3M | $9.0M | ||
| Q1 25 | $-126.1M | $15.5M | ||
| Q4 24 | $-130.3M | $19.0M | ||
| Q3 24 | $-137.5M | $30.4M | ||
| Q2 24 | $-157.2M | $44.2M | ||
| Q1 24 | $-149.6M | $55.2M |
| Q4 25 | $112.6M | $111.8M | ||
| Q3 25 | $121.4M | $111.5M | ||
| Q2 25 | $127.8M | $83.0M | ||
| Q1 25 | $114.6M | $84.1M | ||
| Q4 24 | $116.4M | $89.9M | ||
| Q3 24 | $114.2M | $91.7M | ||
| Q2 24 | $113.4M | $100.3M | ||
| Q1 24 | $120.3M | $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 | $13.1M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.4M |
| FCF MarginFCF / Revenue | — | -25.7% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 2.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $-8.0M | ||
| Q3 25 | $12.2M | $-14.6M | ||
| Q2 25 | $10.3M | $-2.3M | ||
| Q1 25 | $3.7M | $-8.5M | ||
| Q4 24 | $-8.6M | $-16.7M | ||
| Q3 24 | $-2.3M | $-2.4M | ||
| Q2 24 | $-3.2M | $-3.8M | ||
| Q1 24 | $-2.0M | $-11.9M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | — | $-2.5M | ||
| Q1 25 | — | $-8.6M | ||
| Q4 24 | — | $-17.0M | ||
| Q3 24 | $-2.4M | $-2.6M | ||
| Q2 24 | — | $-4.5M | ||
| Q1 24 | — | $-12.3M |
| Q4 25 | — | -25.7% | ||
| Q3 25 | — | -57.9% | ||
| Q2 25 | — | -12.4% | ||
| Q1 25 | — | -41.2% | ||
| Q4 24 | — | -128.6% | ||
| Q3 24 | -7.1% | -25.6% | ||
| Q2 24 | — | -39.2% | ||
| Q1 24 | — | -97.6% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 0.0% | 1.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 0.1% | 2.2% | ||
| Q2 24 | — | 6.1% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 2.46× | — | ||
| Q3 25 | 1.77× | — | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.25× | — | ||
| Q3 24 | -0.59× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AREN
Segment breakdown not available.
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
