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Side-by-side financial comparison of EVOLUTION PETROLEUM CORP (EPM) 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 $20.7M, roughly 1.6× EVOLUTION PETROLEUM CORP). EVOLUTION PETROLEUM CORP runs the higher net margin — 5.2% vs -110.7%, a 115.9% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 2.0%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -5.2%).
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.
EPM vs FTCI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $32.9M |
| Net Profit | $1.1M | $-36.4M |
| Gross Margin | 44.3% | 14.9% |
| Operating Margin | 3.2% | -17.2% |
| Net Margin | 5.2% | -110.7% |
| Revenue YoY | 2.0% | 148.9% |
| Net Profit YoY | 158.4% | -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 | $20.7M | $32.9M | ||
| Q3 25 | $21.3M | $26.0M | ||
| Q2 25 | $21.1M | $20.0M | ||
| Q1 25 | $22.6M | $20.8M | ||
| Q4 24 | $20.3M | $13.2M | ||
| Q3 24 | $21.9M | $10.1M | ||
| Q2 24 | $21.2M | $11.4M | ||
| Q1 24 | $23.0M | $12.6M |
| Q4 25 | $1.1M | $-36.4M | ||
| Q3 25 | $824.0K | $-23.9M | ||
| Q2 25 | $3.4M | $-15.4M | ||
| Q1 25 | $-2.2M | $-3.8M | ||
| Q4 24 | $-1.8M | $-12.2M | ||
| Q3 24 | $2.1M | $-15.4M | ||
| Q2 24 | $1.2M | $-12.2M | ||
| Q1 24 | $289.0K | $-8.8M |
| Q4 25 | 44.3% | 14.9% | ||
| Q3 25 | 38.5% | 6.1% | ||
| Q2 25 | 46.1% | -19.6% | ||
| Q1 25 | 40.7% | -16.6% | ||
| Q4 24 | 36.9% | -29.1% | ||
| Q3 24 | 46.2% | -42.5% | ||
| Q2 24 | 46.3% | -20.5% | ||
| Q1 24 | 45.2% | -16.7% |
| Q4 25 | 3.2% | -17.2% | ||
| Q3 25 | -0.4% | -29.6% | ||
| Q2 25 | 6.3% | -57.5% | ||
| Q1 25 | 7.0% | -50.8% | ||
| Q4 24 | -3.0% | -101.7% | ||
| Q3 24 | 8.5% | -147.8% | ||
| Q2 24 | 11.3% | -104.3% | ||
| Q1 24 | 9.1% | -99.3% |
| Q4 25 | 5.2% | -110.7% | ||
| Q3 25 | 3.9% | -92.0% | ||
| Q2 25 | 16.2% | -77.2% | ||
| Q1 25 | -9.7% | -18.4% | ||
| Q4 24 | -9.0% | -92.7% | ||
| Q3 24 | 9.4% | -151.5% | ||
| Q2 24 | 5.8% | -107.1% | ||
| Q1 24 | 1.3% | -69.7% |
| Q4 25 | $0.03 | $-2.31 | ||
| Q3 25 | $0.02 | $-1.61 | ||
| Q2 25 | $0.10 | $-1.18 | ||
| Q1 25 | $-0.07 | $-0.58 | ||
| Q4 24 | $-0.06 | $-0.95 | ||
| Q3 24 | $0.06 | $-1.21 | ||
| Q2 24 | $0.04 | $-0.97 | ||
| Q1 24 | $0.01 | $-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 | $3.8M | $21.1M |
| Total DebtLower is stronger | — | $9.9M |
| Stockholders' EquityBook value | $67.5M | $-43.0M |
| Total Assets | $169.3M | $111.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $21.1M | ||
| Q3 25 | $714.0K | $24.4M | ||
| Q2 25 | $2.5M | $3.5M | ||
| Q1 25 | $5.6M | $5.9M | ||
| Q4 24 | $11.7M | $11.2M | ||
| Q3 24 | $6.9M | $8.3M | ||
| Q2 24 | $6.4M | $10.8M | ||
| Q1 24 | $3.1M | $14.0M |
| Q4 25 | — | $9.9M | ||
| Q3 25 | — | $16.6M | ||
| Q2 25 | — | $10.9M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $9.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $67.5M | $-43.0M | ||
| Q3 25 | $69.1M | $-13.7M | ||
| Q2 25 | $71.8M | $9.0M | ||
| Q1 25 | $71.7M | $15.5M | ||
| Q4 24 | $76.3M | $19.0M | ||
| Q3 24 | $79.6M | $30.4M | ||
| Q2 24 | $81.1M | $44.2M | ||
| Q1 24 | $83.5M | $55.2M |
| Q4 25 | $169.3M | $111.8M | ||
| Q3 25 | $169.1M | $111.5M | ||
| Q2 25 | $160.3M | $83.0M | ||
| Q1 25 | $156.4M | $84.1M | ||
| Q4 24 | $160.2M | $89.9M | ||
| Q3 24 | $157.9M | $91.7M | ||
| Q2 24 | $162.9M | $100.3M | ||
| Q1 24 | $166.5M | $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 | $5.4M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.4M |
| FCF MarginFCF / Revenue | — | -25.7% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 5.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.4M | $-8.0M | ||
| Q3 25 | $7.8M | $-14.6M | ||
| Q2 25 | $10.5M | $-2.3M | ||
| Q1 25 | $7.3M | $-8.5M | ||
| Q4 24 | $7.7M | $-16.7M | ||
| Q3 24 | $7.6M | $-2.4M | ||
| Q2 24 | $8.0M | $-3.8M | ||
| Q1 24 | $3.4M | $-11.9M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | — | $-2.5M | ||
| Q1 25 | — | $-8.6M | ||
| Q4 24 | — | $-17.0M | ||
| Q3 24 | — | $-2.6M | ||
| 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 | — | -25.6% | ||
| Q2 24 | — | -39.2% | ||
| Q1 24 | — | -97.6% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 6.1% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 5.09× | — | ||
| Q3 25 | 9.47× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.69× | — | ||
| Q2 24 | 6.47× | — | ||
| Q1 24 | 11.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPM
| Crude Oil | $10.7M | 52% |
| Natural Gas Reserves | $7.4M | 36% |
| Natural Gas Liquids Reserves | $2.5M | 12% |
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
