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Side-by-side financial comparison of FGI Industries Ltd. (FGI) 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 $30.5M, roughly 1.1× FGI Industries Ltd.). FGI Industries Ltd. runs the higher net margin — -8.6% vs -110.7%, a 102.1% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -14.4%). FGI Industries Ltd. produced more free cash flow last quarter ($2.3M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -0.5%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
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.
FGI vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $32.9M |
| Net Profit | $-2.6M | $-36.4M |
| Gross Margin | 26.7% | 14.9% |
| Operating Margin | -2.2% | -17.2% |
| Net Margin | -8.6% | -110.7% |
| Revenue YoY | -14.4% | 148.9% |
| Net Profit YoY | -553.1% | -197.4% |
| EPS (diluted) | $-1.63 | $-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 | $30.5M | $32.9M | ||
| Q3 25 | $35.8M | $26.0M | ||
| Q2 25 | $31.0M | $20.0M | ||
| Q1 25 | $33.2M | $20.8M | ||
| Q4 24 | $35.6M | $13.2M | ||
| Q3 24 | $36.1M | $10.1M | ||
| Q2 24 | $29.4M | $11.4M | ||
| Q1 24 | $30.8M | $12.6M |
| Q4 25 | $-2.6M | $-36.4M | ||
| Q3 25 | $-1.7M | $-23.9M | ||
| Q2 25 | $-1.2M | $-15.4M | ||
| Q1 25 | $-629.1K | $-3.8M | ||
| Q4 24 | $-402.3K | $-12.2M | ||
| Q3 24 | $-550.1K | $-15.4M | ||
| Q2 24 | $163.6K | $-12.2M | ||
| Q1 24 | $-412.2K | $-8.8M |
| Q4 25 | 26.7% | 14.9% | ||
| Q3 25 | 26.5% | 6.1% | ||
| Q2 25 | 28.1% | -19.6% | ||
| Q1 25 | 26.8% | -16.6% | ||
| Q4 24 | 24.6% | -29.1% | ||
| Q3 24 | 25.8% | -42.5% | ||
| Q2 24 | 30.5% | -20.5% | ||
| Q1 24 | 27.4% | -16.7% |
| Q4 25 | -2.2% | -17.2% | ||
| Q3 25 | 1.0% | -29.6% | ||
| Q2 25 | -2.7% | -57.5% | ||
| Q1 25 | -3.9% | -50.8% | ||
| Q4 24 | -3.5% | -101.7% | ||
| Q3 24 | -0.2% | -147.8% | ||
| Q2 24 | -1.5% | -104.3% | ||
| Q1 24 | -1.0% | -99.3% |
| Q4 25 | -8.6% | -110.7% | ||
| Q3 25 | -4.6% | -92.0% | ||
| Q2 25 | -4.0% | -77.2% | ||
| Q1 25 | -1.9% | -18.4% | ||
| Q4 24 | -1.1% | -92.7% | ||
| Q3 24 | -1.5% | -151.5% | ||
| Q2 24 | 0.6% | -107.1% | ||
| Q1 24 | -1.3% | -69.7% |
| Q4 25 | $-1.63 | $-2.31 | ||
| Q3 25 | $-0.86 | $-1.61 | ||
| Q2 25 | $-0.64 | $-1.18 | ||
| Q1 25 | $-0.07 | $-0.58 | ||
| Q4 24 | $-0.38 | $-0.95 | ||
| Q3 24 | $-0.29 | $-1.21 | ||
| Q2 24 | $0.08 | $-0.97 | ||
| Q1 24 | $-0.04 | $-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 | $1.9M | $21.1M |
| Total DebtLower is stronger | — | $9.9M |
| Stockholders' EquityBook value | $17.3M | $-43.0M |
| Total Assets | $69.5M | $111.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $21.1M | ||
| Q3 25 | $1.9M | $24.4M | ||
| Q2 25 | $2.5M | $3.5M | ||
| Q1 25 | $1.2M | $5.9M | ||
| Q4 24 | $4.6M | $11.2M | ||
| Q3 24 | $3.0M | $8.3M | ||
| Q2 24 | $1.3M | $10.8M | ||
| Q1 24 | $3.3M | $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 | $17.3M | $-43.0M | ||
| Q3 25 | $19.7M | $-13.7M | ||
| Q2 25 | $21.3M | $9.0M | ||
| Q1 25 | $21.8M | $15.5M | ||
| Q4 24 | $22.3M | $19.0M | ||
| Q3 24 | $23.5M | $30.4M | ||
| Q2 24 | $23.8M | $44.2M | ||
| Q1 24 | $23.9M | $55.2M |
| Q4 25 | $69.5M | $111.8M | ||
| Q3 25 | $73.0M | $111.5M | ||
| Q2 25 | $71.7M | $83.0M | ||
| Q1 25 | $68.5M | $84.1M | ||
| Q4 24 | $75.5M | $89.9M | ||
| Q3 24 | $74.7M | $91.7M | ||
| Q2 24 | $69.9M | $100.3M | ||
| Q1 24 | $68.6M | $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 | $2.3M | $-8.0M |
| Free Cash FlowOCF − Capex | $2.3M | $-8.4M |
| FCF MarginFCF / Revenue | 7.5% | -25.7% |
| Capex IntensityCapex / Revenue | 0.2% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $-8.0M | ||
| Q3 25 | $-1.9M | $-14.6M | ||
| Q2 25 | $7.6M | $-2.3M | ||
| Q1 25 | $-7.4M | $-8.5M | ||
| Q4 24 | $617.4K | $-16.7M | ||
| Q3 24 | $-915.0K | $-2.4M | ||
| Q2 24 | $862.1K | $-3.8M | ||
| Q1 24 | $-8.0M | $-11.9M |
| Q4 25 | $2.3M | $-8.4M | ||
| Q3 25 | $-2.1M | $-15.1M | ||
| Q2 25 | $7.4M | $-2.5M | ||
| Q1 25 | $-7.7M | $-8.6M | ||
| Q4 24 | $-214.1K | $-17.0M | ||
| Q3 24 | $-1.1M | $-2.6M | ||
| Q2 24 | $281.5K | $-4.5M | ||
| Q1 24 | $-8.6M | $-12.3M |
| Q4 25 | 7.5% | -25.7% | ||
| Q3 25 | -5.9% | -57.9% | ||
| Q2 25 | 23.8% | -12.4% | ||
| Q1 25 | -23.3% | -41.2% | ||
| Q4 24 | -0.6% | -128.6% | ||
| Q3 24 | -3.0% | -25.6% | ||
| Q2 24 | 1.0% | -39.2% | ||
| Q1 24 | -28.0% | -97.6% |
| Q4 25 | 0.2% | 1.3% | ||
| Q3 25 | 0.7% | 1.7% | ||
| Q2 25 | 0.7% | 0.9% | ||
| Q1 25 | 1.1% | 0.4% | ||
| Q4 24 | 2.3% | 2.2% | ||
| Q3 24 | 0.5% | 2.2% | ||
| Q2 24 | 2.0% | 6.1% | ||
| Q1 24 | 2.0% | 3.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
