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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $32.9M, roughly 1.8× FTC Solar, Inc.). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -110.7%, a 139.4% gap on every dollar of revenue. Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 2.1%).
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.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FTCI vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $58.9M |
| Net Profit | $-36.4M | $16.9M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | — |
| Net Margin | -110.7% | 28.6% |
| Revenue YoY | 148.9% | — |
| Net Profit YoY | -197.4% | 8.2% |
| EPS (diluted) | $-2.31 | $0.81 |
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.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $32.9M | $58.3M | ||
| Q3 25 | $26.0M | $57.3M | ||
| Q2 25 | $20.0M | $55.9M | ||
| Q1 25 | $20.8M | $54.1M | ||
| Q4 24 | $13.2M | $62.0M | ||
| Q3 24 | $10.1M | $51.4M | ||
| Q2 24 | $11.4M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-36.4M | $18.6M | ||
| Q3 25 | $-23.9M | $17.5M | ||
| Q2 25 | $-15.4M | $16.9M | ||
| Q1 25 | $-3.8M | $15.6M | ||
| Q4 24 | $-12.2M | $18.5M | ||
| Q3 24 | $-15.4M | $13.8M | ||
| Q2 24 | $-12.2M | $18.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -17.2% | 34.8% | ||
| Q3 25 | -29.6% | 37.0% | ||
| Q2 25 | -57.5% | 37.0% | ||
| Q1 25 | -50.8% | 35.3% | ||
| Q4 24 | -101.7% | 36.7% | ||
| Q3 24 | -147.8% | 33.7% | ||
| Q2 24 | -104.3% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -110.7% | 31.8% | ||
| Q3 25 | -92.0% | 30.5% | ||
| Q2 25 | -77.2% | 30.2% | ||
| Q1 25 | -18.4% | 28.8% | ||
| Q4 24 | -92.7% | 29.8% | ||
| Q3 24 | -151.5% | 26.9% | ||
| Q2 24 | -107.1% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-2.31 | $0.88 | ||
| Q3 25 | $-1.61 | $0.84 | ||
| Q2 25 | $-1.18 | $0.81 | ||
| Q1 25 | $-0.58 | $0.74 | ||
| Q4 24 | $-0.95 | $0.87 | ||
| Q3 24 | $-1.21 | $0.65 | ||
| Q2 24 | $-0.97 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.1M | $174.9M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $510.6M |
| Total Assets | $111.8M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $21.1M | $138.4M | ||
| Q3 25 | $24.4M | $208.7M | ||
| Q2 25 | $3.5M | $146.2M | ||
| Q1 25 | $5.9M | $128.1M | ||
| Q4 24 | $11.2M | $119.9M | ||
| Q3 24 | $8.3M | $121.6M | ||
| Q2 24 | $10.8M | $214.3M |
| Q1 26 | — | — | ||
| 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 26 | — | $510.6M | ||
| Q4 25 | $-43.0M | $503.0M | ||
| Q3 25 | $-13.7M | $490.7M | ||
| Q2 25 | $9.0M | $469.3M | ||
| Q1 25 | $15.5M | $467.3M | ||
| Q4 24 | $19.0M | $454.7M | ||
| Q3 24 | $30.4M | $452.4M | ||
| Q2 24 | $44.2M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $111.8M | $5.5B | ||
| Q3 25 | $111.5M | $5.5B | ||
| Q2 25 | $83.0M | $5.4B | ||
| Q1 25 | $84.1M | $5.3B | ||
| Q4 24 | $89.9M | $5.3B | ||
| Q3 24 | $91.7M | $5.3B | ||
| Q2 24 | $100.3M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-8.0M | — |
| Free Cash FlowOCF − Capex | $-8.4M | — |
| FCF MarginFCF / Revenue | -25.7% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-8.0M | $76.7M | ||
| Q3 25 | $-14.6M | $18.2M | ||
| Q2 25 | $-2.3M | $19.0M | ||
| Q1 25 | $-8.5M | $31.7M | ||
| Q4 24 | $-16.7M | $63.2M | ||
| Q3 24 | $-2.4M | $17.2M | ||
| Q2 24 | $-3.8M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-8.4M | $70.2M | ||
| Q3 25 | $-15.1M | $16.5M | ||
| Q2 25 | $-2.5M | $16.7M | ||
| Q1 25 | $-8.6M | $30.6M | ||
| Q4 24 | $-17.0M | $55.2M | ||
| Q3 24 | $-2.6M | $15.7M | ||
| Q2 24 | $-4.5M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -25.7% | 120.3% | ||
| Q3 25 | -57.9% | 28.9% | ||
| Q2 25 | -12.4% | 29.8% | ||
| Q1 25 | -41.2% | 56.5% | ||
| Q4 24 | -128.6% | 89.1% | ||
| Q3 24 | -25.6% | 30.6% | ||
| Q2 24 | -39.2% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 11.1% | ||
| Q3 25 | 1.7% | 2.9% | ||
| Q2 25 | 0.9% | 4.1% | ||
| Q1 25 | 0.4% | 2.1% | ||
| Q4 24 | 2.2% | 12.8% | ||
| Q3 24 | 2.2% | 2.9% | ||
| Q2 24 | 6.1% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
