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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and IRONWOOD PHARMACEUTICALS INC (IRWD). Click either name above to swap in a different company.
IRONWOOD PHARMACEUTICALS INC is the larger business by last-quarter revenue ($47.7M vs $32.9M, roughly 1.5× FTC Solar, Inc.). IRONWOOD PHARMACEUTICALS INC runs the higher net margin — -4.8% vs -110.7%, a 106.0% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -47.3%). IRONWOOD PHARMACEUTICALS INC produced more free cash flow last quarter ($74.6M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -20.2%).
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.
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
FTCI vs IRWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $47.7M |
| Net Profit | $-36.4M | $-2.3M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 14.3% |
| Net Margin | -110.7% | -4.8% |
| Revenue YoY | 148.9% | -47.3% |
| Net Profit YoY | -197.4% | -200.9% |
| EPS (diluted) | $-2.31 | $0.01 |
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 | $32.9M | $47.7M | ||
| Q3 25 | $26.0M | $122.1M | ||
| Q2 25 | $20.0M | $85.2M | ||
| Q1 25 | $20.8M | $41.1M | ||
| Q4 24 | $13.2M | $90.5M | ||
| Q3 24 | $10.1M | $91.6M | ||
| Q2 24 | $11.4M | $94.4M | ||
| Q1 24 | $12.6M | $74.9M |
| Q4 25 | $-36.4M | $-2.3M | ||
| Q3 25 | $-23.9M | $40.1M | ||
| Q2 25 | $-15.4M | $23.6M | ||
| Q1 25 | $-3.8M | $-37.4M | ||
| Q4 24 | $-12.2M | $2.3M | ||
| Q3 24 | $-15.4M | $3.6M | ||
| Q2 24 | $-12.2M | $-860.0K | ||
| Q1 24 | $-8.8M | $-4.2M |
| 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 24 | -16.7% | — |
| Q4 25 | -17.2% | 14.3% | ||
| Q3 25 | -29.6% | 61.8% | ||
| Q2 25 | -57.5% | 53.2% | ||
| Q1 25 | -50.8% | -70.7% | ||
| Q4 24 | -101.7% | 34.8% | ||
| Q3 24 | -147.8% | 28.0% | ||
| Q2 24 | -104.3% | 26.5% | ||
| Q1 24 | -99.3% | 14.7% |
| Q4 25 | -110.7% | -4.8% | ||
| Q3 25 | -92.0% | 32.8% | ||
| Q2 25 | -77.2% | 27.7% | ||
| Q1 25 | -18.4% | -90.9% | ||
| Q4 24 | -92.7% | 2.5% | ||
| Q3 24 | -151.5% | 4.0% | ||
| Q2 24 | -107.1% | -0.9% | ||
| Q1 24 | -69.7% | -5.6% |
| Q4 25 | $-2.31 | $0.01 | ||
| Q3 25 | $-1.61 | $0.23 | ||
| Q2 25 | $-1.18 | $0.14 | ||
| Q1 25 | $-0.58 | $-0.23 | ||
| Q4 24 | $-0.95 | $0.03 | ||
| Q3 24 | $-1.21 | $0.02 | ||
| Q2 24 | $-0.97 | $-0.01 | ||
| Q1 24 | $-0.70 | $-0.03 |
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 | $215.5M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $-261.8M |
| Total Assets | $111.8M | $396.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $215.5M | ||
| Q3 25 | $24.4M | $140.4M | ||
| Q2 25 | $3.5M | $92.9M | ||
| Q1 25 | $5.9M | $108.5M | ||
| Q4 24 | $11.2M | $88.6M | ||
| Q3 24 | $8.3M | $88.2M | ||
| Q2 24 | $10.8M | $105.5M | ||
| Q1 24 | $14.0M | $121.5M |
| Q4 25 | $9.9M | — | ||
| Q3 25 | $16.6M | $199.5M | ||
| Q2 25 | $10.9M | $199.3M | ||
| Q1 25 | $10.2M | $199.2M | ||
| Q4 24 | $9.5M | $199.0M | ||
| Q3 24 | — | $198.8M | ||
| Q2 24 | — | $198.6M | ||
| Q1 24 | — | $398.3M |
| Q4 25 | $-43.0M | $-261.8M | ||
| Q3 25 | $-13.7M | $-264.2M | ||
| Q2 25 | $9.0M | $-308.2M | ||
| Q1 25 | $15.5M | $-334.1M | ||
| Q4 24 | $19.0M | $-301.3M | ||
| Q3 24 | $30.4M | $-311.3M | ||
| Q2 24 | $44.2M | $-321.7M | ||
| Q1 24 | $55.2M | $-330.5M |
| Q4 25 | $111.8M | $396.9M | ||
| Q3 25 | $111.5M | $396.1M | ||
| Q2 25 | $83.0M | $342.9M | ||
| Q1 25 | $84.1M | $327.2M | ||
| Q4 24 | $89.9M | $350.9M | ||
| Q3 24 | $91.7M | $389.5M | ||
| Q2 24 | $100.3M | $395.6M | ||
| Q1 24 | $115.0M | $438.8M |
| 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 | $-8.0M | $74.6M |
| Free Cash FlowOCF − Capex | $-8.4M | $74.6M |
| FCF MarginFCF / Revenue | -25.7% | 156.3% |
| Capex IntensityCapex / Revenue | 1.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $127.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $74.6M | ||
| Q3 25 | $-14.6M | $47.6M | ||
| Q2 25 | $-2.3M | $-15.1M | ||
| Q1 25 | $-8.5M | $20.0M | ||
| Q4 24 | $-16.7M | $15.2M | ||
| Q3 24 | $-2.4M | $9.9M | ||
| Q2 24 | $-3.8M | $33.5M | ||
| Q1 24 | $-11.9M | $45.0M |
| Q4 25 | $-8.4M | $74.6M | ||
| Q3 25 | $-15.1M | $47.6M | ||
| Q2 25 | $-2.5M | $-15.1M | ||
| Q1 25 | $-8.6M | $19.9M | ||
| Q4 24 | $-17.0M | — | ||
| Q3 24 | $-2.6M | $9.9M | ||
| Q2 24 | $-4.5M | $33.4M | ||
| Q1 24 | $-12.3M | $44.9M |
| Q4 25 | -25.7% | 156.3% | ||
| Q3 25 | -57.9% | 39.0% | ||
| Q2 25 | -12.4% | -17.7% | ||
| Q1 25 | -41.2% | 48.4% | ||
| Q4 24 | -128.6% | — | ||
| Q3 24 | -25.6% | 10.8% | ||
| Q2 24 | -39.2% | 35.4% | ||
| Q1 24 | -97.6% | 60.0% |
| Q4 25 | 1.3% | 0.0% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 0.9% | 0.0% | ||
| Q1 25 | 0.4% | 0.1% | ||
| Q4 24 | 2.2% | 0.0% | ||
| Q3 24 | 2.2% | 0.0% | ||
| Q2 24 | 6.1% | 0.1% | ||
| Q1 24 | 3.4% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | -0.64× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.74× | ||
| Q3 24 | — | 2.71× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
IRWD
Segment breakdown not available.
