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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and Invivyd, Inc. (IVVD). Click either name above to swap in a different company.
FTC Solar, Inc. is the larger business by last-quarter revenue ($32.9M vs $17.2M, roughly 1.9× Invivyd, Inc.). Invivyd, Inc. runs the higher net margin — -64.3% vs -110.7%, a 46.4% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 24.5%).
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.
Invivyd, Inc. is a clinical-stage biopharmaceutical company focused on developing broadly neutralizing antibody therapies to prevent and treat serious viral infectious diseases. Its core research and development pipeline targets high-burden respiratory pathogens including respiratory syncytial virus, catering to unmet medical needs of global patient groups.
FTCI vs IVVD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $17.2M |
| Net Profit | $-36.4M | $-11.1M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | -73.0% |
| Net Margin | -110.7% | -64.3% |
| Revenue YoY | 148.9% | 24.5% |
| Net Profit YoY | -197.4% | 40.0% |
| EPS (diluted) | $-2.31 | $0.02 |
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 | $17.2M | ||
| Q3 25 | $26.0M | $13.1M | ||
| Q2 25 | $20.0M | $11.8M | ||
| Q1 25 | $20.8M | $11.3M | ||
| Q4 24 | $13.2M | $13.8M | ||
| Q3 24 | $10.1M | $9.3M | ||
| Q2 24 | $11.4M | $2.3M | ||
| Q1 24 | $12.6M | $0 |
| Q4 25 | $-36.4M | $-11.1M | ||
| Q3 25 | $-23.9M | $-10.5M | ||
| Q2 25 | $-15.4M | $-14.7M | ||
| Q1 25 | $-3.8M | $-16.3M | ||
| Q4 24 | $-12.2M | $-18.4M | ||
| Q3 24 | $-15.4M | $-60.7M | ||
| Q2 24 | $-12.2M | $-47.2M | ||
| Q1 24 | $-8.8M | $-43.5M |
| 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% | -73.0% | ||
| Q3 25 | -29.6% | -84.0% | ||
| Q2 25 | -57.5% | -127.8% | ||
| Q1 25 | -50.8% | -149.7% | ||
| Q4 24 | -101.7% | -139.1% | ||
| Q3 24 | -147.8% | -670.0% | ||
| Q2 24 | -104.3% | -2175.2% | ||
| Q1 24 | -99.3% | — |
| Q4 25 | -110.7% | -64.3% | ||
| Q3 25 | -92.0% | -79.7% | ||
| Q2 25 | -77.2% | -124.4% | ||
| Q1 25 | -18.4% | -144.1% | ||
| Q4 24 | -92.7% | -133.5% | ||
| Q3 24 | -151.5% | -653.1% | ||
| Q2 24 | -107.1% | -2086.9% | ||
| Q1 24 | -69.7% | — |
| Q4 25 | $-2.31 | $0.02 | ||
| Q3 25 | $-1.61 | $-0.06 | ||
| Q2 25 | $-1.18 | $-0.12 | ||
| Q1 25 | $-0.58 | $-0.14 | ||
| Q4 24 | $-0.95 | $-0.14 | ||
| Q3 24 | $-1.21 | $-0.51 | ||
| Q2 24 | $-0.97 | $-0.40 | ||
| Q1 24 | $-0.70 | $-0.38 |
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 | $226.7M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $241.5M |
| Total Assets | $111.8M | $276.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $226.7M | ||
| Q3 25 | $24.4M | $85.0M | ||
| Q2 25 | $3.5M | $34.9M | ||
| Q1 25 | $5.9M | $48.1M | ||
| Q4 24 | $11.2M | $69.3M | ||
| Q3 24 | $8.3M | $106.9M | ||
| Q2 24 | $10.8M | $147.9M | ||
| Q1 24 | $14.0M | $189.4M |
| 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 | $-43.0M | $241.5M | ||
| Q3 25 | $-13.7M | $93.1M | ||
| Q2 25 | $9.0M | $42.8M | ||
| Q1 25 | $15.5M | $54.1M | ||
| Q4 24 | $19.0M | $67.5M | ||
| Q3 24 | $30.4M | $83.2M | ||
| Q2 24 | $44.2M | $140.6M | ||
| Q1 24 | $55.2M | $178.5M |
| Q4 25 | $111.8M | $276.9M | ||
| Q3 25 | $111.5M | $139.2M | ||
| Q2 25 | $83.0M | $89.1M | ||
| Q1 25 | $84.1M | $103.7M | ||
| Q4 24 | $89.9M | $129.5M | ||
| Q3 24 | $91.7M | $161.9M | ||
| Q2 24 | $100.3M | $177.3M | ||
| Q1 24 | $115.0M | $215.5M |
| 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 | $-15.5M |
| Free Cash FlowOCF − Capex | $-8.4M | — |
| FCF MarginFCF / Revenue | -25.7% | — |
| Capex IntensityCapex / Revenue | 1.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $-15.5M | ||
| Q3 25 | $-14.6M | $-8.3M | ||
| Q2 25 | $-2.3M | $-13.3M | ||
| Q1 25 | $-8.5M | $-21.1M | ||
| Q4 24 | $-16.7M | $-37.6M | ||
| Q3 24 | $-2.4M | $-41.1M | ||
| Q2 24 | $-3.8M | $-41.6M | ||
| Q1 24 | $-11.9M | $-50.2M |
| Q4 25 | $-8.4M | — | ||
| Q3 25 | $-15.1M | — | ||
| Q2 25 | $-2.5M | $-13.3M | ||
| Q1 25 | $-8.6M | $-21.3M | ||
| Q4 24 | $-17.0M | $-37.6M | ||
| Q3 24 | $-2.6M | $-41.1M | ||
| Q2 24 | $-4.5M | — | ||
| Q1 24 | $-12.3M | $-50.4M |
| Q4 25 | -25.7% | — | ||
| Q3 25 | -57.9% | — | ||
| Q2 25 | -12.4% | -112.9% | ||
| Q1 25 | -41.2% | -188.2% | ||
| Q4 24 | -128.6% | -272.2% | ||
| Q3 24 | -25.6% | -441.6% | ||
| Q2 24 | -39.2% | — | ||
| Q1 24 | -97.6% | — |
| Q4 25 | 1.3% | 0.0% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 0.9% | 0.1% | ||
| Q1 25 | 0.4% | 1.3% | ||
| Q4 24 | 2.2% | 0.0% | ||
| Q3 24 | 2.2% | 0.1% | ||
| Q2 24 | 6.1% | 0.0% | ||
| Q1 24 | 3.4% | — |
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% |
IVVD
Segment breakdown not available.
