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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and McEwen Inc. (MUX). Click either name above to swap in a different company.
McEwen Inc. is the larger business by last-quarter revenue ($64.6M vs $32.9M, roughly 2.0× FTC Solar, Inc.). McEwen Inc. runs the higher net margin — 59.0% vs -110.7%, a 169.7% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 92.8%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 25.2%).
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.
McEwen Inc (ticker MUX) is a natural resource company primarily engaged in the exploration, development, and production of gold, silver, and copper assets. Its core operations are located across North and South America, serving global commodity markets with a focus on sustainable, responsible mining practices.
FTCI vs MUX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $64.6M |
| Net Profit | $-36.4M | $38.1M |
| Gross Margin | 14.9% | 26.9% |
| Operating Margin | -17.2% | 34.2% |
| Net Margin | -110.7% | 59.0% |
| Revenue YoY | 148.9% | 92.8% |
| Net Profit YoY | -197.4% | 563.1% |
| EPS (diluted) | $-2.31 | $0.66 |
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 | $64.6M | ||
| Q3 25 | $26.0M | $50.5M | ||
| Q2 25 | $20.0M | $46.7M | ||
| Q1 25 | $20.8M | $35.7M | ||
| Q4 24 | $13.2M | $33.5M | ||
| Q3 24 | $10.1M | $52.3M | ||
| Q2 24 | $11.4M | $47.5M | ||
| Q1 24 | $12.6M | $41.2M |
| Q4 25 | $-36.4M | $38.1M | ||
| Q3 25 | $-23.9M | $-462.0K | ||
| Q2 25 | $-15.4M | $3.0M | ||
| Q1 25 | $-3.8M | $-6.3M | ||
| Q4 24 | $-12.2M | $-8.2M | ||
| Q3 24 | $-15.4M | $-2.1M | ||
| Q2 24 | $-12.2M | $-13.0M | ||
| Q1 24 | $-8.8M | $-20.4M |
| Q4 25 | 14.9% | 26.9% | ||
| Q3 25 | 6.1% | 15.5% | ||
| Q2 25 | -19.6% | 26.3% | ||
| Q1 25 | -16.6% | 28.2% | ||
| Q4 24 | -29.1% | 1.1% | ||
| Q3 24 | -42.5% | 26.4% | ||
| Q2 24 | -20.5% | 22.7% | ||
| Q1 24 | -16.7% | 14.6% |
| Q4 25 | -17.2% | 34.2% | ||
| Q3 25 | -29.6% | -16.7% | ||
| Q2 25 | -57.5% | -7.2% | ||
| Q1 25 | -50.8% | -21.4% | ||
| Q4 24 | -101.7% | -43.4% | ||
| Q3 24 | -147.8% | -0.2% | ||
| Q2 24 | -104.3% | -29.4% | ||
| Q1 24 | -99.3% | -53.3% |
| Q4 25 | -110.7% | 59.0% | ||
| Q3 25 | -92.0% | -0.9% | ||
| Q2 25 | -77.2% | 6.5% | ||
| Q1 25 | -18.4% | -17.6% | ||
| Q4 24 | -92.7% | -24.6% | ||
| Q3 24 | -151.5% | -4.0% | ||
| Q2 24 | -107.1% | -27.4% | ||
| Q1 24 | -69.7% | -49.4% |
| Q4 25 | $-2.31 | $0.66 | ||
| Q3 25 | $-1.61 | $-0.01 | ||
| Q2 25 | $-1.18 | $0.06 | ||
| Q1 25 | $-0.58 | $-0.12 | ||
| Q4 24 | $-0.95 | $-0.15 | ||
| Q3 24 | $-1.21 | $-0.04 | ||
| Q2 24 | $-0.97 | $-0.26 | ||
| Q1 24 | $-0.70 | $-0.41 |
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 | $72.1M |
| Total DebtLower is stronger | $9.9M | $126.2M |
| Stockholders' EquityBook value | $-43.0M | $546.2M |
| Total Assets | $111.8M | $820.2M |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $72.1M | ||
| Q3 25 | $24.4M | $75.4M | ||
| Q2 25 | $3.5M | $69.5M | ||
| Q1 25 | $5.9M | $79.3M | ||
| Q4 24 | $11.2M | $15.3M | ||
| Q3 24 | $8.3M | $30.2M | ||
| Q2 24 | $10.8M | $42.6M | ||
| Q1 24 | $14.0M | $22.0M |
| Q4 25 | $9.9M | $126.2M | ||
| Q3 25 | $16.6M | $126.0M | ||
| Q2 25 | $10.9M | $125.8M | ||
| Q1 25 | $10.2M | $125.5M | ||
| Q4 24 | $9.5M | $40.0M | ||
| Q3 24 | — | $31.0M | ||
| Q2 24 | — | $34.0M | ||
| Q1 24 | — | $37.0M |
| Q4 25 | $-43.0M | $546.2M | ||
| Q3 25 | $-13.7M | $488.6M | ||
| Q2 25 | $9.0M | $484.5M | ||
| Q1 25 | $15.5M | $479.8M | ||
| Q4 24 | $19.0M | $495.0M | ||
| Q3 24 | $30.4M | $502.1M | ||
| Q2 24 | $44.2M | $485.2M | ||
| Q1 24 | $55.2M | $482.5M |
| Q4 25 | $111.8M | $820.2M | ||
| Q3 25 | $111.5M | $747.6M | ||
| Q2 25 | $83.0M | $735.6M | ||
| Q1 25 | $84.1M | $730.6M | ||
| Q4 24 | $89.9M | $664.6M | ||
| Q3 24 | $91.7M | $667.8M | ||
| Q2 24 | $100.3M | $645.1M | ||
| Q1 24 | $115.0M | $638.7M |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | 1.20× | 0.26× | ||
| Q1 25 | 0.65× | 0.26× | ||
| Q4 24 | 0.50× | 0.08× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.08× |
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 | $3.1M |
| Free Cash FlowOCF − Capex | $-8.4M | — |
| FCF MarginFCF / Revenue | -25.7% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 0.08× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $3.1M | ||
| Q3 25 | $-14.6M | $5.2M | ||
| Q2 25 | $-2.3M | $478.0K | ||
| Q1 25 | $-8.5M | $-1.9M | ||
| Q4 24 | $-16.7M | $-1.2M | ||
| Q3 24 | $-2.4M | $23.2M | ||
| Q2 24 | $-3.8M | $3.6M | ||
| Q1 24 | $-11.9M | $3.9M |
| 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 | — | 0.08× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
MUX
Segment breakdown not available.
