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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and NETSTREIT Corp. (NTST). Click either name above to swap in a different company.
NETSTREIT Corp. is the larger business by last-quarter revenue ($57.1M vs $32.9M, roughly 1.7× FTC Solar, Inc.). NETSTREIT Corp. runs the higher net margin — 10.0% vs -110.7%, a 120.7% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 24.3%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 20.1%).
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.
NETSTREIT Corp. is a US-headquartered real estate investment trust (REIT) that specializes in acquiring and operating a diversified portfolio of single-tenant net lease commercial properties. Its asset portfolio covers retail, industrial and office categories, primarily catering to investment-grade corporate tenants across the United States market.
FTCI vs NTST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $57.1M |
| Net Profit | $-36.4M | $5.7M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 34.1% |
| Net Margin | -110.7% | 10.0% |
| Revenue YoY | 148.9% | 24.3% |
| Net Profit YoY | -197.4% | 235.9% |
| EPS (diluted) | $-2.31 | $0.32 |
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 | — | $57.1M | ||
| Q4 25 | $32.9M | $52.5M | ||
| Q3 25 | $26.0M | $48.3M | ||
| Q2 25 | $20.0M | $48.3M | ||
| Q1 25 | $20.8M | $45.9M | ||
| Q4 24 | $13.2M | $44.1M | ||
| Q3 24 | $10.1M | $41.4M | ||
| Q2 24 | $11.4M | $39.6M |
| Q1 26 | — | $5.7M | ||
| Q4 25 | $-36.4M | $1.3M | ||
| Q3 25 | $-23.9M | $618.0K | ||
| Q2 25 | $-15.4M | $3.3M | ||
| Q1 25 | $-3.8M | $1.7M | ||
| Q4 24 | $-12.2M | $-5.4M | ||
| Q3 24 | $-15.4M | $-5.3M | ||
| Q2 24 | $-12.2M | $-2.3M |
| 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 | — | 34.1% | ||
| Q4 25 | -17.2% | 2.6% | ||
| Q3 25 | -29.6% | 1.3% | ||
| Q2 25 | -57.5% | 6.8% | ||
| Q1 25 | -50.8% | 3.7% | ||
| Q4 24 | -101.7% | -12.3% | ||
| Q3 24 | -147.8% | -12.8% | ||
| Q2 24 | -104.3% | -5.8% |
| Q1 26 | — | 10.0% | ||
| Q4 25 | -110.7% | 2.5% | ||
| Q3 25 | -92.0% | 1.3% | ||
| Q2 25 | -77.2% | 6.8% | ||
| Q1 25 | -18.4% | 3.7% | ||
| Q4 24 | -92.7% | -12.3% | ||
| Q3 24 | -151.5% | -12.8% | ||
| Q2 24 | -107.1% | -5.8% |
| Q1 26 | — | $0.32 | ||
| Q4 25 | $-2.31 | $0.01 | ||
| Q3 25 | $-1.61 | $0.01 | ||
| Q2 25 | $-1.18 | $0.04 | ||
| Q1 25 | $-0.58 | $0.02 | ||
| Q4 24 | $-0.95 | $-0.07 | ||
| Q3 24 | $-1.21 | $-0.07 | ||
| Q2 24 | $-0.97 | $-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 | — |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $1.5B |
| Total Assets | $111.8M | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $21.1M | — | ||
| Q3 25 | $24.4M | — | ||
| Q2 25 | $3.5M | — | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $11.2M | — | ||
| Q3 24 | $8.3M | — | ||
| Q2 24 | $10.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $1.1B | ||
| Q3 25 | $16.6M | $1.1B | ||
| Q2 25 | $10.9M | $926.6M | ||
| Q1 25 | $10.2M | $913.3M | ||
| Q4 24 | $9.5M | $868.3M | ||
| Q3 24 | — | $778.7M | ||
| Q2 24 | — | $726.2M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-43.0M | $1.4B | ||
| Q3 25 | $-13.7M | $1.3B | ||
| Q2 25 | $9.0M | $1.3B | ||
| Q1 25 | $15.5M | $1.3B | ||
| Q4 24 | $19.0M | $1.3B | ||
| Q3 24 | $30.4M | $1.3B | ||
| Q2 24 | $44.2M | $1.3B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $111.8M | $2.6B | ||
| Q3 25 | $111.5M | $2.5B | ||
| Q2 25 | $83.0M | $2.3B | ||
| Q1 25 | $84.1M | $2.3B | ||
| Q4 24 | $89.9M | $2.3B | ||
| Q3 24 | $91.7M | $2.2B | ||
| Q2 24 | $100.3M | $2.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.84× | ||
| Q2 25 | 1.20× | 0.70× | ||
| Q1 25 | 0.65× | 0.70× | ||
| Q4 24 | 0.50× | 0.65× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.55× |
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 | $109.5M | ||
| Q3 25 | $-14.6M | $28.0M | ||
| Q2 25 | $-2.3M | $30.6M | ||
| Q1 25 | $-8.5M | $22.1M | ||
| Q4 24 | $-16.7M | $90.2M | ||
| Q3 24 | $-2.4M | $25.1M | ||
| Q2 24 | $-3.8M | $25.4M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 82.46× | ||
| Q3 25 | — | 45.27× | ||
| Q2 25 | — | 9.36× | ||
| Q1 25 | — | 13.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
NTST
| Rental revenue (including reimbursable) | $54.0M | 95% |
| Other | $3.0M | 5% |
