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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and Orion Properties Inc. (ONL). Click either name above to swap in a different company.
Orion Properties Inc. is the larger business by last-quarter revenue ($36.3M vs $32.9M, roughly 1.1× FTC Solar, Inc.). Orion Properties Inc. runs the higher net margin — -37.4% vs -110.7%, a 73.3% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -4.6%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -4.9%).
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.
FTCI vs ONL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $36.3M |
| Net Profit | $-36.4M | $-13.6M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | -9.3% |
| Net Margin | -110.7% | -37.4% |
| Revenue YoY | 148.9% | -4.6% |
| Net Profit YoY | -197.4% | -45.0% |
| EPS (diluted) | $-2.31 | $-0.24 |
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 | — | $36.3M | ||
| Q4 25 | $32.9M | $35.2M | ||
| Q3 25 | $26.0M | $37.1M | ||
| Q2 25 | $20.0M | $37.3M | ||
| Q1 25 | $20.8M | $38.0M | ||
| Q4 24 | $13.2M | $38.4M | ||
| Q3 24 | $10.1M | $39.2M | ||
| Q2 24 | $11.4M | $40.1M |
| Q1 26 | — | $-13.6M | ||
| Q4 25 | $-36.4M | $-35.8M | ||
| Q3 25 | $-23.9M | $-69.0M | ||
| Q2 25 | $-15.4M | $-25.1M | ||
| Q1 25 | $-3.8M | $-9.4M | ||
| Q4 24 | $-12.2M | $-32.8M | ||
| Q3 24 | $-15.4M | $-10.2M | ||
| Q2 24 | $-12.2M | $-33.8M |
| 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 | — | -9.3% | ||
| Q4 25 | -17.2% | -101.5% | ||
| Q3 25 | -29.6% | -185.8% | ||
| Q2 25 | -57.5% | -67.1% | ||
| Q1 25 | -50.8% | -24.4% | ||
| Q4 24 | -101.7% | -85.4% | ||
| Q3 24 | -147.8% | -25.9% | ||
| Q2 24 | -104.3% | -84.1% |
| Q1 26 | — | -37.4% | ||
| Q4 25 | -110.7% | -101.7% | ||
| Q3 25 | -92.0% | -186.0% | ||
| Q2 25 | -77.2% | -67.3% | ||
| Q1 25 | -18.4% | -24.6% | ||
| Q4 24 | -92.7% | -85.4% | ||
| Q3 24 | -151.5% | -26.1% | ||
| Q2 24 | -107.1% | -84.2% |
| Q1 26 | — | $-0.24 | ||
| Q4 25 | $-2.31 | $-0.63 | ||
| Q3 25 | $-1.61 | $-1.23 | ||
| Q2 25 | $-1.18 | $-0.45 | ||
| Q1 25 | $-0.58 | $-0.17 | ||
| Q4 24 | $-0.95 | $-0.59 | ||
| Q3 24 | $-1.21 | $-0.18 | ||
| Q2 24 | $-0.97 | $-0.60 |
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 | $10.3M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $608.5M |
| Total Assets | $111.8M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $10.3M | ||
| Q4 25 | $21.1M | $22.4M | ||
| Q3 25 | $24.4M | $32.6M | ||
| Q2 25 | $3.5M | $17.4M | ||
| Q1 25 | $5.9M | $9.4M | ||
| Q4 24 | $11.2M | $15.6M | ||
| Q3 24 | $8.3M | $16.6M | ||
| Q2 24 | $10.8M | $24.2M |
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $465.0M | ||
| Q3 25 | $16.6M | $483.0M | ||
| Q2 25 | $10.9M | $483.0M | ||
| Q1 25 | $10.2M | $505.0M | ||
| Q4 24 | $9.5M | $492.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $462.0M |
| Q1 26 | — | $608.5M | ||
| Q4 25 | $-43.0M | $623.2M | ||
| Q3 25 | $-13.7M | $658.8M | ||
| Q2 25 | $9.0M | $728.0M | ||
| Q1 25 | $15.5M | $753.5M | ||
| Q4 24 | $19.0M | $763.9M | ||
| Q3 24 | $30.4M | $800.9M | ||
| Q2 24 | $44.2M | $816.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $111.8M | $1.2B | ||
| Q3 25 | $111.5M | $1.2B | ||
| Q2 25 | $83.0M | $1.3B | ||
| Q1 25 | $84.1M | $1.3B | ||
| Q4 24 | $89.9M | $1.3B | ||
| Q3 24 | $91.7M | $1.4B | ||
| Q2 24 | $100.3M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | 1.20× | 0.66× | ||
| Q1 25 | 0.65× | 0.67× | ||
| Q4 24 | 0.50× | 0.64× | ||
| Q3 24 | — | 0.61× | ||
| Q2 24 | — | 0.57× |
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% | 51.4% |
| 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 | $23.6M | ||
| Q3 25 | $-14.6M | $5.7M | ||
| Q2 25 | $-2.3M | $11.6M | ||
| Q1 25 | $-8.5M | $-2.2M | ||
| Q4 24 | $-16.7M | $54.3M | ||
| Q3 24 | $-2.4M | $13.8M | ||
| Q2 24 | $-3.8M | $17.0M |
| 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 | — | 51.4% | ||
| 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% | — |
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% |
ONL
| Rental | $36.1M | 100% |
| Fee income from unconsolidated joint venture | $137.0K | 0% |
