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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $32.9M, roughly 1.0× FTC Solar, Inc.). Spok Holdings, Inc runs the higher net margin — 8.7% vs -110.7%, a 119.4% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -1.5%).
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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
FTCI vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $33.9M |
| Net Profit | $-36.4M | $2.9M |
| Gross Margin | 14.9% | 76.7% |
| Operating Margin | -17.2% | 11.6% |
| Net Margin | -110.7% | 8.7% |
| Revenue YoY | 148.9% | -0.1% |
| Net Profit YoY | -197.4% | -19.6% |
| EPS (diluted) | $-2.31 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $26.0M | $33.9M | ||
| Q2 25 | $20.0M | $35.7M | ||
| Q1 25 | $20.8M | $36.3M | ||
| Q4 24 | $13.2M | $33.9M | ||
| Q3 24 | $10.1M | $34.9M | ||
| Q2 24 | $11.4M | $34.0M | ||
| Q1 24 | $12.6M | $34.9M |
| Q4 25 | $-36.4M | $2.9M | ||
| Q3 25 | $-23.9M | $3.2M | ||
| Q2 25 | $-15.4M | $4.6M | ||
| Q1 25 | $-3.8M | $5.2M | ||
| Q4 24 | $-12.2M | $3.6M | ||
| Q3 24 | $-15.4M | $3.7M | ||
| Q2 24 | $-12.2M | $3.4M | ||
| Q1 24 | $-8.8M | $4.2M |
| Q4 25 | 14.9% | 76.7% | ||
| Q3 25 | 6.1% | 78.3% | ||
| Q2 25 | -19.6% | 79.5% | ||
| Q1 25 | -16.6% | 80.1% | ||
| Q4 24 | -29.1% | 78.5% | ||
| Q3 24 | -42.5% | 79.5% | ||
| Q2 24 | -20.5% | 78.9% | ||
| Q1 24 | -16.7% | 79.5% |
| Q4 25 | -17.2% | 11.6% | ||
| Q3 25 | -29.6% | 12.9% | ||
| Q2 25 | -57.5% | 15.1% | ||
| Q1 25 | -50.8% | 16.6% | ||
| Q4 24 | -101.7% | 13.7% | ||
| Q3 24 | -147.8% | 14.2% | ||
| Q2 24 | -104.3% | 13.2% | ||
| Q1 24 | -99.3% | 14.0% |
| Q4 25 | -110.7% | 8.7% | ||
| Q3 25 | -92.0% | 9.5% | ||
| Q2 25 | -77.2% | 12.8% | ||
| Q1 25 | -18.4% | 14.3% | ||
| Q4 24 | -92.7% | 10.8% | ||
| Q3 24 | -151.5% | 10.5% | ||
| Q2 24 | -107.1% | 10.1% | ||
| Q1 24 | -69.7% | 12.1% |
| Q4 25 | $-2.31 | $0.13 | ||
| Q3 25 | $-1.61 | $0.15 | ||
| Q2 25 | $-1.18 | $0.22 | ||
| Q1 25 | $-0.58 | $0.25 | ||
| Q4 24 | $-0.95 | $0.17 | ||
| Q3 24 | $-1.21 | $0.18 | ||
| Q2 24 | $-0.97 | $0.17 | ||
| Q1 24 | $-0.70 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $146.4M |
| Total Assets | $111.8M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $25.3M | ||
| Q3 25 | $24.4M | $21.4M | ||
| Q2 25 | $3.5M | $20.2M | ||
| Q1 25 | $5.9M | $19.9M | ||
| Q4 24 | $11.2M | $29.1M | ||
| Q3 24 | $8.3M | $27.8M | ||
| Q2 24 | $10.8M | $23.9M | ||
| Q1 24 | $14.0M | $23.3M |
| 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 | $146.4M | ||
| Q3 25 | $-13.7M | $148.7M | ||
| Q2 25 | $9.0M | $150.9M | ||
| Q1 25 | $15.5M | $151.7M | ||
| Q4 24 | $19.0M | $154.7M | ||
| Q3 24 | $30.4M | $156.3M | ||
| Q2 24 | $44.2M | $158.2M | ||
| Q1 24 | $55.2M | $160.2M |
| Q4 25 | $111.8M | $206.1M | ||
| Q3 25 | $111.5M | $209.7M | ||
| Q2 25 | $83.0M | $208.7M | ||
| Q1 25 | $84.1M | $204.5M | ||
| Q4 24 | $89.9M | $217.1M | ||
| Q3 24 | $91.7M | $216.8M | ||
| Q2 24 | $100.3M | $216.4M | ||
| Q1 24 | $115.0M | $215.0M |
| 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 | $11.5M |
| Free Cash FlowOCF − Capex | $-8.4M | $10.1M |
| FCF MarginFCF / Revenue | -25.7% | 29.9% |
| Capex IntensityCapex / Revenue | 1.3% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $11.5M | ||
| Q3 25 | $-14.6M | $8.1M | ||
| Q2 25 | $-2.3M | $7.0M | ||
| Q1 25 | $-8.5M | $2.3M | ||
| Q4 24 | $-16.7M | $8.4M | ||
| Q3 24 | $-2.4M | $11.1M | ||
| Q2 24 | $-3.8M | $7.4M | ||
| Q1 24 | $-11.9M | $2.0M |
| Q4 25 | $-8.4M | $10.1M | ||
| Q3 25 | $-15.1M | $7.6M | ||
| Q2 25 | $-2.5M | $6.0M | ||
| Q1 25 | $-8.6M | $1.5M | ||
| Q4 24 | $-17.0M | $7.5M | ||
| Q3 24 | $-2.6M | $10.3M | ||
| Q2 24 | $-4.5M | $6.8M | ||
| Q1 24 | $-12.3M | $1.1M |
| Q4 25 | -25.7% | 29.9% | ||
| Q3 25 | -57.9% | 22.4% | ||
| Q2 25 | -12.4% | 16.8% | ||
| Q1 25 | -41.2% | 4.2% | ||
| Q4 24 | -128.6% | 22.3% | ||
| Q3 24 | -25.6% | 29.4% | ||
| Q2 24 | -39.2% | 20.0% | ||
| Q1 24 | -97.6% | 3.2% |
| Q4 25 | 1.3% | 4.1% | ||
| Q3 25 | 1.7% | 1.6% | ||
| Q2 25 | 0.9% | 2.9% | ||
| Q1 25 | 0.4% | 2.1% | ||
| Q4 24 | 2.2% | 2.5% | ||
| Q3 24 | 2.2% | 2.4% | ||
| Q2 24 | 6.1% | 1.9% | ||
| Q1 24 | 3.4% | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
