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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
TSS, Inc. is the larger business by last-quarter revenue ($60.9M vs $32.9M, roughly 1.9× FTC Solar, Inc.). TSS, Inc. runs the higher net margin — 20.0% vs -110.7%, a 130.7% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 21.8%). TSS, Inc. produced more free cash flow last quarter ($15.8M vs $-8.4M). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% CAGR vs 61.6%).
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 TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $60.9M |
| Net Profit | $-36.4M | $12.2M |
| Gross Margin | 14.9% | 17.6% |
| Operating Margin | -17.2% | 1.5% |
| Net Margin | -110.7% | 20.0% |
| Revenue YoY | 148.9% | 21.8% |
| Net Profit YoY | -197.4% | 535.7% |
| EPS (diluted) | $-2.31 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $26.0M | $41.9M | ||
| Q2 25 | $20.0M | $44.0M | ||
| Q1 25 | $20.8M | $99.0M | ||
| Q4 24 | $13.2M | $50.0M | ||
| Q3 24 | $10.1M | $70.1M | ||
| Q2 24 | $11.4M | $12.2M | ||
| Q1 24 | $12.6M | $15.9M |
| Q4 25 | $-36.4M | $12.2M | ||
| Q3 25 | $-23.9M | $-1.5M | ||
| Q2 25 | $-15.4M | $1.5M | ||
| Q1 25 | $-3.8M | $3.0M | ||
| Q4 24 | $-12.2M | $1.9M | ||
| Q3 24 | $-15.4M | $2.6M | ||
| Q2 24 | $-12.2M | $1.4M | ||
| Q1 24 | $-8.8M | $15.0K |
| Q4 25 | 14.9% | 17.6% | ||
| Q3 25 | 6.1% | 11.1% | ||
| Q2 25 | -19.6% | 17.8% | ||
| Q1 25 | -16.6% | 9.3% | ||
| Q4 24 | -29.1% | 14.4% | ||
| Q3 24 | -42.5% | 11.3% | ||
| Q2 24 | -20.5% | 37.3% | ||
| Q1 24 | -16.7% | 17.1% |
| Q4 25 | -17.2% | 1.5% | ||
| Q3 25 | -29.6% | -2.2% | ||
| Q2 25 | -57.5% | 5.1% | ||
| Q1 25 | -50.8% | 4.2% | ||
| Q4 24 | -101.7% | 0.0% | ||
| Q3 24 | -147.8% | 5.4% | ||
| Q2 24 | -104.3% | 14.0% | ||
| Q1 24 | -99.3% | 1.6% |
| Q4 25 | -110.7% | 20.0% | ||
| Q3 25 | -92.0% | -3.6% | ||
| Q2 25 | -77.2% | 3.4% | ||
| Q1 25 | -18.4% | 3.0% | ||
| Q4 24 | -92.7% | 3.8% | ||
| Q3 24 | -151.5% | 3.8% | ||
| Q2 24 | -107.1% | 11.5% | ||
| Q1 24 | -69.7% | 0.1% |
| Q4 25 | $-2.31 | $0.44 | ||
| Q3 25 | $-1.61 | $-0.06 | ||
| Q2 25 | $-1.18 | $0.06 | ||
| Q1 25 | $-0.58 | $0.12 | ||
| Q4 24 | $-0.95 | $0.08 | ||
| Q3 24 | $-1.21 | $0.10 | ||
| Q2 24 | $-0.97 | $0.06 | ||
| Q1 24 | $-0.70 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $76.6M |
| Total Assets | $111.8M | $184.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $85.5M | ||
| Q3 25 | $24.4M | $70.7M | ||
| Q2 25 | $3.5M | — | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $11.2M | $23.2M | ||
| Q3 24 | $8.3M | $46.4M | ||
| Q2 24 | $10.8M | $8.3M | ||
| Q1 24 | $14.0M | $14.4M |
| 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 | $76.6M | ||
| Q3 25 | $-13.7M | $63.4M | ||
| Q2 25 | $9.0M | $9.5M | ||
| Q1 25 | $15.5M | $9.4M | ||
| Q4 24 | $19.0M | $7.1M | ||
| Q3 24 | $30.4M | $7.7M | ||
| Q2 24 | $44.2M | $5.2M | ||
| Q1 24 | $55.2M | $3.7M |
| Q4 25 | $111.8M | $184.9M | ||
| Q3 25 | $111.5M | $165.4M | ||
| Q2 25 | $83.0M | $139.5M | ||
| Q1 25 | $84.1M | $113.5M | ||
| Q4 24 | $89.9M | $96.6M | ||
| Q3 24 | $91.7M | $67.3M | ||
| Q2 24 | $100.3M | $28.9M | ||
| Q1 24 | $115.0M | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | $-8.4M | $15.8M |
| FCF MarginFCF / Revenue | -25.7% | 25.9% |
| Capex IntensityCapex / Revenue | 1.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $16.3M | ||
| Q3 25 | $-14.6M | $-18.4M | ||
| Q2 25 | $-2.3M | $16.3M | ||
| Q1 25 | $-8.5M | $20.6M | ||
| Q4 24 | $-16.7M | $-21.6M | ||
| Q3 24 | $-2.4M | $38.6M | ||
| Q2 24 | $-3.8M | $-4.3M | ||
| Q1 24 | $-11.9M | $2.6M |
| Q4 25 | $-8.4M | $15.8M | ||
| Q3 25 | $-15.1M | $-24.9M | ||
| Q2 25 | $-2.5M | $5.4M | ||
| Q1 25 | $-8.6M | $5.8M | ||
| Q4 24 | $-17.0M | $-28.4M | ||
| Q3 24 | $-2.6M | $38.6M | ||
| Q2 24 | $-4.5M | $-6.0M | ||
| Q1 24 | $-12.3M | $2.6M |
| Q4 25 | -25.7% | 25.9% | ||
| Q3 25 | -57.9% | -59.3% | ||
| Q2 25 | -12.4% | 12.3% | ||
| Q1 25 | -41.2% | 5.8% | ||
| Q4 24 | -128.6% | -56.7% | ||
| Q3 24 | -25.6% | 55.1% | ||
| Q2 24 | -39.2% | -49.4% | ||
| Q1 24 | -97.6% | 16.4% |
| Q4 25 | 1.3% | 0.9% | ||
| Q3 25 | 1.7% | 15.3% | ||
| Q2 25 | 0.9% | 24.8% | ||
| Q1 25 | 0.4% | 15.0% | ||
| Q4 24 | 2.2% | 13.4% | ||
| Q3 24 | 2.2% | 0.1% | ||
| Q2 24 | 6.1% | 13.8% | ||
| Q1 24 | 3.4% | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | — | 176.40× |
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% |
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
