vs
Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $32.9M, roughly 1.6× FTC Solar, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -110.7%, a 178.1% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 32.8%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 32.3%).
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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
FTCI vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $51.6M |
| Net Profit | $-36.4M | $34.8M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 97.0% |
| Net Margin | -110.7% | 67.3% |
| Revenue YoY | 148.9% | 32.8% |
| Net Profit YoY | -197.4% | 67.0% |
| EPS (diluted) | $-2.31 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $26.0M | $49.1M | ||
| Q2 25 | $20.0M | $47.6M | ||
| Q1 25 | $20.8M | $37.5M | ||
| Q4 24 | $13.2M | $38.9M | ||
| Q3 24 | $10.1M | $35.1M | ||
| Q2 24 | $11.4M | $32.4M | ||
| Q1 24 | $12.6M | $29.5M |
| Q4 25 | $-36.4M | $34.8M | ||
| Q3 25 | $-23.9M | $25.4M | ||
| Q2 25 | $-15.4M | $26.0M | ||
| Q1 25 | $-3.8M | $18.9M | ||
| Q4 24 | $-12.2M | $20.8M | ||
| Q3 24 | $-15.4M | $15.8M | ||
| Q2 24 | $-12.2M | $14.8M | ||
| Q1 24 | $-8.8M | $17.3M |
| 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 24 | -16.7% | — |
| Q4 25 | -17.2% | 97.0% | ||
| Q3 25 | -29.6% | 72.1% | ||
| Q2 25 | -57.5% | 71.3% | ||
| Q1 25 | -50.8% | 71.7% | ||
| Q4 24 | -101.7% | 82.5% | ||
| Q3 24 | -147.8% | 60.6% | ||
| Q2 24 | -104.3% | 61.3% | ||
| Q1 24 | -99.3% | 78.8% |
| Q4 25 | -110.7% | 67.3% | ||
| Q3 25 | -92.0% | 51.7% | ||
| Q2 25 | -77.2% | 54.6% | ||
| Q1 25 | -18.4% | 50.4% | ||
| Q4 24 | -92.7% | 53.5% | ||
| Q3 24 | -151.5% | 45.1% | ||
| Q2 24 | -107.1% | 45.6% | ||
| Q1 24 | -69.7% | 58.5% |
| Q4 25 | $-2.31 | $0.90 | ||
| Q3 25 | $-1.61 | $0.65 | ||
| Q2 25 | $-1.18 | $0.69 | ||
| Q1 25 | $-0.58 | $0.51 | ||
| Q4 24 | $-0.95 | $0.56 | ||
| Q3 24 | $-1.21 | $0.44 | ||
| Q2 24 | $-0.97 | $0.42 | ||
| Q1 24 | $-0.70 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $672.5M |
| Total Assets | $111.8M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $92.1M | ||
| Q3 25 | $24.4M | $99.0M | ||
| Q2 25 | $3.5M | $79.6M | ||
| Q1 25 | $5.9M | $51.7M | ||
| Q4 24 | $11.2M | $49.9M | ||
| Q3 24 | $8.3M | $44.1M | ||
| Q2 24 | $10.8M | $47.4M | ||
| Q1 24 | $14.0M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $-13.7M | $634.3M | ||
| Q2 25 | $9.0M | $597.9M | ||
| Q1 25 | $15.5M | $563.2M | ||
| Q4 24 | $19.0M | $516.9M | ||
| Q3 24 | $30.4M | $484.6M | ||
| Q2 24 | $44.2M | $471.3M | ||
| Q1 24 | $55.2M | $452.9M |
| Q4 25 | $111.8M | $7.4B | ||
| Q3 25 | $111.5M | $7.0B | ||
| Q2 25 | $83.0M | $6.5B | ||
| Q1 25 | $84.1M | $6.0B | ||
| Q4 24 | $89.9M | $5.5B | ||
| Q3 24 | $91.7M | $5.2B | ||
| Q2 24 | $100.3M | $4.9B | ||
| Q1 24 | $115.0M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $-8.4M | $17.9M |
| FCF MarginFCF / Revenue | -25.7% | 34.6% |
| Capex IntensityCapex / Revenue | 1.3% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $18.2M | ||
| Q3 25 | $-14.6M | $11.5M | ||
| Q2 25 | $-2.3M | $7.7M | ||
| Q1 25 | $-8.5M | $3.5M | ||
| Q4 24 | $-16.7M | $37.8M | ||
| Q3 24 | $-2.4M | $-17.6M | ||
| Q2 24 | $-3.8M | $11.5M | ||
| Q1 24 | $-11.9M | $10.6M |
| Q4 25 | $-8.4M | $17.9M | ||
| Q3 25 | $-15.1M | $11.4M | ||
| Q2 25 | $-2.5M | $7.6M | ||
| Q1 25 | $-8.6M | $3.5M | ||
| Q4 24 | $-17.0M | $37.5M | ||
| Q3 24 | $-2.6M | $-17.6M | ||
| Q2 24 | $-4.5M | $11.4M | ||
| Q1 24 | $-12.3M | $10.5M |
| Q4 25 | -25.7% | 34.6% | ||
| Q3 25 | -57.9% | 23.2% | ||
| Q2 25 | -12.4% | 15.9% | ||
| Q1 25 | -41.2% | 9.2% | ||
| Q4 24 | -128.6% | 96.4% | ||
| Q3 24 | -25.6% | -50.3% | ||
| Q2 24 | -39.2% | 35.1% | ||
| Q1 24 | -97.6% | 35.8% |
| Q4 25 | 1.3% | 0.5% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 2.2% | 0.7% | ||
| Q3 24 | 2.2% | 0.2% | ||
| Q2 24 | 6.1% | 0.3% | ||
| Q1 24 | 3.4% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
