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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Voyager Technologies, Inc. is the larger business by last-quarter revenue ($35.2M vs $32.9M, roughly 1.1× FTC Solar, Inc.). FTC Solar, Inc. runs the higher net margin — -110.7% vs -130.4%, a 19.6% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 2.1%). FTC Solar, Inc. produced more free cash flow last quarter ($-8.4M vs $-66.8M).
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 VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $35.2M |
| Net Profit | $-36.4M | $-45.9M |
| Gross Margin | 14.9% | -4.4% |
| Operating Margin | -17.2% | — |
| Net Margin | -110.7% | -130.4% |
| Revenue YoY | 148.9% | 2.1% |
| Net Profit YoY | -197.4% | -64.5% |
| EPS (diluted) | $-2.31 | $-0.75 |
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 | — | $35.2M | ||
| Q4 25 | $32.9M | $46.7M | ||
| Q3 25 | $26.0M | $39.6M | ||
| Q2 25 | $20.0M | $45.7M | ||
| Q1 25 | $20.8M | — | ||
| Q4 24 | $13.2M | — | ||
| Q3 24 | $10.1M | — | ||
| Q2 24 | $11.4M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $-36.4M | $-33.0M | ||
| Q3 25 | $-23.9M | $-16.3M | ||
| Q2 25 | $-15.4M | $-31.4M | ||
| Q1 25 | $-3.8M | — | ||
| Q4 24 | $-12.2M | — | ||
| Q3 24 | $-15.4M | — | ||
| Q2 24 | $-12.2M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | 14.9% | 21.4% | ||
| Q3 25 | 6.1% | 15.4% | ||
| Q2 25 | -19.6% | 18.0% | ||
| Q1 25 | -16.6% | — | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | -42.5% | — | ||
| Q2 24 | -20.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | -17.2% | — | ||
| Q3 25 | -29.6% | -60.7% | ||
| Q2 25 | -57.5% | -52.8% | ||
| Q1 25 | -50.8% | — | ||
| Q4 24 | -101.7% | — | ||
| Q3 24 | -147.8% | — | ||
| Q2 24 | -104.3% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | -110.7% | -70.7% | ||
| Q3 25 | -92.0% | -41.1% | ||
| Q2 25 | -77.2% | -68.7% | ||
| Q1 25 | -18.4% | — | ||
| Q4 24 | -92.7% | — | ||
| Q3 24 | -151.5% | — | ||
| Q2 24 | -107.1% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $-2.31 | $-0.52 | ||
| Q3 25 | $-1.61 | $-0.28 | ||
| Q2 25 | $-1.18 | $-1.23 | ||
| Q1 25 | $-0.58 | — | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-1.21 | — | ||
| Q2 24 | $-0.97 | — |
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 | $429.4M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $404.5M |
| Total Assets | $111.8M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $21.1M | $491.3M | ||
| Q3 25 | $24.4M | $413.3M | ||
| Q2 25 | $3.5M | $468.9M | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $11.2M | — | ||
| Q3 24 | $8.3M | — | ||
| Q2 24 | $10.8M | — |
| Q1 26 | — | — | ||
| 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 26 | — | $404.5M | ||
| Q4 25 | $-43.0M | — | ||
| Q3 25 | $-13.7M | $590.9M | ||
| Q2 25 | $9.0M | $554.7M | ||
| Q1 25 | $15.5M | — | ||
| Q4 24 | $19.0M | — | ||
| Q3 24 | $30.4M | — | ||
| Q2 24 | $44.2M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $111.8M | — | ||
| Q3 25 | $111.5M | $727.8M | ||
| Q2 25 | $83.0M | $685.3M | ||
| Q1 25 | $84.1M | — | ||
| Q4 24 | $89.9M | — | ||
| Q3 24 | $91.7M | — | ||
| Q2 24 | $100.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-39.7M |
| Free Cash FlowOCF − Capex | $-8.4M | $-66.8M |
| FCF MarginFCF / Revenue | -25.7% | -189.5% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $-8.0M | $-60.9M | ||
| Q3 25 | $-14.6M | $-15.1M | ||
| Q2 25 | $-2.3M | $-30.9M | ||
| Q1 25 | $-8.5M | — | ||
| Q4 24 | $-16.7M | — | ||
| Q3 24 | $-2.4M | — | ||
| Q2 24 | $-3.8M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | $-8.4M | $-54.5M | ||
| Q3 25 | $-15.1M | $-53.8M | ||
| Q2 25 | $-2.5M | $-88.8M | ||
| Q1 25 | $-8.6M | — | ||
| Q4 24 | $-17.0M | — | ||
| Q3 24 | $-2.6M | — | ||
| Q2 24 | $-4.5M | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | -25.7% | -116.9% | ||
| Q3 25 | -57.9% | -135.8% | ||
| Q2 25 | -12.4% | -194.4% | ||
| 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% | 97.8% | ||
| Q2 25 | 0.9% | 126.7% | ||
| 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% |
VOYG
Segment breakdown not available.
