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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
FTC Solar, Inc. is the larger business by last-quarter revenue ($32.9M vs $26.9M, roughly 1.2× WEST BANCORPORATION INC). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs -110.7%, a 150.0% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 16.6%). WEST BANCORPORATION INC produced more free cash flow last quarter ($12.4M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 17.3%).
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.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
FTCI vs WTBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $26.9M |
| Net Profit | $-36.4M | $10.6M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 50.0% |
| Net Margin | -110.7% | 39.2% |
| Revenue YoY | 148.9% | 16.6% |
| Net Profit YoY | -197.4% | 34.8% |
| EPS (diluted) | $-2.31 | $0.61 |
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 | — | $26.9M | ||
| Q4 25 | $32.9M | $24.2M | ||
| Q3 25 | $26.0M | $25.0M | ||
| Q2 25 | $20.0M | $23.8M | ||
| Q1 25 | $20.8M | $23.1M | ||
| Q4 24 | $13.2M | $20.9M | ||
| Q3 24 | $10.1M | $20.3M | ||
| Q2 24 | $11.4M | $19.6M |
| Q1 26 | — | $10.6M | ||
| Q4 25 | $-36.4M | $7.4M | ||
| Q3 25 | $-23.9M | $9.3M | ||
| Q2 25 | $-15.4M | $8.0M | ||
| Q1 25 | $-3.8M | $7.8M | ||
| Q4 24 | $-12.2M | $7.1M | ||
| Q3 24 | $-15.4M | $6.0M | ||
| Q2 24 | $-12.2M | $5.2M |
| 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 | — | 50.0% | ||
| Q4 25 | -17.2% | 39.6% | ||
| Q3 25 | -29.6% | 45.8% | ||
| Q2 25 | -57.5% | 43.4% | ||
| Q1 25 | -50.8% | 43.4% | ||
| Q4 24 | -101.7% | 30.9% | ||
| Q3 24 | -147.8% | 36.6% | ||
| Q2 24 | -104.3% | 32.6% |
| Q1 26 | — | 39.2% | ||
| Q4 25 | -110.7% | 30.7% | ||
| Q3 25 | -92.0% | 37.3% | ||
| Q2 25 | -77.2% | 33.5% | ||
| Q1 25 | -18.4% | 34.0% | ||
| Q4 24 | -92.7% | 34.0% | ||
| Q3 24 | -151.5% | 29.3% | ||
| Q2 24 | -107.1% | 26.5% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-2.31 | $0.44 | ||
| Q3 25 | $-1.61 | $0.55 | ||
| Q2 25 | $-1.18 | $0.47 | ||
| Q1 25 | $-0.58 | $0.46 | ||
| Q4 24 | $-0.95 | $0.41 | ||
| Q3 24 | $-1.21 | $0.35 | ||
| Q2 24 | $-0.97 | $0.31 |
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 | $362.0M |
| Total DebtLower is stronger | $9.9M | — |
| Stockholders' EquityBook value | $-43.0M | $270.7M |
| Total Assets | $111.8M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $362.0M | ||
| Q4 25 | $21.1M | $471.1M | ||
| Q3 25 | $24.4M | $232.9M | ||
| Q2 25 | $3.5M | $345.2M | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $11.2M | $243.5M | ||
| 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 | — | $270.7M | ||
| Q4 25 | $-43.0M | $266.0M | ||
| Q3 25 | $-13.7M | $255.1M | ||
| Q2 25 | $9.0M | $240.9M | ||
| Q1 25 | $15.5M | $237.9M | ||
| Q4 24 | $19.0M | $227.9M | ||
| Q3 24 | $30.4M | $235.4M | ||
| Q2 24 | $44.2M | $223.9M |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $111.8M | $4.1B | ||
| Q3 25 | $111.5M | $4.0B | ||
| Q2 25 | $83.0M | $4.1B | ||
| Q1 25 | $84.1M | $4.0B | ||
| Q4 24 | $89.9M | $4.0B | ||
| Q3 24 | $91.7M | $4.0B | ||
| Q2 24 | $100.3M | $4.0B |
| 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 | $12.9M |
| Free Cash FlowOCF − Capex | $-8.4M | $12.4M |
| FCF MarginFCF / Revenue | -25.7% | 46.0% |
| Capex IntensityCapex / Revenue | 1.3% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.9M | ||
| Q4 25 | $-8.0M | $46.5M | ||
| Q3 25 | $-14.6M | $11.4M | ||
| Q2 25 | $-2.3M | $13.5M | ||
| Q1 25 | $-8.5M | $9.7M | ||
| Q4 24 | $-16.7M | $39.8M | ||
| Q3 24 | $-2.4M | $12.9M | ||
| Q2 24 | $-3.8M | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | $-8.4M | $43.2M | ||
| Q3 25 | $-15.1M | $10.8M | ||
| Q2 25 | $-2.5M | $12.8M | ||
| Q1 25 | $-8.6M | $8.3M | ||
| Q4 24 | $-17.0M | $13.7M | ||
| Q3 24 | $-2.6M | $7.0M | ||
| Q2 24 | $-4.5M | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | -25.7% | 178.3% | ||
| Q3 25 | -57.9% | 43.0% | ||
| Q2 25 | -12.4% | 53.6% | ||
| Q1 25 | -41.2% | 35.7% | ||
| Q4 24 | -128.6% | 65.6% | ||
| Q3 24 | -25.6% | 34.2% | ||
| Q2 24 | -39.2% | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 1.3% | 13.7% | ||
| Q3 25 | 1.7% | 2.6% | ||
| Q2 25 | 0.9% | 3.2% | ||
| Q1 25 | 0.4% | 6.5% | ||
| Q4 24 | 2.2% | 125.3% | ||
| Q3 24 | 2.2% | 29.4% | ||
| Q2 24 | 6.1% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | — | 6.26× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 1.70× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | — | 5.61× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 1.93× |
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% |
WTBA
Segment breakdown not available.
