FTC Solar

2 serious warning signs in FTC Solar’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 3 later 8-Ks.

• Doubt it can keep going

  Serious

  The company or its auditor warned it may not have enough money to last the next year.

  “As discussed further in "Liquidity and Going Concern" below, given the Company's current cash balances, subject to required reductions in the principal amount of our outstanding debt and required compliance with certain financial covenants during the remainder of 2026, as well as recurring operating losses and cash outflows from operations, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern during the next year.”

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  The accompanying unaudited Condensed Consolidated Financial Statements include the results of the Company and its wholly owned subsidiaries and have been prepared based on the assumption that the Company will continue as a going concern and are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. As discussed further in "Liquidity and Going Concern" below, given the Company's current cash balances, subject to required reductions in the principal amount of our outstanding debt and required compliance with certain financial covenants during the remainder of 2026, as well as recurring operating losses and cash outflows from operations, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern during the next year.

  From the 10-Q filed 5 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

  “Based on our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026, solely because of the material weakness described below.”

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  Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act") as of the end of the period covered by this Quarterly Report. As allowed, management excluded from its assessment of disclosure controls and procedures and internal control over financial reporting the operations of Alpha Steel, which we obtained control of effective November 12, 2025. Based on our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026, solely because of the material weakness described below.

  From the 10-Q filed 5 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 28% last year. Losing that customer would hurt.

  “During the year ended December 31, 2025, four customers accounted for approximately 28%, 20%, 18% and 12%, respectively, of total revenue.”

  From the 10-K filed 24 March 2026, Item 1A. Risk Factors. Read it in the filing