Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 325

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 325
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        Cost of revenue
         
        $
        70

        $
        252

        Research and development

        34

        140

        Selling and marketing

        382

        552

        General and administrative

        152

        3,478

        Total
         
        $
        638

        $
        4,422

      At December 31, 2024 and 2023, we had accruals totaling approximately $0.2 million and $2.7 million, respectively, relating to payments still to be made to our former employees. The remaining liability to our former 

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employees will be paid in 2025. Payments made to former employees for the years ended December 31, 2024 and 2023, were approximately $3.1 million and $2.1 million, respectively.

Note 5. Accounts receivable, netAccounts receivable consisted of the following:

        (in thousands)
         
        December 31, 2024

        December 31, 2023

        Trade receivables
         
        $
        22,369

        $
        46,152

        Related party receivables

        3,121

        868

        Revenue recognized in excess of billings

        15,936

        26,813

        Other receivables

        —

        3

        Total

        41,426

        73,836

        Allowance for credit losses

        (1,717
        )

        (8,557
        )

        Accounts receivable, net
         
        $
        39,709

        $
        65,279

      On April 3, 2024, we entered into a First Amendment ("the Amendment") to Master Project Supply Agreements dated October 11, 2021 with a customer and major solar project developer that owed us approximately $30.8 million for project equipment we had previously completed and made available to the customer pursuant to the Master Project Supply Agreements. The Amendment was executed in consideration of and concurrent with the sale of the uncompleted projects by our customer, including the amended Master Project Supply Agreements, to a new third-party developer (the "Purchaser") who assumed certain obligations to us under the amended Master Project Supply Agreements.Pursuant to the Amendment, we received a cash payment of $9.0 million from the Purch