Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 364

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 364
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 compete on the basis of product performance and features, total cost of ownership (usually measured by the levelized cost of energy), reliability and duration of product warranty, sales, manufacturing and distribution capabilities, training, customer support and the ability to identify, hire and retain qualified personnel.

Several of our existing and potential competitors are significantly larger than we are and may have greater financial, marketing, manufacturing, distribution and customer support resources, as well as broader brand recognition and greater market penetration, especially in certain markets.

Patents, trademarks and trade names

We maintain a robust program of research and development to continue to enhance and expand our product offerings to our customers. During the year ended December 31, 2024, our research and development costs totaled $5.9 million, including employee salaries and benefit costs. 

Our trademarks and trade names include, but are not limited to, Voyager Tracker, Pioneer Tracker, SUNPATH, SUNOPS and FTC Solar, which are protected under applicable intellectual property laws. This Annual Report also may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Annual Report are listed without the TM, SM, © and ® symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors, if any, to these trademarks, service marks, trade names and copyrights. 

10

At December 31, 2024, we had patents in the following locations:

    Locations
     
    Patents Granted

    Patents Allowed and Pending for Examination

    United States

    49

    2

    Australia

    4

    1

    All other

    7

    1

    Total

    60

    4

Our issued U.S. patents are expected to expire between 2027 and 2043.

Human capital resources

Our year-end headcount by department for each period was as follows:

    Department
     
    December 31,2024

    December 31,2023

    Operations and support

    93

    106

    Research and development

    45

    41

    Sales and marketing

    20

    22

    General and administrative

    44

    44

    Total headcount at period end

    202

    213

Our employees