Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 230

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 230
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 amount of revenue recognized over time as work progresses.Included in total receivables above are amounts billed under retainage provisions totaling $0.9 million as of December 31, 2023. We had no receivables for billed retainage as of December 31, 2024.At December 31, 2024, three customers accounted for approximately 42%, 21% and 11%, respectively, of our total accounts receivable. At December 31, 2023, four customers accounted for approximately 42%, 20%, 13% and 11%, respectively, of our total accounts receivable.Activity in the allowance for credit losses in 2024 and 2023 was as follows:

        Year ended December 31,

        (in thousands)
         
        2024

        2023

        Balance at beginning of period
         
        $
        8,557

        $
        1,184

        Impact of adoption of ASU 2016-13, effective January 1, 2023
         
        N/A

        —

        Amounts charged to earnings during the period

        2,072

        7,373

        Write-offs of accounts

        (8,912
        )

        —

        Balance at end of period
         
        $
        1,717

        $
        8,557

75

Note 6. InventoriesInventories consisted of the following:

        (in thousands)
         
        December 31, 2024

        December 31, 2023

        Finished goods
         
        $
        10,660

        $
        4,246

        Allowance for slow-moving and obsolete inventory

        (516
        )

        (341
        )

        Total
         
        $
        10,144

        $
        3,905

      The increase in our finished goods inventory is primarily related to completed project equipment retained by us pursuant to the agreement reached with a major customer described further in Note 5, "Accounts receivable, net" above. Activity in the allowance for slow-moving and obsolete inventory for each period was as follows:

        Year ended December 31,

        (in thousands)
         
        2024

        2023

        Balance at beginning of period
         
        $
        341

        $
        1,320

        Additions charged to earnings

        177