Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 133

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 133
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 Certain of our headcount changes also reflect a shift of our employee base to more cost-effective markets with exceptional talent.In August 2023, we restructured and combined selected indirect and administrative functions in order to better control and manage our overhead costs in relation to current market conditions, including the impact of start-up delays for certain customer projects. This effort resulted in a reduction of 21 employees, including certain members of our executive leadership team, or approximately 9% of our existing headcount at that time. Also, in November 2023, we announced that certain other members of our executive leadership team, including our then President and Chief Executive Officer and our then Chief Financial Officer, would step down from their positions and depart the Company, effective in December 2023.In connection with these events, we recognized severance and termination-related costs as follows: 

        Year ended December 31,

        (in thousands)
         
        2024

        2023

        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 

74

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