Company: FTCI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001193125-25-276228
Chunk: 0

Company: FTC Solar, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 0
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FTC Solar, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

     (in thousands, except shares and per share data)
      
     September 30, 2025

     December 31, 2024

     ASSETS

     Current assets

     Cash and cash equivalents
      
     $
     24,369

     $
     11,247

     Accounts receivable, net of allowance for credit losses of $2,283 and $1,717 at September 30, 2025 and December 31, 2024, respectively

     49,193

     39,709

     Inventories

     7,655

     10,144

     Prepaid and other current assets

     15,374

     15,028

     Total current assets

     96,591

     76,128

     Operating lease right-of-use assets

     1,026

     1,149

     Property and equipment, net

     2,229

     2,217

     Goodwill

     7,312

     7,139

     Equity method investment

     2,298

     954

     Other assets

     2,069

     2,341

     Total assets
      
     $
     111,525

     $
     89,928

     LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

     Current liabilities

     Accounts payable
      
     $
     16,313

     $
     12,995

     Accrued expenses

     26,850

     20,134

     Income taxes payable

     452

     325

     Deferred revenue

     4,408

     5,306

     Other current liabilities

     10,111

     10,313

     Total current liabilities

     58,134

     49,073

     Long-term debt

     16,648

     9,466

     Operating lease liability, net of current portion

     583

     411

     Warrant liability

     48,127

     9,520

     Other non-current liabilities

     1,765

     2,422

     Total liabilities

     125,257

     70,892

     Commitments and conting