Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 138

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 138
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 In the event we fail to meet our minimum required purchase commitments in any period, we would contractually be required to make a cash payment for the net profit attributable to any unfilled requirements, calculated as specified in the agreement, in an amount not to exceed $4.0 million in the aggregate. As of December 31, 2024, we had met approximately 19% of our required purchase commitments for the period ending June 30, 2025. The Supply Agreement may be terminated early in accordance with its provisions or may be extended beyond the initial term if mutually agreed to by the parties.At December 31, 2024 and 2023, we were contingently liable for unpaid vendor obligations, including issued but unsatisfied purchase orders, of Alpha Steel totaling approximately $0.2 million and $3.4 million, respectively. We expect Alpha Steel will be able to satisfy these obligations with financial resources available to them in the normal course of operations.

Note 12. Accrued expenses and other current liabilitiesAccrued expenses and other current liabilities consisted of the following:

        (in thousands)
         
        December 31, 2024

        December 31, 2023

        Accrued cost of revenue
         
        $
        13,033

        $
        26,773

        Related party accrued cost of revenue

        1,718

        1,451

        Accrued compensation

        3,687

        3,858

        Other accrued expenses

        1,696

        2,766

        Total accrued expenses
         
        $
        20,134

        $
        34,848

        Warranty reserves
         
        $
        9,482

        $
        7,279

        Current portion of operating lease liability

        755

        740

        Non-federal tax obligations

        76

        119

        Total other current liabilities
         
        $
        10,313

        $
        8,138

79

Information about our related party accrued cost of revenue at December 31, 2024 and 2023, may be found below in Note 18, "Related party transactions".Other accrued expenses primarily include amounts due for (i) legal and other costs associated with outstanding legal matters and (ii) other professional services.Activity by period in the Company's warranty accruals was as follows:

        Year ended December 31