Company: FTCI
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109046
Chunk: 35

Company: FTC Solar, Inc.
Filing Date: 2025-05-01
Form: 424B5
Chunk 35
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 current and potential customers in the
United States, Asia, the Middle East, North Africa, South Africa and Australia, and we aim to continue to expand our global footprint in Latin America, New Zealand and Europe. Our Voyager tracking system is built upon a self-powered, two-panel
in-portrait design utilizing a 60-meter independent row architecture, which provides numerous advantages to our customers.

Our customers
include project developers, solar asset owners and engineering, procurement and construction contractors that design and build solar energy projects.

We currently operate in one business segment and derive our revenue primarily from the sale of: (i) Voyager Tracker and customized
components of Voyager Tracker, (ii) individual parts of Voyager Tracker for certain specific transactions, (iii) shipping and handling services, (iv) term-based software licenses, (v) maintenance and support services for the
term-based software licenses and (vi) subscription services.

We report both product and service revenue in our consolidated
financial statements. Product revenue includes revenue from the sale of Voyager Tracker and customized components of Voyager Tracker, individual

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part sales for certain specific transactions, and sale of term-based software licenses. Service revenue includes revenue from shipping and handling services, subscription fees from licensing
subscription services, and maintenance and support services in connection with the term-based software licenses.

We incur costs
associated with the revenues generated related to (i) the raw materials used in the Voyager Tracker system, including parts and components, (ii) personnel costs attributable to procurement, installation and delivery of finished products
and services, (iii) freight and delivery, (iv) product warranty, (v) insurance and (vi) customer support.

We
outsource all manufacturing to contract manufacturing partners who rely largely on raw materials obtained from international sources, including various vendors located in Southeast Asia. We, and our contract manufacturing partners, have been
impacted by global logistics issues and increasing costs to obtain and deliver those materials during the last nine months of 2021 and continuing into 2022. We continue to focus on improving product margins by seeking ways to reduce such costs.

We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Under the JOBS Act, we
elected to use the allowed extended transition period to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

Corporate Information

We were
incorporated under the laws of the State of Delaware on January 3, 2017 under the