Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 186

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 186
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 $ Change

    % Change

    Gain on sale of Atlas
     
    $
    906

    $
    —

    $
    906

    N/A

 In December 2024, we sold certain assets, including intellectual property, associated with our Atlas web-based software platform, used by customers to organize and manage their solar project portfolios. We recognized a gain of $0.9 million associated with the sale. If future contingent consideration is received related to the sale, such amounts will be recognized as a gain upon realization.

Loss from change in fair value of warrant liability

    Year ended December 31,

    (in thousands)
     
    2024

    2023

    $ Change

    % Change

    Loss from change in fair value of warrant liability
     
    $
    (4,322
    )
     
    $
    —

    $
    (4,322
    )
     
    N/A

On December 4, 2024, we completed an offering of Senior Notes and Warrants. The Warrants, which have been reflected as a liability in our Consolidated Balance Sheets, were initially valued at $5.2 million at the time of issuance. Due largely to a significant increase in the price of our common stock as reported on Nasdaq between December 4, 2024 and December 31, 2024, the fair value of the Warrants increased to $9.5 million, resulting in the recognition of a non-cash loss in our Consolidated Statements of Comprehensive Loss for the change in fair value.

We anticipate further gains and losses will be recognized in future periods during which the Warrants are outstanding as a result of changes in the trading price of our common stock, some of which may be material to our consolidated financial position and results of operations.

Loss from unconsolidated subsidiary

    Year ended December 31,

    (in thousands)
     
    2024

    2023

    $ Change

    % Change

    Loss from unconsolidated subsidiary
     
    $
    1,086

    $
    660

    $
    426

    64.5
    %

The loss from unconsolidated subsidiary for 2024, represents our share of net operating losses incurred to date by Alpha Steel that are accounted for using the equity method.

Liquidity and Capital Resources 

We have incurred cumulative losses since inception and have a history of cash outflows from operations,