Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 232

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 232
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 software depreciation

        247

        165

        Total depreciation expense
         
        $
        1,136

        $
        833

Note 10. Intangible assets, net and goodwillIntangible assets consisted of the following:

        (in thousands)
         
        Estimated Useful Lives (Years)
         
        December 31, 2024

        December 31, 2023

        Developed technology
         
        2.5 – 3.0
         
        $
        2,014

        $
        2,555

        Total

        2,014

        2,555

        Accumulated amortization

        (2,014
        )

        (2,013
        )

        Intangible assets, net

        $
        —

        $
        542

      On January 13, 2017, we entered into an asset purchase agreement with SunEdison Utility Holdings, Inc. ("Seller") to purchase all assets and liabilities of the Seller. The assets purchased as part of this acquisition included $1.2 million of developed technology in the form of software tools for the AP90 tracker, a first-generation tracker based on a 1P linked-row design. The developed technology for the AP90 tracker was amortized over a 3-year period. A portion of this fully amortized developed technology, relating to our Atlas software platform, was sold to a third party as described further in Note 3, "Sale of Atlas software platform" above. On June 14, 2022, we acquired the outstanding stock of Shanghai Han Xiang New Energy Technology Co. Ltd. ("HX Tracker"), a China-based supplier of tracker systems. In connection with that acquisition, we identified nearly $1.4 million of developed technology in connection with the Helios 1P tracker system, which we amortized over a 2.5-year period on a straight-line basis ending on December 31, 2024.Amortization expense recognized for the years ended December 31, 2024 and 2023 totaled $0.5 million in each respective year. Activity in our goodwill balance arising largely from the acquisition of HX Tracker was as follows:

        Year ended December 31,

        (in thousands)

        2024

        2023

        Balance at beginning of period

        $
        7,353

        $
        7,538

        Translation

        (214
        )

        (