Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 135

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 135
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2,005

        520

        Prepaid expenses

        842

        1,251

        Prepaid taxes

        595

        447

        Deferred cost of revenue

        433

        666

        Other current assets

        3,969

        5,538

        Total
         
        $
        15,028

        $
        14,089

      At December 31, 2024, other current assets included $2.0 million for a non-interest-bearing advance to a customer related to pre-project construction financing activities. This advance is secured by certain customer assets.At December 31, 2023, other current assets included $3.0 million for (i) a short-term interest-bearing loan to a customer for pre-project construction financing activities, as well as the non-interest-bearing customer advance described above.

Note 8. LeasesWe lease office and warehouse space in various locations, including our corporate headquarters in Austin, Texas. Additionally, we lease space for an applications laboratory in Austin, Texas and a research and development 

76

facility in Seguin, Texas. All of our manufacturing is outsourced to contract manufacturing partners, and we currently do not own or lease any manufacturing facilities. We utilized a weighted average discount rate of approximately 5% in establishing our operating lease ROU assets and liabilities at lease inception. At December 31, 2024, our weighted average remaining lease term for our operating leases was approximately 2.6 years.Our expense for our operating leases consisted of the following:

        Year ended December 31,

        (in thousands)
         
        2024

        2023

        Operating lease cost
         
        $
        1,123

        $
        996

        Short-term lease cost

        390

        424

        Total lease cost
         
        $
        1,513

        $
        1,420

        Reported in:

        Cost of revenue
         
        $
        881

        $
        907

        Research and development

        91

        55

        Selling and marketing

        126

        92

        General and administrative

        415

        366

        Total lease cost
         
        $
        1,513

        $
        1,420

      Future remaining operating lease payment obligations were as follows:

        (in thousands)
         
        December 31,