Company: FTCI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000950170-25-061469
Chunk: 0

Company: FTC Solar, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 0
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FTC Solar, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

     (in thousands, except shares and per share data)
      
     March 31, 2025

     December 31, 2024

     ASSETS

     Current assets

     Cash and cash equivalents
      
     $
     5,909

     $
     11,247

     Accounts receivable, net of allowance for credit losses of $1,625 and $1,717 at March 31, 2025 and December 31, 2024, respectively

     44,238

     39,709

     Inventories

     6,828

     10,144

     Prepaid and other current assets

     14,123

     15,028

     Total current assets

     71,098

     76,128

     Operating lease right-of-use assets

     959

     1,149

     Property and equipment, net

     1,951

     2,217

     Goodwill

     7,173

     7,139

     Equity method investment

     842

     954

     Other assets

     2,038

     2,341

     Total assets
      
     $
     84,061

     $
     89,928

     LIABILITIES AND STOCKHOLDERS' EQUITY

     Current liabilities

     Accounts payable
      
     $
     14,636

     $
     12,995

     Accrued expenses

     23,245

     20,134

     Income taxes payable

     407

     325

     Deferred revenue

     2,237

     5,306

     Other current liabilities

     10,373

     10,313

     Total current liabilities

     50,898

     49,073

     Long-term debt

     10,169

     9,466

     Operating lease liability, net of current portion

     344

     411

     Warrant liability

     4,916

     9,520

     Other non-current liabilities

     2,206

     2,422

     Total liabilities

     68,533

     70,892

     Commitments and contingencies (Note 13)

     Stock