Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 301

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 301
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 presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ BDO USA, P.C.

We have served as the Company’s auditor since 2023.

Austin, Texas 

March 31, 2025

59

Table of Contents

FTC Solar, Inc.

Consolidated Balance Sheets

    (in thousands, except shares and per share data)
     
    December 31, 2024

    December 31, 2023

    ASSETS

    Current assets

    Cash and cash equivalents
     
    $
    11,247

    $
    25,235

    Accounts receivable, net of allowance for credit losses of $1,717 and $8,557 at December 31, 2024 and December 31, 2023, respectively

    39,709

    65,279

    Inventories

    10,144

    3,905

    Prepaid and other current assets

    15,028

    14,089

    Total current assets

    76,128

    108,508

    Operating lease right-of-use assets

    1,149

    1,819

    Property and equipment, net

    2,217

    1,823

    Intangible assets, net

    —

    542

    Goodwill

    7,139

    7,353

    Equity method investment

    954

    240

    Other assets

    2,341

    2,785

    Total assets
     
    $
    89,928

    $
    123,070

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities

    Accounts payable
     
    $
    12,995

    $
    7,979

    Accrued expenses

    20,134

    34,848

    Income taxes payable

    325

    88

    Deferred revenue

    5,306

    3,612

    Other current liabilities

    10,313

    8,138

    Total current liabilities

    49,073

    54,665

    Long-term debt

    9,466

    —

    Operating lease liability, net of current portion

    411