Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 329

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 329
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 the level of historical taxable losses, we believe it is more likely than not that the Company will not realize the benefits of these deductible differences at December 31, 2024.We have federal net operating loss carryforwards of approximately $321.1 million at December 31, 2024. These loss carryforwards have an indefinite carryforward period. We also have state net operating loss carryforwards of approximately $126.2 million which begin to expire in 2034. We have federal R&D credit carryforwards of approximately $2.4 million at December 31, 2024, which begin to expire in 2038.Utilization of our net operating loss carryforwards and other tax attributes to offset federal taxable income may be subject to annual limitation due to changes in ownership, pursuant to Internal Revenue Code Sections 382 and 383.We are subject to U.S. federal income tax, as well as income tax in multiple state and foreign jurisdictions. The tax returns for years 2018 and beyond remain open for examination. As of December 31, 2024, we are not currently under audit by any taxing authority.We account for uncertainty in taxes in accordance with authoritative guidance. Changes in our accruals for unrecognized tax benefits were as follows:

        Year ended December 31,

        (in thousands)
         
        2024

        2023

        Balance at beginning of period
         
        $
        1,039

        $
        1,421

        Increase for tax positions related to the current period

        —

        —

        Increase for tax provisions related to prior periods

        —

        —

        Decrease for tax positions related to prior periods

        —

        (382
        )

        Balance at end of period
         
        $
        1,039

        $
        1,039

      The unrecognized tax benefits would not impact the effective tax rate if recognized due to the valuation allowance. We do not anticipate a significant increase or decrease over the next twelve months in the unrecognized tax benefits reported above. As of December 31, 2024, and 2023, we have not accrued any interest or penalties related to unrecognized tax benefits.

Note 14. Debt

        (in thousands)
         
        December 31, 2024

        December 31, 2023

        Senior notes
         
        $
        15,146

        $
        —

        Less: discount and deferred loan costs

        (5,