Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 152

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 152
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 securities excluded from calculating dilutive loss per share(*):

        Shares of common stock issuable under stock option plans outstanding

        219,653

        241,553

        Shares of common stock issuable upon vesting of RSUs

        1,566,440

        1,189,114

        Shares of common stock issuable upon exercise of outstanding warrants

        1,750,000

        —

        Potential common shares excluded from diluted net loss per share calculation

        3,536,093

        1,430,667

      ___________

         * -
         The number of anti-dilutive securities excluded from calculating dilutive loss per share have been revised to reflect the Reverse Stock Split, effective November 29, 2024.
        
        As described further in Note 14, "Debt" above, the Warrants are deemed to be participating securities as the holders of the Warrants could, in the event of a contingent dividend or distribution of cash, stock or other assets of the Company to common stockholders by way of return of capital or otherwise, be entitled to participate in such distribution to the same extent as a holder of common stock. Absent such an event, holders of the Warrants are not entitled to vote or receive dividends or be deemed to have the rights of a stockholder of the Company. Accordingly, the losses of the Company reflected above are attributed entirely to common stockholders.

Note 20. Fair value measurementsOur financial instruments consist of cash, cash equivalents, accounts receivable, accounts payable, warrants and debt obligations. Cash, cash equivalents, accounts receivable and accounts payable are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Certain of our cash equivalents include deposits in money market funds that invest primarily in short-term securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and contain no restrictions on immediate redemption. The carrying value for money market fund deposits approximates fair value based on quoted prices in active markets for units held (Level 1 classification) and totaled $0.5 million at December 31, 2024 and $13.9 million at December 31, 2023. At December 31, 2024, we estimated the fair value of our warrants to be approximately $9.5 million utilizing a Black-Scholes model (Level 2 measurement).We estimate the carrying value of our debt, as shown in our