Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 106

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 106
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ables are from companies within or serving the solar industry and, as such, we are exposed to normal industry credit risks. We continually evaluate our allowance for credit losses and establish new provisions as needed for additional losses, if any.

Commodity Price Risk

We subcontract to various contract manufacturers, who manufacture and deliver products directly to our customers. We, therefore, do not procure raw materials and commodities directly. We are subject to indirect risk from fluctuating market prices of certain commodity raw materials, including steel and aluminum, which are used in our products, through our contract manufacturers, as increases in these commodity prices would increase our cost of procuring subcontracting services. Prices of these raw materials may be affected by supply restrictions or other market factors from time to time. Significant price increases for these raw materials could reduce our operating margins if we are unable to recover such increases in costs from our customers, and could harm our business, financial condition and results of operations.

57

Item 8. Financial Statements and Supplementary Data.

INDEX TO FINANCIAL STATEMENTS

    Page

    Audited Consolidated Financial Statements

    Report of Independent Registered Public Accounting Firm (PCAOB ID 243)
    59

    Consolidated Balance Sheets
    60

    Consolidated Statements of Comprehensive Loss
    61

    Consolidated Statements of Changes in Stockholders' Equity
    62

    Consolidated Statements of Cash Flows
    63

    Notes to Consolidated Financial Statements
    64

    Note 1.   Description of business
    64

    Note 2.   Summary of significant accounting policies
    64

    Note 3.   Sale of Atlas software platform
    74

    Note 4.   Reductions in force
    74

    Note 5.   Accounts receivable, net
    75

    Note 6.   Inventories, net
    76

    Note 7.   Prepaid and other current assets
    76

    Note 8.   Leases
    76

    Note 9.   Property and equipment, net
    77

    Note 10. Intangible assets, net and goodwill
    78

    Note 11. Equity method investment
    78

    Note 12. Accrued expenses and other current liabilities
    79

    Note 13. Income taxes
    80

    Note 14. Debt
    82