Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 278

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 278
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    )

    (102.2
    %)

    (50,628
    )

    (39.9
    %)

    (Provision for) benefit from income taxes

    (230
    )

    (0.5
    %)

    338

    0.3
    %

    Net loss
     
    $
    (48,606
    )

    (102.6
    %)
     
    $
    (50,290
    )

    (39.6
    %)

Revenue 

We generate our revenue in two streams – Product revenue and Service revenue. Product revenue is derived from the sale of solar tracker systems and customized components for those systems, individual part sales for certain specific transactions and the sale of term-based software licenses. Service revenue includes revenue from shipping and handling services, engineering consulting and pile testing services, our subscription-based enterprise licensing model and maintenance and support services in connection with the term-based software licenses.

    Year ended December 31,

    (in thousands)
     
    2024

    2023

    $ Change

    % Change

    Product
     
    $
    37,520

    $
    101,872

    $
    (64,352
    )

    (63.2
    )%

    Service

    9,835

    25,130

    (15,295
    )

    (60.9
    )%

    Total revenue
     
    $
    47,355

    $
    127,002

    $
    (79,647
    )

    (62.7
    )%

Product revenue

The decrease in product revenue in 2024, as compared to 2023, was primarily due to a decrease of 69% in MW produced as manufacturing activity during 2024 was adversely impacted by customer project delays. This was partially offset by an increase of 17% in ASP resulting from better pricing and project mix changes during 2024 as compared to 2023. 

Service revenue

The decrease in service revenue in 2024, as compared to 2023, primarily resulted from (i) a decrease of 50% in the amount of MW delivered resulting from a lower volume of projects available for delivery and timing of shipments 

46

related to customer project delays, (ii) a decrease of 21% in ASP, and (iii) lower engineering consulting and software revenues in 202