Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 154

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 154
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 period end
         
        $
        89,928

        $
        123,070

      ___________

         (1) -
         Other segment expenses include research and development material and lab expenditures, professional services, marketing, employee travel, facility, insurance, depreciation and amortization and certain other period costs.
        
       Geographic concentrationsThird-party revenue was recognized by our subsidiaries established in the following locations:

        Year ended December 31,

        (in thousands)
         
        2024

        2023

        United States
         
        $
        42,253

        $
        119,982

        Australia

        4,369

        7,000

        All other

        733

        20

        Total third-party revenue
         
        $
        47,355

        $
        127,002

      Our long-lived assets, consisting of ROU assets and property and equipment, were in the following locations:

        As of December 31,

        (in thousands)
         
        2024

        2023

        United States
         
        $
        3,047

        $
        3,187

        Australia

        48

        7

        India

        261

        441

        All other

        10

        7

        Total long-lived assets
         
        $
        3,366

        $
        3,642

92

Cash and cash equivalents concentrationAt December 31, 2024, approximately 89% of our cash and cash equivalents were in financial institutions located in the United States. 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. These deposits totaled $0.5 million at December 31, 2024 and $13.9 million at December 31, 2023.Customer concentrationDuring the year ended December 31, 2024, four customers accounted for approximately 39%, 11%, 11% and 11%, respectively, of total revenue. During the year ended December 31, 2023, four customers accounted for approximately 23%, 19%, 17% and 13%, respectively, of total revenue.

Note 23. Subsequent eventsOn March 4, 2025, we executed a term sheet (the "Term