FTC Solar Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
FTCI$1.55-2.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine months ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net loss | $(36,371) | $(39,113) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||
| Stock-based compensation | 4,243 | 9,044 |
| Depreciation and amortization | 1,229 | 1,004 |
| Gain from sale of property and equipment | — | (2) |
| Amortization of debt issue costs | 236 | 532 |
| Provision for obsolete and slow-moving inventory | 177 | 1,261 |
| Loss from unconsolidated subsidiary | 767 | 336 |
| Gain from disposal of investment in unconsolidated subsidiary | (4,085) | (898) |
| Warranty and remediation provisions | 4,735 | 3,938 |
| Warranty recoverable from manufacturer | 388 | 45 |
| Credit loss provisions | 1,330 | 4,302 |
| Deferred income taxes | 220 | 221 |
| Lease expense and other | 861 | 748 |
| Impact on cash from changes in operating assets and liabilities: | ||
| Accounts receivable | 26,604 | (26,625) |
| Inventories | (11,396) | 9,033 |
| Prepaid and other current assets | (1,403) | (3,122) |
| Other assets | (514) | 67 |
| Accounts payable | 10,622 | (6,160) |
| Accruals and other current liabilities | (13,502) | 5,491 |
| Deferred revenue | 832 | (138) |
| Other non-current liabilities | (2,013) | (5,740) |
| Lease payments and other, net | (968) | (607) |
| Net cash used in operations | (18,008) | (46,383) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,355) | (460) |
| Equity method investment in Alpha Steel | (1,800) | (900) |
| Proceeds from disposal of investment in unconsolidated subsidiary | 4,085 | 898 |
| Net cash provided by (used in) investing activities | 930 | (462) |
| Cash flows from financing activities: | ||
| Sale of common stock | — | 34,007 |
| Stock offering costs paid | — | (95) |
| Proceeds from stock option exercises | 3 | 221 |
| Net cash provided by financing activities | 3 | 34,133 |
| Effect of exchange rate changes on cash and cash equivalents | 95 | (153) |
| Decrease in cash and cash equivalents | (16,980) | (12,865) |
| Cash and cash equivalents at beginning of period | 25,235 | 44,385 |
| Cash and cash equivalents at end of period | $8,255 | $31,520 |
| Supplemental disclosures of cash flow information: | ||
| Purchases of property and equipment included in ending accounts payable and accruals | $225 | $146 |
| Stock issued for accrued legal settlement | $— | $2,000 |
| Right-of-use asset and lease liability recognition for new leases | $500 | $1,417 |
| Cash paid during the period for interest | $211 | $436 |
| Cash paid during the period for taxes, net of refunds | $113 | $331 |
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