$FTCI

FTC Solar, Inc.

CIK:0001828161|SEC Filings

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ 5,475	$ (19,249)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation	5,503	1,216
Depreciation and amortization	795	607
Gain from change in fair value of warrant liability	(39,855)	(1,768)
Gain from sale of property and equipment	0	(3)
Amortization of debt discount and issue costs	4,698	427
Paid-in-kind non-cash interest	2,144	1,001
Provision for obsolete and slow-moving inventory	667	0
Loss from unconsolidated subsidiary	0	563
Gain from disposal of investment in unconsolidated subsidiary	0	(3,204)
Gain on sale of Atlas	(26)	(50)
Warranties issued and remediation added	1,107	1,614
Warranty recoverable from manufacturer	160	191
Credit loss provisions (credits)	(38)	192
Deferred income taxes	207	425
Lease expense	528	594
Impact on cash from changes in operating assets and liabilities:
Accounts receivable	7,111	(5,956)
Inventories	(1,029)	2,828
Prepaid and other current assets	(2,322)	1,193
Other assets	(121)	(392)
Accounts payable	(1,853)	4,819
Accruals and other current liabilities	15,335	9,507
Deferred revenue	(1,721)	(3,814)
Other non-current liabilities	(709)	(830)
Lease payments and other, net	(534)	(691)
Net cash used in operations	(4,478)	(10,780)
Cash flows from investing activities:
Purchases of property and equipment	(595)	(268)
Proceeds from sale of Atlas software platform	26	50
Proceeds from sale of property and equipment	0	3
Proceeds from disposal of investment in unconsolidated subsidiary	0	3,204
Net cash (used in) provided by investing activities	(569)	2,989
Cash flows from financing activities:
Repayments of borrowings	(6,260)	0
Proceeds from sale of common stock	1,472	0
Stock offering costs paid	(39)	0
Financing costs paid	(170)	0
Proceeds from stock option exercises	0	3
Net cash (used in) provided by financing activities	(4,997)	3
Effect of exchange rate changes on cash and cash equivalents	14	60
Decrease in cash and cash equivalents	(10,030)	(7,728)
Cash and cash equivalents at beginning of period	21,105	11,247
Cash and cash equivalents at end of period	11,075	3,519
Supplemental disclosures of cash flow information:
Purchases of property and equipment included in ending accounts payable and accruals	59	104
Fair value of common stock issued upon warrant exercise	0	7,927
Right-of-use asset and lease liability recognition for new leases	921	165
Paid-in-kind and exit fee non-cash interest added to debt	2,144	1,001
Cash paid during the period for interest	1,760	14
Cash paid during the period for taxes, net of refunds	$ 231	$ 12

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 10,075	$ 21,105
Restricted cash	1,000	0
Accounts receivable, net of allowance for credit losses of $3,031 and $3,069 at June 30, 2026 and December 31, 2025, respectively	48,670	55,743
Inventories	9,989	9,627
Prepaid and other current assets	13,582	11,294
Total current assets	83,316	97,769
Operating lease right-of-use assets	1,636	983
Property and equipment, net	3,649	3,793
Goodwill	7,657	7,444
Other assets	1,801	1,823
Total assets	98,059	111,812
Current liabilities
Accounts payable	11,436	13,247
Short-term debt	22,641	12,681
Accrued expenses	39,810	23,770
Income taxes payable	570	630
Deferred revenue	5,451	7,172
Other current liabilities	11,321	10,725
Total current liabilities	91,229	68,225
Long-term debt, net	0	9,921
Operating lease liability, net of current portion	1,099	553
Deferred income taxes	207	0
Warrant liability	34,660	74,515
Other non-current liabilities	1,210	1,556
Total liabilities	128,405	154,770
Commitments and contingencies (Note 12)
Stockholders' deficit
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued asof June 30, 2026 and December 31, 2025	0	0
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 16,455,751 and 15,537,344 shares issued and outstanding as of June 30, 2026 and December 31, 2025	2	2
Treasury stock, at cost; 1,076,257 shares as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	391,567	384,648
Accumulated other comprehensive loss	(72)	(290)
Accumulated deficit	(421,843)	(427,318)
Total stockholders' deficit	(30,346)	(42,958)
Total liabilities and stockholders' deficit	$ 98,059	$ 111,812