In This Story
FTC Solar Inc. (FTCI-6.29%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $47.4 million in 2024 from $127.0 million in 2023, attributed to a 69% decline in megawatts produced due to customer project delays.
Cost of revenue decreased by 49.5% to $59.9 million in 2024, driven by reduced manufacturing and logistics activity, although gross profit turned negative due to insufficient revenue to cover overhead costs.
Operating expenses were reduced by 31.9% to $40.2 million, with significant decreases in selling and marketing expenses and general and administrative expenses.
The company reported a net loss of $48.6 million for 2024, slightly improved from a net loss of $50.3 million in 2023.
FTC Solar completed a 1-for-10 reverse stock split on November 29, 2024, to regain compliance with Nasdaq's minimum bid price requirement.
The company secured $15.0 million in funding through the issuance of senior secured promissory notes and warrants in December 2024, with proceeds intended for balance sheet support and growth acceleration.
FTC Solar's cash and cash equivalents decreased to $11.2 million at the end of 2024, down from $25.2 million at the end of 2023, with cash used in operations totaling $34.7 million.
The company continues to face substantial doubt about its ability to continue as a going concern, citing recurring losses and cash outflows.
FTC Solar is focused on expanding its U.S.-based supply chain and reducing reliance on China, with investments in domestic manufacturing partnerships such as Alpha Steel.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FTC Solar Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.