Condensed Consolidated Statements of Cash Flows(unaudited) Three months ended March 31, (in thousands) 2025 2024 Cash flows from operating activities Net loss $(3,819) $(8,771)Adjustments to reconcile net loss to cash used in operating activities: Stock-based compensation 280 1,639 Depreciation and amortization 302 404 Gain from change in fair value of warrant liability (4,604) — Gain from sale of property and equipment (3) — Amortization of debt discount and issue costs 210 177 Paid-in-kind non-cash interest 492 — Provision (credit) for obsolete and slow-moving inventory — 177 Loss from unconsolidated subsidiary 112 265 Gain from disposal of investment in unconsolidated subsidiary (3,204) (4,085)Warranties issued and remediation added 1,045 838 Warranty recoverable from manufacturer 80 98 Credit loss provisions(reversals) (92) 670 Deferred income taxes 426 225 Lease expense and other 327 309 Impact on cash from changes in operating assets and liabilities: Accounts receivable (4,437) (1,770)Inventories 3,316 (116)Prepaid and other current assets 918 45 Other assets (216) (226)Accounts payable 1,688 3,989 Accruals and other current liabilities 2,539 (6,200)Deferred revenue (3,069) 1,285 Other non-current liabilities (415) (523)Lease payments and other, net (359) (287)Net cash used in operations (8,483) (11,857)Cash flows from investing activities: Purchases of property and equipment (83) (432)Proceeds from sale of property and equipment 3 — Equity method investment in Alpha Steel — (1,035)Proceeds from disposal of investment in unconsolidated subsidiary 3,204 4,085 Net cash provided by investing activities 3,124 2,618 Cash flows from financing activities: Proceeds from stock option exercises 3 — Net cash provided by financing activities 3 — Effect of exchange rate changes on cash, cash equivalents and restricted cash 18 (59)Decrease in cash, cash equivalents and restricted cash (5,338) (9,298)Cash and cash equivalents at beginning of period 11,247 25,235 Cash, cash equivalents and restricted cash at end of period $5,909 $15,937 Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance.
GAAP $(3,819) $(3,819) $(8,771) $(8,771)Reconciling items - Provision for (benefit from) income taxes 254 — (11) — Interest expense 711 — 317 — Interest income (6) — (181) — Amortization of debt discount and issue costs in interest expense — 210 — 177 Depreciation expense 302 — 270 — Amortization of intangibles — — 134 134 Stock-based compensation 280 280 1,639 1,639 Gain from disposal of investment in unconsolidated subsidiary(a) (3,204) (3,204) (4,085) (4,085)Gain from change in fair value of warrant liability(b) (4,604) (4,604) — — CEO transition(c) 160 160 — — Non-routine legal fees(d) — — 33 33 Reverse stock split(e) 1 1 — — Severance costs(f) 175 175 — — Adjusted Non-GAAP amounts $(9,750) $(10,801) $(10,655) $(10,873) Adjusted Non-GAAP net loss per share (Adjusted EPS): Basic(g) N/A $(0.84) N/A $(0.87)Diluted(g) N/A $(0.84) N/A $(0.87) Weighted-average common shares outstanding: Basic(g) N/A 12,888,695 N/A 12,556,938 Diluted(g) N/A 12,888,695 N/A 12,556,938 (a)We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.(b)We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.(c)In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the "sign-on bonuses"), a portion of which was paid to our CEO in 2024, with clawback provisions over the next two years, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date.
Condensed Consolidated Statements of Comprehensive Loss(unaudited) Three months ended March 31, (in thousands, except shares and per share data) 2025 2024 Revenue: Product $18,202 $10,905 Service 2,601 1,682 Total revenue 20,803 12,587 Cost of revenue: Product 20,111 12,367 Service 4,139 2,328 Total cost of revenue 24,250 14,695 Gross loss (3,447) (2,108)Operating expenses Research and development 924 1,439 Selling and marketing 1,136 2,388 General and administrative 5,053 6,567 Total operating expenses 7,113 10,394 Loss from operations (10,560) (12,502)Interest expense (711) (317)Interest income 6 181 Gain from disposal of investment in unconsolidated subsidiary 3,204 4,085 Gain from change in fair value of warrant liability 4,604 — Other income, net 4 36 Loss from unconsolidated subsidiary (112) (265)Loss before income taxes (3,565) (8,782)(Provision for) benefit from income taxes (254) 11 Net loss (3,819) (8,771)Other comprehensive income (loss): Foreign currency translation adjustments 28 (181)Comprehensive loss $(3,791) $(8,952)Net loss per share: Basic(*) $(0.30) $(0.70)Diluted(*) $(0.58) $(0.70)Weighted-average common shares outstanding: Basic(*) 12,888,695 12,556,938 Diluted(*) 14,588,972 12,556,938 ___________ (*)Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024. FTC Solar, Inc.
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