10-Q 1 ftci-20220930.htm 10-Q 10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended September 30, 2022

 

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number 001-40350

FTC SOLAR, INC.
(Exact name of Registrant as Specified in its Charter)

Delaware

 

81-4816270

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

9020 N Capital of Texas Hwy, Suite I-260,

Austin, Texas 78759

 

 

78759

  (Address of Principal Executive Offices)

 

(Zip Code)

 

(737) 787-7906

Registrant's Telephone Number, Including Area Code

Not Applicable

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value

FTCI

The Nasdaq Stock Market LLC


Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

As of October 31, 2022, 103,285,455 shares of the registrant's common stock were outstanding.

 

 

 


 

FTC Solar, Inc.

Table of Contents

PART I – FINANCIAL INFORMATION

 

 

 

 

Page

 

 

Forward-looking statements

1

 

Item 1.

Financial Statements (Unaudited)

2

 

 

Condensed Consolidated Balance Sheets

2

 

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

 

Condensed Consolidated Statements of Stockholders’ Equity

4

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

Notes to Condensed Consolidated Financial Statements

7

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

 

 

 

 

 

Item 4.

Controls and Procedures

41

 

 

 

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

Item 1.

Legal Proceedings

43

 

Item 1A.

Risk Factors

43

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

 

Item 3.

Defaults Upon Senior Securities

45

 

Item 4.

Mine Safety Disclosures

45

 

Item 5.

Other Information

45

 

Item 6.

Exhibits

46

 

SIGNATURES

47

 

 

 


 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical or current facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, liquidity, growth and profitability strategies and factors and trends affecting our business are forward-looking statements. Forward-looking statements can be identified in some cases by the use of words such as “believe,” “can,” “could,” “potential,” “plan,” “predict,” “goals,” “seek,” “should,” “may,” “may have,” “would,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” the negative of these words, other similar expressions or by discussions of strategy, plans or intentions.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe that these factors include, but are not limited to, the factors set forth under the heading “Risk Factors.” In addition, with respect to the acquisitions discussed in this Quarterly Report on Form 10-Q, these factors also include risks related to: (1) costs related to the integration of the acquisitions, (2) the inability to successfully merge goals and technology with the acquired businesses, (3) the ability to recognize the anticipated benefits of the acquisitions (including expected orders and revenues for the acquired businesses, which are based on our reasonable due diligence of each business and the information and representations that were made to us), which may be affected by, among other things, competition, brand recognition, the ability of the combined businesses to grow and manage growth profitably and retain their key employees, (4) the failure of the combined businesses to effectively scale tracker systems and solutions in certain international markets and (5) changes in applicable laws or regulations that impact the feasibility of the operations of the combined businesses. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q with the understanding that our actual future results may be materially different from what we expect. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.

These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

1


 

ITEM 1. FINANCIAL STATEMENTS

 

FTC Solar, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except shares and per share data)

 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

49,820

 

 

$

102,185

 

Accounts receivable, net

 

 

52,929

 

 

 

107,548

 

Inventories

 

 

17,305

 

 

 

8,860

 

Prepaid and other current assets

 

 

12,458

 

 

 

17,186

 

Total current assets

 

 

132,512

 

 

 

235,779

 

Operating lease right-of-use assets

 

 

1,397

 

 

 

1,733

 

Property and equipment, net

 

 

1,731

 

 

 

1,582

 

Intangible assets, net

 

 

1,215

 

 

 

 

Goodwill

 

 

7,327

 

 

 

 

Other assets

 

 

4,300

 

 

 

3,926

 

Total assets

 

$

148,482

 

 

$

243,020

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

26,946

 

 

$

39,264

 

Accrued expenses

 

 

19,617

 

 

 

47,860

 

Income taxes payable

 

 

430

 

 

 

47

 

Deferred revenue

 

 

4,910

 

 

 

1,421

 

Other current liabilities

 

 

9,576

 

 

 

4,656

 

Total current liabilities

 

 

61,479

 

 

 

93,248

 

Operating lease liability, net of current portion

 

 

996

 

 

 

1,340

 

Deferred income taxes

 

 

 

 

 

 

Other non-current liabilities

 

 

4,479

 

 

 

5,566

 

Total liabilities

 

 

66,954

 

 

 

100,154

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 103,044,324 and 92,619,641 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

10

 

 

 

9

 

Treasury stock, at cost; 10,762,566 shares as of September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Additional paid-in capital

 

 

310,212

 

 

 

292,082

 

Accumulated other comprehensive income (loss)

 

 

(350

)

 

 

7

 

Accumulated deficit

 

 

(228,344

)

 

 

(149,232

)

Total stockholders’ equity

 

 

81,528

 

 

 

142,866

 

Total liabilities and stockholders’ equity

 

$

148,482

 

 

$

243,020

 

 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

2


 

FTC Solar, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in thousands, except shares and per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

3,543

 

 

$

45,582

 

 

$

43,677

 

 

$

137,799

 

Service

 

 

13,029

 

 

 

7,407

 

 

 

53,169

 

 

 

31,005

 

Total revenue

 

 

16,572

 

 

 

52,989

 

 

 

96,846

 

 

 

168,804

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

11,411

 

 

 

48,090

 

 

 

62,800

 

 

 

146,964

 

Service

 

 

14,676

 

 

 

12,938

 

 

 

59,360

 

 

 

45,810

 

Total cost of revenue

 

 

26,087

 

 

 

61,028

 

 

 

122,160

 

 

 

192,774

 

Gross profit (loss)

 

 

(9,515

)

 

 

(8,039

)

 

 

(25,314

)

 

 

(23,970

)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,126

 

 

 

2,116

 

 

 

7,538

 

 

 

9,653

 

Selling and marketing

 

 

1,994

 

 

 

2,224

 

 

 

6,893

 

 

 

6,421

 

General and administrative

 

 

13,059

 

 

 

10,391

 

 

 

39,966

 

 

 

63,217

 

Total operating expenses

 

 

17,179

 

 

 

14,731

 

 

 

54,397

 

 

 

79,291

 

Loss from operations

 

 

(26,694

)

 

 

(22,770

)

 

 

(79,711

)

 

 

(103,261

)

Interest expense, net

 

 

(160

)

 

 

(301

)

 

 

(882

)

 

 

(515

)

Gain from disposal of investment in unconsolidated subsidiary

 

 

1,408

 

 

 

210

 

 

 

1,745

 

 

 

20,829

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

790

 

Other income (expense)

 

 

(341

)

 

 

(13

)

 

 

(249

)

 

 

(59

)

Loss from unconsolidated subsidiary

 

 

 

 

 

 

 

 

 

 

 

(354

)

Loss before income taxes

 

 

(25,787

)

 

 

(22,874

)

 

 

(79,097

)

 

 

(82,570

)

(Provision) benefit for income taxes

 

 

151

 

 

 

(41

)

 

 

(15

)

 

 

(137

)

Net loss

 

 

(25,636

)

 

 

(22,915

)

 

 

(79,112

)

 

 

(82,707

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(474

)

 

 

3

 

 

 

(357

)

 

 

9

 

Comprehensive loss

 

$

(26,110

)

 

$

(22,912

)

 

$

(79,469

)

 

$

(82,698

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.25

)

 

$

(0.24

)

 

$

(0.79

)

 

$

(1.00

)

Diluted

 

$

(0.25

)

 

$

(0.24

)

 

$

(0.79

)

 

$

(1.00

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

102,164,455

 

 

 

94,596,519

 

 

 

100,642,126

 

 

 

82,677,824

 

Diluted

 

 

102,164,455

 

 

 

94,596,519

 

 

 

100,642,126

 

 

 

82,677,824

 

 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

3


 

FTC Solar, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

 

 

 

Preferred stock

 

 

Common stock

 

 

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except shares)

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional
paid-In
capital

 

 

Accumulated
other
comprehensive
income (loss)

 

 

Accumulated
deficit

 

 

Total
stockholders'
equity
(deficit)

 

Balance as of December 31, 2021

 

 

 

 

$

 

 

 

92,619,641

 

 

$

9

 

 

 

10,762,566

 

 

$

 

 

$

292,082

 

 

$

7

 

 

$

(149,232

)

 

$

142,866

 

Shares issued during the period for vested restricted stock awards

 

 

 

 

 

 

 

 

5,311,326

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

1,793,876

 

 

 

 

 

 

 

 

 

 

 

 

428

 

 

 

 

 

 

 

 

 

428

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,610

 

 

 

 

 

 

 

 

 

4,610

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,793

)

 

 

(27,793

)

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57

 

 

 

 

 

 

57

 

Balance as of March 31, 2022

 

 

 

 

 

 

 

 

99,724,843

 

 

 

10

 

 

 

10,762,566

 

 

 

 

 

 

297,119

 

 

 

64

 

 

 

(177,025

)

 

 

120,168

 

Shares issued during the period for vested restricted stock awards

 

 

 

 

 

 

 

 

729,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

266,225

 

 

 

 

 

 

 

 

 

 

 

 

86

 

 

 

 

 

 

 

 

 

86

 

Shares issued for HX Tracker acquisition

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 

4,370

 

 

 

 

 

 

 

 

 

4,370

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

998

 

 

 

 

 

 

 

 

 

998

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,683

)

 

 

(25,683

)

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

 

 

 

60

 

Balance as of June 30, 2022

 

 

 

 

 

 

 

 

101,720,174

 

 

 

10

 

 

 

10,762,566

 

 

 

 

 

 

302,573

 

 

 

124

 

 

 

(202,708

)

 

 

99,999

 

Shares issued during the period for vested restricted stock awards

 

 

 

 

 

 

 

 

645,896

 

 

 

 

 

 

 

 

 

 

 

 

1,826

 

 

 

 

 

 

 

 

 

1,826

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

678,254

 

 

 

 

 

 

 

 

 

 

 

 

274

 

 

 

 

 

 

 

 

 

274

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,539

 

 

 

 

 

 

 

 

 

5,539

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,636

)

 

 

(25,636

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(474

)

 

 

 

 

 

(474

)

Balance as of September 30, 2022

 

 

 

 

$

 

 

 

103,044,324

 

 

$

10