0001193125-26-205290 | 10-Q | XBRL Viewer

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Prepaid and other current assets (Additional Information) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Short term non-interest-bearing customer advance	$ 2.0	$ 2.0

Description of business	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	1. Description of business FTC Solar, Inc. (the “Company”, “we”, “our”, or “us”) was founded in 2017 and is incorporated in the state of Delaware. In April 2021, we completed an initial public offering ("IPO"), and our common stock currently trades on the Nasdaq Capital Market ("Nasdaq") under the symbol “FTCI”. We are a global provider of solar tracker systems, supported by proprietary software and value-added engineering services. Solar tracker systems move solar panels throughout the day to maintain an optimal orientation relative to the sun, thereby increasing the amount of solar energy produced at a solar installation. Our one module-in-portrait ("1P") solar tracker system is marketed under the Pioneer brand name ("Pioneer"), and our original two modules-in-portrait ("2P") solar tracker system is marketed under the Voyager brand name (“Voyager”). We also have a mounting solution to support the installation and use of U.S.-manufactured thin-film modules. Our primary software offerings include SUNPATH, which helps customers optimize solar tracking for increased energy production, and our SUNOPS real-time operations management platform. In addition, we have a team of renewable energy professionals available to assist our U.S. and worldwide clients in site layout, structural design, pile testing and other needs across the solar project development and construction cycle. Our products and services provide tracker solutions for large utility-scale solar and distributed generation projects around the world. Our customers are primarily engineering, procurement and construction companies ("EPCs") and we also contract with developers and owners. The Company is headquartered in Austin, Texas, and has international subsidiaries in Australia, China, India, South Africa and Spain. We are an emerging growth company, as defined in the Jumpstart Our Business Startups (JOBS) Act. Under the JOBS Act, we elected to use the allowed extended transition period to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

Description of business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of business

1. Description of business

FTC Solar, Inc. (the “Company”, “we”, “our”, or “us”) was founded in 2017 and is incorporated in the state of Delaware. In April 2021, we completed an initial public offering ("IPO"), and our common stock currently trades on the Nasdaq Capital Market ("Nasdaq") under the symbol “FTCI”.

We are a global provider of solar tracker systems, supported by proprietary software and value-added engineering services. Solar tracker systems move solar panels throughout the day to maintain an optimal orientation relative to the sun, thereby increasing the amount of solar energy produced at a solar installation. Our one module-in-portrait ("1P") solar tracker system is marketed under the Pioneer brand name ("Pioneer"), and our original two modules-in-portrait ("2P") solar tracker system is marketed under the Voyager brand name (“Voyager”). We also have a mounting solution to support the installation and use of U.S.-manufactured thin-film modules. Our primary software offerings include SUNPATH, which helps customers optimize solar tracking for increased energy production, and our SUNOPS real-time operations management platform. In addition, we have a team of renewable energy professionals available to assist our U.S. and worldwide clients in site layout, structural design, pile testing and other needs across the solar project development and construction cycle. Our products and services provide tracker solutions for large utility-scale solar and distributed generation projects around the world. Our customers are primarily engineering, procurement and construction companies ("EPCs") and we also contract with developers and owners. The Company is headquartered in Austin, Texas, and has international subsidiaries in Australia, China, India, South Africa and Spain.

We are an emerging growth company, as defined in the Jumpstart Our Business Startups (JOBS) Act. Under the JOBS Act, we elected to use the allowed extended transition period to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 3,337	$ 280
Cost of revenue [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	645	243
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	158	60
Selling and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	103	16
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 2,431	$ (39)

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 02, 2025	Mar. 31, 2026	Nov. 11, 2025	Nov. 01, 2025	Jun. 30, 2025	Dec. 04, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Membership Interests				100.00%
Increased in default interest rate	7.00%
Long-Term Debt, Interest Rate	12.00%
New Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price of Warrants or Rights	$ 0.01
Amendment Warrants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants Issued	6,836,237
Long-Term Debt, Contingent Payment of Principal or Interest		in connection with the Credit Agreement and the Subordination Agreement, the Company and Investor entered into an Amended and Restated Promissory Note, dated July 2, 2025 (the “A&R Promissory Note”). The A&R Promissory Note amends and restates the original Senior Notes to remove the seniority terms of those notes, conform the original Senior Notes to the terms of the Credit Agreement and the Subordination Agreement, amend certain prepayment and make-whole terms under the original Senior Notes, delete certain covenants and event of default terms, reduce the interest rate under the original Senior Notes to 5% per annum paid in cash and 7% per annum paid in kind, both on the final business day of June and December in each year, and to delete the financial covenants set forth in the original Senior Notes. As a result of an amendment to the Purchase Agreement entered into on July 2, 2025 (the "Purchase Agreement Amendment"), among other things, the Investor agreed to release all liens and guarantees securing the obligations under the Senior Notes, the Purchase Agreement, and the A&R Promissory Note. The A&R Promissory Note also (i) provides for additional interest to be capitalized and added to the principal amount of the debt at a rate of 5% per annum upon the occurrence and continuation of certain events of default and (ii) matures on January 2, 2030.
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exit fee percentage	50.00%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exit fee percentage	25.00%
Senior Notes [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants Issued						1,750,000
Exercise Price of Warrants or Rights					$ 0.1
Private Placement [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Long-Term Debt, Interest Rate		13.00%
Membership Interest Purchase Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payment to Seller		$ 0.5	$ 2.7

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 256	$ 327
Short-term lease cost	283	66
Total lease cost	539	393
Cost of revenue [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	449	183
Research and development [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	19	7
Selling and marketing [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	22	27
General and administrative [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	$ 49	$ 176

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

6. Leases

We lease office and warehouse space in various locations, including in the United States, India and Australia. Additionally, we lease space for an applications laboratory in Austin, Texas and research and development facilities in both Seguin, Texas and India. We also sub-lease the Alpha Steel facility. Apart from Alpha Steel, the remainder of our manufacturing is outsourced to contract manufacturing partners, and we currently do not own or lease any of those outsourced manufacturing facilities.

Our expense for our operating leases consisted of the following:


	Three months ended March 31,
(in thousands)	2026		2025
Operating lease cost	$	256	$	327
Short-term lease cost		283		66
Total lease cost	$	539	$	393

Reported in:
Cost of revenue	$	449	$	183
Research and development		19		7
Selling and marketing		22		27
General and administrative		49		176
Total lease cost	$	539	$	393

Future remaining operating lease payment obligations were as follows:


(in thousands)	March 31, 2026
Remainder of 2026	$	386
2027		482
2028		94
2029		57
2030		24
Total lease payments		1,043
Less: imputed interest		(218	)
Present value of operating lease liabilities	$	825

Current portion of operating lease liability	$	389
Operating lease liability, net of current portion		436
Present value of operating lease liabilities	$	825

Segment information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment information

17. Segment information

We currently operate in one business segment, the manufacturing and servicing of solar tracker systems. We consider our segment results to be the same as our consolidated results and our segment accounting policies to be the same as those described in Note 2, "Summary of significant accounting policies" above.

We report our revenue based on the products and services we provide. Product revenue is derived from the sale of solar tracker systems and customized components for those systems, individual part sales for certain specific transactions and the sale of term-based software licenses. Service revenue includes revenue from shipping and handling services, engineering consulting and pile testing services, our subscription-based enterprise licensing model and maintenance and support services in connection with the term-based software licenses.

Based on certain significant period cost information regularly provided to our Chief Operating Decision Maker, following is a reconciliation of such costs to our consolidated net income (loss) for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
($ in thousands)	2026			2025
Revenue:
Product	$	11,762		$	18,202
Service		5,503			2,601
Total revenue		17,265			20,803
Cost of revenue
Product		13,808			20,111
Service		4,684			4,139
Total cost of revenue		18,492			24,250
Gross loss		(1,227	)		(3,447	)
Less: significant segment period costs:
Stock-based compensation expense		(2,692	)		(37	)
Personnel costs (excluding stock-based compensation)		(3,728	)		(4,310	)
Credit loss provisions		(2	)		92
Other segment expenses(1)		(4,409	)		(2,858	)
Interest expense		(3,896	)		(711	)
Interest income		5			6
Gain from disposal of investment in unconsolidated subsidiary		—			3,204
Gain from change in fair value of warrant liability		48,742			4,604
Other income, net		1			4
Loss from unconsolidated subsidiary		—			(112	)
Provision for income taxes		(195	)		(254	)
Net income (loss)	$	32,599		$	(3,819	)
Supplemental information:
Indirect personnel costs (excluding stock-based compensation) in cost of revenue	$	2,646		$	2,504
Total depreciation and amortization expense	$	365		$	302
Capital expenditures	$	276		$	83
Total assets at period end	$	97,849		$	84,061


(1)	Other segment expenses include research and development material and lab expenditures, professional services, marketing, employee travel, facility, insurance, depreciation and amortization and certain other period costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Prepaid and other current assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepaid and other current assets

Prepaid and other current assets consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Vendor deposits	$	7,539	$	6,393
Prepaid expenses		720		656
Prepaid taxes		847		789
Deferred cost of revenue		353		360
Other current assets		2,912		3,096
Total	$	12,371	$	11,294

Accounts receivable, net - Summary of Activity in the allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance at beginning of period	$ 3,069	$ 1,717
Amounts charged (credited) to earnings during the period	2	(92)
Balance at end of period	$ 3,071	$ 1,625

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Accrued cost of revenue	$	20,411		$	16,156
Accrued compensation		1,610			2,699
Accrued interest		209			399
Other accrued expenses		4,211			4,516
Total accrued expenses	$	26,441		$	23,770

Warranty reserves	$	10,089		$	10,357
Current portion of operating lease liability		389			404
Non-federal tax collections, net of obligations		(77	)		(36	)
Total other current liabilities	$	10,401		$	10,725

Schedule of warranty accruals

Activity by period in the Company's warranty accruals was as follows:


	Three months ended March 31,
(in thousands)	2026			2025
Balance at beginning of period	$	11,913		$	11,904
Warranties issued and remediation added during the period		438			1,045
Settlements made during the period		(702	)		(656	)
Changes in liability for pre-existing warranties		(282	)		(442	)
Balance at end of period	$	11,367		$	11,851

	As of
	March 31, 2026			March 31, 2025
Warranty accruals are reported in:
Other current liabilities	$	10,089		$	9,645
Other non-current liabilities		1,278			2,206
Balance at end of period	$	11,367		$	11,851

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended		3 Months Ended		12 Months Ended
	Sep. 30, 2026	May 22, 2026	Mar. 23, 2026	Sep. 30, 2026	May 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2026	Nov. 11, 2025	May 16, 2025	May 01, 2025
Summary Of Significant Accounting Policies Line Items
Net cash used in operating activities						$ 12,772	$ 8,483
Cash						5,600
Working capital						20,400
Stockholders' deficit						6,149	(15,528)	$ 42,958	$ (19,036)
Common stock, reserved for future issuance, value						$ 8,240
Concentrations of credit risk, percentage						10.00%
Warranty description						We provide standard assurance type warranties for our products for periods generally ranging from five to ten years.
Impairment of goodwill						$ 0	$ 0
Revenue recognized included in deferred revenue						4,500		4,100	$ 5,300
Carrying value of money market fund						600		$ 600
ATM Program [Member]
Summary Of Significant Accounting Policies Line Items
Common stock, reserved for future issuance, value						$ 13,750						$ 13,750	$ 13,750
Forecast [Member]
Summary Of Significant Accounting Policies Line Items
Principal amount, repaid				$ 5,000	$ 2,500
Minimum [Member]
Summary Of Significant Accounting Policies Line Items
Product warranty life						5 years
Subscription revenue contract terms						1 year
Maximum [Member]
Summary Of Significant Accounting Policies Line Items
Product warranty life						10 years
Subscription revenue contract terms						2 years
Membership Interest Purchase Agreement
Summary Of Significant Accounting Policies Line Items
Payment to Seller						$ 500					$ 2,700
Senior Notes [Member] \| Minimum [Member] \| Forecast [Member]
Summary Of Significant Accounting Policies Line Items
Minimum cash balance covenant at quarter end										$ 15,000
Second Amendment
Summary Of Significant Accounting Policies Line Items
Principal amount, repaid			$ 2,500
Second Amendment \| Forecast [Member]
Summary Of Significant Accounting Policies Line Items
Principal amount, repaid	$ 5,000	$ 2,500

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock compensation expense

Stock-based compensation expense for each period was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Cost of revenue	$	645	$	243
Research and development		158		60
Selling and marketing		103		16
General and administrative		2,431		(39	)
Total stock compensation expense	$	3,337	$	280

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt


(in thousands)	March 31, 2026			December 31, 2025
Acquisition notes	$	2,211		$	2,681
Principal amount of term loans		53,633			55,171
Accrued exit fee		19			—
Less: discount and deferred loan costs		(33,265	)		(35,250	)
Total debt, net		22,598			22,602
Less: short-term debt		(9,711	)		(12,681	)
Long-term debt, net	$	12,887		$	9,921

Schedule of Changes in outstanding warrants

Changes in the number and value of our Original and New Warrants were as follows:


	Three months ended March 31,
	2026					2025
	Number of warrants		Value ($000's)			Number of warrants		Value ($000's)
Beginning balance		6,836,237	$	74,515			1,750,000	$	9,520
Change in fair value of warrant liability	N/A			(48,742	)	N/A			(4,604	)
Ending balance		6,836,237	$	25,773			1,750,000	$	4,916

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

Basis of presentation and principles of consolidation

The accompanying unaudited Condensed Consolidated Financial Statements include the results of the Company and its wholly owned subsidiaries and have been prepared based on the assumption that the Company will continue as a going concern and are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. As discussed further in "Liquidity and Going Concern" below, given the Company's current cash balances, subject to required reductions in the principal amount of our outstanding debt and required compliance with certain financial covenants during the remainder of 2026, as well as recurring operating losses and cash outflows from operations, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern during the next year.

In the opinion of management, all adjustments of a normal recurring nature have been made that are considered necessary for a fair statement of our financial position as of March 31, 2026 and December 31, 2025, and our results of operations for the three months ended March 31, 2026 and cash flows for the three months ended March 31, 2026 and 2025. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the Company’s audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Intercompany balances and transactions have been eliminated in consolidation.

Certain information and disclosures normally included in the notes to our annual Consolidated Financial Statements prepared in accordance with U.S. GAAP have been omitted from these interim Condensed Consolidated Financial Statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

We currently operate in one business segment, the manufacturing and servicing of solar tracker systems. See Note 17, "Segment information" below for further discussion.

Liquidity and Going Concern

We have incurred cumulative operating losses since inception and have a history of cash outflows from operations, inclusive of $12.8 million in cash utilized in our operating activities during the three months ended March 31, 2026. As of March 31, 2026, we had cash on hand of $5.6 million, $20.4 million of working capital and a stockholders' deficit of $6.1 million.

ATM program

As of March 31, 2026, in addition to our cash on hand and working capital, we had approximately $8.24 million of remaining capacity available for future sales of our common stock under an effective prospectus supplement to our at the market facility under the At the Market Offering Agreement dated May 1, 2025 (the "Sale Agreement") with H.C. Wainwright & Co. LLC, and the related prospectus covering the offering, issuance and sale of up to a maximum aggregate offering price of approximately $13.75 million of our common stock that may be sold under such At the Market Offering Agreement in at the market offerings (the "ATM program"), described further in Note 13, "ATM program" below. There can be no assurance regarding the price at which we will be able to sell such shares in the future, whether under the ATM program or other securities offerings, and any sales of our common stock under the ATM program or other securities offerings may be at prices that result in additional dilution to our existing stockholders.

Second Amendment to Credit Agreement

As described further in Note 11, "Debt", on March 23, 2026, we entered into a Second Amendment and Limited Waiver to our Credit Agreement (the “Second Amendment”) pursuant to which the Lenders: (i) provided a waiver relating to our breach of the purchase order covenant in our Credit Agreement for the fiscal quarter ended December 31, 2025; (ii) agreed that a purchase order covenant will not apply to us until the fiscal quarter ending March 31, 2027; and (iii) agreed to further amend certain other existing financial covenants under the Credit Agreement, including the elimination of the minimum revenue and cash covenants for the quarter ended March 31, 2026. Additionally, in connection with the Second Amendment, we agreed to repay a portion of the principal amount outstanding under the Credit Agreement as follows: (x) $2.5 million of principal was repaid on March 23, 2026; (y) $2.5 million of principal will be repaid on May 22, 2026; and (z) $5.0 million of principal will be repaid on September 30, 2026.

Payments for acquisition of Alpha Steel

On November 11, 2025, we entered into a Membership Interest Purchase Agreement with the other equity holders (the "Selling Members") of Alpha Steel LLC ("Alpha Steel") pursuant to which we agreed to acquire all of their membership interests for a purchase price of approximately $2.7 million, which was evidenced by promissory notes payable in various installments during 2026 (the "Acquisition Notes"). As of March 31, 2026, we had made a required payment of approximately $0.5 million to the Selling Members, with remaining installments, plus accrued interest, due by no later than July 2026. The Acquisition Notes are secured by all of Alpha Steel's assets, provided, however, the security interests granted to each of the Selling Members under the Acquisition Notes are subordinate and junior to the security interests in favor of the Lenders under the Credit Agreement.

Conclusion of substantial doubt

In view of the requirements for quarterly cash interest payments and certain specified principal payments under the Credit Agreement (including the required prepayments summarized above) and principal and interest payments for the Acquisition Notes, as well as our history of operating losses and cash outflows, and considering that the availability of additional financing provided by the Credit Agreement in the form of Second Delayed Draw Term Loans is not completely within our control, we believe these factors create uncertainty as to our ability to fully meet the financial covenant requirements under the Credit Agreement during the twelve months following issuance of this Quarterly Report. Therefore, we have concluded that substantial doubt exists as to our ability to continue as a going concern within the next year.

Our ability to meet our liquidity needs over the next year is dependent upon (i) our cash on hand (subject to (x) required principal repayments of $2.5 million and $5.0 million during May 2026 and September 2026, respectively, under the Credit Agreement, as well as principal and interest payments due for the Acquisition Notes, and (y) a $15.0 million minimum unrestricted cash covenant under the Credit Agreement effective for the quarter ending June 30, 2026 and as further reduced by required principal repayments under the Credit Agreement thereafter) and our compliance with the financial covenants under the Credit Agreement, (ii) our current expectations of increased project activity and cash flow during the twelve-month period following issuance of our consolidated financial statements, (iii) the availability of additional proceeds in the form of Second Delayed Draw Term Loans that may be requested by the Company, subject to approval by the Lenders in their sole discretion, (iv) utilization, as appropriate, of the capacity available for future sales of our common

stock under the ATM program, and (v) if we determine necessary, our ability to raise additional capital through other securities offerings. In addition, we continue to remain focused on implementing additional cost savings steps, which could impact, among other things, the location of our headcount and the level of services currently provided by third parties.

Use of estimates

Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported revenue and expenses during the period. Estimates are used for calculating the measure of progress of our solar tracker projects and deriving the standalone selling prices of the individual performance obligations when determining amounts to recognize for revenue, estimating allowances for credit losses and slow-moving and obsolete inventory, determining useful lives of long-lived assets and the estimated fair value of those assets for impairment assessments, and estimating the fair value of assets and liabilities acquired in business combinations, investments, warrants, stock compensation awards, warranty liabilities and federal and state taxes, including tax valuation allowances, as well as other contingencies. We base our estimates on historical experience and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates due to risks and uncertainties.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk are primarily cash and accounts receivable.

We regularly maintain cash balances with various financial institutions that exceed federally insured amounts, but we have experienced no losses associated with these amounts to date. We periodically evaluate the financial health of the financial institutions we use and may take action in future periods, similar to past actions, to reallocate cash balances between financial institutions based on our evaluation.

We extend credit to customers in the normal course of business, often without requiring collateral. We also perform credit analyses and monitor the financial health of our customers to reduce credit risk.

The Company’s accounts receivables are derived from revenue earned from customers primarily located in the United States and Australia. For the periods included in this Quarterly Report, no company locations other than in the United States accounted for more than 10% of our consolidated revenue. Most of our customers are project developers, solar asset owners and EPC contractors that design and build solar energy projects. We typically rely on a small number of customers that account for a large portion of our revenue each period and our outstanding receivables at each period end.

Cash and cash equivalents

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Certain of our cash equivalents include deposits in money market funds that invest primarily in short-term securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and contain no restrictions on immediate redemption. These deposits totaled $0.6 million at both March 31, 2026 and December 31, 2025. Interest earned on cash equivalents is included in interest income in our Condensed Consolidated Statements of Comprehensive Results of Operations.

Accounts receivable, net

Trade receivables are recorded at invoiced amounts, net of allowances for credit losses, and do not bear interest. We generally do not require collateral from our customers; however, in certain circumstances, we may require letters of credit, other collateral, additional guarantees or advance payments.

The allowance for credit losses is based on the lifetime expected credit loss of our customer accounts. To assess the lifetime expected credit loss, we utilize a loss rate method that takes into consideration historical experience and certain other factors, as appropriate, such as credit quality, current economic or other conditions and changes in project status that may affect a customer's ability to pay. Provisions for credit losses are included as a component of our selling and marketing expenses.

Receivables arising from revenue recognized in excess of billings represent our unconditional right to consideration before customers are invoiced due to the level of progress obtained as of period end on our contracts to procure and deliver tracker systems and related equipment. Further information may be found below in our revenue recognition policy.

Inventories

Inventories are stated at the lower of cost or net realizable value, with costs computed on a first-in, first-out basis. The Company periodically reviews its inventories for excess and obsolete items and adjusts carrying costs to estimated net realizable values when they are determined to be less than cost.

Impairment

We review our long-lived assets that are held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that its useful life may be shorter than previously expected. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset, which in most cases is estimated based upon Level 3 unobservable inputs. If the asset is determined to have a remaining useful life shorter than previously expected, an adjustment for the shorter remaining life will be made for purposes of recognizing future depreciation expense. Assets are classified as held for sale when we have a plan, approved by the appropriate levels of management, for disposal of such assets, as well as other considerations, and those assets are stated at the lower of carrying value or estimated fair value less estimated costs to sell.

Goodwill

We recognize goodwill as the excess of the purchase price over the estimated fair value of the identified assets and liabilities acquired in a business combination accounted for using the acquisition method. Goodwill is not amortized but is subject to a periodic assessment for impairment at least annually, or whenever events and circumstances indicate an impairment may exist. Our assessments may include qualitative factors such as current or expected industry and market conditions, our overall financial performance, share price trends, market capitalization and other company-specific events.

We operate in one segment, being the consolidated entity, which we have also determined is the reporting unit for goodwill impairment.

No impairment of goodwill was recognized as of March 31, 2026 or during 2025.

Deferred debt discount and issue costs

Legal, consulting, accounting and other fees that are incremental and directly related to issuances of long-term debt, including any discounts on the debt, are capitalized and reflected as a reduction to the principal amount of our outstanding debt. These costs are amortized to interest expense over the term of the debt using the interest method.

Warrants

Warrants issued for the purchase of our common stock are evaluated for liability or equity classification and recorded at fair value upon issuance. Fair value may be determined using a Black-Scholes model or other valuation technique depending on the terms of the warrants, based primarily on Level 2 inputs. Warrants containing clauses that could require settlement in cash or with other assets are reflected as liabilities whereas warrants that may only be settled with the issuance of our common stock are reflected as a component of our equity. Warrants classified as liabilities are adjusted to current fair value at the end of each reporting period with changes reflected in our results of operations. Legal, consulting, accounting and other fees that are incremental and directly related to the issuance of warrants are expensed as incurred for warrants classified as liabilities or shown as a reduction to the value of our warrants as reflected in our equity.

Warranty

Typically, the sale of solar tracker projects includes parts warranties to customers as part of the overall price of the product. We provide standard assurance type warranties for our products for periods generally ranging from five to ten years. We also accrue for costs relating to remediation efforts involving product issues we believe require correction. We record a provision for estimated warranty and remediation expenses in cost of sales, net of amounts recoverable from manufacturers under their warranty obligations to us. When historical claims information relating to our equipment is not sufficient, we will base our estimates on industry studies involving the nature and frequency of product failure rates for similar parts used by our competitors, as well as other related businesses. We do not maintain general or unspecified reserves; all warranty reserves are related to specific projects. All actual or estimated material costs incurred for warranty or remediation services in subsequent periods are charged to those established reserves.

While we periodically monitor our warranty activities and claims, if actual costs incurred were to be different from our estimates, we would recognize adjustments to our warranty reserves in the period in which those differences arise or are identified.

Stock-based compensation

We recognize compensation expense for all share-based payment awards made, including stock options and restricted stock units ("RSUs"), based on the estimated fair value of the award on the grant date. We calculate the fair value of stock options using the Black-Scholes option pricing model for awards with service-based vesting or through use of a lattice model or a Monte Carlo simulation for stock options and RSU awards with market conditions. The fair value of RSUs with only service or performance-based vesting is based on the estimated fair value of the Company's common stock on the date of grant. We consider the closing price of our stock, as reported on Nasdaq, to be the fair value of our stock on the grant date.

Forfeitures are accounted for as they occur. For service-based awards, stock-based compensation is recognized using the straight-line attribution approach over the requisite service period. For performance-based awards, stock-based compensation is recognized based on graded vesting over the requisite service period when the performance condition is probable of being achieved. Stock compensation expense for market-based awards is recognized over the derived service period determined in the valuation model, inclusive of any vesting conditions.

Revenue recognition

Product revenue is derived from the sale of solar tracker systems and customized components for those systems, individual part sales for certain specific transactions and the sale of term-based software licenses. Term-based licensed software is deployed on the customers’ own servers and has significant standalone functionality.

Service revenue includes revenue from shipping and handling services, engineering consulting and pile testing services, our subscription-based enterprise licensing model and maintenance and support services in connection with the term-based software licenses. Our subscription-based enterprise licensing model typically has contract terms ranging from one to two years and consists of subscription fees from the licensing of subscription services. Our hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Support services include ongoing security updates, upgrades, bug fixes, and maintenance.

We recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services by following a five-step process: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when or as the Company satisfies a performance obligation, as further described below.

Identify the contract with a customer: A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the products and services to be transferred and identifies the payment terms related to these products and services, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for products and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. In assessing the recognition of revenue, we also evaluate whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Change orders may include changes in specifications or design, manner of

performance, equipment, materials, scope of work, and/or the period of completion of the project. We analyze change orders to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract.

Contracts we enter into with our customers for sale of solar tracker systems are generally under two different types of arrangements: (1) purchase agreements and equipment supply contracts (“Purchase Agreements”), and (2) sale of individual parts for those systems.

Change orders from our customers that are deemed to be modifications to existing contracts are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized.

Identify the performance obligations in the contract: We enter into contracts that can include various combinations of products and services, which are either capable of being distinct and accounted for as separate performance obligations or as one performance obligation since the majority of tasks and services are part of a single project or capability. However, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment.

Our Purchase Agreements typically include two performance obligations: 1) our solar tracker systems or customized components of those systems, and 2) shipping and handling services. The deliverables included as part of our solar tracker systems are predominantly accounted for as one performance obligation, as these deliverables are part of a combined promise to deliver a project.

The revenue for shipping and handling services will be recognized over time based on progress in meeting shipping terms of the arrangements, as this faithfully depicts the Company’s performance in transferring control. Revenue for stand-alone engineering consulting and pile testing services is recognized at a point in time upon completion of the services performed.

Sales of individual parts of our solar tracker systems for certain specific transactions include multiple performance obligations consisting of individual parts of those systems. Revenue is recognized for parts sales at a point in time when the obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms.

Determine the transaction price: The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring services to the customer. Such amounts are typically stated in the customer contract, and to the extent that we identify variable consideration, we will estimate the variable consideration at the onset of the arrangement as long as it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Other than with respect to the impact of changes in tariff rates, the majority of our contracts do not contain variable consideration provisions as a continuation of the original contract. None of our contracts contain a significant financing component. Taxes collected from customers and remitted to governmental authorities are not included in revenue.

Allocate the transaction price to performance obligations in the contract: Once we have determined the transaction price, we allocate the total transaction price to each performance obligation in a manner depicting the amount of consideration to which we expect to be entitled in exchange for transferring the good(s) or service(s) to the customer. We allocate the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis.

We use the expected cost-plus margin approach based on hardware, labor, and related overhead cost to estimate the standalone selling price of our solar tracker systems, customized components of those systems, and individual parts for certain specific transactions. We also use the expected cost-plus margin approach based on expected third-party shipping and transportation costs to estimate the standalone selling price of our shipping, handling and logistics performance obligations. We use the adjusted market assessment approach for all other performance obligations.

Recognize revenue when or as the Company satisfies a performance obligation: For each performance obligation identified, we determine at contract inception whether we satisfy the performance obligation over time or at a point in time. The performance obligations in the contracts for our solar tracker systems and customized components of those systems are satisfied over time as work progresses, utilizing an input measure of progress determined by cost-to-cost measures on these projects as this faithfully depicts our performance in transferring control. Additionally, our performance does not create an asset with an alternative use, due to the highly customized nature of the product, and we have an enforceable right to payment for performance completed to date. Our performance obligations for individual part sales for certain specific transactions are recognized at a point in time as and when control transfers based on the terms for the contract. Our performance obligations for engineering consulting and pile testing services are recognized at a point in time upon completion of the

services. Our performance obligations for term-based software licenses are recognized at a point in time as and when control transfers, either upon delivery to the customer or the software license start date, whichever is later. Our performance obligations for shipping and handling services are satisfied over time as the services are delivered over the term of the contract. We recognize revenue for subscription and other services on a straight-line basis over the contract period. With regard to support revenue, a time-elapsed method is used to measure progress because we transfer control evenly over the contractual period. Accordingly, the fixed consideration related to support revenue is generally recognized on a straight-line basis over the contract term.

Impact of changes in tariffs on our revenue recognition: In cases where our existing contracts have legally enforceable terms that allow us to pass the increased cost of tariffs to our customers automatically, any change in the transaction price will be accounted for as a change in our estimate of variable consideration and allocated to our performance obligations on the same basis as our initial allocation at contract inception. Where price changes resulting from tariffs need to be separately negotiated and agreed to with our customers, we will apply contract modification guidance once the modification is enforceable. We will also take into account tariff rates in effect at each period end in measuring our progress toward satisfaction of our performance obligations in recognizing revenue.

Contract assets and liabilities: The timing of revenue recognition, billing, and cash collection results in the recognition of accounts receivable, unbilled receivables for revenue recognized in excess of billings, and deferred revenue in the Condensed Consolidated Balance Sheets. We have elected to use the practical expedient of expensing incremental costs of obtaining a contract for our contracts of less than one year in duration. We may receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities, which are reflected as “deferred revenue” in our Condensed Consolidated Balance Sheets. Customer deposits are short term as the related performance obligations are typically fulfilled within 12 months. Changes in deferred revenue relate to fluctuations in the timing of customer deposits and completion of performance obligations. Revenue recognized during the three months ended March 31, 2026, from amounts included in deferred revenue at December 31, 2025, totaled $4.5 million. Approximately $4.1 million of revenue was recognized during the three months ended March 31, 2025, from amounts included in deferred revenue at December 31, 2024, which totaled $5.3 million.

Cost of revenue consists primarily of costs related to raw materials, equipment manufacturing activities, net of incentives earned, freight and delivery, tariffs, product warranty, remediation and personnel costs (salaries, bonuses, benefits, and stock-based compensation). Personnel costs in cost of revenue include both direct labor costs, as well as costs attributable to any individuals whose activities relate to the procurement, installment and delivery of the finished product and services. Cost of revenue owed but not yet paid is recorded as accrued cost of revenue in the accompanying Condensed Consolidated Balance Sheets. Deferred cost of revenue, a component of our prepaid and other current assets, results from the timing differences between the costs incurred in advance of the satisfaction of all revenue recognition criteria consistent with our revenue recognition policy.

Inflation Reduction Act of 2022 (“IRA”)

The IRA was enacted into law on August 16, 2022, and provides for various clean energy credits, including an Advanced Manufacturing Production Credit under Section 45X (“45X Credit”) for eligible parts, including torque tubes and structural fasteners. We receive the benefit of the 45X Credits earned by our wholly owned subsidiary Alpha Steel as products are manufactured. Utilizing guidance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, we recognize the benefits of these reductions as they are earned during the manufacturing process and reflect them as other receivables, as we frequently monetize the amounts due, and as a reduction in our cost of revenue.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, which accelerates the phase-outs and terminations of various eligible federal tax credits enacted as part of the IRA.

Accounting standards adopted in current period

Effective January 1, 2026, we adopted on a prospective basis Accounting Standards Update ("ASU") 2025-05, Financial Instruments - Credit Losses (Topic 326). In connection with the adoption of this new standard, we elected to utilize the practical expedient to assume that current conditions as of the balance sheet date will persist through a reasonable and supportable forecast period when adjusting historical data to be used in the estimation of credit losses. There was no material impact on the Company's financial condition or results of operations upon adoption.

Recent accounting pronouncements not yet adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires companies to disclose (i) additional categories of information about federal, state and foreign income taxes above a quantitative threshold in their rate reconciliation table and (ii) income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods, as well as other disclosure changes. As an emerging growth company, we are not required to adopt ASU 2023-09 prior to our annual reporting for the year ending December 31, 2026, although earlier adoption is permitted. We are currently evaluating the impact of ASU 2023-09 on our existing income tax disclosures and the method of adoption.

In November 2024, the FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04). ASU 2024-03 requires companies to disclose additional specific information including, among other things, (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization included in each of its expense captions disclosed on the face of its results of operations statement, as well as total selling expenses. As clarified in ASU 2025-01, we are currently required to adopt ASU 2024-03 for our annual reporting effective December 31, 2027 and in our quarterly reporting beginning in 2028.

In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). This new guidance applies to all entities that issue share-based consideration to a customer that is within the scope of Topic 606. The guidance revises the definition of a performance condition to include conditions based on a customer's purchases and eliminates the policy election allowing grantors to account for forfeitures of customer awards as they occur. It also clarifies that the guidance on constraining estimates of variable consideration does not apply to share-based consideration payable to a customer. We are currently required to adopt this new standard on either a modified retrospective or a retrospective basis beginning in the first quarter of 2027. We are evaluating the impact, if any, on the Company upon adoption and have made no determination at this time regarding the method of adoption to be used.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) ("ASU 2025-10"). This new guidance establishes the accounting for a government grant received by a business entity, including guidance for (i) a grant related to an asset and (ii) a grant related to income. The standard is effective for public business entities for annual reporting periods beginning after December 15, 2028 and, for other than public business entities, for annual reporting periods beginning after December 15, 2029. We are currently evaluating this standard in relation to our current accounting treatment of 45X Credits described above and are assessing the available transition methods for adopting this new standard.

Other standards that have been issued but not yet adopted as of March 31, 2026, are either not applicable to us or are not expected to have any material impact upon adoption.

ATM program (Tables)

3 Months Ended

Mar. 31, 2026

Program Rights Obligations [Abstract]

Schedule of Sales of newly issued shares of our common stock under the ATM program

Sales of newly issued shares of our common stock under the ATM program were as follows:


	Three months ended March 31, 2026					Three months ended March 31, 2025
	Number of shares		Amount ($000's)			Number of shares		Amount ($000's)
Sales of newly issued shares of common stock		168,700	$	805			—		—
Less: fees incurred		—		(21	)		—		—
Total		168,700	$	784			—	$	—

Accounts receivable, net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade receivables	$ 25,135	$ 22,722
Revenue recognized in excess of billings	27,735	30,889
Other receivables	6,589	5,201
Total	59,459	58,812
Allowance for credit losses	(3,071)	(3,069)	$ (1,625)	$ (1,717)
Accounts receivable, net	$ 56,388	$ 55,743

Prepaid and other current assets - Schedule of Prepaid and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Vendor deposits	$ 7,539	$ 6,393
Prepaid expenses	720	656
Prepaid taxes	847	789
Deferred cost of revenue	353	360
Other current assets	2,912	3,096
Total	$ 12,371	$ 11,294

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Raw materials	$	781		$	452
Work in process		257			227
Finished goods		9,076			9,443
Allowance for slow-moving and obsolete inventory		(689	)		(495	)
Total	$	9,425		$	9,627

Schedule of Activity in Slow-moving and Obsolete Inventory

Activity in the allowance for slow-moving and obsolete inventory during the three months ended March 31, 2026 and 2025 was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	495	$	516
Additions charged to earnings		194		—
Balance at end of period	$	689	$	516

Stock-Based Compensation - Additional Information (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issuable	15,818,330	15,537,344

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
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+ Details

Net Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net Income (Loss)	$ 32,599	$ (3,819)
Less: decrease in fair value of warrants	(48,742)	(4,604)
Net loss for basic and diluted calculation	$ (16,143)	$ (8,423)
Weighted average shares outstanding for calculating basic income (loss) per share	15,568,299	12,888,695
Add: Assumed exercise of warrants	6,828,070	1,700,277
Weighted average shares outstanding for calculating diluted loss per share	22,396,369	14,588,972
Basic income (loss) per share	$ 2.09	$ (0.3)
Diluted loss per share	$ (0.72)	$ (0.58)

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The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Topic 235
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-Section S50
-Paragraph 1
-Publisher FASB
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-Topic 235
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Net income (loss) per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

16. Net income (loss) per share


	Three months ended March 31,
($ in thousands)	2026			2025
Net income (loss) for basic calculation	$	32,599		$	(3,819	)
Less: decrease in fair value of warrants		(48,742	)		(4,604	)
Net loss for diluted calculation	$	(16,143	)	$	(8,423	)

Weighted average shares outstanding for calculating basic income (loss) per share		15,568,299			12,888,695
Add: Assumed exercise of warrants		6,828,070			1,700,277
Weighted average shares outstanding for calculating diluted loss per share		22,396,369			14,588,972

Basic income (loss) per share	$	2.09		$	(0.30	)
Diluted loss per share	$	(0.72	)	$	(0.58	)

For purposes of computing diluted loss per share, weighted average common shares outstanding do not include potentially dilutive securities that are anti-dilutive, as shown below.


	For the three months ended March 31,
	2026		2025
Anti-dilutive securities excluded from calculating dilutive loss per share:
Shares of common stock issuable under stock option plans outstanding		201,905		206,405
Shares of common stock issuable upon vesting of RSUs		3,731,661		1,593,926
Potential common shares excluded from diluted net loss per share calculation		3,933,566		1,800,331

Segment information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation Including Such Costs to Our Consolidated Net Loss


	Three months ended March 31,
($ in thousands)	2026			2025
Revenue:
Product	$	11,762		$	18,202
Service		5,503			2,601
Total revenue		17,265			20,803
Cost of revenue
Product		13,808			20,111
Service		4,684			4,139
Total cost of revenue		18,492			24,250
Gross loss		(1,227	)		(3,447	)
Less: significant segment period costs:
Stock-based compensation expense		(2,692	)		(37	)
Personnel costs (excluding stock-based compensation)		(3,728	)		(4,310	)
Credit loss provisions		(2	)		92
Other segment expenses(1)		(4,409	)		(2,858	)
Interest expense		(3,896	)		(711	)
Interest income		5			6
Gain from disposal of investment in unconsolidated subsidiary		—			3,204
Gain from change in fair value of warrant liability		48,742			4,604
Other income, net		1			4
Loss from unconsolidated subsidiary		—			(112	)
Provision for income taxes		(195	)		(254	)
Net income (loss)	$	32,599		$	(3,819	)
Supplemental information:
Indirect personnel costs (excluding stock-based compensation) in cost of revenue	$	2,646		$	2,504
Total depreciation and amortization expense	$	365		$	302
Capital expenditures	$	276		$	83
Total assets at period end	$	97,849		$	84,061


(1)	Other segment expenses include research and development material and lab expenditures, professional services, marketing, employee travel, facility, insurance, depreciation and amortization and certain other period costs.

Related party transactions - Additional Information (Detail) - Alpha Steel [Member] - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Total received Invoices from Alpha Steel		$ 4.7
Ownership percentage	45.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Property and equipment, net - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,100	$ 7,820
Accumulated depreciation	(4,379)	(4,027)
Property and equipment, net	3,721	3,793
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	711	696
Plant and Field Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,598	2,600
Information Technology Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	967	876
Tooling [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,483	2,347
Capitalized Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,341	$ 1,301

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

9. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Accrued cost of revenue	$	20,411		$	16,156
Accrued compensation		1,610			2,699
Accrued interest		209			399
Other accrued expenses		4,211			4,516
Total accrued expenses	$	26,441		$	23,770

Warranty reserves	$	10,089		$	10,357
Current portion of operating lease liability		389			404
Non-federal tax collections, net of obligations		(77	)		(36	)
Total other current liabilities	$	10,401		$	10,725

Other accrued expenses primarily include amounts due for (i) legal costs associated with outstanding corporate or legal matters and (ii) other professional services.

Activity by period in the Company's warranty accruals was as follows:


	Three months ended March 31,
(in thousands)	2026			2025
Balance at beginning of period	$	11,913		$	11,904
Warranties issued and remediation added during the period		438			1,045
Settlements made during the period		(702	)		(656	)
Changes in liability for pre-existing warranties		(282	)		(442	)
Balance at end of period	$	11,367		$	11,851

	As of
	March 31, 2026			March 31, 2025
Warranty accruals are reported in:
Other current liabilities	$	10,089		$	9,645
Other non-current liabilities		1,278			2,206
Balance at end of period	$	11,367		$	11,851

Inventories - Schedule of inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 781	$ 452
Work in process	257	227
Finished goods	9,076	9,443
Allowance for slow-moving and obsolete inventory	(689)	(495)	$ (516)	$ (516)
Total	$ 9,425	$ 9,627

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Product Warranty Liability [Line Items]
Description of Tariffs classification	"Revised CBP Assessments"). In particular, CBP accepted our position that the Section 301 tariffs of 25% or 7.5% of the value of the merchandise, depending on tariff classification, as well as the antidumping and countervailing duties, previously assessed under the Original 939 Assessment are not applicable as they are only applicable to articles that are products
625 Assessment [Member]
Product Warranty Liability [Line Items]
Cost of Assessment	$ 70
939 Assessment [Member]
Product Warranty Liability [Line Items]
Cost of Assessment	2,010
Custom Liability	$ 2,700

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued cost of revenue	$ 20,411	$ 16,156
Accrued compensation	1,610	2,699
Accrued interest	209	399
Other accrued expenses	4,211	4,516
Total accrued expenses	26,441	23,770
Warranty reserves	10,089	10,357	$ 9,645
Current portion of operating lease liability	$ 389	$ 404
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Non-federal tax collections, net of obligations	$ (77)	$ (36)
Total other current liabilities	$ 10,401	$ 10,725

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Acquisition notes	$ 2,211	$ 2,681
Principal amount of term loans	53,633	55,171
Accrued exit fee	19
Less: discount and deferred loan costs	(33,265)	(35,250)
Total debt, net	22,598	22,602
Less: short-term debt	(9,711)	(12,681)
Long-term debt, net	$ 12,887	$ 9,921

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Goodwill - Summary of goodwill activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of period	$ 7,444	$ 7,139
Translation	83	34
Balance at end of period	$ 7,527	$ 7,173

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

8. Goodwill

During the three months ended March 31, 2026 and 2025, activity in our goodwill balance was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	7,444	$	7,139
Translation		83		34
Balance at end of period	$	7,527	$	7,173

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Entity Registrant Name	FTC SOLAR, INC.
Entity Central Index Key	0001828161
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	FTCI
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity File Number	001-40350
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4816270
Entity Address, Address Line One	10900 Stonelake Blvd
Entity Address, Address Line Two	Suite 100
Entity Address, Address Line Three	Quarry Oaks II Building
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78759
City Area Code	512
Local Phone Number	481-4271
Entity Common Stock, Shares Outstanding		16,005,294
Document Quarterly Report	true
Document Transition Report	false

Leases - Summary of Future Remaining Lease Payments Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 386
2027	482
2028	94
2029	57
2030	24
Total lease payments	1,043
Less imputed interest	(218)
Current portion of operating lease liability	389	$ 404
Operating lease liability, net of current portion	436	$ 553
Present value of operating lease liabilities	$ 825

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

11. Debt


(in thousands)	March 31, 2026			December 31, 2025
Acquisition notes	$	2,211		$	2,681
Principal amount of term loans		53,633			55,171
Accrued exit fee		19			—
Less: discount and deferred loan costs		(33,265	)		(35,250	)
Total debt, net		22,598			22,602
Less: short-term debt		(9,711	)		(12,681	)
Long-term debt, net	$	12,887		$	9,921

Acquisition Notes

In connection with our acquisition of 100% of the Membership Interests in Alpha Steel in November 2025, we agreed to pay approximately $2.7 million in various installments during 2026, which was evidenced by Acquisition Notes. During the quarter ended March 31, 2026, we made a required principal payment of approximately $0.5 million to the Selling Members. The Acquisition Notes bear interest on any unpaid balance at a rate of 3.64% per annum, mature no later than five business days after July 1, 2026, and are secured by all of Alpha Steel's assets, provided, however, the security interests granted to each of the Selling Members under the Acquisition Notes are subordinate and junior to the security interests in favor of the Lenders under the Credit Agreement described below. The Acquisition Notes were discounted upon issuance at a market-participant discount rate resulting in an effective interest rate of approximately 12% until maturity.

Credit Agreement and New Warrants

We entered into a Credit Agreement, effective July 2, 2025 (the "Original Credit Agreement:"), with various lenders (the "Lenders") and Acquiom Agency Services LLC, as Administrative Agent. On November 1, 2025 we entered into a First Amendment to Credit Agreement to amend certain of the financial covenants applicable to us and in connection with our agreement to acquire 100% of the membership interests in Alpha Steel. On March 23, 2026, we entered into the Second Amendment pursuant to which: (i) the Lenders provided a waiver relating to our breach of the purchase order covenant for the fiscal quarter ended December 31, 2025; (ii) the Lenders agreed that a purchase order covenant will not apply to us until the fiscal quarter ending March 31, 2027; and (iii) we and the Lenders agreed to further amend the financial covenants under the Credit Agreement. The amended financial covenants applicable under the Credit Agreement are summarized below. Additionally, in connection with the Second Amendment, we agreed to repay a portion of the principal amount outstanding under the Credit Agreement as follows: (x) $2.5 million of principal was repaid on March 23, 2026; (y) $2.5 million of principal will be repaid on May 22, 2026; and (z) $5.0 million of principal will be repaid on September 30, 2026. The amount of each of the foregoing principal repayments is referred to as an "ECF Repayment Amount". The Original Credit Agreement, as amended, is referred to throughout as the "Credit Agreement".

The Credit Agreement provides for a senior secured term facility of up to $75 million, consisting of (i) Initial Term Loans and First Delayed Draw Term Loans (both as defined in the Credit Agreement) that were funded during 2025 in an aggregate principal amount of $37.5 million, and (ii) up to $37.5 million principal amount of Second Delayed Draw Term Loans (as defined in the Credit Agreement) that may be requested by the Company and approved by the Lenders in their sole discretion (collectively, with the Initial Term Loans and the First Delayed Draw Term Loans, the "Term Loans"). The Term Loans currently outstanding mature on July 2, 2029.

Upon entering into the Credit Agreement, we also issued warrants (the "New Warrants") to the Lenders for an aggregate 6,836,237 shares of our common stock. The New Warrants are (i) exercisable at any time through July 2, 2035, at an exercise price of $0.01 per share, and (ii) accounted for as a long-term liability, based on terms that could require cash settlement upon the occurrence of a contingent change in control event.

In the event of a change of control of the Company, a holder of the New Warrants may, at its option, elect to exercise its New Warrants or exercise a repurchase option that requires the Company to repurchase its New Warrants upon the consummation of the change of control

for a cash amount equal to the Black Scholes Value (as defined in the New Warrants). Additionally, the New Warrants provide each holder with a pro rata purchase right (based on the total number of shares of common stock held by a holder and the number of shares issuable upon exercise of the New Warrants) in the event the Company issues any equity securities, convertible securities or rights, options or warrants to purchase equity securities, subject to customary exceptions and conditions. The New Warrants include other customary terms and provisions, including adjustment provisions relating to stock splits, stock dividends, reclassifications and other recapitalization events.

Key terms

The Term Loans bear interest at 12.00% per annum. A portion of the interest equal to 7.00% per annum is being capitalized and added as paid-in-kind interest and will increase the outstanding principal amount of the Term Loans. The remainder of the interest will be paid in cash at the end of each fiscal quarter. Upon the occurrence and during the continuation of certain events of default under the Credit Agreement ("Events of Default") or upon the election of certain required Lenders during the occurrence and continuation of any Event of Default, the interest rate applicable to the Term Loans will be increased by a 7.00% default interest rate, which would be capitalized and added to the principal amount of the debt.

In addition to the required principal payments under the Second Amendment, the Credit Agreement also provides for the mandatory prepayment of the indebtedness and other obligations outstanding under the Credit Agreement and other applicable loan documents upon the occurrence of certain events (including in connection with a change in control of the Company) and upon acceleration following an Event of Default (an "Exit Fee Event"). If an Exit Fee Event occurs, the Company shall pay an exit fee (the "Exit Fee") equal to (x) the aggregate amount of all Term Loans extended by the Lenders under the Credit Agreement, multiplied by (y) the Exit Fee Percentage, minus (z) the amount of interest paid in cash by the Company prior to the Exit Fee Event, where the "Exit Fee Percentage" equals 25% in connection with a change of control transaction, or otherwise equals 50%.

As a result of the principal payments required in 2026 under the terms of the Second Amendment, we now estimate an Exit Fee of approximately $2.6 million will be owed upon maturity of the debt, in addition to the repayment at maturity of any outstanding principal under the Term Loans, plus accrued and unpaid interest. We are accreting each period, as additional interest expense using the interest method, an amount for the expected exit fee obligation that we estimate will be due on July 2, 2029. The amount accrued as of March 31, 2026 for the exit fee obligation is reflected as a component of our total debt balance.

The Credit Agreement includes customary repayment and prepayment terms, affirmative and negative covenants and representations and warranties, including restrictions on payment of dividends and other covenants.

The Company and certain of its subsidiaries from time-to-time party thereto guarantee the obligations under the Credit Agreement and other Loan Documents. In addition, such obligations are secured by a first priority lien on substantially all tangible and intangible property of the Company and the guarantors and pledges of the equity of certain Company subsidiaries, in each case subject to certain exceptions, limitations and exclusions for the collateral.

Financial covenants

As amended by the Second Amendment, the Credit Agreement includes the following covenants.

•

Unrestricted Cash Amount. The Company is required to have unrestricted cash balances as of the last day of the fiscal quarter ending June 30, 2026 equal to the greater of (i) $15.0 million and (ii) $20.0 million minus the total ECR Repayment Amounts paid by the Company pursuant to the Credit Agreement on or prior to June 30, 2026. The Company currently anticipates that this covenant will require the Company to have at least $15.0 million in unrestricted cash as of June 30, 2026. The Company is further required to have unrestricted cash balances as of the last day of the fiscal quarter ending September 30, 2026 and each fiscal quarter thereafter equal to the greater of (i) $10.0 million and (ii) $20.0 million minus the total ECF Repayment Amounts actually paid by the Company to the Lenders pursuant to the Credit Agreement prior to such date. The Company currently anticipates that this financial covenant will require the Company to have at least $10.0 million of unrestricted cash as of September 30, 2026 and each fiscal quarter thereafter.

•

Quarterly Revenue. The Company is required to have consolidated quarterly revenue of at least: (i) $25.0 million for the fiscal quarter ending June 30, 2026; (ii) $50.0 million for the fiscal quarter ending September 30, 2026; and (iii) $75.0 million for the fiscal quarter ending December 31, 2026 and the last day of each fiscal quarter thereafter.

•

Consolidated EBITDA. For the 12-month period ending December 31, 2026, the Company’s consolidated EBITDA may not be less than $10.0 million, and for the 12-month period ending December 31, 2027 and the last day of each fiscal year thereafter, the Company’s consolidated EBITDA may not be less than $25.0 million.

Additionally, the Company’s direct tracker margin must exceed certain thresholds for each fiscal quarter, beginning with the fiscal quarter ended March 31, 2026, and the financial covenants also include a requirement that the amounts due to the Company under new purchase orders must meet certain thresholds beginning with the fiscal quarter ending March 31, 2027.

At March 31, 2026, the Company was in compliance with all applicable financial covenants under the Credit Agreement.

Senior Notes and Original Warrants

On December 4, 2024, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor as the purchaser under the Purchase Agreement (the “Investor”). Pursuant to the Purchase Agreement, we sold, and the Investor purchased, $15.0 million in principal amount of senior secured promissory notes (the “Senior Notes”) and warrants exercisable for 1,750,000 shares of our common stock (the “ Original Warrants”) (the “Offering”).

Pursuant to the terms of the Senior Notes, we elected to increase the outstanding principal amount of the Senior Notes by an amount of interest at a rate of 13% per annum ("paid-in-kind" interest) capitalized semiannually on the final business day in June and December of each year. As a result, our outstanding principal balance of the Senior Notes was approximately $16.1 million as of July 2, 2025. The Senior Notes were initially secured by substantially all of our assets.

The Original Warrants issued in the Offering were exercised on June 30, 2025 at an exercise price of $0.10 per share, in return for the issuance of 1,750,000 shares of our common stock. We had previously determined liability classification for the Original Warrants was required based on terms that could require cash settlement upon the occurrence of a contingent change in control event.

Changes in the number and value of our Original and New Warrants were as follows:


	Three months ended March 31,
	2026					2025
	Number of warrants		Value ($000's)			Number of warrants		Value ($000's)
Beginning balance		6,836,237	$	74,515			1,750,000	$	9,520
Change in fair value of warrant liability	N/A			(48,742	)	N/A			(4,604	)
Ending balance		6,836,237	$	25,773			1,750,000	$	4,916

Amendment to the Purchase Agreement and Senior Notes

In connection with the Credit Agreement, the Investor entered into a Subordination Agreement, dated July 2, 2025 (the “Subordination Agreement”). Pursuant to the Subordination Agreement, the Investor agreed to the subordination of all indebtedness owed by the Company to the Investor, including under the Senior Notes issued by the Company to the Investor on December 4, 2024, to the indebtedness and obligations owed under the Credit Agreement and the other applicable loan documents.

Also, in connection with the Credit Agreement and the Subordination Agreement, the Company and Investor entered into an Amended and Restated Promissory Note, dated July 2, 2025 (the “A&R Promissory Note”). The A&R Promissory Note amends and restates the original Senior Notes to remove the seniority terms of those notes, conform the original Senior Notes to the terms of the Credit Agreement and the Subordination Agreement, amend certain prepayment and make-whole terms under the original Senior Notes, delete certain covenants and event of default terms, reduce the interest rate under the original Senior Notes to 5% per annum paid in cash and 7% per annum paid in kind, both on the final business day of June and December in each year, and to delete the financial covenants set forth in the original Senior Notes. As a result of an amendment to the Purchase Agreement entered into on July 2, 2025 (the "Purchase Agreement Amendment"), among other things, the Investor agreed to release all liens and guarantees securing the obligations under the Senior Notes, the Purchase Agreement, and the A&R Promissory Note. The A&R Promissory Note also (i) provides for additional interest to be capitalized and added to the principal amount of the debt at a rate of 5% per annum upon the occurrence and continuation of certain events of default and (ii) matures on January 2, 2030.

Interest

Total interest expense recognized during the three months ended March 31, 2026 and 2025, was $3.9 million and $0.7 million, respectively. The effective interest rate for our long-term debt, including accretion of the exit fee obligation and amortization of the discount and deferred loan costs, is approximately 30%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Property and equipment, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.4	$ 0.3

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related party transactions

15. Related party transactions

On November 11, 2025, we entered into a Membership Interest Purchase Agreement with the Selling Members of Alpha Steel pursuant to which we agreed to acquire all of their membership interests, effective November 12, 2025. Prior to November 12, 2025, we held a 45% interest in Alpha Steel, which was accounted for under the equity method of accounting and during which time Alpha Steel was considered a related party.

As of March 31, 2026 and December 31, 2025, Alpha Steel was consolidated into our financial results as a wholly owned subsidiary and all intercompany balances as of those dates had been eliminated in consolidation, including Alpha Steel's intercompany results of operations for the three months ended March 31, 2026 and the period from November 13, 2025 to December 31, 2025.

During the three months ended March 31, 2025, we received invoices from Alpha Steel for purchases totaling $4.7 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Accounts receivable, net (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 56,388	$ 55,743
Large Projects [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 14,300

Inventories - Schedule of Activity in Slow-moving and Obsolete Inventory (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Inventory Disclosure [Abstract]
Balance at beginning of period	$ 495	$ 516
Additions charged to earnings	194	0
Balance at end of period	$ 689	$ 516

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and contingencies

We may become involved in various claims, lawsuits, investigations, and other proceedings arising in the normal course of business. We accrue a liability when information available prior to the issuance of our Condensed Consolidated Financial Statements indicates it is probable that a loss has been incurred as of the date of the Condensed Consolidated Financial Statements, and the amount of loss can be reasonably estimated. If the reasonable estimate of the probable loss is a range, we record an accrual for the most likely estimate of the loss, or the low end of the range if there is no one best estimate. We adjust our accruals to reflect the impact of negotiation, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred.

United States Customs and Border Protection assessment

In March of 2023, United States Customs and Border Protection ("CBP") issued notices of tariff assessment that indicated an action taken at the Import Specialist (i.e., the port) level with respect to merchandise imported from Thailand under entry number 004-1058562-5 (the “625 Assessment”) and entry number 004-1063793-9 (the “Original 939 Assessment”, and collectively with the 625 Assessment, the “Original CBP Assessments”). The Original CBP Assessments related to certain torque beams that are used in our Voyager+ product that were imported in 2022. In the Original CBP Assessments, CBP asserted that Section 301 China tariffs, Section 232 steel and aluminum tariffs, and antidumping and countervailing duties applied to the merchandise. Based on correspondence received to date from CBP, including a recent partial acceptance by CBP of our protest on the 625 Assessment as described below, and our calculations based on applicable duty and tariff rates, the 625 Assessment is currently estimated at approximately $0.07 million. In September of 2023, CBP informed us that the amount owed under the Original 939 Assessment was being revised downward to approximately $2.01 million (the "Revised 939 Assessment", and together with the 625 Assessment, the "Revised CBP Assessments"). In particular, CBP accepted our position that the Section 301 tariffs of 25% or 7.5% of the value of the merchandise, depending on tariff classification, as well as the antidumping and countervailing duties, previously assessed under the Original 939 Assessment are not applicable as they are only applicable to articles that are products of China and that, in this case, the finished goods are products of Thailand.

CBP has legally finalized both Revised CBP Assessments. We filed a formal protest for the 625 Assessment in September of 2023 and for the Revised 939 Assessment in March of 2024. On February 11, 2026, CBP partially approved our protest of the 625 Assessment, which reduced our estimated exposure down to $0.07 million. We were notified on March 18, 2026, that CBP had denied our protest of the Revised 939 Assessment. Based on the denial by CBP, we accrued approximately $2.7 million, inclusive of interest, in our consolidated financial results for the year ended December 31, 2025. We are currently evaluating our options to challenge this decision by CBP in the U.S. Court of International Trade (the "Court") as to the merits of the disputed tariff classifications. However, because matters of this nature are subject to inherent uncertainties, and unfavorable rulings or developments, including future assessments of additional duties or tariffs owed in respect of other shipments or other materials beyond what is presently included in the Revised CBP Assessments, there can be no certainty that the Company might ultimately prevail in the Court and we could also be subject to future assessments of additional duties or tariffs owed in respect of other shipments or other materials beyond what is presently included in the Revised CBP Assessments, or incur charges that are not currently recorded as liabilities which could have a material adverse effect on our consolidated results of operations, financial position, or liquidity.

Customer litigation

On June 11, 2025, FTC Solar, Inc. filed a lawsuit against BayWa r.e. Power Solutions, Inc. ("BayWa") in the United States District Court for the Western District of Texas (Civil Action No. 25-cv-00905-DAE). The complaint alleges breach of contract arising from BayWa’s purported cancellation of a large equipment supply agreement and purchase order for custom solar tracking systems intended for a Texas-based solar energy project. The parties engaged in a formal dispute resolution process, including pre-suit mediation without success. On August 25, 2025, BayWa filed an answer to FTC's complaint and asserted certain counterclaims against FTC. On September 15, 2025, FTC filed a response to BayWa's counterclaims. The parties are now engaged in discovery. While FTC believes it has meritorious claims and intends to vigorously pursue recovery, the outcome of litigation is inherently uncertain, and it is unclear at this time whether FTC or BayWa will recover the amounts sought in their respective claims or whether the outcome would materially affect FTC's financial condition or results of operations.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Lease Expense

Our expense for our operating leases consisted of the following:


	Three months ended March 31,
(in thousands)	2026		2025
Operating lease cost	$	256	$	327
Short-term lease cost		283		66
Total lease cost	$	539	$	393

Reported in:
Cost of revenue	$	449	$	183
Research and development		19		7
Selling and marketing		22		27
General and administrative		49		176
Total lease cost	$	539	$	393

Summary of Future Remaining Lease Payments Obligations

Future remaining operating lease payment obligations were as follows:


(in thousands)	March 31, 2026
Remainder of 2026	$	386
2027		482
2028		94
2029		57
2030		24
Total lease payments		1,043
Less: imputed interest		(218	)
Present value of operating lease liabilities	$	825

Current portion of operating lease liability	$	389
Operating lease liability, net of current portion		436
Present value of operating lease liabilities	$	825

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

4. Inventories

Inventories consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Raw materials	$	781		$	452
Work in process		257			227
Finished goods		9,076			9,443
Allowance for slow-moving and obsolete inventory		(689	)		(495	)
Total	$	9,425		$	9,627

Activity in the allowance for slow-moving and obsolete inventory during the three months ended March 31, 2026 and 2025 was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	495	$	516
Additions charged to earnings		194		—
Balance at end of period	$	689	$	516

Net Loss Per Share (Additional Information) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted loss per share	$ (0.72)	$ (0.58)

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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+ Details

Equity method investment - Additional Information (Details)	Mar. 31, 2026	Nov. 01, 2025
Schedule of Equity Method Investments [Line Items]
Membership Interests		100.00%
Alpha Steel
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share calculation	3,933,566	1,800,331
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share calculation	201,905	206,405
Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share calculation	3,731,661	1,593,926

Accrued expenses and other current liabilities - Schedule of warranty accruals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accrued Expenses and Other Current Liabilities [Abstract]
Balance at beginning of period	$ 11,913	$ 11,904
Warranties issued and remediation added during the period	438	1,045
Settlements made during the period	(702)	(656)
Changes in liability for pre-existing warranties	(282)	(442)
Balance at end of period	11,367	11,851
Warranty accruals are reported in:
Other current liabilities	10,089	9,645	$ 10,357
Other non-current liabilities	1,278	2,206
Balance at end of period	$ 11,367	$ 11,851	$ 11,913

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Contingency [Line Items]
Provision for income taxes	$ (195)	$ (254)
Statutory rate	21.00%
Material change in unrecognized tax benefits			$ 0
Income tax interest and penalties accrued	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 5,639	$ 21,105
Accounts receivable, net of allowance for credit losses of $3,071 and $3,069 at March 31, 2026 and December 31,2025, respectively	56,388	55,743
Inventories	9,425	9,627
Prepaid and other current assets	12,371	11,294
Total current assets	83,823	97,769
Operating lease right-of-use assets	868	983
Property and equipment, net	3,721	3,793
Goodwill	7,527	7,444
Other assets	1,910	1,823
Total assets	97,849	111,812
Current liabilities
Accounts payable	11,615	13,247
Short-term debt	9,711	12,681
Accrued expenses	26,441	23,770
Income taxes payable	445	630
Deferred revenue	4,833	7,172
Other current liabilities	10,401	10,725
Total current liabilities	63,446	68,225
Long-term debt, net	12,887	9,921
Operating lease liability, net of current portion	436	553
Deferred income taxes	178	0
Warrant liability	25,773	74,515
Other non-current liabilities	1,278	1,556
Total liabilities	103,998	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 as of March 31, 2026 and December 31, 2025	0	0
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 15,818,330 and 15,537,344 shares issued and outstanding as of March 31, 2026 and December 31, 2025	2	2
Treasury stock, at cost; 1,076,257 shares as of March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	388,759	384,648
Accumulated other comprehensive loss	(191)	(290)
Accumulated deficit	(394,719)	(427,318)
Total stockholders' (deficit)	(6,149)	(42,958)
Total liabilities and stockholders' (deficit)	$ 97,849	$ 111,812

Debt - Schedule of Changes in outstanding warrants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Beginning balance, Warrants	6,836,237	1,750,000
Beginning balance	$ 74,515	$ 9,520
Change in fair value of warrant liability	(48,742)	(4,604)
Ending balance	$ 25,773	$ 4,916
Ending balance, Warrants	6,836,237	1,750,000

Segment information - Schedule of Reconciliation Including Such Costs to Our Consolidated Net Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue:

Total revenue

$ 17,265

$ 20,803

Cost of revenue:

Total cost of revenue

18,492

24,250

Gross loss

(1,227)

(3,447)

Less: significant segment period costs:

Stock-based compensation expense

(2,692)

(37)

Personnel costs (excluding stock-based compensation)

(3,728)

(4,310)

Credit loss provisions

(2)

Other segment expenses

^[1]

(4,409)

(2,858)

Interest expense

(3,896)

(711)

Interest income

Gain from disposal of investment in unconsolidated subsidiary

3,204

Gain from change in fair value of warrant liability

48,742

4,604

Other income, net

Loss from unconsolidated subsidiary

(112)

Provision for income taxes

(195)

(254)

Net loss

32,599

(3,819)

Supplemental information:

Indirect personnel costs (excluding stock-based compensation) in cost of revenue

2,646

2,504

Total depreciation and amortization expense

365

302

Capital expenditures

276

Total assets at period end

97,849

84,061

Product [Member]

Revenue:

Total revenue

11,762

18,202

Cost of revenue:

Total cost of revenue

13,808

20,111

Service [Member]

Revenue:

Total revenue

5,503

2,601

Cost of revenue:

Total cost of revenue

$ 4,684

$ 4,139

[1]


(1)	Other segment expenses include research and development material and lab expenditures, professional services, marketing, employee travel, facility, insurance, depreciation and amortization and certain other period costs.

Condensed Consolidated Statements of Comprehensive Results of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 17,265	$ 20,803
Cost of revenue:
Total cost of revenue	18,492	24,250
Gross loss	(1,227)	(3,447)
Operating expenses
Research and development	1,118	924
Selling and marketing	1,715	1,136
General and administrative	7,998	5,053
Total operating expenses	10,831	7,113
Loss from operations	(12,058)	(10,560)
Interest expense	(3,896)	(711)
Interest income	5	6
Gain from disposal of investment in unconsolidated subsidiary	0	3,204
Gain from change in fair value of warrant liability	48,742	4,604
Other income, net	1	4
Loss from unconsolidated subsidiary	0	(112)
Loss before income taxes	32,794	(3,565)
Provision for income taxes	(195)	(254)
Net loss	32,599	(3,819)
Other comprehensive income :
Foreign currency translation adjustments	99	28
Comprehensive loss	$ 32,698	$ (3,791)
Net income (loss) per share:
Basic	$ 2.09	$ (0.3)
Diluted	$ (0.72)	$ (0.58)
Weighted-average common shares outstanding:
Basic	15,568,299	12,888,695
Diluted	22,396,369	14,588,972
Product
Revenue:
Total revenue	$ 11,762	$ 18,202
Cost of revenue:
Total cost of revenue	13,808	20,111
Service
Revenue:
Total revenue	5,503	2,601
Cost of revenue:
Total cost of revenue	$ 4,684	$ 4,139

Property and equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and equipment, net

7. Property and equipment, net

Property and equipment consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Leasehold improvements	$	711		$	696
Plant and field equipment		2,598			2,600
Information technology equipment		967			876
Tooling		2,483			2,347
Capitalized software		1,341			1,301
Total		8,100			7,820
Accumulated depreciation		(4,379	)		(4,027	)
Property and equipment, net	$	3,721		$	3,793

Depreciation expense for the three months ended March 31, 2026 and 2025, totaled $0.4 million and $0.3 million, respectively.

Prepaid and other current assets

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid and other current assets

5. Prepaid and other current assets

Prepaid and other current assets consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Vendor deposits	$	7,539	$	6,393
Prepaid expenses		720		656
Prepaid taxes		847		789
Deferred cost of revenue		353		360
Other current assets		2,912		3,096
Total	$	12,371	$	11,294

At March 31, 2026 and December 31, 2025, other current assets included $2.0 million for a non-interest-bearing customer advance related to pre-project construction financing activities. This advance is secured by certain customer assets and is currently due.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-based compensation

Stock-based compensation expense for each period was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Cost of revenue	$	645	$	243
Research and development		158		60
Selling and marketing		103		16
General and administrative		2,431		(39	)
Total stock compensation expense	$	3,337	$	280

ATM program - Schedule of Sales of newly issued shares of our common stock under the ATM program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Subsidiary, Sale of Stock [Line Items]
Sales of newly issued shares of common stock, Amount	$ 805
Less: fees incurred	$ (21)	$ 0
ATM Program [Member]
Subsidiary, Sale of Stock [Line Items]
Sales of newly issued shares of common stock, Shares	168,700	0
Sales of newly issued shares of common stock, Amount	$ 805	$ 0
Less: fees incurred, Shares	0	0
Less: fees incurred	$ (21)	$ 0
Total	$ 784	$ 0

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Net income (loss) per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share


	Three months ended March 31,
($ in thousands)	2026			2025
Net income (loss) for basic calculation	$	32,599		$	(3,819	)
Less: decrease in fair value of warrants		(48,742	)		(4,604	)
Net loss for diluted calculation	$	(16,143	)	$	(8,423	)

Weighted average shares outstanding for calculating basic income (loss) per share		15,568,299			12,888,695
Add: Assumed exercise of warrants		6,828,070			1,700,277
Weighted average shares outstanding for calculating diluted loss per share		22,396,369			14,588,972

Basic income (loss) per share	$	2.09		$	(0.30	)
Diluted loss per share	$	(0.72	)	$	(0.58	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share

For purposes of computing diluted loss per share, weighted average common shares outstanding do not include potentially dilutive securities that are anti-dilutive, as shown below.


	For the three months ended March 31,
	2026		2025
Anti-dilutive securities excluded from calculating dilutive loss per share:
Shares of common stock issuable under stock option plans outstanding		201,905		206,405
Shares of common stock issuable upon vesting of RSUs		3,731,661		1,593,926
Potential common shares excluded from diluted net loss per share calculation		3,933,566		1,800,331

Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill activity

During the three months ended March 31, 2026 and 2025, activity in our goodwill balance was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	7,444	$	7,139
Translation		83		34
Balance at end of period	$	7,527	$	7,173

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

ATM Program - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	May 16, 2025	May 01, 2025
Subsidiary, Sale of Stock [Line Items]
Common stock, reserved for future issuance, value	$ 8,240
ATM Program [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, value authorized		$ 65,000
Common Stock Capital Shares Reserved For Future Issuance Remaining Value	8,200
Common stock, reserved for future issuance, value	$ 13,750	$ 13,750	$ 13,750

Accounts receivable, net

3 Months Ended

Mar. 31, 2026

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts receivable, net

3. Accounts receivable, net

Accounts receivable consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Trade receivables	$	25,135		$	22,722
Revenue recognized in excess of billings		27,735			30,889
Other receivables		6,589			5,201
Total		59,459			58,812
Allowance for credit losses		(3,071	)		(3,069	)
Accounts receivable, net	$	56,388		$	55,743

Other receivables at March 31, 2026 and December 31, 2025 primarily relate to 45X Credits earned in connection with manufacturing activity by our wholly owned subsidiary, Alpha Steel.

Approximately $14.3 million of net accounts receivable are related to certain large projects that have been deferred or are in dispute and have been outstanding for more than a year. We are continuing to seek resolution with our customers to collect the amounts owed to us

and have taken into consideration what we ultimately expect to recover in our estimate of the allowance for credit losses. Actual results could differ from our estimates.

Activity in the allowance for credit losses during the three months ended March 31, 2026 and 2025 was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	3,069	$	1,717
Amounts charged (credited) to earnings during the period		2		(92	)
Balance at end of period	$	3,071	$	1,625

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 32,599	$ (3,819)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ 32,599	$ (3,819)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation	3,337	280
Depreciation and amortization	365	302
Change in fair value of warrant liability	(48,742)	(4,604)
Amortization of debt discount and issue costs	2,197	210
Paid-in-kind non-cash interest	1,001	492
Provision for obsolete and slow-moving inventory	194	0
Loss from unconsolidated subsidiary	0	112
Gain from disposal of investment in unconsolidated subsidiary	0	(3,204)
Warranties issued and remediation added	438	1,045
Warranty recoverable from manufacturer	122	80
Credit loss provisions (credits)	2	(92)
Deferred income taxes	178	426
Lease expense	256	327
Impact on cash from changes in operating assets and liabilities:
Accounts receivable	(647)	(4,437)
Inventories	8	3,316
Prepaid and other current assets	(1,111)	918
Other assets	(185)	(216)
Accounts payable	(1,635)	1,688
Accruals and other current liabilities	1,858	2,539
Deferred revenue	(2,339)	(3,069)
Other non-current liabilities	(396)	(415)
Lease payments and other, net	(272)	(359)
Net cash used in operations	(12,772)	(8,483)
Cash flows from investing activities:
Purchases of property and equipment	(276)	(83)
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	(276)	3,124
Cash flows from financing activities:
Repayments of borrowings	(3,033)	0
Proceeds from sale of common stock	805	0
Stock offering costs paid	(21)	0
Financing costs paid	(170)	0
Proceeds from stock option exercises	0	3
Net cash (used in) provided by financing activities	(2,419)	3
Effect of exchange rate changes on cash and cash equivalents	1	18
Decrease in cash and cash equivalents	(15,466)	(5,338)
Cash and cash equivalents at beginning of period	21,105	11,247
Cash and cash equivalents at end of period	5,639	5,909
Supplemental disclosures of cash flow information:
Purchases of property and equipment included in ending accounts payable and accruals	17	4
Paid-in-kind and exit fee non-cash interest added to debt	1,001	492
Cash paid during the period for interest	887	8
Cash paid during the period for taxes, net of refunds	$ 231	$ 7

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 3,071	$ 3,069
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	850,000,000	850,000,000
Common stock, shares issued	15,818,330	15,537,344
Common stock, shares outstanding	15,818,330	15,537,344
Treasury Stock, Shares	1,076,257	1,076,257

Accounts receivable, net (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of accounts receivable, net

Accounts receivable consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Trade receivables	$	25,135		$	22,722
Revenue recognized in excess of billings		27,735			30,889
Other receivables		6,589			5,201
Total		59,459			58,812
Allowance for credit losses		(3,071	)		(3,069	)
Accounts receivable, net	$	56,388		$	55,743

Other receivables at March 31, 2026 and December 31, 2025 primarily relate to 45X Credits earned in connection with manufacturing activity by our wholly owned subsidiary, Alpha Steel.

and have taken into consideration what we ultimately expect to recover in our estimate of the allowance for credit losses. Actual results could differ from our estimates.

Schedule of Accounts Receivable Allowance for Credit Loss

Activity in the allowance for credit losses during the three months ended March 31, 2026 and 2025 was as follows:


	Three months ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	3,069	$	1,717
Amounts charged (credited) to earnings during the period		2		(92	)
Balance at end of period	$	3,071	$	1,625

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent events

18. Subsequent events

Effective April 29, 2026, our Board of Directors ("Board") appointed Anthony Carroll as the Company's new President and Chief Executive Officer, replacing Yann Brandt. Mr. Carroll has served on our Board since December 15, 2025, and will continue to be a member of the Board. Mr. Carroll previously served as Chief Executive Officer until April 2026 of Veev, a wholly-owned subsidiary of Lennar focused on efficient and sustainable homebuilding.

Mr. Brandt also departed as a member of our Board, effective April 29, 2026.

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

10. Income taxes

For the three months ended March 31, 2026 and 2025, we recorded income tax expense of $0.20 million and income tax expense of $0.25 million, respectively. These amounts for each period were lower than the statutory rate of 21%, primarily due to a valuation allowance established against the U.S. deferred tax assets.

We have had no material change in our unrecognized tax benefits since December 31, 2025. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of March 31, 2026, and December 31, 2025, we had no accrued interest or penalties related to unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying unaudited Condensed Consolidated Financial Statements include the results of the Company and its wholly owned subsidiaries and have been prepared based on the assumption that the Company will continue as a going concern and are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. As discussed further in "Liquidity and Going Concern" below, given the Company's current cash balances, subject to required reductions in the principal amount of our outstanding debt and required compliance with certain financial covenants during the remainder of 2026, as well as recurring operating losses and cash outflows from operations, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern during the next year. In the opinion of management, all adjustments of a normal recurring nature have been made that are considered necessary for a fair statement of our financial position as of March 31, 2026 and December 31, 2025, and our results of operations for the three months ended March 31, 2026 and cash flows for the three months ended March 31, 2026 and 2025. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the Company’s audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Intercompany balances and transactions have been eliminated in consolidation. Certain information and disclosures normally included in the notes to our annual Consolidated Financial Statements prepared in accordance with U.S. GAAP have been omitted from these interim Condensed Consolidated Financial Statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. We currently operate in one business segment, the manufacturing and servicing of solar tracker systems. See Note 17, "Segment information" below for further discussion.
Liquidity and Going Concern	Liquidity and Going Concern We have incurred cumulative operating losses since inception and have a history of cash outflows from operations, inclusive of $12.8 million in cash utilized in our operating activities during the three months ended March 31, 2026. As of March 31, 2026, we had cash on hand of $5.6 million, $20.4 million of working capital and a stockholders' deficit of $6.1 million. ATM program As of March 31, 2026, in addition to our cash on hand and working capital, we had approximately $8.24 million of remaining capacity available for future sales of our common stock under an effective prospectus supplement to our at the market facility under the At the Market Offering Agreement dated May 1, 2025 (the "Sale Agreement") with H.C. Wainwright & Co. LLC, and the related prospectus covering the offering, issuance and sale of up to a maximum aggregate offering price of approximately $13.75 million of our common stock that may be sold under such At the Market Offering Agreement in at the market offerings (the "ATM program"), described further in Note 13, "ATM program" below. There can be no assurance regarding the price at which we will be able to sell such shares in the future, whether under the ATM program or other securities offerings, and any sales of our common stock under the ATM program or other securities offerings may be at prices that result in additional dilution to our existing stockholders. Second Amendment to Credit Agreement As described further in Note 11, "Debt", on March 23, 2026, we entered into a Second Amendment and Limited Waiver to our Credit Agreement (the “Second Amendment”) pursuant to which the Lenders: (i) provided a waiver relating to our breach of the purchase order covenant in our Credit Agreement for the fiscal quarter ended December 31, 2025; (ii) agreed that a purchase order covenant will not apply to us until the fiscal quarter ending March 31, 2027; and (iii) agreed to further amend certain other existing financial covenants under the Credit Agreement, including the elimination of the minimum revenue and cash covenants for the quarter ended March 31, 2026. Additionally, in connection with the Second Amendment, we agreed to repay a portion of the principal amount outstanding under the Credit Agreement as follows: (x) $2.5 million of principal was repaid on March 23, 2026; (y) $2.5 million of principal will be repaid on May 22, 2026; and (z) $5.0 million of principal will be repaid on September 30, 2026. Payments for acquisition of Alpha Steel On November 11, 2025, we entered into a Membership Interest Purchase Agreement with the other equity holders (the "Selling Members") of Alpha Steel LLC ("Alpha Steel") pursuant to which we agreed to acquire all of their membership interests for a purchase price of approximately $2.7 million, which was evidenced by promissory notes payable in various installments during 2026 (the "Acquisition Notes"). As of March 31, 2026, we had made a required payment of approximately $0.5 million to the Selling Members, with remaining installments, plus accrued interest, due by no later than July 2026. The Acquisition Notes are secured by all of Alpha Steel's assets, provided, however, the security interests granted to each of the Selling Members under the Acquisition Notes are subordinate and junior to the security interests in favor of the Lenders under the Credit Agreement. Conclusion of substantial doubt In view of the requirements for quarterly cash interest payments and certain specified principal payments under the Credit Agreement (including the required prepayments summarized above) and principal and interest payments for the Acquisition Notes, as well as our history of operating losses and cash outflows, and considering that the availability of additional financing provided by the Credit Agreement in the form of Second Delayed Draw Term Loans is not completely within our control, we believe these factors create uncertainty as to our ability to fully meet the financial covenant requirements under the Credit Agreement during the twelve months following issuance of this Quarterly Report. Therefore, we have concluded that substantial doubt exists as to our ability to continue as a going concern within the next year. Our ability to meet our liquidity needs over the next year is dependent upon (i) our cash on hand (subject to (x) required principal repayments of $2.5 million and $5.0 million during May 2026 and September 2026, respectively, under the Credit Agreement, as well as principal and interest payments due for the Acquisition Notes, and (y) a $15.0 million minimum unrestricted cash covenant under the Credit Agreement effective for the quarter ending June 30, 2026 and as further reduced by required principal repayments under the Credit Agreement thereafter) and our compliance with the financial covenants under the Credit Agreement, (ii) our current expectations of increased project activity and cash flow during the twelve-month period following issuance of our consolidated financial statements, (iii) the availability of additional proceeds in the form of Second Delayed Draw Term Loans that may be requested by the Company, subject to approval by the Lenders in their sole discretion, (iv) utilization, as appropriate, of the capacity available for future sales of our common stock under the ATM program, and (v) if we determine necessary, our ability to raise additional capital through other securities offerings. In addition, we continue to remain focused on implementing additional cost savings steps, which could impact, among other things, the location of our headcount and the level of services currently provided by third parties.
Use of estimates	Use of estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported revenue and expenses during the period. Estimates are used for calculating the measure of progress of our solar tracker projects and deriving the standalone selling prices of the individual performance obligations when determining amounts to recognize for revenue, estimating allowances for credit losses and slow-moving and obsolete inventory, determining useful lives of long-lived assets and the estimated fair value of those assets for impairment assessments, and estimating the fair value of assets and liabilities acquired in business combinations, investments, warrants, stock compensation awards, warranty liabilities and federal and state taxes, including tax valuation allowances, as well as other contingencies. We base our estimates on historical experience and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates due to risks and uncertainties.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk are primarily cash and accounts receivable. We regularly maintain cash balances with various financial institutions that exceed federally insured amounts, but we have experienced no losses associated with these amounts to date. We periodically evaluate the financial health of the financial institutions we use and may take action in future periods, similar to past actions, to reallocate cash balances between financial institutions based on our evaluation. We extend credit to customers in the normal course of business, often without requiring collateral. We also perform credit analyses and monitor the financial health of our customers to reduce credit risk. The Company’s accounts receivables are derived from revenue earned from customers primarily located in the United States and Australia. For the periods included in this Quarterly Report, no company locations other than in the United States accounted for more than 10% of our consolidated revenue. Most of our customers are project developers, solar asset owners and EPC contractors that design and build solar energy projects. We typically rely on a small number of customers that account for a large portion of our revenue each period and our outstanding receivables at each period end.
Cash and cash equivalents	Cash and cash equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Certain of our cash equivalents include deposits in money market funds that invest primarily in short-term securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and contain no restrictions on immediate redemption. These deposits totaled $0.6 million at both March 31, 2026 and December 31, 2025. Interest earned on cash equivalents is included in interest income in our Condensed Consolidated Statements of Comprehensive Results of Operations.
Accounts receivable, net	Accounts receivable, net Trade receivables are recorded at invoiced amounts, net of allowances for credit losses, and do not bear interest. We generally do not require collateral from our customers; however, in certain circumstances, we may require letters of credit, other collateral, additional guarantees or advance payments. The allowance for credit losses is based on the lifetime expected credit loss of our customer accounts. To assess the lifetime expected credit loss, we utilize a loss rate method that takes into consideration historical experience and certain other factors, as appropriate, such as credit quality, current economic or other conditions and changes in project status that may affect a customer's ability to pay. Provisions for credit losses are included as a component of our selling and marketing expenses. Receivables arising from revenue recognized in excess of billings represent our unconditional right to consideration before customers are invoiced due to the level of progress obtained as of period end on our contracts to procure and deliver tracker systems and related equipment. Further information may be found below in our revenue recognition policy.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value, with costs computed on a first-in, first-out basis. The Company periodically reviews its inventories for excess and obsolete items and adjusts carrying costs to estimated net realizable values when they are determined to be less than cost.
Impairment	Impairment We review our long-lived assets that are held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that its useful life may be shorter than previously expected. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset, which in most cases is estimated based upon Level 3 unobservable inputs. If the asset is determined to have a remaining useful life shorter than previously expected, an adjustment for the shorter remaining life will be made for purposes of recognizing future depreciation expense. Assets are classified as held for sale when we have a plan, approved by the appropriate levels of management, for disposal of such assets, as well as other considerations, and those assets are stated at the lower of carrying value or estimated fair value less estimated costs to sell.
Goodwill	Goodwill We recognize goodwill as the excess of the purchase price over the estimated fair value of the identified assets and liabilities acquired in a business combination accounted for using the acquisition method. Goodwill is not amortized but is subject to a periodic assessment for impairment at least annually, or whenever events and circumstances indicate an impairment may exist. Our assessments may include qualitative factors such as current or expected industry and market conditions, our overall financial performance, share price trends, market capitalization and other company-specific events. We operate in one segment, being the consolidated entity, which we have also determined is the reporting unit for goodwill impairment. No impairment of goodwill was recognized as of March 31, 2026 or during 2025.
Deferred debt discount and issue costs	Deferred debt discount and issue costs Legal, consulting, accounting and other fees that are incremental and directly related to issuances of long-term debt, including any discounts on the debt, are capitalized and reflected as a reduction to the principal amount of our outstanding debt. These costs are amortized to interest expense over the term of the debt using the interest method.
Warrants	Warrants Warrants issued for the purchase of our common stock are evaluated for liability or equity classification and recorded at fair value upon issuance. Fair value may be determined using a Black-Scholes model or other valuation technique depending on the terms of the warrants, based primarily on Level 2 inputs. Warrants containing clauses that could require settlement in cash or with other assets are reflected as liabilities whereas warrants that may only be settled with the issuance of our common stock are reflected as a component of our equity. Warrants classified as liabilities are adjusted to current fair value at the end of each reporting period with changes reflected in our results of operations. Legal, consulting, accounting and other fees that are incremental and directly related to the issuance of warrants are expensed as incurred for warrants classified as liabilities or shown as a reduction to the value of our warrants as reflected in our equity.
Warranty	Warranty Typically, the sale of solar tracker projects includes parts warranties to customers as part of the overall price of the product. We provide standard assurance type warranties for our products for periods generally ranging from five to ten years. We also accrue for costs relating to remediation efforts involving product issues we believe require correction. We record a provision for estimated warranty and remediation expenses in cost of sales, net of amounts recoverable from manufacturers under their warranty obligations to us. When historical claims information relating to our equipment is not sufficient, we will base our estimates on industry studies involving the nature and frequency of product failure rates for similar parts used by our competitors, as well as other related businesses. We do not maintain general or unspecified reserves; all warranty reserves are related to specific projects. All actual or estimated material costs incurred for warranty or remediation services in subsequent periods are charged to those established reserves. While we periodically monitor our warranty activities and claims, if actual costs incurred were to be different from our estimates, we would recognize adjustments to our warranty reserves in the period in which those differences arise or are identified.
Stock-based compensation	Stock-based compensation We recognize compensation expense for all share-based payment awards made, including stock options and restricted stock units ("RSUs"), based on the estimated fair value of the award on the grant date. We calculate the fair value of stock options using the Black-Scholes option pricing model for awards with service-based vesting or through use of a lattice model or a Monte Carlo simulation for stock options and RSU awards with market conditions. The fair value of RSUs with only service or performance-based vesting is based on the estimated fair value of the Company's common stock on the date of grant. We consider the closing price of our stock, as reported on Nasdaq, to be the fair value of our stock on the grant date. Forfeitures are accounted for as they occur. For service-based awards, stock-based compensation is recognized using the straight-line attribution approach over the requisite service period. For performance-based awards, stock-based compensation is recognized based on graded vesting over the requisite service period when the performance condition is probable of being achieved. Stock compensation expense for market-based awards is recognized over the derived service period determined in the valuation model, inclusive of any vesting conditions.
Revenue recognition	Revenue recognition Product revenue is derived from the sale of solar tracker systems and customized components for those systems, individual part sales for certain specific transactions and the sale of term-based software licenses. Term-based licensed software is deployed on the customers’ own servers and has significant standalone functionality. Service revenue includes revenue from shipping and handling services, engineering consulting and pile testing services, our subscription-based enterprise licensing model and maintenance and support services in connection with the term-based software licenses. Our subscription-based enterprise licensing model typically has contract terms ranging from one to two years and consists of subscription fees from the licensing of subscription services. Our hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Support services include ongoing security updates, upgrades, bug fixes, and maintenance. We recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services by following a five-step process: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when or as the Company satisfies a performance obligation, as further described below. Identify the contract with a customer: A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the products and services to be transferred and identifies the payment terms related to these products and services, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for products and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. In assessing the recognition of revenue, we also evaluate whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Change orders may include changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. We analyze change orders to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract. Contracts we enter into with our customers for sale of solar tracker systems are generally under two different types of arrangements: (1) purchase agreements and equipment supply contracts (“Purchase Agreements”), and (2) sale of individual parts for those systems. Change orders from our customers that are deemed to be modifications to existing contracts are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. Identify the performance obligations in the contract: We enter into contracts that can include various combinations of products and services, which are either capable of being distinct and accounted for as separate performance obligations or as one performance obligation since the majority of tasks and services are part of a single project or capability. However, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Our Purchase Agreements typically include two performance obligations: 1) our solar tracker systems or customized components of those systems, and 2) shipping and handling services. The deliverables included as part of our solar tracker systems are predominantly accounted for as one performance obligation, as these deliverables are part of a combined promise to deliver a project. The revenue for shipping and handling services will be recognized over time based on progress in meeting shipping terms of the arrangements, as this faithfully depicts the Company’s performance in transferring control. Revenue for stand-alone engineering consulting and pile testing services is recognized at a point in time upon completion of the services performed. Sales of individual parts of our solar tracker systems for certain specific transactions include multiple performance obligations consisting of individual parts of those systems. Revenue is recognized for parts sales at a point in time when the obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Determine the transaction price: The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring services to the customer. Such amounts are typically stated in the customer contract, and to the extent that we identify variable consideration, we will estimate the variable consideration at the onset of the arrangement as long as it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Other than with respect to the impact of changes in tariff rates, the majority of our contracts do not contain variable consideration provisions as a continuation of the original contract. None of our contracts contain a significant financing component. Taxes collected from customers and remitted to governmental authorities are not included in revenue. Allocate the transaction price to performance obligations in the contract: Once we have determined the transaction price, we allocate the total transaction price to each performance obligation in a manner depicting the amount of consideration to which we expect to be entitled in exchange for transferring the good(s) or service(s) to the customer. We allocate the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis. We use the expected cost-plus margin approach based on hardware, labor, and related overhead cost to estimate the standalone selling price of our solar tracker systems, customized components of those systems, and individual parts for certain specific transactions. We also use the expected cost-plus margin approach based on expected third-party shipping and transportation costs to estimate the standalone selling price of our shipping, handling and logistics performance obligations. We use the adjusted market assessment approach for all other performance obligations. Recognize revenue when or as the Company satisfies a performance obligation: For each performance obligation identified, we determine at contract inception whether we satisfy the performance obligation over time or at a point in time. The performance obligations in the contracts for our solar tracker systems and customized components of those systems are satisfied over time as work progresses, utilizing an input measure of progress determined by cost-to-cost measures on these projects as this faithfully depicts our performance in transferring control. Additionally, our performance does not create an asset with an alternative use, due to the highly customized nature of the product, and we have an enforceable right to payment for performance completed to date. Our performance obligations for individual part sales for certain specific transactions are recognized at a point in time as and when control transfers based on the terms for the contract. Our performance obligations for engineering consulting and pile testing services are recognized at a point in time upon completion of the services. Our performance obligations for term-based software licenses are recognized at a point in time as and when control transfers, either upon delivery to the customer or the software license start date, whichever is later. Our performance obligations for shipping and handling services are satisfied over time as the services are delivered over the term of the contract. We recognize revenue for subscription and other services on a straight-line basis over the contract period. With regard to support revenue, a time-elapsed method is used to measure progress because we transfer control evenly over the contractual period. Accordingly, the fixed consideration related to support revenue is generally recognized on a straight-line basis over the contract term. Impact of changes in tariffs on our revenue recognition: In cases where our existing contracts have legally enforceable terms that allow us to pass the increased cost of tariffs to our customers automatically, any change in the transaction price will be accounted for as a change in our estimate of variable consideration and allocated to our performance obligations on the same basis as our initial allocation at contract inception. Where price changes resulting from tariffs need to be separately negotiated and agreed to with our customers, we will apply contract modification guidance once the modification is enforceable. We will also take into account tariff rates in effect at each period end in measuring our progress toward satisfaction of our performance obligations in recognizing revenue. Contract assets and liabilities: The timing of revenue recognition, billing, and cash collection results in the recognition of accounts receivable, unbilled receivables for revenue recognized in excess of billings, and deferred revenue in the Condensed Consolidated Balance Sheets. We have elected to use the practical expedient of expensing incremental costs of obtaining a contract for our contracts of less than one year in duration. We may receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities, which are reflected as “deferred revenue” in our Condensed Consolidated Balance Sheets. Customer deposits are short term as the related performance obligations are typically fulfilled within 12 months. Changes in deferred revenue relate to fluctuations in the timing of customer deposits and completion of performance obligations. Revenue recognized during the three months ended March 31, 2026, from amounts included in deferred revenue at December 31, 2025, totaled $4.5 million. Approximately $4.1 million of revenue was recognized during the three months ended March 31, 2025, from amounts included in deferred revenue at December 31, 2024, which totaled $5.3 million. Cost of revenue consists primarily of costs related to raw materials, equipment manufacturing activities, net of incentives earned, freight and delivery, tariffs, product warranty, remediation and personnel costs (salaries, bonuses, benefits, and stock-based compensation). Personnel costs in cost of revenue include both direct labor costs, as well as costs attributable to any individuals whose activities relate to the procurement, installment and delivery of the finished product and services. Cost of revenue owed but not yet paid is recorded as accrued cost of revenue in the accompanying Condensed Consolidated Balance Sheets. Deferred cost of revenue, a component of our prepaid and other current assets, results from the timing differences between the costs incurred in advance of the satisfaction of all revenue recognition criteria consistent with our revenue recognition policy.
Inflation Reduction Act of 2022 ("IRA")	Inflation Reduction Act of 2022 (“IRA”) The IRA was enacted into law on August 16, 2022, and provides for various clean energy credits, including an Advanced Manufacturing Production Credit under Section 45X (“45X Credit”) for eligible parts, including torque tubes and structural fasteners. We receive the benefit of the 45X Credits earned by our wholly owned subsidiary Alpha Steel as products are manufactured. Utilizing guidance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, we recognize the benefits of these reductions as they are earned during the manufacturing process and reflect them as other receivables, as we frequently monetize the amounts due, and as a reduction in our cost of revenue. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, which accelerates the phase-outs and terminations of various eligible federal tax credits enacted as part of the IRA.
Accounting standards adopted in current period	Accounting standards adopted in current period Effective January 1, 2026, we adopted on a prospective basis Accounting Standards Update ("ASU") 2025-05, Financial Instruments - Credit Losses (Topic 326). In connection with the adoption of this new standard, we elected to utilize the practical expedient to assume that current conditions as of the balance sheet date will persist through a reasonable and supportable forecast period when adjusting historical data to be used in the estimation of credit losses. There was no material impact on the Company's financial condition or results of operations upon adoption.
Recent accounting and regulatory pronouncements not yet adopted	Recent accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires companies to disclose (i) additional categories of information about federal, state and foreign income taxes above a quantitative threshold in their rate reconciliation table and (ii) income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods, as well as other disclosure changes. As an emerging growth company, we are not required to adopt ASU 2023-09 prior to our annual reporting for the year ending December 31, 2026, although earlier adoption is permitted. We are currently evaluating the impact of ASU 2023-09 on our existing income tax disclosures and the method of adoption. In November 2024, the FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04). ASU 2024-03 requires companies to disclose additional specific information including, among other things, (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization included in each of its expense captions disclosed on the face of its results of operations statement, as well as total selling expenses. As clarified in ASU 2025-01, we are currently required to adopt ASU 2024-03 for our annual reporting effective December 31, 2027 and in our quarterly reporting beginning in 2028. In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). This new guidance applies to all entities that issue share-based consideration to a customer that is within the scope of Topic 606. The guidance revises the definition of a performance condition to include conditions based on a customer's purchases and eliminates the policy election allowing grantors to account for forfeitures of customer awards as they occur. It also clarifies that the guidance on constraining estimates of variable consideration does not apply to share-based consideration payable to a customer. We are currently required to adopt this new standard on either a modified retrospective or a retrospective basis beginning in the first quarter of 2027. We are evaluating the impact, if any, on the Company upon adoption and have made no determination at this time regarding the method of adoption to be used. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) ("ASU 2025-10"). This new guidance establishes the accounting for a government grant received by a business entity, including guidance for (i) a grant related to an asset and (ii) a grant related to income. The standard is effective for public business entities for annual reporting periods beginning after December 15, 2028 and, for other than public business entities, for annual reporting periods beginning after December 15, 2029. We are currently evaluating this standard in relation to our current accounting treatment of 45X Credits described above and are assessing the available transition methods for adopting this new standard. Other standards that have been issued but not yet adopted as of March 31, 2026, are either not applicable to us or are not expected to have any material impact upon adoption.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock [Member]	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2024	$ 19,036	$ 0	$ 1	$ 0	$ 367,318	$ (542)	$ (347,741)
Beginning balance (in shares) at Dec. 31, 2024		0	12,853,823	1,076,257
Shares issued during the period for vested restricted stock awards, shares			209,486
Issuance of common stock upon exercise of stock options	3				3
Issuance of common stock upon exercise of stock options, shares			5,000
Stock-based compensation	280				280
Net loss	(3,819)						(3,819)
Other comprehensive gain	28					28
Ending balance at Mar. 31, 2025	15,528	$ 0	$ 1	$ 0	367,601	(514)	(351,560)
Ending balance (in shares) at Mar. 31, 2025		0	13,068,309	1,076,257
Beginning balance at Dec. 31, 2025	(42,958)	$ 0	$ 2	$ 0	384,648	(290)	(427,318)
Beginning balance (in shares) at Dec. 31, 2025		0	15,537,344	1,076,257
Shares issued during the period for vested restricted stock awards, shares			112,286
Sale of shares	805				805
Sale of shares, shares			168,700
Stock offering costs	(31)				(31)
Stock-based compensation	3,337				3,337
Net loss	32,599						32,599
Other comprehensive gain	99					99
Ending balance at Mar. 31, 2026	$ (6,149)	$ 0	$ 2	$ 0	$ 388,759	$ (191)	$ (394,719)
Ending balance (in shares) at Mar. 31, 2026		0	15,818,330	1,076,257

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following:


(in thousands)	March 31, 2026			December 31, 2025
Leasehold improvements	$	711		$	696
Plant and field equipment		2,598			2,600
Information technology equipment		967			876
Tooling		2,483			2,347
Capitalized software		1,341			1,301
Total		8,100			7,820
Accumulated depreciation		(4,379	)		(4,027	)
Property and equipment, net	$	3,721		$	3,793

Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended						12 Months Ended
	Sep. 30, 2026	May 22, 2026	Mar. 23, 2026	Jul. 02, 2025	Sep. 30, 2026	May 31, 2026	Dec. 31, 2026	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Nov. 11, 2025	Nov. 01, 2025	Dec. 04, 2024
Debt Instrument [Line Items]
Short term debt interest rate										3.64%
Membership Interests																	100.00%
Debt Instrument Capitalized Interest Rate										5.00%
Bear interest at the rate				12.00%
Interest rate paid in kind				7.00%
Increased in default interest rate				7.00%
Revenues										$ 17,265		$ 20,803
Loss before income taxes										32,794		(3,565)
Paid-in-kind interest										$ 1,001		492
Effective interest rate										12.00%
Common stock, par value										$ 0.0001					$ 0.0001
Interest expense										$ 3,896		$ 711
Senior Secured Term Facility
Debt Instrument [Line Items]
Senior secured term facility										$ 75,000
Maximum [Member]
Debt Instrument [Line Items]
Exit fee percentage				50.00%
Effective interest rate										30.00%
Maximum [Member] \| Private Placement [Member]
Debt Instrument [Line Items]
Bear interest at the rate										13.00%
Minimum [Member]
Debt Instrument [Line Items]
Exit fee percentage				25.00%
Senior Notes [Member]
Debt Instrument [Line Items]
Credit Facility amount				$ 16,100
Debt instrument face amount																		$ 15,000
Secured promissory notes																		1,750,000
Issuance of Warrants											1,750,000
Exercise Price of Warrants or Rights											$ 0.1
Warrants Issued																		1,750,000
Second Amendment
Debt Instrument [Line Items]
Principal amount, repaid			$ 2,500
Loan Exit Fee, Amount										$ 2,600
First Delayed Draw Term Loans [Member]
Debt Instrument [Line Items]
Aggregate principal, amount										37,500
Second Delayed Draw Term Loans [Member]
Debt Instrument [Line Items]
Aggregate principal, amount										37,500
Forecast [Member]
Debt Instrument [Line Items]
Principal amount, repaid					$ 5,000	$ 2,500
Unrestricted cash, balances	$ 10,000				10,000			$ 10,000	$ 15,000
Revenue minimum covenant amount							$ 75,000	50,000	25,000
EBITDA minimum covenant													$ 25,000	$ 10,000
Forecast [Member] \| ECR
Debt Instrument [Line Items]
Unrestricted cash, balances	20,000				20,000			20,000	$ 20,000
Forecast [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Unrestricted cash, balances	10,000				$ 10,000			$ 10,000
Forecast [Member] \| Second Amendment
Debt Instrument [Line Items]
Principal amount, repaid	$ 5,000	$ 2,500
Alpha Steel
Debt Instrument [Line Items]
Payment to Seller										$ 500						$ 2,700
Nonconsolidated Investees, Other [Member] \| Alpha Steel
Debt Instrument [Line Items]
Ownership percentage																100.00%
Amendment Warrants [Member]
Debt Instrument [Line Items]
Secured promissory notes				6,836,237
Long-Term Debt, Contingent Payment of Principal or Interest										in connection with the Credit Agreement and the Subordination Agreement, the Company and Investor entered into an Amended and Restated Promissory Note, dated July 2, 2025 (the “A&R Promissory Note”). The A&R Promissory Note amends and restates the original Senior Notes to remove the seniority terms of those notes, conform the original Senior Notes to the terms of the Credit Agreement and the Subordination Agreement, amend certain prepayment and make-whole terms under the original Senior Notes, delete certain covenants and event of default terms, reduce the interest rate under the original Senior Notes to 5% per annum paid in cash and 7% per annum paid in kind, both on the final business day of June and December in each year, and to delete the financial covenants set forth in the original Senior Notes. As a result of an amendment to the Purchase Agreement entered into on July 2, 2025 (the "Purchase Agreement Amendment"), among other things, the Investor agreed to release all liens and guarantees securing the obligations under the Senior Notes, the Purchase Agreement, and the A&R Promissory Note. The A&R Promissory Note also (i) provides for additional interest to be capitalized and added to the principal amount of the debt at a rate of 5% per annum upon the occurrence and continuation of certain events of default and (ii) matures on January 2, 2030.
Warrants Issued				6,836,237
New Warrant [Member]
Debt Instrument [Line Items]
Exercise Price of Warrants or Rights				$ 0.01
New warrants exercisable date				Jul. 02, 2035

Segment information (Additional Information) (Details)	3 Months Ended
Segment information (Additional Information) (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1

ATM Program

3 Months Ended

Mar. 31, 2026

Program Rights Obligations [Abstract]

ATM Program

13. ATM program

On May 16, 2025, we filed an amendment to replace an existing Form S-3 shelf registration statement relating to (a) the issuance and sale from time to time in one or more transactions, of up to $65 million in aggregate of our common stock, preferred stock, debt securities and warrants and (b) an at the market offering prospectus covering the offering, issuance and sale of up to a maximum aggregate offering price of approximately $13.75 million of our common stock that may be sold under our ATM program.

On May 1, 2025, we entered into the Sale Agreement with H.C. Wainwright & Co. LLC relating to the sale from time to time of shares of our common stock in accordance with the terms of the Sale Agreement having an aggregate offering price that does not exceed the number or dollar amount of shares of common stock that we may register from time to time for the ATM program, or approximately $13.75 million.

Sales of newly issued shares of our common stock under the ATM program were as follows:


	Three months ended March 31, 2026					Three months ended March 31, 2025
	Number of shares		Amount ($000's)			Number of shares		Amount ($000's)
Sales of newly issued shares of common stock		168,700	$	805			—		—
Less: fees incurred		—		(21	)		—		—
Total		168,700	$	784			—	$	—

We utilize the net proceeds from offerings under the ATM program for general corporate purposes, including working capital and operating expenses. We may also use a portion of such proceeds to acquire or invest in businesses, products, services or technologies. There can be no assurance regarding the price at which we will be able to sell such shares in the future, whether under the ATM program or other securities offerings, and any sales of our common stock under the ATM program or other securities offerings may be at prices that result in additional dilution to our existing stockholders.

At March 31, 2026, approximately $8.2 million remained available for sale under the existing Sale Agreement and prospectus for the ATM program.