10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

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

 

 

For the quarterly period ended September 30, 2021

 

 

OR

 

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

For the transition period from __________to__________

Commission File Number 001-40350

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

Delaware

 

81-4816270

(State or Other Jurisdiction of Incorporation or Organization)

 

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

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

Austin, Texas 78759

 

 

78759

  (Address of Principal Executive Offices)

 

(Zip Code)

 

(737) 787-7906

Registrant's Telephone Number, Including Area Code

Not Applicable

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value

FTCI

The Nasdaq Stock Market LLC


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

 

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

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

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

As of October 31, 2021, 84,984,645 shares of the registrant's common stock were outstanding.

 

 

 


 

FTC Solar, Inc.

Table of Contents

PART I – FINANCIAL INFORMATION

 

 

 

 

Pages(s)

 

Item 1.

Financial Statements (Unaudited)

 

 

 

Condensed Consolidated Balance Sheets

4

 

 

Condensed Consolidated Statements of Comprehensive Loss

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity

6

 

 

Condensed Consolidated Statements of Cash Flows

8

 

 

Notes to Condensed Consolidated Financial Statements

921

 

Item 2.

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

22

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

 

 

 

 

 

Item 4.

Controls and Procedures

36

 

 

 

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

Item 1.

Legal Proceedings

38

 

Item 1A.

Risk Factors

38

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

 

Item 3.

Defaults Upon Senior Securities

39

 

Item 4.

Mine Safety Disclosures

39

 

Item 5.

Other Information

39

 

Item 6.

Exhibits

40

 

SIGNATURES

41

 

 

2


 

FORWARD-LOOKING STATEMENTS

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

 

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe that these factors include, but are not limited to, the factors set forth under the heading “Risk Factors.” Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.

 

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

 

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

 

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

 

3


 

FTC Solar, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

 

December 31,
2020

 

 

September 30,
2021

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$

32,359

 

 

$

140,662

 

Restricted cash

 

 

1,014

 

 

 

 

Accounts receivable, net

 

 

23,734

 

 

 

53,668

 

Inventories

 

 

1,686

 

 

 

11,276

 

Prepaid and other current assets

 

 

6,924

 

 

 

23,558

 

Total current assets

 

 

65,717

 

 

 

229,164

 

Investments in unconsolidated subsidiary

 

 

1,857

 

 

 

 

Other assets

 

 

3,819

 

 

 

6,265

 

Total assets

 

$

71,393

 

 

$

235,429

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

17,127

 

 

$

16,556

 

Line of credit

 

 

1,000

 

 

 

 

Accrued expenses and other liabilities

 

 

18,495

 

 

 

40,246

 

Accrued interest – related party

 

 

207

 

 

 

 

Deferred revenue

 

 

22,980

 

 

 

9,606

 

Total current liabilities

 

 

59,809

 

 

 

66,408

 

Long-term debt and other borrowings

 

 

784

 

 

 

 

Other non-current liabilities

 

 

3,349

 

 

 

5,662

 

Total liabilities

 

 

63,942

 

 

 

72,070

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

      Preferred stock par value of $0.0001 per share, 10,000,000 shares
      authorized;
none issued as of December 31, 2020 and September 30, 2021

 

 

 

 

 

 

Common stock par value of $0.0001 per share, 850,000,000 shares
authorized;
66,155,340 and 84,944,145 shares issued and outstanding as of December 31, 2020 and September 30, 2021

 

 

1

 

 

 

8

 

Treasury stock, at cost; 9,896,666 and 10,762,566 shares as of December 31, 2020 and September 30, 2021

 

 

 

 

 

 

Additional paid-in capital

 

 

50,096

 

 

 

288,696

 

Accumulated other comprehensive income (loss)

 

 

(3

)

 

 

6

 

Accumulated deficit

 

 

(42,643

)

 

 

(125,351

)

Total stockholders’ equity

 

 

7,451

 

 

 

163,359

 

Total liabilities and stockholders’ equity

 

$

71,393

 

 

$

235,429

 

 

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

 

4


 

FTC Solar, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

48,879

 

 

$

45,582

 

 

$

122,197

 

 

$

137,799

 

Service

 

 

10,761

 

 

 

7,407

 

 

 

20,976

 

 

 

31,005

 

Total revenue

 

 

59,640

 

 

 

52,989

 

 

 

143,173

 

 

 

168,804

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

46,513

 

 

 

48,090

 

 

 

114,883

 

 

 

146,964

 

Service

 

 

10,261

 

 

 

12,938

 

 

 

19,826

 

 

 

45,810

 

Total cost of revenue

 

 

56,774

 

 

 

61,028

 

 

 

134,709

 

 

 

192,774

 

Gross profit (loss)

 

 

2,866

 

 

 

(8,039

)

 

 

8,464

 

 

 

(23,970

)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

1,438

 

 

 

2,116

 

 

 

4,047

 

 

 

9,653

 

Selling and marketing

 

 

1,041

 

 

 

2,224

 

 

 

2,374

 

 

 

6,421

 

General and administrative (Note 10)

 

 

2,912

 

 

 

10,392

 

 

 

7,630

 

 

 

63,217

 

Total operating expenses

 

 

5,391

 

 

 

14,732

 

 

 

14,051

 

 

 

79,291

 

Loss from operations

 

 

(2,525

)

 

 

(22,771

)

 

 

(5,587

)

 

 

(103,261

)

Interest expense

 

 

(70

)

 

 

(301

)

 

 

(303

)

 

 

(515

)

Gain from disposal in equity investment

 

 

-

 

 

 

210

 

 

 

-

 

 

 

20,829

 

Gain (loss) on extinguishment of debt

 

 

(34

)

 

 

-

 

 

 

(75

)

 

 

790

 

Other expense

 

 

(1

)

 

 

(13

)

 

 

(1

)

 

 

(59

)

Loss before income taxes

 

 

(2,630

)

 

 

(22,875

)

 

 

(5,966

)

 

 

(82,216

)

(Expense) benefit from income taxes

 

 

(24

)

 

 

(41

)

 

 

115

 

 

 

(137

)

Loss from unconsolidated subsidiary

 

 

(186

)

 

 

-

 

 

 

(345

)

 

 

(354

)

Net loss

 

$

(2,840

)

 

$

(22,916

)

 

$

(6,196

)

 

$

(82,707

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(12

)

 

 

3

 

 

 

(20

)

 

 

9

 

Comprehensive loss

 

$

(2,852

)

 

$

(22,913

)

 

$

(6,216

)

 

$

(82,698

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.04

)

 

$

(0.24

)

 

$

(0.09

)

 

$

(1.00

)

Diluted

 

$

(0.04

)

 

$

(0.24

)

 

$

(0.09

)

 

$

(1.00

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

67,567,724

 

 

 

94,596,519

 

 

 

69,857,468

 

 

 

82,677,824

 

Diluted

 

 

67,567,724

 

 

 

94,596,519

 

 

 

69,857,468

 

 

 

82,677,824

 

 

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

 

5


 

FTC Solar, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

(unaudited)

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

Shares

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2019

 

 

$

 

 

 

63,633,981

 

 

$

1

 

 

 

 

 

$

 

 

$

18,273

 

 

$

 

 

$

(26,719

)

 

$

(8,445

)

Restricted stock awards
   vested during the period

 

 —

 

 

 

 

 

2,014,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock

 

 —

 

 

 

 

 

9,162,976

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

 

 

 

 

 

 

 

 

30,000

 

Stock-based compensation

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

933

 

 

 

 

 

 

 

 

 

933

 

Net loss

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,356

)

 

 

(3,356

)

Other comprehensive loss

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

(8

)

Balance as of June 30, 2020

 

 

$

 

 

 

74,811,048

 

 

$

1

 

 

 

 

 

$

 

 

$

49,206

 

 

$

(8

)

 

$

(30,075

)

 

$

19,124

 

Restricted stock awards vested during the period

 

 —

 

 —

 

 

 

594,712

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Repurchase of common stock, held in treasury

 

 —

 

 —

 

 

 

(9,896,666

)

 

 —

 

 

 

9,896,666

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Stock-based compensation

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

448

 

 

 

 

 

 

 

 

 

448

 

Net loss

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,840

)

 

 

(2,840

)

Other comprehensive loss

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

(12

)

Balance as of September 30, 2020

 

 

$

 

 

 

65,509,094

 

 

$

1

 

 

 

9,896,666

 

 

$

-

 

 

$

49,654

 

 

$

(20

)

 

$

(32,915

)

 

$

16,720

 

 

 

 

 

 

 

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

 

6


 

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2020

 

 

 

 

$

 

 

 

66,155,340

 

 

$

1

 

 

 

9,896,666

 

 

$

 

 

$

50,096

 

 

$

(3

)

 

$

(42,643

)

 

$

7,451

 

Restricted stock awards
   vested during the period

 

 

 

 

 

 

 

 

3,413,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

(865,900

)

 

 

 

 

 

865,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon
   exercise of stock options

 

 

 

 

 

 

 

 

213,690

 

 

 

 

 

 

 

 

 

 

 

 

50

 

 

 

 

 

 

 

 

 

50

 

Repurchase and retirement of common stock

 

 

 

 

 

 

 

 

(4,455,384

)

 

 

(1

)

 

 

 

 

 

 

 

 

(54,154

)

 

 

 

 

 

 

 

 

(54,155

)

Issuance of common stock in connection with IPO

 

 

 

 

 

 

 

 

19,840,000

 

 

 

2

 

 

 

 

 

 

 

 

 

241,153

 

 

 

 

 

 

 

 

 

241,155

 

Impact of stock split

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

Deferred offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,093

)

 

 

 

 

 

 

 

 

(7,093

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,150

 

 

 

 

 

 

 

 

 

53,150

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(59,792

)

 

 

(59,792

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Balance as of June 30, 2021

 

 

 

 

$

 

 

 

84,301,595

 

 

$

8

 

 

 

10,762,566

 

 

$

 

 

$

283,196

 

 

$

3

 

 

$

(102,435

)

 

$

180,772

 

Issuance of common stock upon
   exercise of stock options