0000950170-22-023544 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	9020 N Capital of Texas Hwy
Entity Address, Address Line Two	Suite I-260
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78759
City Area Code	737
Local Phone Number	787-7906
Entity Common Stock, Shares Outstanding		103,285,455
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 49,820	$ 102,185
Accounts receivable, net	52,929	107,548
Inventories	17,305	8,860
Prepaid and other current assets	12,458	17,186
Total current assets	132,512	235,779
Operating lease right-of-use assets	1,397	1,733
Property and equipment, net	1,731	1,582
Intangible assets, net	1,215	0
Goodwill	7,327	0
Other assets	4,300	3,926
Total assets	148,482	243,020
Current liabilities
Accounts payable	26,946	39,264
Accrued expenses	19,617	47,860
Income taxes payable	430	47
Deferred revenue	4,910	1,421
Other current liabilities	9,576	4,656
Total current liabilities	61,479	93,248
Operating lease liability, net of current portion	996	1,340
Deferred income taxes	0	0
Other non-current liabilities	4,479	5,566
Total liabilities	66,954	100,154
Commitments and contingencies (Note 13)
Stockholders' equity
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of September 30, 2022 and December 31, 2021	0	0
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 103,044,324 and 92,619,641 shares issued and outstanding as of September 30, 2022 and December 31, 2021	10	9
Treasury stock, at cost; 10,762,566 shares as of September 30, 2022 and December 31, 2021	0	0
Additional paid-in capital	310,212	292,082
Accumulated other comprehensive income (loss)	(350)	7
Accumulated deficit	(228,344)	(149,232)
Total stockholders' equity	81,528	142,866
Total liabilities and stockholders' equity	$ 148,482	$ 243,020

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
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	103,044,324	92,619,641
Common stock, shares outstanding	103,044,324	92,619,641
Treasury stock, shares	10,762,566	10,762,566

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total revenue	$ 16,572	$ 52,989	$ 96,846	$ 168,804
Cost of revenue:
Total cost of revenue	26,087	61,028	122,160	192,774
Gross profit (loss)	(9,515)	(8,039)	(25,314)	(23,970)
Operating expenses
Research and development	2,126	2,116	7,538	9,653
Selling and marketing	1,994	2,224	6,893	6,421
General and administrative	13,059	10,391	39,966	63,217
Total Operating expenses	17,179	14,731	54,397	79,291
Loss from operations	(26,694)	(22,770)	(79,711)	(103,261)
Interest expense, net	(160)	(301)	(882)	(515)
Gain from disposal of investment in unconsolidated subsidiary	1,408	210	1,745	20,829
Gain on extinguishment of debt	0	0	0	790
Other income (expense)	(341)	(13)	(249)	(59)
Loss from unconsolidated subsidiary	0	(0)	0	(354)
Loss before income taxes	(25,787)	(22,874)	(79,097)	(82,570)
(Provision) benefit for income taxes	151	(41)	(15)	(137)
Net loss	(25,636)	(22,915)	(79,112)	(82,707)
Other comprehensive income (loss):
Foreign currency translation adjustments	(474)	3	(357)	9
Comprehensive loss	$ (26,110)	$ (22,912)	$ (79,469)	$ (82,698)
Net loss per share
Basic	$ (0.25)	$ (0.24)	$ (0.79)	$ (1.00)
Diluted	$ (0.25)	$ (0.24)	$ (0.79)	$ (1.00)
Weighted-average common shares outstanding:
Basic	102,164,455	94,596,519	100,642,126	82,677,824
Diluted	102,164,455	94,596,519	100,642,126	82,677,824
Product
Revenue:
Total revenue	$ 3,543	$ 45,582	$ 43,677	$ 137,799
Cost of revenue:
Total cost of revenue	11,411	48,090	62,800	146,964
Service
Revenue:
Total revenue	13,029	7,407	53,169	31,005
Cost of revenue:
Total cost of revenue	$ 14,676	$ 12,938	$ 59,360	$ 45,810

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	IPO [Member]	Common Stock	Preferred Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 7,451		$ 1	$ 0		$ 50,096	$ (3)	$ (42,643)
Beginning balance (in shares) at Dec. 31, 2020			66,155,340	0	9,896,666
Shares issued during the period for vested restricted stock awards, Shares			1,169,607
Repurchase of treasury stock			(148,440)		148,440
Issuance of common stock upon exercise of stock options	39					39
Issuance of common stock upon exercise of stock options (in shares)			152,902
Stock-based compensation	449					449
Net Income (loss)	(7,442)							(7,442)
Other comprehensive income (loss)	(1)						(1)
Ending balance at Mar. 31, 2021	496		$ 1	$ 0		50,584	(4)	(50,085)
Ending balance (in shares) at Mar. 31, 2021			67,329,409	0	10,045,106
Beginning balance at Dec. 31, 2020	7,451		$ 1	$ 0		50,096	(3)	(42,643)
Beginning balance (in shares) at Dec. 31, 2020			66,155,340	0	9,896,666
Net Income (loss)	(82,707)
Ending balance at Sep. 30, 2021	163,360		$ 8	$ 0	$ 0	288,696	6	(125,350)
Ending balance (in shares) at Sep. 30, 2021			84,944,145	0	10,762,566
Beginning balance at Mar. 31, 2021	496		$ 1	$ 0		50,584	(4)	(50,085)
Beginning balance (in shares) at Mar. 31, 2021			67,329,409	0	10,045,106
Shares issued during the period for vested restricted stock awards, Shares			2,244,242
Repurchase of treasury stock			(717,460)		717,460
Issuance of common stock upon exercise of stock options	11					11
Issuance of common stock upon exercise of stock options (in shares)			60,788
Repurchase and retirement of common stock	(54,155)		$ (1)			(54,154)
Repurchase and retirement of common stock (shares)			(4,455,384)
Impact of Stock Split			$ 6			(6)
Deferred offering costs	(7,093)					(7,093)
Issuance of common stock	241,155		$ 2			241,153
Issuance of common stock (in shares)			19,840,000
Stock-based compensation	52,701					52,701
Net Income (loss)	(52,350)							(52,350)
Other comprehensive income (loss)	7						7
Ending balance at Jun. 30, 2021	180,772		$ 8	$ 0	$ 0	283,196	3	(102,435)
Ending balance (in shares) at Jun. 30, 2021			84,301,595	0	10,762,566
Issuance of common stock upon exercise of stock options	107					107
Issuance of common stock upon exercise of stock options (in shares)			642,550
Deferred offering costs	12					12
Stock-based compensation	5,381					5,381
Net Income (loss)	(22,915)							(22,915)
Other comprehensive income (loss)	3						3
Ending balance at Sep. 30, 2021	163,360		$ 8	$ 0	$ 0	288,696	6	(125,350)
Ending balance (in shares) at Sep. 30, 2021			84,944,145	0	10,762,566
Beginning balance at Dec. 31, 2021	142,866		$ 9	$ 0		292,082	7	(149,232)
Beginning balance (in shares) at Dec. 31, 2021			92,619,641	0	10,762,566
Shares issued during the period for vested restricted stock awards, Value			$ 1			(1)
Shares issued during the period for vested restricted stock awards, Shares			5,311,326
Issuance of common stock upon exercise of stock options	428					428
Issuance of common stock upon exercise of stock options (in shares)			1,793,876
Stock-based compensation	4,610					4,610
Net Income (loss)	(27,793)							(27,793)
Other comprehensive income (loss)	57						57
Ending balance at Mar. 31, 2022	120,168		$ 10	$ 0		297,119	64	(177,025)
Ending balance (in shares) at Mar. 31, 2022			99,724,843	0	10,762,566
Beginning balance at Dec. 31, 2021	142,866		$ 9	$ 0		292,082	7	(149,232)
Beginning balance (in shares) at Dec. 31, 2021			92,619,641	0	10,762,566
Issuance of common stock (in shares)		4,455,384
Net Income (loss)	(79,112)
Ending balance at Sep. 30, 2022	81,528		$ 10	$ 0	$ 0	310,212	(350)	(228,344)
Ending balance (in shares) at Sep. 30, 2022			103,044,324	0	10,762,566
Beginning balance at Mar. 31, 2022	120,168		$ 10	$ 0		297,119	64	(177,025)
Beginning balance (in shares) at Mar. 31, 2022			99,724,843	0	10,762,566
Shares issued during the period for vested restricted stock awards, Shares			729,106
Issuance of common stock upon exercise of stock options	86					86
Issuance of common stock upon exercise of stock options (in shares)			266,225
Shares issued for HX Tracker acquisition, Shares			1,000,000
Shares issued for HX Tracker acquisition, Amount	4,370					4,370
Stock-based compensation	998					998
Net Income (loss)	(25,683)							(25,683)
Other comprehensive income (loss)	60						60
Ending balance at Jun. 30, 2022	99,999		$ 10	$ 0	$ 0	302,573	124	(202,708)
Ending balance (in shares) at Jun. 30, 2022			101,720,174	0	10,762,566
Shares issued during the period for vested restricted stock awards, Value	1,826					1,826
Shares issued during the period for vested restricted stock awards, Shares			645,896
Issuance of common stock upon exercise of stock options	274					274
Issuance of common stock upon exercise of stock options (in shares)			678,254
Stock-based compensation	5,539					5,539
Net Income (loss)	(25,636)							(25,636)
Other comprehensive income (loss)	(474)						(474)
Ending balance at Sep. 30, 2022	$ 81,528		$ 10	$ 0	$ 0	$ 310,212	$ (350)	$ (228,344)
Ending balance (in shares) at Sep. 30, 2022			103,044,324	0	10,762,566

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (25,636)	$ (27,793)	$ (22,915)	$ (7,442)	$ (79,112)	$ (82,707)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation					11,147	58,531
Depreciation and amortization					582	95
Loss from sale of property and equipment					183	0
Amortization of debt issuance cost					526	288
Provision for obsolete and slow-moving inventory					129	0
Loss from unconsolidated subsidiary					0	354
Gain from disposal of investment in unconsolidated subsidiary	(1,408)		(210)		(1,745)	(20,829)
Gain on extinguishment of debt	0		0		0	(790)
Warranty provision					7,374	2,118
Warranty recoverable from manufacturer					(299)	(484)
Bad debt expense					1,138	83
Deferred income taxes					(331)	0
Lease expense and other					550	0
Impact on cash from changes in operating assets and liabilities:
Accounts receivable, net					53,481	(30,017)
Inventories					(8,574)	(9,590)
Prepaid and other current assets					4,948	(16,609)
Other assets					(661)	180
Accounts payable					(11,867)	(535)
Accruals and other current liabilities					(25,507)	21,243
Accrued interest – related party debt					0	(207)
Deferred revenue					3,489	(13,374)
Other non-current liabilities					(4,188)	904
Lease payments and other, net					(348)	(1,068)
Net cash used in operating activities					(49,085)	(92,414)	$ (132,900)
Cash flows from investing activities:
Purchases of property and equipment					(814)	(778)
Proceeds from sale of property and equipment					86	0
Acquisitions, net of cash acquired					(5,093)	0
Proceeds from disposal of investment in unconsolidated subsidiary					1,745	22,332
Net cash provided by (used in) investing activities					(4,076)	21,554
Cash flows from financing activities:
Repayments of borrowings					0	(1,000)
Repurchase and retirement of common stock held by related parties					0	(54,155)
Offering costs paid					0	(5,942)
Deferred financing costs for revolving credit facility					0	(2,077)
Proceeds from stock issuance					0	241,314
Proceeds from stock option exercises					788	0
Net cash provided by financing activities					788	178,140
Effect of exchange rate changes on cash, cash equivalents and restricted cash					8	9
Net increase (decrease) in cash, cash equivalents and restricted cash					(52,365)	107,289
Cash, cash equivalents and restricted cash at beginning of period		$ 102,185		$ 33,373	102,185	33,373	33,373
Cash, cash equivalents and restricted cash at end of period	$ 49,820		$ 140,662		49,820	140,662	$ 102,185
Supplemental disclosures of cash flow information:
Purchases of property and equipment included in ending accounts payable and accruals					27	40
Commencement of new operating leases					0	1,513
Cash paid during the period for third party interest					657	332
Cash paid during the period for taxes					$ 119	$ 0

Description of Business

9 Months Ended

Sep. 30, 2022

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. We are a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services. Our mission is to provide differentiated products, software, and services that maximize energy generation and cost savings for our customers, and to help facilitate the continued growth and adoption of solar power globally. Trackers significantly increase the amount of solar energy produced at a solar installation by moving solar panels throughout the day to maintain an optimal orientation relative to the sun. Our primary tracker system is currently marketed under the Voyager brand name (“Voyager”). Voyager is a next-generation two-panel in-portrait single-axis tracker solution that we believe offers industry-leading performance and ease of installation. In September 2022, we announced the introduction of Pioneer, a new and differentiated one module-in-portrait (1P) solar tracker solution that allows for a pile count reduction per megawatt compared to similar industry-leading solutions, as well as providing other benefits, giving customers increased flexibility and additional cost savings. We have also launched a new solution for thin-film modules, filling a gap in our offering for certain U.S. modules. We have a team of dedicated renewable energy professionals with significant project installation experience focused on delivering cost reductions to our U.S. and worldwide clients across the solar project development and construction cycle. Our solar solutions span a range of applications, including ground mount, tracker, canopy, and rooftop. The Company is headquartered in Austin, Texas, and has international subsidiaries in Australia, China, India and South Africa.

In April 2021, we completed an initial public offering ("IPO") of 19,840,000 shares of our common stock receiving proceeds of $241.2 million, net of underwriting discounts and commissions, but before offering costs, and began trading on the Nasdaq Global Market under the symbol “FTCI”. Prior to the completion of the IPO, the board of directors and stockholders approved an approximately 8.25-for-1 forward stock split (the “Forward Stock Split”) of the Company’s shares of common stock which became effective on April 28, 2021. Proceeds from the IPO were used for general corporate purposes, with $54.2 million used to purchase an aggregate of 4,455,384 shares of our common stock, including shares resulting from the settlement of certain vested restricted stock units (“RSUs”) and exercise of certain options in connection with the IPO at the IPO price, less underwriting discounts and commissions.

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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

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 in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments have been made that are considered necessary for a fair statement of our financial position as of September 30, 2022, and December 31, 2021, our results of operations for the three and nine months ended September 30, 2022 and 2021, and our cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Intercompany balances and transactions have been eliminated in consolidation.

Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim 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, 2021, as updated in our Current Report on Form 8-K filed June 13, 2022.

On April 28, 2021, we effected an approximately 8.25-for-1 forward split of our issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the forward stock split, one (1) share of common stock issued and outstanding was automatically increased to approximately 8.25 shares of issued and outstanding common stock, without any change in the par value per share. All information related to common stock, stock options, restricted stock awards and earnings per share have been retroactively adjusted to give effect to the forward stock split for all periods presented, unless otherwise indicated.

We currently operate in one business segment, the manufacturing and servicing of solar tracker systems.

Liquidity

We have incurred cumulative losses since inception, resulting in an accumulated deficit of $228.3 million as of September 30, 2022, and have a history of cash outflows from operations. During the year ended December 31, 2021, and the nine months ended September 30, 2022, we had $132.9 million and $49.1 million, respectively, of cash outflow from operations. As of September 30, 2022, we had $49.8 million of cash on hand, $71.0 million of working capital and approximately $98.2 million of unused borrowing capacity under our existing revolving credit facility. The revolving credit facility includes a financial condition covenant stating we are required to have a minimum liquidity, consisting of cash on hand and unused borrowing capacity, of $50.0 million as of each quarter end through March 31, 2023. After considering this financial condition covenant, we had approximately $98.0 million of available liquidity as of September 30, 2022, in order to retain access to our revolving credit facility. Additionally, we had no long-term borrowings or other material obligations requiring the use of cash as of September 30, 2022.

The Uyghur Forced Labor Prevention Act ("UFLPA") was passed by the U.S. Congress and signed into law by President Biden on December 23, 2021. The UFLPA establishes a rebuttable presumption that the importation of any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in the Xinjiang Uyghur Autonomous Region of the People's Republic of China, or that are produced by certain entities, is prohibited by Section 307 of the Tariff Act of 1930 and that such goods, wares, articles, and merchandise are not entitled to entry to the United States. U.S. Customs and Border Protection ("CBP") began implementing the provisions of UFLPA on June 21, 2022, resulting in new rules for solar module importers and reviews by CBP. There continues to be uncertainty in the market around achieving full compliance with UFLPA, whether related to sufficient traceability of materials or other factors. Once there is additional clarity around this, and customers get line-of-sight to module deliveries, we believe the market will see a recovery.

On March 25, 2022, the U.S. Department of Commerce, in response to a petition by Auxin Solar, Inc., initiated an investigation of claims related to alleged circumvention of U.S. antidumping and countervailing duties ("AD/CVD") by solar manufacturers in certain Southeast Asian countries in an effort to determine whether or not solar cells and/or modules made in those Southeast Asian nations use parts originating from China in order to circumvent the AD/CVD tariffs. This decision resulted in some developers deferring projects due to the uncertainty of panel supply and costs, which has negatively impacted our current year revenues and cash flows and may continue to negatively impact our anticipated revenues and our cash flows in 2023. On June 6, 2022, President Biden issued an Executive Order allowing U.S. solar deployers the ability to import solar modules and cells from Cambodia, Malaysia, Thailand and Vietnam free from certain duties for 24 months, along with other incentives designed to accelerate U.S. domestic production of clean energy technologies.

The most notable incentive program impacting our U.S. business has been the investment tax credit (“ITC”) for solar energy projects, which allows taxpayers to offset their U.S. federal income tax liability by a certain percentage of their cost basis in solar energy systems placed in service for commercial use. The Inflation Reduction Act of 2022, passed by the U.S. Congress and signed into law by President Biden on August 16, 2022, expanded and extended the tax credits available to solar energy projects. ITCs have been extended for such projects through at least 2032 and, depending on the location of a particular project and its ability to satisfy certain labor and domestic content requirements, the ITC percentage can be between 30% and 50%. New solar projects are now eligible to claim production tax credits as an alternative to the ITC. We believe this law will bolster and extend future demand for our products in the U.S.

Our costs are affected by certain component costs including steel, motors and micro-chips, as well as transportation costs. Current market conditions and international conflicts that constrain supply of materials and disrupt the flow of materials from international vendors impact the cost of our products and services, along with overall rates of inflation in the global economy, which have been higher than recent historical rates. We have also seen increases in domestic fuel prices and transportation costs in the past couple of years. These cost increases impact our operating margins. We have taken steps to expand and diversify our manufacturing partnerships and have in the past employed alternative modes of transportation to mitigate the impact of the current headwinds in the global supply chain and logistics markets. Although overall transportation costs are higher than pre-pandemic rates, there has been a decline in recent months in costs for both charter vessels

and in the premium container market, as well as an easing of congestion in U.S. ports. However, recent COVID shutdowns in China have created a backlog of exports and increased demand for container shipments from China. We continue to monitor the logistics markets and have adjusted our use of various modes of transportation when warranted to optimize our transportation costs. Additionally, in February 2022, we contracted with a related-party consulting firm to support us in making ongoing improvements to our processes and performance in various areas, including design, sourcing, logistics, pricing, software and our distributed generation business. For further information regarding this consulting firm, see "Note 16. Related party transactions".

In accordance with ASC 205-40, Going Concern, we have evaluated whether there are conditions and events, considered in the aggregate, which raise substantial doubt about our ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. While AD/CVD and UFLPA have created uncertainty in the market in recent periods, we believe the Executive Order providing for a 24-month holiday on duties for importation of solar modules and cells from certain countries and the passage of the Inflation Reduction Act of 2022, as described above, have reduced the level of uncertainty among solar project owners and developers with regard to new project development. We have also taken significant steps to address the recent market challenges and our historical use of cash through the following actions:

•

certain members of our senior management team have foregone certain cash compensation in exchange for equity compensation;

•

we have frozen non-essential hiring, reduced our travel expenses, decreased the future use of consultants and are deferring non-critical initiatives;

•

we have emphasized cash collections from customers, and continue to negotiate improved payment terms with both our customers and vendors;

•

we have launched Pioneer, a one module-in-portrait (1P) solar tracker solution, and a new solution for thin-film modules, each of which we believe will enhance our ability to win projects that are less exposed to the impacts of UFLPA;

•

we have initiated frequent, consistent communication with our customers, which has allowed us to resolve issues preventing timely collection of certain past due outstanding receivables; and

•

we continue to explore options to obtain additional sources of capital through either the issuance of new debt or equity. For example, (a) we executed Amendment No. 2 to our existing revolving credit facility in June 2022, as described further in Note 11 below, which has increased available liquidity under our credit facility through March 31, 2023 and, (b) as described further in Note 15, we filed a prospectus supplement on September 14, 2022, providing us with the ability to sell from time to time, and in one or more transactions, newly issued shares of our common stock with an aggregate offering price of up to $100 million in future "at the market" offerings.

Management believes that our existing capital, which includes cash on hand, as well as our unused borrowing capacity under our revolving credit facility is sufficient for us to fund our operations for at least one year from the date of issuance of these condensed consolidated financial statements. Accordingly, the accompanying financial statements assume we will continue as a going concern through the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

We have achieved success in executing certain of the initiatives above and we continue to work to further reduce our use of cash to fund our operations. We expect the two-year holiday on duties announced by President Biden in June 2022 will reduce the level of uncertainty in the market due to the ongoing AD/CVD investigation by the U.S. Department of Commerce, as described above, and we believe passage of the Inflation Reduction Act of 2022 will also benefit demand for our products in the U.S. At the same time, however, new rules for module importers and reviews by CBP pursuant to achieving full compliance with UFLPA are expected to continue creating uncertainty in the market. However, once there is additional clarity around compliance with UFLPA, and customers get line-of-sight to module deliveries, we believe the market will see a recovery. While there are already many underlying drivers of growth in the solar industry, the expected positive impact on demand for our products could take longer than expected to occur. In addition, market conditions could deteriorate significantly from what we currently expect, and regulatory and international trade policies could become more stringent as a result of (i) findings from the Department of Commerce's AD/CVD investigation, (ii) the level of enforcement of regulations issued under UFLPA, and (iii) other factors, which may result in a need for us to issue additional debt or obtain new equity financing to fund our operations beyond the next twelve months. We may be unable to obtain any desired additional financing on terms favorable to us, or at all, depending on market and other conditions. The ability to raise additional financing depends on numerous factors that are outside of our control, including macroeconomic factors such as the impact of the COVID 19 pandemic, inflation, the ongoing conflict in the Ukraine, market conditions, the health of financial institutions, investors' and lenders' assessments of our prospects and the prospects of the solar industry in general.

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 doubtful accounts and slow-moving and obsolete inventory, determining useful lives of noncurrent assets and the estimated fair value of those assets for impairment assessments, and estimating the fair value of investments, stock compensation awards, warranty liabilities and federal and state taxes and 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.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentrations 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.

The Company extends credit to customers in the normal course of business, often without requiring collateral. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk.

The Company’s accounts receivables are derived from revenue earned from customers primarily located in the U.S., Australia and in the Asia Pacific region. No countries other than the U.S. and Australia account for 10% or more of our revenue. Most of our customers are project developers, solar asset owners and engineering, procurement and construction (“EPC”) contractors that design and build solar energy projects. Often times, a small number of customers account for a significant portion of our outstanding receivables at period end and our total revenue for the year.

Cash and cash equivalents

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts receivable, net

Trade receivables are recorded at invoiced amounts, net of allowances for doubtful accounts, if applicable, 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 doubtful accounts is based on our assessment of the collectability of our customer accounts. We regularly review our accounts receivable that remain outstanding past their applicable payment terms and establish allowances or make potential write-offs by considering certain factors such as historical experience, industry data, credit quality, age of balances and current economic conditions that may affect a customer's ability to pay.

Receivables arising from revenue recognized in excess of billings represents 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, net

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.

Intangible assets, net

Intangible assets consist of developed technology in the form of software tools, licenses and intellectual property, which are amortized over the period of their estimated useful lives using the straight-line method.

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.

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 two to ten years. We record a provision for estimated warranty expenses in cost of sales, net of amounts recoverable from manufacturers under their warranty obligations to us. 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 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 in the accompanying condensed consolidated statements of comprehensive loss for all share-based payment awards made, including stock options and 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 awards with market conditions. The fair value of RSUs is based on the estimated fair value of the Company's common stock on the date of grant. Since completion of our IPO, we consider the closing price of our stock, as reported on the Nasdaq Global Market, 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.

Revenue recognition

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

Service revenue includes revenue from shipping and handling services, subscription fees from licensing subscription services, 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 are generally modifications to existing contracts and 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.

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. 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 use the adjusted market assessment approach for all other performance obligations except shipping, handling, and logistics. For shipping, handling, and logistics performance obligations, we use a residual approach to calculate the standalone selling price, because of the nature of the highly variable and broad range of prices we charge to various customers for this performance obligation in the contracts.

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 point-in-time as and when control transfers based on the Incoterms for the contract. Our performance obligations for term-based software licenses are recognized 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.

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 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.

Cost of revenue consists primarily of costs related to raw materials, freight and delivery, product warranty, 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. Personnel costs during 2021 are reported net of federal employee retention credits received. Deferred cost of revenue 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.

Recent accounting pronouncements adopted and not yet adopted

Adopted

We adopted Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contract in an Entity's Own Equity, effective January 1, 2022. This standard had no impact on our financial position or results operations at the time of adoption.

Not yet adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and requires the use of an expected loss model in place of the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. We plan to adopt ASU 2016-13 effective January 1, 2023. We do not expect the adoption of ASU 2016-13 to have a material impact on our consolidated financial statements.

Acquisition

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisition

3. Acquisitions

On June 14, 2022, we closed on the acquisition of all of the outstanding stock of Shanghai Han Xiang New Energy Technology Co., Ltd. ("HX Tracker"), a China-based supplier of 1P tracker systems, in order to extend our international market presence. The purchase price included approximately $3.5 million of cash, paid in July 2022, and the issuance in June 2022 of 1,000,000 shares of the Company's common stock valued at approximately $4.4 million. In addition, as part of the purchase price, we paid the existing debt of HX Tracker owed to the previous owners, totaling approximately $0.8 million as of the acquisition date during the third quarter of 2022. The goodwill recognized as part of the acquisition is attributable to expected synergies in the acquired company's tracker offering and cross selling opportunities in various international markets and is not deductible for tax purposes. The results of operations of HX Tracker, which are not material, have been included in our condensed consolidated financial statements since the date of acquisition.

Certain former key employees of HX Tracker became employees of the Company following the closing and were eligible to receive up to 2.2 million RSUs, with vesting based on either performance or service conditions over a 2 to 4-year period. These awards require continuous employment during their term, subject to certain conditions as defined in the award, and are being accounted for as post combination expense recognized over the required service period based on the current expectation that all performance conditions will be met.

On July 1, 2022, we closed on an acquisition of certain assets from Standard Sun, Inc. relating to their pile testing and equipment installation business. Total purchase price was approximately $0.8 million. Two employees of this business became employees of the Company following the acquisition. The results of operations of this business, which are not material, have been included in our condensed consolidated financial statements since the date of acquisition. Goodwill associated with this acquisition is deductible for tax purposes.

The preliminary allocation of the purchase price from these acquisitions was as follows:


(in thousands)	HX Tracker			Pile testing and equipment installation business		Total
Cash	$	18		$	—	$	18
Prepaids and other current assets		17			—		17
Property and equipment, net		—			502		502
Intangible assets, net		1,425			—		1,425
Goodwill		7,447			271		7,718
Deferred tax asset		221			—		221
Accrued expenses		(55	)		—		(55	)
Deferred tax liability		(356	)		—		(356	)
Total purchase price	$	8,717		$	773	$	9,490

We are still in the process of finalizing the fair value of the acquired intangible assets and liabilities, which could impact the final purchase price allocations. We plan to complete this evaluation as soon as possible, but no later than one year from the respective acquisition dates.

During the nine months ended September 30, 2022, activity in our goodwill balance was as follows:


(in thousands)	Nine months ended September 30, 2022
Balance at December 31, 2021	$	—
Acquisition of HX Tracker		7,447
Acquisition of pile testing and equipment installation business		271
Translation		(391	)
Balance at September 30, 2022	$	7,327

Accounts receivable, net

9 Months Ended

Sep. 30, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts receivable, net

4. Accounts receivable, net

Accounts receivable consisted of the following:


(in thousands)	September 30, 2022			December 31, 2021
Trade receivables	$	47,192		$	38,597
Revenue recognized in excess of billings		6,536			72,676
Other receivables		381			147
Total		54,109			111,420
Allowance for doubtful accounts		(1,180	)		(3,872	)
Accounts receivable, net	$	52,929		$	107,548

Included in total receivables above are amounts billed under retainage provisions totaling $6.9 million and $11.6 million as of September 30, 2022, and December 31, 2021, respectively, which are due within the upcoming year.

Inventories, net

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories, net

5. Inventories, net

Inventories consisted of the following:


(in thousands)	September 30, 2022			December 31, 2021
Finished goods	$	17,422		$	8,950
Allowance for slow-moving and obsolete inventory		(117	)		(90	)
Total	$	17,305		$	8,860

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

6. Prepaid and other current assets

Prepaid and other current assets consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Vendor deposits	$	6,176	$	13,098
Prepaid expenses		4,471		2,301
Prepaid taxes		344		269
Surety collateral		144		460
Other current assets		1,323		1,058
Total	$	12,458	$	17,186

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

7. Leases

We lease office and warehouse space in various locations, including our corporate headquarters in Austin, Texas. Additionally, we lease space for an applications laboratory in Austin, Texas and have a membership in a collaborative research facility in Colorado. All of our manufacturing is outsourced to contract manufacturing partners, and we currently do not own or lease any manufacturing facilities.

Our lease expense consisted of the following:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Operating lease cost	$	166	$	135	$	550	$	331
Short-term lease cost		122		9		332		84
Total lease cost	$	288	$	144	$	882	$	415

Reported in:
Cost of revenue	$	164	$	61	$	522	$	181
Research and development		11		11		33		32
Selling and marketing		12		—		25		1
General and administrative		101		72		302		201
Total lease cost	$	288	$	144	$	882	$	415

Future remaining operating lease payment obligations were as follows:


(in thousands)	September 30, 2022
Remainder of 2022	$	142
2023		520
2024		511
2025		446
2026		55
Thereafter		—
Total lease payments		1,674
Less: imputed interest		(238	)
Present value of operating lease liabilities	$	1,436

Current portion of operating lease liability	$	440
Operating lease liability, net of current portion		996
Present value of operating lease liabilities	$	1,436

Property and equipment, net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

8. Property and equipment, net

Property and equipment consisted of the following:


(in thousands)	September 30, 2022			December 31, 2021
Leasehold improvements	$	22		$	22
Field equipment		1,078			833
Information technology equipment		325			182
Tooling		699			543
Capitalized software		250			250
Total		2,374			1,830
Accumulated depreciation		(643	)		(248	)
Property and equipment, net	$	1,731		$	1,582

Depreciation expense recognized for the three and nine months ended September 30, 2022, totaled $0.2 million and $0.4 million, respectively.

Intangible assets, net

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

9. Intangible assets, net

Intangible assets consisted of the following:


(in thousands)	Estimated Useful Lives (Years)	September 30, 2022			December 31, 2021
Developed technology	2.5 - 3.0	$	2,550		$	1,200
Total			2,550			1,200
Accumulated amortization			(1,335	)		(1,200	)
Intangible assets, net		$	1,215		$	—

On January 13, 2017, we entered into an asset purchase agreement with SunEdison Utility Holdings, Inc. ("Seller") to purchase all assets and liabilities of the Seller. The assets purchased as part of this acquisition included $1.2 million of developed technology in the form of software tools for the AP90 tracker, a first-generation tracker based on a one-panel in-portrait, linked-row design. The developed technology for the AP90 tracker was amortized over a 3-year period on a straight-line basis and was fully amortized as of December 31, 2021.

As described further in Note 3 above, we acquired the outstanding stock of HX Tracker on June 14, 2022. In connection with that acquisition, we identified $1.4 million of developed technology in connection with the Helios 1P tracker system. We are amortizing this developed technology over a 2.5-year period on a straight-line basis.

Amortization expense recognized for the three and nine months ended September 30, 2022, totaled $0.1 million.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2022

Accrued Expenses and Other Current Liabilities Abstract

Accrued Expenses and Other Current Liabilities

10. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Accrued cost of revenue	$	7,698	$	43,185
Accrued compensation		6,028		981
Other accrued expenses		5,891		3,694
Total accrued expenses	$	19,617	$	47,860

Warranty reserves	$	8,304	$	4,032
Current portion of operating lease liability		440		452
Non-federal tax obligations		832		172
Total other current liabilities	$	9,576	$	4,656

In August 2022, the Company announced that it intended to pay employee bonuses earned during the second quarter of 2022 in stock. A total of 402,982 fully vested RSUs, with a fair value of approximately $1.8 million, were granted to employees in satisfaction of our bonus obligation. We also anticipate paying employee bonuses earned during the third quarter of 2022 in stock that will be issued in the fourth quarter of 2022, and have accrued $2.1 million, which is included in accrued compensation in the table above.

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

We provide standard warranties on our hardware products to customers. The liability amount is based on actual historical warranty spending activity by type of product, customer and geographic region, modified by any known differences such as the impact of expected remediation activities or reliability improvements.

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


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2022			2021			2022			2021
Balance at beginning of period	$	11,444		$	5,547		$	9,346		$	6,811
Warranties issued during the period(a)		3,190			794			7,374			2,902
Settlements made during the period		(1,759	)		(616	)		(3,139	)		(3,507	)
Changes in liability for pre-existing warranties		(92	)		(302	)		(798	)		(783	)
Balance at end of period	$	12,783		$	5,423		$	12,783		$	5,423

Accrued warranty balance reported in:
Other current liabilities	$	8,304		$	1,183		$	8,304		$	1,183
Other non-current liabilities		4,479			4,240			4,479			4,240
Balance at end of period	$	12,783		$	5,423		$	12,783		$	5,423
(a) - Inclusive of accruals for expected remediation activities

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt and Other Borrowings

11. Debt

On April 30, 2021, we entered into a Senior Secured Revolving Credit Facility with various lenders, including Barclays Bank PLC, as issuing lender, the swingline lender and as administrative agent (the "Credit Facility Agreement").

On June 2, 2022, we entered into Amendment No. 2 to the Credit Facility Agreement (the "Amendment") which, among other things, amended certain terms of the Credit Facility Agreement, including without limitation, to (i) reduce the minimum liquidity level in the minimum liquidity financial covenant from $125.0 million to $50.0 million until March 31, 2023 and (ii) set forth additional financial

condition covenants and reporting requirements that apply if the Company does not maintain specified minimum liquidity from the effectiveness of the Amendment until the earlier of (x) March 31, 2023 and (y) the occurrence of certain specified conditions. The new financial condition covenants include the following: (i) if loans are outstanding, (x) the Company shall not have more than $25.0 million in unrestricted cash and cash equivalents for longer than three business days and (y) the ratio of the amount of (A) 75% of specified third party accounts receivables to (B) outstanding loans shall not be less than 1.10:1.00 at the end of each month and (ii) the Company shall limit the amount of cash it pays to third parties (net of all cash received by the Company (subject to certain exclusions)) to not more than $50.0 million, with the financial covenants described in the foregoing clauses (i)(y) and (ii) only being applicable if the Company fails to maintain specified minimum liquidity, with the Company currently maintaining such specified minimum liquidity as of September 30, 2022. Additionally, prior to March 31, 2023, the Company and its restricted subsidiaries under the Credit Facility Agreement are not permitted to (i) incur additional indebtedness for borrowed money, other than through the Credit Facility Agreement or specified permitted unsecured debt, or (ii) pay dividends, subject to specified exceptions. The Amendment also sets forth certain informational rights of the lenders.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
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-Paragraph 1
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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and contingencies

We may be 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 financial statements indicates it is probable a loss has been incurred as of the date of the 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.

On April 21, 2021, FCX Solar, LLC (“FCX”), filed a lawsuit against us in the United States District Court for the Southern District of New York. The complaint alleged breach of contract, fraud and unjust enrichment claims related to a patent license agreement and consulting relationship between FCX and us. FCX sought damages of approximately $134 million in the lawsuit. On July 2, 2021, we filed a motion to dismiss the fraud and unjust enrichment claims. On July 16, 2021, FCX filed an amended complaint asserting the same claims as the original complaint. On July 22, 2021, we advised the court that FTC would stand on its motion to dismiss, and at the request of the court, we filed a revised motion citing the amended complaint. FCX filed its response on August 19, 2021, and we filed a reply on September 7, 2021. Oral argument on our motion to dismiss was held on February 3, 2022, and the Court granted our motion on February 7, 2022, dismissing FCX's fraud and unjust enrichment claims and leaving only a claim for breach of a license agreement. On May 29, 2021, FCX filed a separate lawsuit against us in the United States District Court for the Western District of Texas, alleging a claim for patent infringement related to U.S. Patent No. 10,903,782. FCX seeks an unspecified amount of damages, including past and future royalties, and injunctive relief. Our answer to that complaint was filed on June 22, 2021, along with our motion to transfer the patent suit to the Southern District of New York to be consolidated with the New York litigation. FCX filed an amended complaint asserting claims for direct patent infringement, indirect infringement by active inducement, and contributory infringement on July 27, 2021, and we filed our answer to that complaint on August 10, 2021. On October 25, 2021, our motion to transfer the case to the Southern District of New York was granted, and the patent case was consolidated with FCX's contract case on November 19, 2021. On April 15, 2022, FCX moved for leave to file a second amended complaint to add additional breach of contract claims related to the patent license agreement. We opposed the motion on April 29, 2022, and FCX filed its reply on May 6, 2022. The Court has not yet ruled on FCX's motion. On March 7, 2022, FCX filed its opening claim construction brief. We filed our rebuttal claim construction brief on April 7, 2022, and FCX filed its reply on April 18, 2022. The Court held a hearing on claim construction on June 1, 2022. On June 16, 2022, the Court issued its claim construction order, adopting FCX's claim constructions for the disputed claim terms. Discovery in this consolidated matter is ongoing. On June 2, 2022, we filed a petition for Inter Partes review of FCX's U.S. Patent No. 10,903,782 before the U.S. Patent and Trademark Office Patent Trial and Appeal Board. On

September 27, 2022, the parties jointly moved for a 30-day stay "to allow the parties to work on settlement," which the Court granted. The parties subsequently requested a further stay of proceedings until November 21, 2022, which the Court also granted. We believe the claims asserted in both lawsuits brought by FCX are without merit, and we plan to vigorously defend against them. Because litigation is subject to inherent uncertainties, and unfavorable rulings or developments could occur despite our belief that the claims asserted are without merit, there can be no certainty that the Company may not ultimately incur charges in excess of presently recorded liabilities. Since the outcome of these matters cannot be predicted with certainty, the costs associated with them could have a material adverse effect on our consolidated results of operations, financial position or liquidity.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-based compensation

Stock compensation expense for each period was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Cost of revenue	$	1,153	$	342	$	2,521	$	7,571
Research and development		487		200		1,134		3,925
Selling and marketing		598		1,135		1,630		2,942
General and administrative		5,269		3,704		9,970		44,093
Total stock compensation expense	$	7,507	$	5,381	$	15,255	$	58,531

ATM Program

9 Months Ended

Sep. 30, 2022

Program Rights Obligations [Abstract]

ATM Program

15. ATM Program

On September 14, 2022, we filed a prospectus supplement under which we may from time to time, in one or more transactions, offer and sell newly issued shares of our common stock having an aggregate offering price of up to $100 million, to or through Credit Suisse Securities (USA) LLC ("Credit Suisse"), as our sales agent, in "at the money" offerings (the "ATM Program"). We intend to use the net proceeds, if any, from this offering 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; however, we do not have binding agreements or commitments for any material acquisitions or investments at this time.

In connection with the ATM Program, on September 14, 2022, we entered into an equity distribution agreement (the "EDA") with Credit Suisse. The offering of our common stock pursuant to the EDA will terminate upon the earlier of (1) the sale of all common stock subject to the EDA or (2) the termination of the EDA by us or by Credit Suisse as permitted therein. The EDA contains customary representations, covenants and indemnification provisions.

As of September 30, 2022, no shares of our common stock had been sold pursuant to the EDA.

Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

17. Net loss per share


	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Net loss (in thousands)	$	(25,636	)	$	(22,915	)	$	(79,112	)	$	(82,707	)
Weighted average shares outstanding for calculating basic and diluted loss per share		102,164,455			94,596,519			100,642,126			82,677,824
Basic and diluted loss per share	$	(0.25	)	$	(0.24	)	$	(0.79	)	$	(1.00	)

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.


	As of September 30,
	2022		2021
Anti-dilutive securities excluded from calculating dilutive loss per share:
Shares of common stock issuable under stock option plans outstanding		7,407,333		9,609,828
Shares of common stock issuable upon vesting of RSUs		7,603,064		5,598,000
Potential common shares excluded from diluted net loss per share calculation		15,010,397		15,207,828

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

12. Income taxes

For the three months ended September 30, 2022 and 2021, we recorded a net income tax benefit of $0.15 million and net income tax expense of $0.04 million, respectively, and for the nine months ended September 30, 2022 and 2021, we recorded a net income tax expense of $0.02 million and net income tax expense of $0.14 million, respectively, all of which 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, 2021. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of September 30, 2022 and December 31, 2021, we had no accrued interest or penalties related to unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

16. Related party transactions

In February 2022, we engaged Fernweh Engaged Operator Company LLC (“FEOC”) to support us with improvements to our processes and performance in various areas including design, sourcing, logistics, pricing, software and standard configuration. The consideration for such engagement is a combination of (i) quarterly cash payments through mid-2023, (ii) stock options that are time-based vested through the second quarter of 2023, and (iii) options with vesting tied to achievement of certain performance metrics based on our stock price. The foregoing transaction constitutes a related person transaction under our policies and procedures as South Lake One LLC, an entity affiliated with Isidoro Quiroga Cortés, a member of our board of directors, and a holder of more than 5% of our outstanding capital stock, is an investor in Fernweh Group LLC (“Fernweh Group”), the parent entity of FEOC. Also, Aequanimitas Limited Partnership and Discrimen LLC are investors in Fernweh Group, and Isidoro Quiroga Cortés is affiliated with those entities. Isidoro Quiroga Cortés is also on the board of Fernweh Group. For the three and nine months ended September 30, 2022, we incurred $0.9 million and $3.0 million, respectively, of general and administrative expense associated with our engagement of FEOC. Cash payments during the nine months ended September 30, 2022, totaled $1.7 million. No cash payments were made during the three months ended September 30, 2022.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
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 in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments have been made that are considered necessary for a fair statement of our financial position as of September 30, 2022, and December 31, 2021, our results of operations for the three and nine months ended September 30, 2022 and 2021, and our cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Intercompany balances and transactions have been eliminated in consolidation. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim 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, 2021, as updated in our Current Report on Form 8-K filed June 13, 2022. On April 28, 2021, we effected an approximately 8.25-for-1 forward split of our issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the forward stock split, one (1) share of common stock issued and outstanding was automatically increased to approximately 8.25 shares of issued and outstanding common stock, without any change in the par value per share. All information related to common stock, stock options, restricted stock awards and earnings per share have been retroactively adjusted to give effect to the forward stock split for all periods presented, unless otherwise indicated. We currently operate in one business segment, the manufacturing and servicing of solar tracker systems
Liquidity	Liquidity We have incurred cumulative losses since inception, resulting in an accumulated deficit of $228.3 million as of September 30, 2022, and have a history of cash outflows from operations. During the year ended December 31, 2021, and the nine months ended September 30, 2022, we had $132.9 million and $49.1 million, respectively, of cash outflow from operations. As of September 30, 2022, we had $49.8 million of cash on hand, $71.0 million of working capital and approximately $98.2 million of unused borrowing capacity under our existing revolving credit facility. The revolving credit facility includes a financial condition covenant stating we are required to have a minimum liquidity, consisting of cash on hand and unused borrowing capacity, of $50.0 million as of each quarter end through March 31, 2023. After considering this financial condition covenant, we had approximately $98.0 million of available liquidity as of September 30, 2022, in order to retain access to our revolving credit facility. Additionally, we had no long-term borrowings or other material obligations requiring the use of cash as of September 30, 2022. The Uyghur Forced Labor Prevention Act ("UFLPA") was passed by the U.S. Congress and signed into law by President Biden on December 23, 2021. The UFLPA establishes a rebuttable presumption that the importation of any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in the Xinjiang Uyghur Autonomous Region of the People's Republic of China, or that are produced by certain entities, is prohibited by Section 307 of the Tariff Act of 1930 and that such goods, wares, articles, and merchandise are not entitled to entry to the United States. U.S. Customs and Border Protection ("CBP") began implementing the provisions of UFLPA on June 21, 2022, resulting in new rules for solar module importers and reviews by CBP. There continues to be uncertainty in the market around achieving full compliance with UFLPA, whether related to sufficient traceability of materials or other factors. Once there is additional clarity around this, and customers get line-of-sight to module deliveries, we believe the market will see a recovery. On March 25, 2022, the U.S. Department of Commerce, in response to a petition by Auxin Solar, Inc., initiated an investigation of claims related to alleged circumvention of U.S. antidumping and countervailing duties ("AD/CVD") by solar manufacturers in certain Southeast Asian countries in an effort to determine whether or not solar cells and/or modules made in those Southeast Asian nations use parts originating from China in order to circumvent the AD/CVD tariffs. This decision resulted in some developers deferring projects due to the uncertainty of panel supply and costs, which has negatively impacted our current year revenues and cash flows and may continue to negatively impact our anticipated revenues and our cash flows in 2023. On June 6, 2022, President Biden issued an Executive Order allowing U.S. solar deployers the ability to import solar modules and cells from Cambodia, Malaysia, Thailand and Vietnam free from certain duties for 24 months, along with other incentives designed to accelerate U.S. domestic production of clean energy technologies. The most notable incentive program impacting our U.S. business has been the investment tax credit (“ITC”) for solar energy projects, which allows taxpayers to offset their U.S. federal income tax liability by a certain percentage of their cost basis in solar energy systems placed in service for commercial use. The Inflation Reduction Act of 2022, passed by the U.S. Congress and signed into law by President Biden on August 16, 2022, expanded and extended the tax credits available to solar energy projects. ITCs have been extended for such projects through at least 2032 and, depending on the location of a particular project and its ability to satisfy certain labor and domestic content requirements, the ITC percentage can be between 30% and 50%. New solar projects are now eligible to claim production tax credits as an alternative to the ITC. We believe this law will bolster and extend future demand for our products in the U.S. Our costs are affected by certain component costs including steel, motors and micro-chips, as well as transportation costs. Current market conditions and international conflicts that constrain supply of materials and disrupt the flow of materials from international vendors impact the cost of our products and services, along with overall rates of inflation in the global economy, which have been higher than recent historical rates. We have also seen increases in domestic fuel prices and transportation costs in the past couple of years. These cost increases impact our operating margins. We have taken steps to expand and diversify our manufacturing partnerships and have in the past employed alternative modes of transportation to mitigate the impact of the current headwinds in the global supply chain and logistics markets. Although overall transportation costs are higher than pre-pandemic rates, there has been a decline in recent months in costs for both charter vessels and in the premium container market, as well as an easing of congestion in U.S. ports. However, recent COVID shutdowns in China have created a backlog of exports and increased demand for container shipments from China. We continue to monitor the logistics markets and have adjusted our use of various modes of transportation when warranted to optimize our transportation costs. Additionally, in February 2022, we contracted with a related-party consulting firm to support us in making ongoing improvements to our processes and performance in various areas, including design, sourcing, logistics, pricing, software and our distributed generation business. For further information regarding this consulting firm, see "Note 16. Related party transactions". In accordance with ASC 205-40, Going Concern, we have evaluated whether there are conditions and events, considered in the aggregate, which raise substantial doubt about our ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. While AD/CVD and UFLPA have created uncertainty in the market in recent periods, we believe the Executive Order providing for a 24-month holiday on duties for importation of solar modules and cells from certain countries and the passage of the Inflation Reduction Act of 2022, as described above, have reduced the level of uncertainty among solar project owners and developers with regard to new project development. We have also taken significant steps to address the recent market challenges and our historical use of cash through the following actions: • certain members of our senior management team have foregone certain cash compensation in exchange for equity compensation; • we have frozen non-essential hiring, reduced our travel expenses, decreased the future use of consultants and are deferring non-critical initiatives; • we have emphasized cash collections from customers, and continue to negotiate improved payment terms with both our customers and vendors; • we have launched Pioneer, a one module-in-portrait (1P) solar tracker solution, and a new solution for thin-film modules, each of which we believe will enhance our ability to win projects that are less exposed to the impacts of UFLPA; • we have initiated frequent, consistent communication with our customers, which has allowed us to resolve issues preventing timely collection of certain past due outstanding receivables; and • we continue to explore options to obtain additional sources of capital through either the issuance of new debt or equity. For example, (a) we executed Amendment No. 2 to our existing revolving credit facility in June 2022, as described further in Note 11 below, which has increased available liquidity under our credit facility through March 31, 2023 and, (b) as described further in Note 15, we filed a prospectus supplement on September 14, 2022, providing us with the ability to sell from time to time, and in one or more transactions, newly issued shares of our common stock with an aggregate offering price of up to $100 million in future "at the market" offerings. Management believes that our existing capital, which includes cash on hand, as well as our unused borrowing capacity under our revolving credit facility is sufficient for us to fund our operations for at least one year from the date of issuance of these condensed consolidated financial statements. Accordingly, the accompanying financial statements assume we will continue as a going concern through the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. We have achieved success in executing certain of the initiatives above and we continue to work to further reduce our use of cash to fund our operations. We expect the two-year holiday on duties announced by President Biden in June 2022 will reduce the level of uncertainty in the market due to the ongoing AD/CVD investigation by the U.S. Department of Commerce, as described above, and we believe passage of the Inflation Reduction Act of 2022 will also benefit demand for our products in the U.S. At the same time, however, new rules for module importers and reviews by CBP pursuant to achieving full compliance with UFLPA are expected to continue creating uncertainty in the market. However, once there is additional clarity around compliance with UFLPA, and customers get line-of-sight to module deliveries, we believe the market will see a recovery. While there are already many underlying drivers of growth in the solar industry, the expected positive impact on demand for our products could take longer than expected to occur. In addition, market conditions could deteriorate significantly from what we currently expect, and regulatory and international trade policies could become more stringent as a result of (i) findings from the Department of Commerce's AD/CVD investigation, (ii) the level of enforcement of regulations issued under UFLPA, and (iii) other factors, which may result in a need for us to issue additional debt or obtain new equity financing to fund our operations beyond the next twelve months. We may be unable to obtain any desired additional financing on terms favorable to us, or at all, depending on market and other conditions. The ability to raise additional financing depends on numerous factors that are outside of our control, including macroeconomic factors such as the impact of the COVID 19 pandemic, inflation, the ongoing conflict in the Ukraine, market conditions, the health of financial institutions, investors' and lenders' assessments of our prospects and the prospects of the solar industry in general.
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.
Accounts receivable, net	Accounts receivable, net Trade receivables are recorded at invoiced amounts, net of allowances for doubtful accounts, if applicable, 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 doubtful accounts is based on our assessment of the collectability of our customer accounts. We regularly review our accounts receivable that remain outstanding past their applicable payment terms and establish allowances or make potential write-offs by considering certain factors such as historical experience, industry data, credit quality, age of balances and current economic conditions that may affect a customer's ability to pay. Receivables arising from revenue recognized in excess of billings represents 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, net	Inventories, net 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.
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 doubtful accounts and slow-moving and obsolete inventory, determining useful lives of noncurrent assets and the estimated fair value of those assets for impairment assessments, and estimating the fair value of investments, stock compensation awards, warranty liabilities and federal and state taxes and 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.
Concentration of Credit Risk	Concentration of credit risk Financial instruments that potentially subject the Company to concentrations 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. The Company extends credit to customers in the normal course of business, often without requiring collateral. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. The Company’s accounts receivables are derived from revenue earned from customers primarily located in the U.S., Australia and in the Asia Pacific region. No countries other than the U.S. and Australia account for 10% or more of our revenue. Most of our customers are project developers, solar asset owners and engineering, procurement and construction (“EPC”) contractors that design and build solar energy projects. Often times, a small number of customers account for a significant portion of our outstanding receivables at period end and our total revenue for the year.
Stock-Based Compensation	Stock-based compensation We recognize compensation expense in the accompanying condensed consolidated statements of comprehensive loss for all share-based payment awards made, including stock options and 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 awards with market conditions. The fair value of RSUs is based on the estimated fair value of the Company's common stock on the date of grant. Since completion of our IPO, we consider the closing price of our stock, as reported on the Nasdaq Global Market, 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.
Revenue Recognition	Revenue recognition Product revenue includes revenue from the sale of solar tracker systems and customized components of those systems, individual part sales for certain specific transactions, and sale of term-based software licenses. Term-based software licenses are deployed on the customers’ own servers and have significant standalone functionality. Service revenue includes revenue from shipping and handling services, subscription fees from licensing subscription services, 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 are generally modifications to existing contracts and 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. 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. 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 use the adjusted market assessment approach for all other performance obligations except shipping, handling, and logistics. For shipping, handling, and logistics performance obligations, we use a residual approach to calculate the standalone selling price, because of the nature of the highly variable and broad range of prices we charge to various customers for this performance obligation in the contracts. 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 point-in-time as and when control transfers based on the Incoterms for the contract. Our performance obligations for term-based software licenses are recognized 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. 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 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. Cost of revenue consists primarily of costs related to raw materials, freight and delivery, product warranty, 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. Personnel costs during 2021 are reported net of federal employee retention credits received. Deferred cost of revenue 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.
Intangible assets, net	Intangible assets, net Intangible assets consist of developed technology in the form of software tools, licenses and intellectual property, which are amortized over the period of their estimated useful lives using the straight-line method.
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.
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 two to ten years. We record a provision for estimated warranty expenses in cost of sales, net of amounts recoverable from manufacturers under their warranty obligations to us. 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 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.
Recent Accounting Pronouncements	Recent accounting pronouncements adopted and not yet adopted Adopted We adopted Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contract in an Entity's Own Equity, effective January 1, 2022. This standard had no impact on our financial position or results operations at the time of adoption. Not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and requires the use of an expected loss model in place of the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. We plan to adopt ASU 2016-13 effective January 1, 2023. We do not expect the adoption of ASU 2016-13 to have a material impact on our consolidated financial statements.

Acquisition (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of allocation of the purchase price

The preliminary allocation of the purchase price from these acquisitions was as follows:


(in thousands)	HX Tracker			Pile testing and equipment installation business		Total
Cash	$	18		$	—	$	18
Prepaids and other current assets		17			—		17
Property and equipment, net		—			502		502
Intangible assets, net		1,425			—		1,425
Goodwill		7,447			271		7,718
Deferred tax asset		221			—		221
Accrued expenses		(55	)		—		(55	)
Deferred tax liability		(356	)		—		(356	)
Total purchase price	$	8,717		$	773	$	9,490

Schedule of goodwill activity

During the nine months ended September 30, 2022, activity in our goodwill balance was as follows:


(in thousands)	Nine months ended September 30, 2022
Balance at December 31, 2021	$	—
Acquisition of HX Tracker		7,447
Acquisition of pile testing and equipment installation business		271
Translation		(391	)
Balance at September 30, 2022	$	7,327

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Accounts receivable, net (Tables)

9 Months Ended

Sep. 30, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable consisted of the following:


(in thousands)	September 30, 2022			December 31, 2021
Trade receivables	$	47,192		$	38,597
Revenue recognized in excess of billings		6,536			72,676
Other receivables		381			147
Total		54,109			111,420
Allowance for doubtful accounts		(1,180	)		(3,872	)
Accounts receivable, net	$	52,929		$	107,548

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


(in thousands)	September 30, 2022			December 31, 2021
Finished goods	$	17,422		$	8,950
Allowance for slow-moving and obsolete inventory		(117	)		(90	)
Total	$	17,305		$	8,860

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid and other current assets consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Vendor deposits	$	6,176	$	13,098
Prepaid expenses		4,471		2,301
Prepaid taxes		344		269
Surety collateral		144		460
Other current assets		1,323		1,058
Total	$	12,458	$	17,186

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of Lease Expense

Our lease expense consisted of the following:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Operating lease cost	$	166	$	135	$	550	$	331
Short-term lease cost		122		9		332		84
Total lease cost	$	288	$	144	$	882	$	415

Reported in:
Cost of revenue	$	164	$	61	$	522	$	181
Research and development		11		11		33		32
Selling and marketing		12		—		25		1
General and administrative		101		72		302		201
Total lease cost	$	288	$	144	$	882	$	415

Summary of Future Remaining Lease Payments Obligations

Future remaining operating lease payment obligations were as follows:


(in thousands)	September 30, 2022
Remainder of 2022	$	142
2023		520
2024		511
2025		446
2026		55
Thereafter		—
Total lease payments		1,674
Less: imputed interest		(238	)
Present value of operating lease liabilities	$	1,436

Current portion of operating lease liability	$	440
Operating lease liability, net of current portion		996
Present value of operating lease liabilities	$	1,436

Property and equipment, net (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


(in thousands)	September 30, 2022			December 31, 2021
Leasehold improvements	$	22		$	22
Field equipment		1,078			833
Information technology equipment		325			182
Tooling		699			543
Capitalized software		250			250
Total		2,374			1,830
Accumulated depreciation		(643	)		(248	)
Property and equipment, net	$	1,731		$	1,582

Depreciation expense recognized for the three and nine months ended September 30, 2022, totaled $0.2 million and $0.4 million, respectively.

Intangible assets, net (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible assets

Intangible assets consisted of the following:


(in thousands)	Estimated Useful Lives (Years)	September 30, 2022			December 31, 2021
Developed technology	2.5 - 3.0	$	2,550		$	1,200
Total			2,550			1,200
Accumulated amortization			(1,335	)		(1,200	)
Intangible assets, net		$	1,215		$	—

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

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)	September 30, 2022		December 31, 2021
Accrued cost of revenue	$	7,698	$	43,185
Accrued compensation		6,028		981
Other accrued expenses		5,891		3,694
Total accrued expenses	$	19,617	$	47,860

Warranty reserves	$	8,304	$	4,032
Current portion of operating lease liability		440		452
Non-federal tax obligations		832		172
Total other current liabilities	$	9,576	$	4,656

Schedule of warranty accruals

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


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2022			2021			2022			2021
Balance at beginning of period	$	11,444		$	5,547		$	9,346		$	6,811
Warranties issued during the period(a)		3,190			794			7,374			2,902
Settlements made during the period		(1,759	)		(616	)		(3,139	)		(3,507	)
Changes in liability for pre-existing warranties		(92	)		(302	)		(798	)		(783	)
Balance at end of period	$	12,783		$	5,423		$	12,783		$	5,423

Accrued warranty balance reported in:
Other current liabilities	$	8,304		$	1,183		$	8,304		$	1,183
Other non-current liabilities		4,479			4,240			4,479			4,240
Balance at end of period	$	12,783		$	5,423		$	12,783		$	5,423
(a) - Inclusive of accruals for expected remediation activities

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in Product Warranty Reserves

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


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2022			2021			2022			2021
Balance at beginning of period	$	11,444		$	5,547		$	9,346		$	6,811
Warranties issued during the period(a)		3,190			794			7,374			2,902
Settlements made during the period		(1,759	)		(616	)		(3,139	)		(3,507	)
Changes in liability for pre-existing warranties		(92	)		(302	)		(798	)		(783	)
Balance at end of period	$	12,783		$	5,423		$	12,783		$	5,423

Accrued warranty balance reported in:
Other current liabilities	$	8,304		$	1,183		$	8,304		$	1,183
Other non-current liabilities		4,479			4,240			4,479			4,240
Balance at end of period	$	12,783		$	5,423		$	12,783		$	5,423
(a) - Inclusive of accruals for expected remediation activities

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock compensation expense

Stock compensation expense for each period was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Cost of revenue	$	1,153	$	342	$	2,521	$	7,571
Research and development		487		200		1,134		3,925
Selling and marketing		598		1,135		1,630		2,942
General and administrative		5,269		3,704		9,970		44,093
Total stock compensation expense	$	7,507	$	5,381	$	15,255	$	58,531

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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


	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Net loss (in thousands)	$	(25,636	)	$	(22,915	)	$	(79,112	)	$	(82,707	)
Weighted average shares outstanding for calculating basic and diluted loss per share		102,164,455			94,596,519			100,642,126			82,677,824
Basic and diluted loss per share	$	(0.25	)	$	(0.24	)	$	(0.79	)	$	(1.00	)

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.


	As of September 30,
	2022		2021
Anti-dilutive securities excluded from calculating dilutive loss per share:
Shares of common stock issuable under stock option plans outstanding		7,407,333		9,609,828
Shares of common stock issuable upon vesting of RSUs		7,603,064		5,598,000
Potential common shares excluded from diluted net loss per share calculation		15,010,397		15,207,828

Description of Business - Additional Information (Details) - USD ($) $ in Millions			9 Months Ended
	Apr. 30, 2021	Apr. 28, 2021	Sep. 30, 2022
Description Of Business [Line Items]
Stock split		8.25-for-1
IPO [Member]
Description Of Business [Line Items]
Issuance of common stock (in shares)	19,840,000		4,455,384
Proceeds from IPO			$ 241.2
Purchase cost of shares			$ 54.2
Stock split		8.25-for-1

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 25, 2022	Apr. 28, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 14, 2022
Stock split		8.25-for-1
Increase in Common stock Issued and Outstanding		8.25
Cash			$ 49,800		$ 49,800
Accumulated deficit			(228,344)		(228,344)		$ (149,232)
Unused borrowing capacity			98,200		98,200
Available liquidity after considering financial condition					98,000
Net cash used in operating activities					49,085	$ 92,414	$ 132,900
Working capital			71,000		71,000
Long-term borrowings or other material obligations			$ 0		0
Requirement to maintain minimum liquidity limit each quarter					$ 50,000
Common stock, par value		$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Standard Product Warranty Description					We provide standard assurance type warranties for our products for periods generally ranging from two to ten years
Stock based compensation expense			$ 7,507	$ 5,381	$ 15,255	58,531
General and administrative			$ 13,059	$ 10,391	$ 39,966	$ 63,217
ATM Program [Member]
Common Stock Value Authorized								$ 100,000
Minimum [Member]
Subscription revenue contract terms					1 year
Investment tax credit, percentage	30.00%
Maximum [Member]
Subscription revenue contract terms					2 years
Investment tax credit, percentage	50.00%

Acquisition (Additional Information) (Details) - USD ($) $ in Millions		9 Months Ended
	Jun. 14, 2022	Sep. 30, 2022	Jul. 01, 2022
Maximum [Member]
Business Acquisition [Line Items]
Vesting period		4 years
HX Tracker
Business Acquisition [Line Items]
Purchase price paid in shares	1,000,000
Purchase price paid in shares value	$ 4.4
Purchase price paid in cash	3.5
Business acquisition liability	$ 0.8
Shares issued during the period for vested restricted stock awards, Shares		2,200,000
Closing of an acquisition			$ 0.8
HX Tracker \| Minimum [Member]
Business Acquisition [Line Items]
Vesting period		2 years

Acquisition - Schedule of Preliminary Allocation of the Purchase Price (Details) $ in Thousands	Jun. 14, 2022 USD ($)
Business Acquisition [Line Items]
Cash	$ 18
Prepaids and other current assets	17
Property and equipment, net	502
Intangible assets, net	1,425
Goodwill	7,718
Deferred tax asset	221
Accrued expenses	(55)
Deferred tax liability	(356)
Total purchase price	9,490
HX Tracker
Business Acquisition [Line Items]
Cash	18
Prepaids and other current assets	17
Property and equipment, net
Intangible assets, net	1,425
Goodwill	7,447
Deferred tax asset	221
Accrued expenses	(55)
Deferred tax liability	(356)
Total purchase price	8,717
Pile testing and equipment installation business
Business Acquisition [Line Items]
Cash
Prepaids and other current assets
Property and equipment, net	502
Intangible assets, net
Goodwill	271
Deferred tax asset
Accrued expenses
Deferred tax liability
Total purchase price	$ 773

Acquisition - Schedule of Goodwill Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Business Combination and Asset Acquisition [Abstract]
Goodwill, Beginning Balance	$ 0
Addition due to HX Tracker acquisition	7,447
Acquisition of pile testing and equipment installation business	271
Translation	(391)
Goodwill, Ending Balance	$ 7,327

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Accounts receivable, net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade receivables	$ 47,192	$ 38,597
Revenue recognized in excess of billings	6,536	72,676
Other receivables	381	147
Total	54,109	111,420
Allowance for doubtful accounts	(1,180)	(3,872)
Accounts receivable, net	$ 52,929	$ 107,548

Accounts receivable, net (Additional Information) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Retainage provisions included in receivables	$ 6.9	$ 11.6

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 17,422	$ 8,950
Allowance for slow-moving and obsolete inventory	(117)	(90)
Total	$ 17,305	$ 8,860

Revenue - Additional Information - (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 4,910	$ 1,421

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Vendor deposits	$ 6,176	$ 13,098
Prepaid expense	4,471	2,301
Prepaid taxes	344	269
Surety collateral	144	460
Other current assets	1,323	1,058
Prepaid expenses and other current assets, Total	$ 12,458	$ 17,186

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 166	$ 135	$ 550	$ 331
Short-term lease cost	122	9	332	84
Total lease cost	288	144	882	415
Cost of revenue [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	164	61	522	181
Research and development [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	11	11	33	32
Selling and marketing [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	12	0	25	1
General and administrative [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	$ 101	$ 72	$ 302	$ 201

Leases - Summary of Future Remaining Lease Payments Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022	$ 142
2023	520
2024	511
2025	446
2026	55
Thereafter	0
Total lease payments	1,674
Less imputed interest	(238)
Current portion of operating lease liability	440	$ 452
Operating lease liability, net of current portion	996	$ 1,340
Present value of operating lease liabilities	$ 1,436

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,374	$ 1,830
Accumulated depreciation	(643)	(248)
Property, Plant and Equipment, Net, Total	1,731	1,582
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22	22
Field Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,078	833
Information Technology Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	325	182
Tooling [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	699	543
Capitalized Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 250	$ 250

Property and Equipment, net (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation Expense on Reclassified Assets	$ 0.2	$ 0.4

Intangible assets, net - Summary of Intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 2,550	$ 1,200
Accumulated amortization	(1,335)	(1,200)
Intangible assets, net	1,215	0
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 2,550	$ 1,200
Developed Technology [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	2 years 6 months
Developed Technology [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years

Intangible assets, net (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Jan. 13, 2017
Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 2,550	$ 2,550	$ 1,200
Amortization expense	100	100
Developed Technology [Member]
Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	2,550	2,550	$ 1,200
Developed Technology [Member] \| Asset Purchase Agreement [Member]
Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross				$ 1,200
Amortized period			3 years
HX Tracker [Member] \| Asset Purchase Agreement [Member]
Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1,400	$ 1,400
Amortized period		2 years 6 months

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Accrued Expenses and Other Current Liabilities Abstract
Accrued cost of revenues	$ 7,698	$ 43,185
Accrued Compensations	6,028	981
Other accrued expenses	5,891	3,694
Total accrued expenses	19,617	47,860
Warranty reserves	8,304	4,032	$ 1,183
Current portion of operating lease liability	$ 440	$ 452
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Non-federal tax obligations	$ 832	$ 172
Total other current liabilities	$ 9,576	$ 4,656

Accrued expenses and other current liabilities (Additional Information) (Details) - Restricted Stock Units (RSU) $ in Millions	1 Months Ended
	Aug. 31, 2022 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock employee granted bonus shares \| shares	402,982
Fair Value of RSU	$ 1.8
Accrued compensation	$ 2.1

Accrued expenses and other current liabilities - Schedule of warranty accruals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accrued Expenses and Other Current Liabilities Abstract
Balance at beginning of period	$ 11,444	$ 5,547	$ 9,346	$ 6,811
Warranties issued during the period	3,190	794	7,374	2,902
Settlements made during the period	(1,759)	(616)	(3,139)	(3,507)
Changes in liability for pre-existing warranties	(92)	(302)	(798)	(783)
Balance at end of period	12,783	5,423	12,783	5,423
Accrued warranty balance reported in:
Other current liabilities	8,304	1,183	8,304	1,183	$ 4,032
Other non-current liabilities	4,479	4,240	4,479	4,240
Balance at end of period	$ 12,783	$ 5,423	$ 12,783	$ 5,423	$ 9,346

Sales of Equity Method Investments - Summarized Financial Information For Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of operations
Gross loss	$ (9,515)			$ (8,039)			$ (25,314)	$ (23,970)
Net loss	(25,636)	$ (25,683)	$ (27,793)	(22,915)	$ (52,350)	$ (7,442)	(79,112)	(82,707)
Share of net loss from equity method investment	$ 0			$ (0)			$ 0	$ (354)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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

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+ Details

Debt - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 02, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Common stock issued for notes purchased		103,044,324		92,619,641
Amortization of debt issuance cost		$ 526	$ 288
Credit Facility Agreement \| Barclays Bank PLC [Member]
Debt Instrument [Line Items]
Line of credit facility, covenant terms	the Credit Facility Agreement (the "Amendment") which, among other things, amended certain terms of the Credit Facility Agreement, including without limitation, to (i) reduce the minimum liquidity level in the minimum liquidity financial covenant from $125.0 million to $50.0 million until March 31, 2023 and (ii) set forth additional financial condition covenants and reporting requirements that apply if the Company does not maintain specified minimum liquidity from the effectiveness of the Amendment until the earlier of (x) March 31, 2023 and (y) the occurrence of certain specified
Amended financial conditions	conditions. The new financial condition covenants include the following: (i) if loans are outstanding, (x) the Company shall not have more than $25.0 million in unrestricted cash and cash equivalents for longer than three business days and (y) the ratio of the amount of (A) 75% of specified third party accounts receivables to (B) outstanding loans shall not be less than 1.10:1.00 at the end of each month and (ii) the Company shall limit the amount of cash it pays to third parties (net of all cash received by the Company (subject to certain exclusions)) to not more than $50.0 million, with the financial covenants described in the foregoing clauses (i)(y) and (ii) only being applicable if the Company fails to maintain specified minimum liquidity, with the Company currently maintaining such specified minimum liquidity as of September 30

Commitments and Contingencies - Additional Information (Details) $ in Millions	Apr. 21, 2021 USD ($)
Fcx Solar Llc [Member]
Product Warranty Liability [Line Items]
Damages sought value	$ 134

Stock-based compensation - Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 7,507	$ 5,381	$ 15,255	$ 58,531
Cost of revenue [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	1,153	342	2,521	7,571
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	487	200	1,134	3,925
Selling and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	598	1,135	1,630	2,942
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 5,269	$ 3,704	$ 9,970	$ 44,093

ATM Program (Additional Information) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 14, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued	103,044,324		92,619,641
ATM Program [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, value authorized		$ 100
Common stock, shares issued	0

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Apr. 28, 2021
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	10,000,000		10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001		$ 0.0001
Preferred Stock, Shares Issued	0		0		0
Common stock, shares authorized	850,000,000		850,000,000		850,000,000
Common stock, par value	$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares issued	103,044,324		103,044,324		92,619,641
Common stock, value, issued	$ 10		$ 10		$ 9
Operating Expenses	17,179	$ 14,731	54,397	$ 79,291
Treasury stock, value	$ 0		$ 0		$ 0

Net Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (loss)	$ (25,636)	$ (25,683)	$ (27,793)	$ (22,915)	$ (52,350)	$ (7,442)	$ (79,112)	$ (82,707)
Basic weighted-average number of common shares outstanding	102,164,455			94,596,519			100,642,126	82,677,824
Diluted weighted-average number of common shares outstanding	102,164,455			94,596,519			100,642,126	82,677,824
Basic loss per share	$ (0.25)			$ (0.24)			$ (0.79)	$ (1.00)
Diluted loss per share	$ (0.25)			$ (0.24)			$ (0.79)	$ (1.00)

- Definition

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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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	15,010,397	15,207,828
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	7,407,333	9,609,828
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	7,603,064	5,598,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
(Provision) benefit for income taxes	$ 151	$ (41)	$ (15)	$ (137)
Change in deferred tax assets valuation allowance, percentage			21.00%	21.00%
Income Tax Interest and Penalties Accrued	$ 0		$ 0		$ 0

- Definition

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

+ References + Details

Segment Information - Schedule of Company's Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 16,572	$ 52,989	$ 96,846	$ 168,804

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Related party transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Treasury stock, value		$ 0	$ 0	$ 0
Cash Payments		0	1,700
South Lake One LLC [Member]
Related Party Transaction [Line Items]
Outstanding capital stock held	5.00%
Fernweh Engaged Operator Company LLC [Member]
Related Party Transaction [Line Items]
Related party general and administrative expense		$ 900	$ 3,000