0000950170-23-004885 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	FTC SOLAR, INC.
Document Annual Report	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
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-K
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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		106,195,459
Entity Public Float			$ 158,437,496
Document Transition Report	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Austin, Texas
Auditor Firm ID	238
Documents Incorporated by Reference	List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: Portions of the registrant's 2023 Proxy Statement for the Annual Meeting of Stockholders, to be filed on or before April 30, 2023, are incorporated by reference into Part III of this report.

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 44,385	$ 102,185
Accounts receivable, net	49,052	107,548
Inventories	14,949	8,860
Prepaid and other current assets	10,304	17,186
Total current assets	118,690	235,779
Operating lease right-of-use assets	1,154	1,733
Property and equipment, net	1,702	1,582
Intangible assets, net	1,113	0
Goodwill	7,538	0
Other assets	4,201	3,926
Total assets	134,398	243,020
Current liabilities
Accounts payable	15,801	39,264
Accrued expenses	23,896	47,860
Income taxes payable	443	47
Deferred revenue	11,316	1,421
Other current liabilities	8,884	4,656
Total current liabilities	60,340	93,248
Operating lease liability, net of current portion	786	1,340
Other non-current liabilities	6,822	5,566
Total liabilities	67,948	100,154
Commitments and contingencies (Note 14)
Stockholders' equity
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2022 and December 31, 2021	0	0
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 105,032,588 and 92,619,641 shares issued and outstanding as of December 31, 2022 and December 30, 2021	11	9
Treasury stock, at cost; 10,762,566 shares as of December 31, 2022 and December 31, 2021	0	0
Additional paid-in capital	315,345	292,082
Accumulated other comprehensive income (loss)	(61)	7
Accumulated deficit	(248,845)	(149,232)
Total stockholders' equity	66,450	142,866
Total liabilities and stockholders' equity	$ 134,398	$ 243,020

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Dec. 31, 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	105,032,588	92,619,641
Common stock, shares outstanding	105,032,588	92,619,641
Treasury stock, shares	10,762,566	10,762,566

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 123,066	$ 270,525	$ 187,352
Cost of revenue:
Total cost of revenue	150,294	303,070	183,713
Gross profit (loss)	(27,228)	(32,545)	3,639
Operating expenses
Research and development	9,949	11,540	5,222
Selling and marketing	8,659	6,823	3,545
General and administrative	53,736	75,896	11,798
Total Operating expenses	72,344	94,259	20,565
Loss from operations	(99,572)	(126,804)	(16,926)
Interest expense, net	(978)	(814)	(364)
Gain from disposal of investment in unconsolidated subsidiary	1,745	20,829	0
Gain (loss) on extinguishment of debt	0	790	(116)
Other income (expense), net	(373)	(67)	0
Income (loss) from unconsolidated subsidiary	0	(354)	1,399
Loss before income taxes	(99,178)	(106,420)	(16,007)
(Provision) benefit for income taxes	(435)	(169)	83
Net loss	(99,613)	(106,589)	(15,924)
Other comprehensive income (loss):
Foreign currency translation adjustments	(68)	10	(3)
Comprehensive loss	$ (99,681)	$ (106,579)	$ (15,927)
Net loss per share
Basic	$ (0.98)	$ (1.24)	$ (0.23)
Diluted	$ (0.98)	$ (1.24)	$ (0.23)
Weighted-average common shares outstanding:
Basic weighted-average number of common shares outstanding	101,408,263	86,043,051	68,810,533
Diluted weighted-average number of common shares outstanding	101,408,263	86,043,051	68,810,533
Product
Revenue:
Total revenue	$ 63,760	$ 227,397	$ 158,925
Cost of revenue:
Total cost of revenue	84,766	239,149	155,967
Service
Revenue:
Total revenue	59,306	43,128	28,427
Cost of revenue:
Total cost of revenue	$ 65,528	$ 63,921	$ 27,746

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	IPO [Member]	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive income (loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ (8,445)		$ 0	$ 1		$ 18,273		$ (26,719)
Beginning balance (in shares) at Dec. 31, 2019			0	63,633,981	0
Shares issued during the period for vested restricted stock awards, Shares				3,255,049
Repurchase of treasury stock, held in treasury				(9,896,666)	9,896,666
Issuance of common stock, value	30,000					30,000
Issuance of common stock (in shares)				9,162,976
Stock-based compensation	1,823					1,823
Net Income (loss)	(15,924)							(15,924)
Other comprehensive income (loss)	(3)						(3)
Ending balance at Dec. 31, 2020	7,451		$ 0	$ 1	$ 0	50,096	(3)	(42,643)
Ending balance (in shares) at Dec. 31, 2020			0	66,155,340	9,896,666
Shares issued during the period for vested restricted stock awards, Shares				9,107,121
Repurchase of treasury stock, held in treasury				(865,900)	865,900
Issuance of common stock upon exercise of stock options	317			$ 1		316
Issuance of common stock upon exercise of stock options (in shares)				2,838,464
Repurchase and retirement of common stock held by related parties	(54,155)			$ (1)		(54,154)
Repurchase and retirement of common stock held by related parties (shares)				(4,455,384)
Impact of Stock Split				$ 6		(6)
Deferred offering costs	(7,088)					(7,088)
Issuance of common stock, value	241,155			$ 2		241,153
Issuance of common stock (in shares)				19,840,000
Stock-based compensation	61,765					61,765
Net Income (loss)	(106,589)							(106,589)
Other comprehensive income (loss)	10						10
Ending balance at Dec. 31, 2021	142,866		$ 0	$ 9		292,082	7	(149,232)
Ending balance (in shares) at Dec. 31, 2021			0	92,619,641	10,762,566
Shares issued during the period for vested restricted stock awards, Value	4,062			$ 1		4,061
Shares issued during the period for vested restricted stock awards, Shares				8,096,868
Issuance of common stock upon exercise of stock options	$ 903			$ 1		902
Issuance of common stock upon exercise of stock options (in shares)	3,316,079			3,316,079
Shares issued for HX Tracker acquisition, Shares				1,000,000
Shares issued for HX Tracker acquisition, Amount	$ 4,370					4,370
Issuance of common stock (in shares)		4,455,384
Stock-based compensation	13,930					13,930
Net Income (loss)	(99,613)							(99,613)
Other comprehensive income (loss)	(68)						(68)
Ending balance at Dec. 31, 2022	$ 66,450		$ 0	$ 11	$ 0	$ 315,345	$ (61)	$ (248,845)
Ending balance (in shares) at Dec. 31, 2022			0	105,032,588	10,762,566

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (99,613)	$ (106,589)	$ (15,924)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation	20,303	61,765	1,818
Depreciation and amortization	900	232	47
Loss from sale of property and equipment	183
Amortization of debt issue costs	703	461	0
Provision for litigation settlement	4,493
Provision for obsolete and slow-moving inventory	1,813	90	0
(Gain) loss from unconsolidated subsidiary	0	354	(1,399)
Gain from disposal of investment in unconsolidated subsidiary	(1,745)	(20,829)	0
(Gain) loss on extinguishment of debt	0	(790)	116
Warranty provision	8,228	8,588	7,866
Warranty recoverable from manufacturer	(302)	(928)	(1,021)
Bad debt expense (credit)	1,159	(91)	24
Deferred income taxes	(135)	0	(3)
Lease expense and other	705	458	50
Impact on cash from changes in operating assets and liabilities:
Accounts receivable, net	57,337	(83,723)	(9,710)
Inventories	(7,902)	(7,264)	2,819
Prepaid and other current assets	7,189	(10,237)	(2,847)
Other assets	(1,019)	(2,137)	(1,672)
Accounts payable	(22,940)	21,659	10,076
Accruals and other current liabilities	(32,670)	34,095	7,162
Accrued interest – related party debt	0	0	(78)
Deferred revenue	9,895	(21,559)	3,107
Other non-current liabilities	(599)	(6,016)	496
Lease payments and other, net	(493)	(393)	(298)
Net cash provided by (used in) operating activities	(54,510)	(132,854)	629	$ (186,700)
Cash flows from investing activities:
Purchases of property and equipment	(985)	(1,025)	(256)
Proceeds from sale of property and equipment	86	0	0
Acquisitions, net of cash acquired	(5,093)
Proceeds from disposal of investment in unconsolidated subsidiary	1,745	22,332	2,124
Net cash provided by (used in) investing activities	(4,247)	21,307	1,868
Cash flows from financing activities:
Proceeds from borrowings	0	0	784
Repayments of borrowings	0	(1,000)	(7,000)
Repurchase and retirement of common stock held by related parties	0	(54,155)	0
Offering costs paid	0	(5,948)	(1,140)
Proceeds from stock issuance	0	241,155	30,000
Proceeds from stock option exercises	903	317	0
Net cash provided by financing activities	903	180,369	22,644
Effect of exchange rate changes on cash, cash equivalents and restricted cash	54	(10)	(3)
Net increase (decrease) in cash, cash equivalents and restricted cash	(57,800)	68,812	25,138
Cash, cash equivalents and restricted cash at beginning of period	102,185	33,373	8,235	8,235
Cash, cash equivalents and restricted cash at end of period	44,385	102,185	33,373	$ 44,385
Supplemental disclosures of cash flow information:
Purchases of property and equipment included in ending accounts payable and accruals	11	478	0
Offering costs in period end accruals	0	0	449
Commencement of new operating leases	0	1,540	688
Cash paid during the period for third party interest	784	254	0
Cash paid during the period for related party interest	0	207	350
Cash paid during the period for taxes, net of refunds	$ 123	$ 76	$ 0

Description of business

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of business

Note 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 ("2P") 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 what we believe to be other benefits, such as faster assembly capability, giving potential customers the possibility for 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. 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

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of significant accounting policies

Note 2. Summary of significant accounting policies

Basis of presentation and principles of consolidation

These 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”). Intercompany balances and transactions have been eliminated in consolidation.

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 and have a history of cash outflows from operations. During the three-year period ended December 31, 2022, we used $186.7 million of cash in our operations, inclusive of $54.5 million utilized during the year ended December 31, 2022. We had no long-term borrowings or other material obligations requiring the use of cash and had positive working capital of $58.4 million as of December 31, 2022.

At December 31, 2022, we had $44.4 million of cash remaining on hand and $1.8 million in outstanding letters of credit applied against our existing revolving credit facility described in "Note 11. Debt" below.

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 for the importation of solar modules, whether related to sufficient traceability of materials or other factors.

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. 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.

Since 2016, CBP has issued a number of withhold release orders ("WRO") directed at forced labor in China, including WROs directed specifically at activity in the Xinjiang Uyghur Autonomous Region. In addition, recent WROs related to polysilicon requires panel importers to demonstrate that polysilicon used in their panels has not been sourced using forced labor. To date, CBP has used the WROs to detain solar panels, which has disrupted the U.S. solar installation market and caused additional uncertainty on future projects.

These policies and actions have resulted in some developers deferring projects due to the uncertainty of panel supply and costs, which has negatively impacted our 2022 revenues and cash flows and may continue to negatively impact our anticipated revenues and our cash flows in 2023.

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 and other tax benefits available to solar energy projects and the solar energy supply chain. 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 range between 30% and 50%. Manufacturers of specific solar components are also now eligible to claim production tax credits as an alternative to the ITC. Implementing regulations for this law are still in process.

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. COVID-19 shutdowns in China during 2022 created a backlog of exports and increased demand for container shipments from China but, such shutdowns are now being eased by the government there. 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 17. Related parties" below.

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 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, however we note that implementing regulations for the Inflation Reduction Act are still in process, which creates uncertainty about the extent of its impact on our Company and the solar energy

industry. We also took significant steps in 2022, and are continuing to take further steps in 2023, to address the recent market challenges and our historical use of cash through the following actions:

•

certain members of our senior management team elected to forego certain cash compensation during the second half of 2022 in exchange for equity compensation;

•

the members of our board of directors have agreed to take equity compensation in lieu of cash compensation during 2023;

•

we began making certain incentive compensation payments to all employees in stock rather than cash beginning at the end of the second quarter of 2022;

•

as described further in "Note 4. Reduction in force" below, we reduced our workforce by approximately 8% near the end of 2022;

•

we have frozen non-essential hiring, placed restrictions on certain travel, decreased the future use of consultants and are deferring non-critical initiatives;

•

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

•

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

•

we launched Pioneer, a one module-in-portrait (1P) solar tracker solution, and a new solution for thin-film modules not subject to UFLPA;

•

we filed a prospectus supplement in September 2022, as described further in "Note 15. Stockholders' equity" below which has provided 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 ("ATM Program") however, our conclusions around liquidity are not dependent on us transacting off the ATM;

•

we reached a settlement agreement with FCX Solar, LLC in December 2022, regarding a lawsuit filed against us relating to claims of patent infringement in order to eliminate future time and expense involved in defending ourselves in this action. As described further in "Note 14. Commitments and contingencies" below, a portion of the settlement payment was made in stock; and

•

we continue to actively explore options to obtain additional sources of capital through either the issuance of new debt or equity.

Management believes that our existing cash on hand, as well the continuing impact of certain of the actions described above, along with our expectations of improved market conditions and positive results from our efforts to increase gross margins, will allow us to grow profitably and generate positive cash flow from operations during the second half of 2023 in amounts that will be sufficient for us to fund our operations for at least one year from the date of issuance of these 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 United States. 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 U.S. 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 long-lived 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, including tax valuation allowances, as well as other contingencies. We base our estimates on historical experience and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates due to risks and uncertainties.

Cash and cash equivalents

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

Restricted cash

Cash balances that are legally, contractually or otherwise restricted as to withdrawal or usage are considered restricted cash. We had no restricted cash balances at either December 31, 2022 or December 31, 2021.

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 install solar 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.

Leases

In accordance with ASC 842, we make a determination whether a contract is a lease or contains a lease at the inception of the contract and will reassess that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use (“ROU”) assets are reflected on the Company's Consolidated Balance Sheets. Operating lease liabilities are separated into a current portion, which is included in other current liabilities, and a noncurrent portion which is reflected separately on the Company's Consolidated Balance Sheets. The Company does not have any finance lease ROU assets or liabilities.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company does not obtain and control its right to use the identified asset until the lease commencement date.

Our lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the rate implicit in the lease is not readily determinable, we generally use our incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. We factor in publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. The Company's ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement

and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability.

The term of our leases equals the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that we are reasonably certain to exercise. We establish the term of each lease at lease commencement and reassess that term in subsequent periods when one of the triggering events outlined in ASC 842 occurs. Our operating lease cost for the lease payments is recognized on a straight-line basis over the lease term.

Our lease contracts often include lease and non-lease components. For facility leases, we elected the practical expedient offered by the standard to not separate lease from non-lease components and, therefore, account for them as a single lease component. For our other contracts that include leases, the Company accounts for the lease and non-lease components separately.

We have elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term.

Property and equipment, net

Cost

Property and equipment are stated at cost, net of accumulated depreciation. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Loss. Maintenance and repair costs that do not extend the useful life or improve an asset, are expensed as incurred.

Third-party and internal personnel costs during the application development stage of software developed or obtained for internal use are capitalized. Costs incurred during the preliminary planning stage and post-implementation of new software systems projects, including data conversion and training costs, are expensed as incurred.

Depreciation

We depreciate our property and equipment using the straight-line method over their estimated useful lives, which generally are as follows:


Category	Depreciation period (in years)
Leasehold improvements		3
Field equipment		5
Information technology equipment		3
Tooling		3
Capitalized software		3

Impairment

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

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, generally 2.5 - 3.0 years, using the straight-line method. We evaluate intangible assets for impairment using the method described above under "Impairment".

Goodwill

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

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

At December 31, 2022, in accordance with the provisions of ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), we determined that we had no impairment of our goodwill at that date.

Equity method investments

We use the equity method of accounting for investment in which we have the ability to exercise significant influence, but not control, over operating and financial policies of the investee. Our proportionate share of the net income or loss of these investees is included in our Consolidated Statements of Operations and Comprehensive Loss. Judgment regarding the level of influence over each equity method investment includes considering key factors such as our ownership interest, legal form of the investee, representation on the board of directors, participation in policy-making decisions and material intra-entity transactions.

We evaluate equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time and the extent to which the fair value of the equity method investment has been less than its cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than temporary is recognized in the period identified.

We account for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities).

We made an accounting policy election that, upon the sale of our equity method investments, we will recognize contractual contingent gains arising from earnout provisions and project escrow releases when such amounts are realizable in periods subsequent to the disposal date.

Deferred costs

Debt issue costs

Legal, consulting, banking, accounting and other fees that are incremental and directly related to establishment of our revolving line of credit agreement have been capitalized and included as a component of other assets. These costs are being amortized to interest expense over the term of the revolving line of credit agreement on a straight-line basis. Debt discount and issue costs paid to lenders and third parties relating to outstanding debt, if any, are deferred and included as a reduction in the carrying amount of the debt. These deferred costs will be amortized as additional interest expense over the life of the debt using the interest method or on a straight-line basis, if not materially different.

Offering costs

Legal, consulting, banking, accounting and other fees that are incremental and directly related to anticipated equity offerings are capitalized as incurred and offset against proceeds received upon consummation of the offering as a component of additional paid-in capital. In the event an anticipated offering is terminated, such costs will be expensed.

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 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.

The Black-Scholes model relies on various assumptions, in addition to the exercise price of the option and the value of our common stock on the date of grant. These assumptions include:

Expected Term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is calculated as the average of the option vesting and contractual terms, based on the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. The contractual life of an option may be up to 10 years.

Expected Volatility: Since the Company did not have a trading history of its common stock prior to our IPO and since such trading history subsequent to our IPO is limited, the expected volatility is derived from the average historical stock volatilities of several public companies within the Company’s industry that it considers to be comparable to its business over a period equivalent to the expected term of the stock option grants.

Risk-Free-Interest-Rate: The Company bases the risk-free interest rate on the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term.

Expected Dividend: The Company has not issued any dividends in its history and does not expect to issue dividends over the life of the options and, therefore, has estimated the dividend yield to be zero.

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

Income taxes

Pursuant to ASC 740, Accounting for Income Taxes, we use the asset and liability method for accounting for income taxes. Under this method, we recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the respective carrying amounts and tax basis of our assets and liabilities. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date.

We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. On a quarterly basis, we evaluate the need for, and the adequacy of, valuation allowances based on the expected realization of our deferred tax assets. The factors used to assess the likelihood of realization include our latest forecast of future taxable income, available tax planning strategies that could be implemented, reversal of taxable temporary differences and carryback potential to realize the net deferred tax assets.

We account for uncertain tax positions in accordance with authoritative guidance which prescribes a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Our evaluations of tax positions consider various factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in-process audit activities and changes in facts or circumstances related to a tax position. We accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Functional currency

The reporting currency of the Company is the U.S. dollar. We determine the functional currency of each subsidiary in accordance with ASC 830, Foreign Currency Matters, based on the currency of the primary economic

environment in which each subsidiary operates. We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment in "Accumulated other comprehensive loss" in stockholders’ equity (deficit) in the Consolidated Balance Sheets.

The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period.

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 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 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.

Research and development

Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses, benefits, and stock-based compensation, along with other costs related to development of new products and services, as well as enhancing system performance, improving product reliability, reducing product cost, and simplifying installation. Research and development costs also include depreciation and allocated overhead.

Advertising costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the accompanying consolidated statements of operations and comprehensive loss.

Concentrations 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 United States, Australia and in the Asia Pacific region. No countries other than the United States 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, as discussed further in "Note 5. Accounts receivable, net" below, a small number of customers account for a significant portion of our year end outstanding receivables and our total revenue for the year.

Fair value of financial instruments

Our financial instruments consist of cash, cash equivalents, accounts receivable, accounts payable, and debt obligations, if any. Cash, cash equivalents, accounts receivable and accounts payable are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The carrying values of debt obligations bearing variable rates of interest, if any, are also considered to approximate fair value due to applicable interest rates resetting to market rates periodically. The fair value of our fixed-rate debt obligations, if any, will be impacted by changes in market rates for similar debt subsequent to our initial borrowings.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. A hierarchy for inputs used in measuring fair value has been defined to minimize the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs we select reflect our assumptions about what market participants would use in pricing the asset or liability based on the best information currently available.

The fair value hierarchy prioritizes the inputs into three broad levels:

•

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

•

Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

•

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

We account for long-term debt, if any, on an amortized cost basis.

Recent accounting pronouncements adopted and not yet adopted

Adopted

We adopted 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, as amended, 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 will adopt ASU 2016-13 effective January 1, 2023, and expect no material impact on our consolidated financial statements upon adoption.

Acquisition

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisition

Note 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 to our consolidated results, have been included in our 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 consolidated financial statements since the date of acquisition. Goodwill associated with this acquisition is deductible for tax purposes.

The final 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

Activity in our goodwill balance was as follows:


(in thousands)	Year ended December 31, 2022
Balance at December 31, 2021	$	—
Acquisition of HX Tracker		7,447
Acquisition of pile testing and equipment installation business		271
Translation		(180	)
Balance at December 31, 2022	$	7,538

Reduction in force

12 Months Ended

Dec. 31, 2022

Workforce Activity [Abstract]

Reduction in force

Note 4. Reduction in force

In December 2022, in order to align our cost structure with our strategic and financial objectives and expected market conditions, we implemented a reduction in force impacting 20 employees, or approximately 8% of our then existing workforce. In connection with this event, we recognized severance and termination-related costs as follows:


(in thousands)	Year ended December 31, 2022
Cost of revenue	$	145
Research and development		116
Selling and marketing		62
General and administrative		118
Total	$	441

The majority of the costs incurred will be paid in 2023.

Accounts receivable, net

12 Months Ended

Dec. 31, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts receivable, net

Note 5. Accounts receivable, net

Accounts receivable consisted of the following:


(in thousands)	December 31, 2022			December 31, 2021
Trade receivables	$	35,367		$	38,597
Revenue recognized in excess of billings		14,844			72,676
Other receivables		25			147
Total		50,236			111,420
Allowance for doubtful accounts		(1,184	)		(3,872	)
Accounts receivable, net	$	49,052		$	107,548

Included in total receivables above are amounts billed under retainage provisions totaling $3.7 million and $11.6 million as of December 31, 2022, and 2021, respectively, which are due within the upcoming year.

At December 31, 2022, three customers accounted for approximately 55%, 15%, and 12%, respectively, of our total accounts receivable. At December 31, 2021, four customers accounted for approximately 29%, 23%, 19% and 18%, respectively, of total accounts receivable.

Activity in the allowance for doubtful accounts for each period was as follows:


	Year ended December 31,
(in thousands)	2022			2021			2020
Balance at beginning of period	$	3,872		$	1,228		$	441
Additions charged to earnings		5,578			4,045			787
Write-offs of uncollectible accounts		(8,266	)		(1,401	)		—
Balance at end of period	$	1,184		$	3,872		$	1,228

Inventories, net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, net

Note 6. Inventories, net

Inventories consisted of the following:


(in thousands)	December 31, 2022			December 31, 2021
Finished goods	$	16,269		$	8,950
Allowance for slow-moving and obsolete inventory		(1,320	)		(90	)
Total	$	14,949		$	8,860

Activity in the allowance for slow-moving and obsolete inventory for each period was as follows:


	Year ended December 31,
(in thousands)	2022			2021		2020
Balance at beginning of period	$	90		$	—	$	—
Additions charged to earnings		1,813			90		—
Write-offs of obsolete inventory		(583	)		—		—
Balance at end of period	$	1,320		$	90	$	—

Prepaid and other current assets

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid and other current assets

Note 7. Prepaid and other current assets

Prepaid and other current assets consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Vendor deposits	$	5,085	$	13,098
Prepaid expenses		3,544		2,301
Prepaid taxes		163		269
Surety collateral		107		460
Other current assets		1,405		1,058
Total	$	10,304	$	17,186

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 8. 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 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.

We utilized a weighted average discount rate of 5.0% in establishing our operating lease ROU assets and liabilities at lease inception. At December 31, 2022, our weighted average remaining lease term for our operating leases was 3.2 years.

Our lease expense consisted of the following:


	Year ended December 31,
(in thousands)	2022		2021		2020
Operating lease cost	$	705	$	458	$	288
Short-term lease cost		456		100		31
Total lease cost	$	1,161	$	558	$	319

Reported in:
Cost of revenue	$	677	$	239	$	38
Research and development		46		39		—
Selling and marketing		45		1		3
General and administrative		393		279		278
Total lease cost	$	1,161	$	558	$	319

Future remaining operating lease payment obligations were as follows:


(in thousands)	December 31, 2022
2023	$	471
2024		434
2025		367
2026		27
Thereafter		—
Total lease payments		1,299
Less: imputed interest		(96	)
Present value of operating lease liabilities	$	1,203

Current portion of operating lease liability	$	417
Operating lease liability, net of current portion		786
Present value of operating lease liabilities	$	1,203

Property and equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Note 9. Property and equipment, net

Property and equipment consisted of the following:


(in thousands)	December 31, 2022			December 31, 2021
Leasehold improvements	$	22		$	22
Field equipment		1,078			833
Information technology equipment		355			182
Tooling		824			543
Capitalized software		250			250
Total		2,529			1,830
Accumulated depreciation		(827	)		(248	)
Property and equipment, net	$	1,702		$	1,582

We recognized depreciation expense associated with our property and equipment each period as follows:


	Year ended December 31,
(in thousands)	2022		2021		2020
Tangible asset depreciation	$	547	$	170	$	14
Capitalized software depreciation		84		62		—
Total depreciation expense	$	631	$	232	$	14

Intangible assets, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

Note 10. Intangible assets, net

Intangible assets consisted of the following:


(in thousands)	Estimated Useful Lives (Years)	December 31, 2022			December 31, 2021
Developed technology	2.5 - 3.0	$	2,591		$	1,200
Total			2,591			1,200
Accumulated amortization			(1,478	)		(1,200	)
Intangible assets, net		$	1,113		$	—

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 1P 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 "Acquisitions" 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 year ended December 31, 2022, totaled $0.3 million. Amortization expense for the years ended December 31, 2023 and 2024, will be approximately $0.6 million and $0.5 million, respectively. No amortization expense was recognized for the year ended December 31, 2021, and the amount recognized in 2020 was not significant.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Note 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"). The facility has an initial three-year term and is secured by a first priority lien on substantially all of our assets, subject to certain exclusions, and customary guarantees.

The Credit Facility Agreement includes the following terms: (i) aggregate commitments of up to $100 million, with letter of credit and swingline sub-limits; (ii) a base rate of LIBOR, plus 3.25% per annum, (iii) initial commitment fees of 0.50% per annum; (iv) initial letter of credit fees of 3.25% per annum; and (v) other customary terms for a corporate revolving credit facility. We have not made any draws on the revolving credit facility, however, we have $1.8 million of outstanding letters of credit as of December 31, 2022. Should LIBOR rates become unavailable during

the term of the Credit Agreement, the rate per annum on loans will be based on the secured overnight financing rate (SOFR) published by the Federal Reserve Bank of New York, or a successor SOFR administrator.

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 December 31, 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.

We incurred $2.1 million of costs relating to establishment of the Credit Agreement, which are included in "Other assets" in our Consolidated Balance Sheet. At December 31, 2022, the remaining unamortized balance was $0.9 million.

On April 30, 2020, we received a Paycheck Protection Program (“PPP”) loan pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) in the amount of $0.8 million. The PPP loan had a two-year term and a fixed interest rate of 1%. Under the terms of the CARES act, the PPP loan was eligible for forgiveness, in part or whole, if the proceeds were used to retain and pay employees and for other qualifying expenditures. On January 20, 2021, the Company received notification from the Small Business Administration that they approved the forgiveness of the full $0.8 million PPP loan. The Company recorded the forgiveness of the PPP loan as a gain on extinguishment of debt in the Consolidated Statements of Operations and Comprehensive Loss during the year ended December 31, 2021.

On June 17, 2019, the Company entered into a revolving line of credit agreement with Western Alliance Bank for a total principal amount of $1.0 million, which was to mature two years from the date of borrowing. The line of credit had a variable rate of interest, based on the prime rate as published in the Wall Street Journal, and required monthly interest payments. The prime rate at the time of borrowing was at 5.50% per annum. The outstanding balance of $1.0 million was paid in full, and the revolving credit line was closed in 2021.

- 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
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+ Details

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Current Liabilities Abstract

Accrued expenses and other current liabilities

Note 12. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Accrued cost of revenue	$	13,198	$	43,185
Accrued compensation		4,688		981
Other accrued expenses		6,010		3,694
Total accrued expenses	$	23,896	$	47,860

Warranty reserves	$	8,004	$	4,032
Current portion of operating lease liability		417		452
Non-federal tax obligations		463		172
Total other current liabilities	$	8,884	$	4,656

We anticipate paying employee bonuses earned during the fourth quarter of 2022 in stock that will be issued during the first quarter of 2023, and have accrued $2.0 million, which is included in accrued compensation in the table above.

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 reliability improvements.

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


	Year ended December 31,
(in thousands)	2022			2021			2020
Balance at beginning of period	$	9,346		$	6,811		$	2,057
Warranties issued during the period		8,228			8,588			7,866
Settlements made during the period		(4,041	)		(5,270	)		(3,111	)
Changes in liability for pre-existing warranties		(1,107	)		(783	)		(1	)
Balance at end of period	$	12,426		$	9,346		$	6,811

Warranty accruals are reported in:
Other current liabilities	$	8,004		$	4,032		$	3,985
Other non-current liabilities		4,422			5,314			2,826
Balance at end of period	$	12,426		$	9,346		$	6,811

Income taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

Note 13. Income taxes

The components of income before income taxes were as follows:


	Year ended December 31,
(in thousands)	2022			2021			2020
United States	$	(98,462	)	$	(106,467	)	$	(16,269	)
Foreign		(716	)		47			262
Total loss before income taxes	$	(99,178	)	$	(106,420	)	$	(16,007	)

The provisions (benefits) for income taxes and the reasons for the differences between the provisions (benefits) for income taxes and income tax provisions (benefits) using the U.S. federal income tax rate were as follows:


	Year ended December 31,
(in thousands)	2022			2021			2020
Current -
Federal	$	—		$	—		$	(159	)
State		204			196			1
Foreign		231			(27	)		78
		435			169			(80	)
Deferred -
Federal		—			—			(3	)
State		—			—			—
		—			—			(3	)
Provision (benefit) for income taxes	$	435		$	169		$	(83	)

Federal income tax provision (benefit) at statutory rate	$	(20,827	)	$	(22,348	)	$	(3,362	)
State taxes, net of federal		(1,035	)		(1,744	)		(215	)
Research and experimentation tax credit		(2,811	)		(342	)		(179	)
Change in valuation allowance		24,911			28,361			3,523
Stock compensation		(1,781	)		(6,863	)		406
Dividends received deduction		—			—			(308	)
Section 162m limitation on executive compensation		1,922			2,467			—
Permanent differences and other		56			638			52
Provision (benefit) for income taxes	$	435		$	169		$	(83	)

The components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2022			December 31, 2021
Deferred tax assets:
Fixed assets and intangibles	$	5		$	17
Leases		255			378
Accrued expenses		4,887			2,741
Net operating loss carryforward		52,179			31,868
Stock options		3,528			5,508
R&D credit carryforward		3,431			616
Other		1,998			402
Subtotal		66,283			41,530
Less: valuation allowance		(65,659	)		(40,760	)
Total deferred tax assets		624			770

Deferred tax liabilities:
Leases		(243	)		(370	)
Prepaid expenses		(381	)		(400	)
Total deferred tax liability		(624	)		(770	)
Net deferred tax asset (liability)	$	—		$	—

The net change in the total valuation allowance for the year ended December 31, 2022, was an increase of $24.9 million recorded through continuing operations. The net change in the total valuation allowance for the year ended December 31, 2021, was an increase of $31.5 million, comprised of $28.4 million recorded through continuing operations and $3.1 million recorded to paid in capital due to IPO costs. In assessing the realizability of deferred tax assets, we considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We considered the scheduled reversal of deferred tax liabilities, carryback potential, projected future taxable income and tax planning strategies in making this assessment. After consideration of these factors and based upon the level of historical taxable losses, we believe it is more likely than not that the Company will not realize the benefits of these deductible differences at December 31, 2022.

We have federal net operating loss carryforwards of approximately $232.1 million at December 31, 2022. These loss carryforwards have an indefinite carryforward period. We also have state net operating loss carryforwards of approximately $84.6 million which begin to expire in 2037.

We have federal R&D credit carryforwards of approximately $4.3 million at December 31, 2022, which begin to expire in 2038.

We are subject to U.S. federal income tax, as well as income tax in multiple state and foreign jurisdictions. The tax returns for years 2018 and beyond remain open for examination. As of December 31, 2022, the Company is not currently under audit by any taxing authority.

We account for uncertainty in taxes in accordance with authoritative guidance. Changes in our accruals for unrecognized tax benefits were as follows:


	Year ended December 31,
(in thousands)	2022		2021
Balance at beginning of period	$	717	$	81
Increase for tax positions related to the current year		386		636
Increase for tax positions related to prior years		318		—
Balance at end of period	$	1,421	$	717

The unrecognized tax benefits in the table above includes $0.9 million, and $0.2 million as of December 31, 2022, and December 31, 2021, respectively, that, if recognized, would affect our effective tax rate. We do not anticipate a significant increase or decrease over the next twelve months in the unrecognized tax benefits reported above. As of December 31, 2022, and 2021, we have not accrued any 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
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+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 14. Commitments and contingencies

The Company may be involved in various claims, lawsuits, investigations, and other proceedings, arising in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of 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. The Company adjusts its 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.

We were a party to certain litigation styled FCX Solar, LLC v. FTC Solar, Inc., Case Nos. 1:21-cv-03556-RA and 1:21-cv-08766-RA, in the United States District Court for the Southern District of New York, pursuant to which FCX Solar, LLC (“FCX”) filed a lawsuit alleging breach of contract, fraud and unjust enrichment claims related to a patent license agreement and consulting relationship between us and FCX, and seeking damages of approximately $134 million. On December 29, 2022, we entered into a settlement agreement with FCX (the “Settlement Agreement”), pursuant to which, in full settlement of this litigation, (i) we agreed to (a) pay FCX an aggregate of $1.5 million in certain installments, and (b) issue to FCX 797,396 shares of our common stock, par value $0.0001 per share, valued at $2.0 million, based on a daily volume weighted average share price of our common stock on The Nasdaq Global Market in the ten consecutive trading days prior to entry into the Settlement Agreement, which was $2.508163 per share, and (ii) we and FCX agreed to an arrangement whereby FCX has granted us a worldwide license under certain of FCX's patents to make, have made, use, sell, offer for sale, lease, import, export, or otherwise dispose of any and all our products for an initial term of three years, subject to annual renewals at our option. An initial cash payment and the shares of stock were issued to FCX in January 2023, pursuant to the terms of the Settlement Agreement.

The Company has fully accrued our entire obligation under the Settlement Agreement, including amounts payable under the license agreement, as a legal settlement in the Consolidated Balance Sheet at December 31, 2022.

Stockholders' equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' equity

Note 15. Stockholders' equity

Preferred stock

The Certificate of Incorporation, as amended on April 28, 2021, and on June 7, 2021, (the "Certificate of Incorporation"), authorizes the Company to issue up to 10 million shares of Preferred Stock with a par value of $0.0001 with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2022, there were no shares of preferred stock issued or outstanding.

Common stock

The Certificate of Incorporation authorizes the Company to issue 850 million shares of $0.0001 par value of Common Stock. Holders of Common Stock are entitled to dividends, as and when declared by the board of directors, subject to the rights of the holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holders of the Common Stock are entitled to one vote for each share of Common Stock; provided that, except as otherwise required by law, holders of Common Stock (in such capacity) shall not be entitled to vote on any amendment to the Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation.

In March 2020, the Company sold 9,162,976 (post-split basis) shares of common stock at $3.27 per share (post-split basis) for an aggregate purchase price of $30.0 million. The proceeds were available for working capital and other corporate purposes.

On April 30, 2021, the Company closed on its IPO in which we issued and sold 19,840,000 shares of our common stock at a public offering price of $13.00 per share. We received aggregate proceeds of $241.2 million from the IPO, net of approximately $16.8 million in underwriting discount and commissions and before offering costs.

The Company used $54.2 million of net proceeds from the IPO to purchase and retire an aggregate of 4,455,384 shares of our common stock, of which 2,191,557 was a repurchase of common shares and 2,263,827 shares were from the settlement of certain vested RSUs and common shares exercised from options in connection with the IPO.

The Company is using the remaining proceeds from the IPO 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 and may use a portion of such proceeds to provide funding to third parties for future development capital in connection with projects using our tracker systems.

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 market" offerings. 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 December 31, 2022, no shares of our common stock had been sold pursuant to the EDA.

Treasury stock

On July 21, 2020, the Company’s board of directors approved a share repurchase of 9,896,666 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares was recorded as treasury stock on the Company’s Consolidated Balance Sheet as of December 31, 2020, and the shares have been added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization.

On January 8, 2021, the Company’s board of directors approved a share repurchase of 148,440 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares was recorded as treasury stock on the Company’s Consolidated Balance Sheet as of December 31, 2021, and the shares have been added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization.

On April 5, 2021, the Company’s board of directors approved a share repurchase of 717,460 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares was recorded as treasury stock on the Company’s Consolidated Balance Sheet as of December 31, 2021, and the shares have been added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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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
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.3-04)
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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
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock compensation and other employee benefit plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock compensation and other employee benefit plans

Note 16. Stock compensation and other employee benefit plans

Stock compensation plans

On January 9, 2017, the Company’s board of directors adopted the 2017 Stock Incentive Plan (the “2017 Plan”). The Plan offered employees, directors and selected service providers the opportunity to acquire equity in the Company through grants of options, restricted stock awards (“RSA”), stock appreciation rights, restricted stock units (“RSU”), and other stock awards, at exercise prices not less than the fair market value of the Company's common stock on the date of grant.

Following our IPO in April 2021, we adopted the 2021 Stock Incentive Plan (the "2021 Plan") which provides for the grant of awards similar to the 2017 Plan, as well as stock bonuses and cash awards. The number of shares initially reserved for issuance under the 2021 Plan was 12,645,239, which will automatically increase on January 1 of each calendar year prior to the tenth anniversary of the Plan's effective date in an amount equal to the lesser of (i) 4% of the total number of shares of common stock outstanding on the day prior (December 31st), and (ii) a number of shares of common stock determined by the compensation committee of the Company's board of directors. Effective January 1, 2022, an additional 3,704,785 shares became available for issuance pursuant to the automatic increase provisions of the 2021 Plan.

On July 1, 2022, we filed a registration statement on Form S-8 to register 5,000,000 shares of common stock for issuance upon the settlement of RSUs and the exercise of stock options previously granted under the 2017 Plan that remain outstanding. No new awards have been or will be granted under the 2017 Plan following the effectiveness of our 2021 Plan on April 27, 2021. Also, included as part of this registration statement on Form S-8, we registered the additional 3,704,785 shares of common stock described above available under our 2021 Plan.

Concurrent with the adoption of the 2021 Plan, we also adopted the 2021 Employee Stock Purchase Plan (the "2021 ESPP Plan") in order to provide employees of the Company and its designated subsidiaries with an opportunity to purchase the Company's common stock through accumulated payroll deductions at 85% of the stock's fair market value. As of December 31, 2022, this plan has not yet been implemented internally within the Company, and no purchases of common stock have been made pursuant to the 2021 ESPP Plan.

Stock options generally vest over four years from the date of grant, and, except as noted below, are based only on service vesting conditions.

During 2021, stock options were issued to our newly appointed Chief Executive Officer which contained market conditions relating to the price of our common stock that must be met in order to start the vesting period. As described further in "Note 17. Related parties" below, similar options were granted to a related party company engaged to support us with improvements to our processes and performance in February 2022.

RSU grants may contain either service vesting conditions or a combination of performance and service vesting conditions, both of which must be met in order to vest. Awards with service conditions generally vest over a period of four years from the date of grant.

Our IPO in April 2021 was deemed to meet the liquidity event provisions in our 2017 Plan, which resulted in the vesting of all awards that had previously satisfied the time-based vesting conditions of such awards as of that date.

Generally, new shares of authorized common stock are issued to satisfy vesting or exercise of awards under both the 2017 and 2021 Stock Incentive Plans although treasury shares are also available for issuance at the discretion of the Company.

Stock compensation expense for each period was as follows:


	Year ended December 31,
(in thousands)	2022		2021		2020
Cost of revenue	$	3,292	$	8,094	$	322
Research and development		1,460		3,657		57
Selling and marketing		1,889		2,056		38
General and administrative		13,662		47,958		1,401
Total stock compensation expense	$	20,303	$	61,765	$	1,818

Information relating to our outstanding option awards was as follows:


Options	Shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Average intrinsic value (in thousands)
Outstanding as of December 31, 2021		7,538,265		$	2.48
Granted		3,000,000			3.86
Exercised		(3,316,079	)		0.27
Forfeited and expired		(412,336	)		0.48
Outstanding as of December 31, 2022		6,809,850		$	4.29		7.69	$	4,099

Vested at December 31, 2022 or expected to vest in the future		4,704,127		$	5.59		8.30	$	580
Exercisable at December 31, 2022		2,105,723		$	1.38		6.33	$	3,519

At December 31, 2022:
Stock-based compensation cost not yet recognized (in thousands)								$	10,551
Weighted-average remaining expense recognition period (in years)									3.09

Assumptions used to value option awards were as follows:


	Year ended December 31,
	2022			2021			2020
Black-Scholes-Merton pricing formula weighted-average assumptions:
Expected life (in years)		5.27			7.72			6.07
Risk-free interest rate		1.82	%		1.32	%		1.60	%
Volatility		80.00	%		56.47	%		51.57	%
Dividend yield		0.00	%		0.00	%		0.00	%

Valuations:
Grant-date fair value per option (post-split)(1)	$	1.85		$	4.79		$	2.86
Intrinsic value of options exercised (in thousands)	$	14,646		$	22,852		$	—
Average intrinsic value per share of options exercised	$	4.42		$	8.05		$	—

(1) - Includes options with market conditions.

Information relating to our outstanding restricted stock unit and restricted stock awards was as follows:


	Shares			Weighted-average grant date fair value
Restricted stock units:
Nonvested as of December 31, 2021		5,141,469		$	6.08
Granted		6,927,858			3.71
Vested		(3,435,814	)		4.93
Forfeited		(1,560,850	)		5.55
Nonvested as of December 31, 2022		7,072,663		$	4.73

At December 31, 2022:
Stock-based compensation cost not yet recognized (in thousands)				$	18,500
Weighted-average remaining expense recognition period (in years)					1.29

Other employee benefit plans

We sponsor a 401(k) savings plan for our U.S. employees, whereby the employees can elect to make pre- or post-tax contributions, subject to certain limitations. We make matching contributions equal to 100% of the first 3% and 50% of the next 2% of an employee's contribution. Employee and company contributions are both immediately vested. Company matching contributions were approximately $0.7 million, $0.6 million, and $0.3 million for the years ending December 31, 2022, 2021, and 2020, respectively.

Employees are also eligible to participate in various employee welfare benefit plans, including medical, dental, prescription and life insurance, in which the Company pays a portion of the cost. All such plans are unfunded.

Sale of investment in unconsolidated subsidiary

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Sale of investment in unconsolidated subsidiary

Note 20. Sale of investment in unconsolidated subsidiary

On June 24, 2021, we disposed of our 4,791,566 Class A common unit interest in Dimension Energy LLC, (“Dimension”), representing approximately 23% of the total outstanding common shares, for approximately $22.3 million, net of a success-based fee described below, resulting in a gain of $20.8 million. Prior to the third-party sale, we had recognized a net loss from our investment in this unconsolidated subsidiary of $0.4 million compared to a gain of $1.4 million recognized in 2020.

On June 29, 2021, we made a success-based fee payment in the amount of $1.9 million to two executive members of Dimension for entering into voting and support letter agreements and for recommending to all Executive Members of Dimension that they support the purchase agreement and the consummation of the transaction on June 24, 2021.

The sales agreement with Dimension includes an earnout provision which provides the potential to receive an additional contingent consideration of up to approximately $14.0 million through December 2024, based on Dimension achieving certain performance milestones. This potential earnout is calculated each quarter starting January 1, 2022, as $200 times the number of kilowatts constituting each Notice To Proceed (NTP) megawatt (MW) achieved during such quarterly earnout period, provided that no earnout amount is payable in respect to the first 100 NTP MW achieved in any earnout year.

The sales agreement also includes a projects escrow release which is an additional contingent consideration to receive $7 million based on Dimension’s completion of certain construction projects currently in progress.

During 2022 and 2021, we received $1.7 million and $0.2 million, respectively, from escrow for subsequent completion of certain construction projects that were in progress at the time of the sale. In accordance with our accounting policy, these amounts were recognized in the "Gain from disposal of investment in unconsolidated subsidiary" in our Consolidated Statements of Operations and Comprehensive Loss upon realization.

Geographic and customer concentrations

12 Months Ended

Dec. 31, 2022

Geographic and Customer Concentrations [Abstract]

Geographic and customer concentrations

Note 21. Geographic and customer concentrations

Geographic concentrations

Third-party revenues were recognized in the following locations:


	Year ended December 31,
(in thousands)	2022		2021		2020
United States	$	97,992	$	270,107	$	187,168
Australia		24,847		418		184
All other		227		—		—
Total third-party revenue	$	123,066	$	270,525	$	187,352

Our long-lived assets, consisting of ROU assets and property and equipment, were in the following locations:


	As of December 31,
(in thousands)	2022		2021
United States	$	2,728	$	3,183
Australia		3		44
All other		125		88
Total long-lived assets	$	2,856	$	3,315

Customer concentrations

During the year ended December 31, 2022, three customers accounted for approximately 23%, 20% and 11%, respectively, of total revenue. During the year ended December 31, 2021, three customers accounted for

approximately 37%, 20% and 15%, respectively, of total revenue. During the year ended December 31, 2020, four customers accounted for approximately 21%, 19%, 10% and 10%, respectively, of total revenue.

Fair value measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Note 19. Fair value measurements

Recurring measurements

We did not hold any financial instruments measured at fair value on a recurring basis as categorized within the fair value hierarchy at December 31, 2022, and 2021.

Non-recurring measurements

We had no debt outstanding at December 31, 2022 and 2021.

Other than writing off certain deferred costs relating to uncompleted transactions, there were no indications of impairment of any of our long-lived or other intangible assets, including goodwill, during 2022 that required us to evaluate recoverability or estimate fair value of those assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related parties

12 Months Ended

Dec. 31, 2022

Related parties

Note 17. Related parties

Information relating to repurchases of shares from founders of the Company at no cost for inclusion in treasury stock may be found in Note 15 "Stockholders' equity" above.

During the year ended December 31, 2022, we entered into a contract with a customer in China in which our Vice President & General Manager, FTC China/Southeast Asia, and Director of FTC Solar (China) Co. Ltd., our Chinese subsidiary, is also a member of the customer's board of directors. We recognized a $0.3 million gross margin loss on this project in our 2022 operating results.

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 year ended December 31, 2022, we incurred $3.9 million of general and administrative expense associated with our engagement of FEOC. Cash payments during the year ended December 31, 2022, totaled $2.5 million.

On January 30, 2017, the Company issued promissory notes worth $7 million, out of which $6.0 million was issued to two board members. The notes carried an interest rate of 5% and were to expire five years from date of issuance. The Company repaid the principal during the year ended December 31, 2020. For the year ended December 31, 2020, we incurred interest expense of $0.2 million related to the notes issued to the related parties.

Earnings (loss) per share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings (loss) per share

Note 18. Net loss per share


	Year ended December 31,
	2022			2021			2020
Net loss (in thousands)	$	(99,613	)	$	(106,589	)	$	(15,924	)
Weighted average shares outstanding for calculating basic and diluted loss per share		101,408,263			86,043,051			68,810,533
Basic and diluted loss per share	$	(0.98	)	$	(1.24	)	$	(0.23	)

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 December 31,
	2022		2021		2020
Anti-dilutive securities excluded from calculating dilutive loss per share:
Shares of common stock issuable under stock option plans outstanding		6,809,850		7,538,265		8,524,997
Shares of common stock issuable upon vesting of RSUs		7,072,663		5,141,469		14,121,666
Potential common shares excluded from diluted net loss per share calculation		13,882,513		12,679,734		22,646,663

All share and per share amounts in the table above have been adjusted for an approximately 8.25-for-1 forward stock split which took effect on April 28, 2021.

Subsequent events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent events

Note 22. Subsequent events

Thurman J. “T.J.” Rodgers resigned from his position as a director of the Company on January 19, 2023, effective immediately. Mr. Rodgers’ resignation was not a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On January 19, 2023, the board of directors of the Company (the “Board”) appointed Shaker Sadasivam as Chairman of the Board, effective immediately. Mr. Sadasivam has served as a member of the Board since January 2017 and is currently Chairman of the Board’s Compensation Committee and a member of each of the Board’s Nominating and Corporate Governance Committee and Audit Committee.

In addition, on January 19, 2023, the Board appointed Tamara Mullings as an independent director of the Company, effective immediately, in order to fill the vacancy resulting from the resignation of Mr. Rodgers. Mrs. Mullings will serve as a Class I director with a term expiring at the 2025 annual meeting of the stockholders of the Company. The Board also appointed Mrs. Mullings as a member of the Board’s Compensation Committee.

On February 9, 2023, we issued a press release to announce an agreement with Taihua New Energy (Thailand) Co., LTD, a leading steel fabricator, for the creation of Alpha Steel LLC (“Alpha Steel”), a manufacturing partnership dedicated to producing steel components, including torque tubes, for utility-scale solar projects. The Alpha Steel facility, which will be located outside of Houston in Sealy, Texas, is expected to begin commercial production in mid-2023. We currently expect to make capital contributions totaling approximately $3.5 million, representing our 45% interest in this new venture, which we plan to account for as an equity method investment.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of presentation and principles of consolidation

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

Liquidity

•

certain members of our senior management team elected to forego certain cash compensation during the second half of 2022 in exchange for equity compensation;

•

the members of our board of directors have agreed to take equity compensation in lieu of cash compensation during 2023;

•

we began making certain incentive compensation payments to all employees in stock rather than cash beginning at the end of the second quarter of 2022;

•

as described further in "Note 4. Reduction in force" below, we reduced our workforce by approximately 8% near the end of 2022;

•

we have frozen non-essential hiring, placed restrictions on certain travel, decreased the future use of consultants and are deferring non-critical initiatives;

•

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

•

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

•

we launched Pioneer, a one module-in-portrait (1P) solar tracker solution, and a new solution for thin-film modules not subject to UFLPA;

•

we continue to actively explore options to obtain additional sources of capital through either the issuance of new debt or equity.

Use of estimates

Cash and cash equivalents

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

Restricted cash

Accounts receivable, net

Inventories, net

Leases

and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability.

Property and equipment, net

Cost

Depreciation

We depreciate our property and equipment using the straight-line method over their estimated useful lives, which generally are as follows:


Category	Depreciation period (in years)
Leasehold improvements		3
Field equipment		5
Information technology equipment		3
Tooling		3
Capitalized software		3

Impairment

Intangible assets, net

Goodwill

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

At December 31, 2022, in accordance with the provisions of ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), we determined that we had no impairment of our goodwill at that date.

Equity method investments

Deferred costs

Debt issue costs

Offering costs

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.

Stock-based compensation

The Black-Scholes model relies on various assumptions, in addition to the exercise price of the option and the value of our common stock on the date of grant. These assumptions include:

Risk-Free-Interest-Rate: The Company bases the risk-free interest rate on the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term.

Income taxes

Functional currency

The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period.

Revenue recognition

Research and development

Advertising costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the accompanying consolidated statements of operations and comprehensive loss.

Concentration of credit risk

Concentrations 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.

Fair value of financial instruments

The fair value hierarchy prioritizes the inputs into three broad levels:

•

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

•

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

We account for long-term debt, if any, on an amortized cost basis.

Recent accounting pronouncements adopted and not yet adopted

Adopted

Not yet adopted

Acquisition (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of allocation of the purchase price

The final 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

Activity in our goodwill balance was as follows:


(in thousands)	Year ended December 31, 2022
Balance at December 31, 2021	$	—
Acquisition of HX Tracker		7,447
Acquisition of pile testing and equipment installation business		271
Translation		(180	)
Balance at December 31, 2022	$	7,538

- 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
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+ Details

Reduction in force (Tables)

12 Months Ended

Dec. 31, 2022

Workforce Activity [Abstract]

Schedule of severance and termination-related costs

In connection with this event, we recognized severance and termination-related costs as follows:


(in thousands)	Year ended December 31, 2022
Cost of revenue	$	145
Research and development		116
Selling and marketing		62
General and administrative		118
Total	$	441

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Depreciation of property and equipment using the method over their estimated useful lives

We depreciate our property and equipment using the straight-line method over their estimated useful lives, which generally are as follows:


Category	Depreciation period (in years)
Leasehold improvements		3
Field equipment		5
Information technology equipment		3
Tooling		3
Capitalized software		3

Impairment

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable consisted of the following:


(in thousands)	December 31, 2022			December 31, 2021
Trade receivables	$	35,367		$	38,597
Revenue recognized in excess of billings		14,844			72,676
Other receivables		25			147
Total		50,236			111,420
Allowance for doubtful accounts		(1,184	)		(3,872	)
Accounts receivable, net	$	49,052		$	107,548

Summary of changes in the Allowance for Doubtful Trade Receivables

Activity in the allowance for doubtful accounts for each period was as follows:


	Year ended December 31,
(in thousands)	2022			2021			2020
Balance at beginning of period	$	3,872		$	1,228		$	441
Additions charged to earnings		5,578			4,045			787
Write-offs of uncollectible accounts		(8,266	)		(1,401	)		—
Balance at end of period	$	1,184		$	3,872		$	1,228

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


(in thousands)	December 31, 2022			December 31, 2021
Finished goods	$	16,269		$	8,950
Allowance for slow-moving and obsolete inventory		(1,320	)		(90	)
Total	$	14,949		$	8,860

Schedule of Activity in Slow-moving and Obsolete Inventory

Activity in the allowance for slow-moving and obsolete inventory for each period was as follows:


	Year ended December 31,
(in thousands)	2022			2021		2020
Balance at beginning of period	$	90		$	—	$	—
Additions charged to earnings		1,813			90		—
Write-offs of obsolete inventory		(583	)		—		—
Balance at end of period	$	1,320		$	90	$	—

Prepaid and other current assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Vendor deposits	$	5,085	$	13,098
Prepaid expenses		3,544		2,301
Prepaid taxes		163		269
Surety collateral		107		460
Other current assets		1,405		1,058
Total	$	10,304	$	17,186

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Expense

Our lease expense consisted of the following:


	Year ended December 31,
(in thousands)	2022		2021		2020
Operating lease cost	$	705	$	458	$	288
Short-term lease cost		456		100		31
Total lease cost	$	1,161	$	558	$	319

Reported in:
Cost of revenue	$	677	$	239	$	38
Research and development		46		39		—
Selling and marketing		45		1		3
General and administrative		393		279		278
Total lease cost	$	1,161	$	558	$	319

Summary of Future Remaining Lease Payments Obligations

Future remaining operating lease payment obligations were as follows:


(in thousands)	December 31, 2022
2023	$	471
2024		434
2025		367
2026		27
Thereafter		—
Total lease payments		1,299
Less: imputed interest		(96	)
Present value of operating lease liabilities	$	1,203

Current portion of operating lease liability	$	417
Operating lease liability, net of current portion		786
Present value of operating lease liabilities	$	1,203

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


(in thousands)	December 31, 2022			December 31, 2021
Leasehold improvements	$	22		$	22
Field equipment		1,078			833
Information technology equipment		355			182
Tooling		824			543
Capitalized software		250			250
Total		2,529			1,830
Accumulated depreciation		(827	)		(248	)
Property and equipment, net	$	1,702		$	1,582

Schedule of Depreciation Expense

We recognized depreciation expense associated with our property and equipment each period as follows:


	Year ended December 31,
(in thousands)	2022		2021		2020
Tangible asset depreciation	$	547	$	170	$	14
Capitalized software depreciation		84		62		—
Total depreciation expense	$	631	$	232	$	14

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible assets

Intangible assets consisted of the following:


(in thousands)	Estimated Useful Lives (Years)	December 31, 2022			December 31, 2021
Developed technology	2.5 - 3.0	$	2,591		$	1,200
Total			2,591			1,200
Accumulated amortization			(1,478	)		(1,200	)
Intangible assets, net		$	1,113		$	—

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 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)	December 31, 2022		December 31, 2021
Accrued cost of revenue	$	13,198	$	43,185
Accrued compensation		4,688		981
Other accrued expenses		6,010		3,694
Total accrued expenses	$	23,896	$	47,860

Warranty reserves	$	8,004	$	4,032
Current portion of operating lease liability		417		452
Non-federal tax obligations		463		172
Total other current liabilities	$	8,884	$	4,656

Schedule of warranty accruals

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


	Year ended December 31,
(in thousands)	2022			2021			2020
Balance at beginning of period	$	9,346		$	6,811		$	2,057
Warranties issued during the period		8,228			8,588			7,866
Settlements made during the period		(4,041	)		(5,270	)		(3,111	)
Changes in liability for pre-existing warranties		(1,107	)		(783	)		(1	)
Balance at end of period	$	12,426		$	9,346		$	6,811

Warranty accruals are reported in:
Other current liabilities	$	8,004		$	4,032		$	3,985
Other non-current liabilities		4,422			5,314			2,826
Balance at end of period	$	12,426		$	9,346		$	6,811

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income before income taxes were as follows:


	Year ended December 31,
(in thousands)	2022			2021			2020
United States	$	(98,462	)	$	(106,467	)	$	(16,269	)
Foreign		(716	)		47			262
Total loss before income taxes	$	(99,178	)	$	(106,420	)	$	(16,007	)

Schedule of provisions (benefits) for income taxes


	Year ended December 31,
(in thousands)	2022			2021			2020
Current -
Federal	$	—		$	—		$	(159	)
State		204			196			1
Foreign		231			(27	)		78
		435			169			(80	)
Deferred -
Federal		—			—			(3	)
State		—			—			—
		—			—			(3	)
Provision (benefit) for income taxes	$	435		$	169		$	(83	)

Federal income tax provision (benefit) at statutory rate	$	(20,827	)	$	(22,348	)	$	(3,362	)
State taxes, net of federal		(1,035	)		(1,744	)		(215	)
Research and experimentation tax credit		(2,811	)		(342	)		(179	)
Change in valuation allowance		24,911			28,361			3,523
Stock compensation		(1,781	)		(6,863	)		406
Dividends received deduction		—			—			(308	)
Section 162m limitation on executive compensation		1,922			2,467			—
Permanent differences and other		56			638			52
Provision (benefit) for income taxes	$	435		$	169		$	(83	)

Schedule of components of deferred tax assets and liabilities

The components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2022			December 31, 2021
Deferred tax assets:
Fixed assets and intangibles	$	5		$	17
Leases		255			378
Accrued expenses		4,887			2,741
Net operating loss carryforward		52,179			31,868
Stock options		3,528			5,508
R&D credit carryforward		3,431			616
Other		1,998			402
Subtotal		66,283			41,530
Less: valuation allowance		(65,659	)		(40,760	)
Total deferred tax assets		624			770

Deferred tax liabilities:
Leases		(243	)		(370	)
Prepaid expenses		(381	)		(400	)
Total deferred tax liability		(624	)		(770	)
Net deferred tax asset (liability)	$	—		$	—

Schedule of changes in our accruals for unrecognized tax benefits

We account for uncertainty in taxes in accordance with authoritative guidance. Changes in our accruals for unrecognized tax benefits were as follows:


	Year ended December 31,
(in thousands)	2022		2021
Balance at beginning of period	$	717	$	81
Increase for tax positions related to the current year		386		636
Increase for tax positions related to prior years		318		—
Balance at end of period	$	1,421	$	717

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 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:


	Year ended December 31,
(in thousands)	2022			2021			2020
Balance at beginning of period	$	9,346		$	6,811		$	2,057
Warranties issued during the period		8,228			8,588			7,866
Settlements made during the period		(4,041	)		(5,270	)		(3,111	)
Changes in liability for pre-existing warranties		(1,107	)		(783	)		(1	)
Balance at end of period	$	12,426		$	9,346		$	6,811

Warranty accruals are reported in:
Other current liabilities	$	8,004		$	4,032		$	3,985
Other non-current liabilities		4,422			5,314			2,826
Balance at end of period	$	12,426		$	9,346		$	6,811

Stock compensation and other employee benefit plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock compensation expense

Stock compensation expense for each period was as follows:


	Year ended December 31,
(in thousands)	2022		2021		2020
Cost of revenue	$	3,292	$	8,094	$	322
Research and development		1,460		3,657		57
Selling and marketing		1,889		2,056		38
General and administrative		13,662		47,958		1,401
Total stock compensation expense	$	20,303	$	61,765	$	1,818

Summary of outstanding option awards activity

Information relating to our outstanding option awards was as follows:


Options	Shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Average intrinsic value (in thousands)
Outstanding as of December 31, 2021		7,538,265		$	2.48
Granted		3,000,000			3.86
Exercised		(3,316,079	)		0.27
Forfeited and expired		(412,336	)		0.48
Outstanding as of December 31, 2022		6,809,850		$	4.29		7.69	$	4,099

Vested at December 31, 2022 or expected to vest in the future		4,704,127		$	5.59		8.30	$	580
Exercisable at December 31, 2022		2,105,723		$	1.38		6.33	$	3,519

At December 31, 2022:
Stock-based compensation cost not yet recognized (in thousands)								$	10,551
Weighted-average remaining expense recognition period (in years)									3.09

Summary of option awards Activity

Assumptions used to value option awards were as follows:


	Year ended December 31,
	2022			2021			2020
Black-Scholes-Merton pricing formula weighted-average assumptions:
Expected life (in years)		5.27			7.72			6.07
Risk-free interest rate		1.82	%		1.32	%		1.60	%
Volatility		80.00	%		56.47	%		51.57	%
Dividend yield		0.00	%		0.00	%		0.00	%

Valuations:
Grant-date fair value per option (post-split)(1)	$	1.85		$	4.79		$	2.86
Intrinsic value of options exercised (in thousands)	$	14,646		$	22,852		$	—
Average intrinsic value per share of options exercised	$	4.42		$	8.05		$	—

(1) - Includes options with market conditions.

Summary of outstanding restricted stock unit and restricted stock awards

Information relating to our outstanding restricted stock unit and restricted stock awards was as follows:


	Shares			Weighted-average grant date fair value
Restricted stock units:
Nonvested as of December 31, 2021		5,141,469		$	6.08
Granted		6,927,858			3.71
Vested		(3,435,814	)		4.93
Forfeited		(1,560,850	)		5.55
Nonvested as of December 31, 2022		7,072,663		$	4.73

At December 31, 2022:
Stock-based compensation cost not yet recognized (in thousands)				$	18,500
Weighted-average remaining expense recognition period (in years)					1.29

Earnings (loss) per share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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


	Year ended December 31,
	2022			2021			2020
Net loss (in thousands)	$	(99,613	)	$	(106,589	)	$	(15,924	)
Weighted average shares outstanding for calculating basic and diluted loss per share		101,408,263			86,043,051			68,810,533
Basic and diluted loss per share	$	(0.98	)	$	(1.24	)	$	(0.23	)

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 December 31,
	2022		2021		2020
Anti-dilutive securities excluded from calculating dilutive loss per share:
Shares of common stock issuable under stock option plans outstanding		6,809,850		7,538,265		8,524,997
Shares of common stock issuable upon vesting of RSUs		7,072,663		5,141,469		14,121,666
Potential common shares excluded from diluted net loss per share calculation		13,882,513		12,679,734		22,646,663

Geographic and customer concentrations (Tables)

12 Months Ended

Dec. 31, 2022

Geographic and Customer Concentrations [Abstract]

Schedule of third party revenue by geographic area

Third-party revenues were recognized in the following locations:


	Year ended December 31,
(in thousands)	2022		2021		2020
United States	$	97,992	$	270,107	$	187,168
Australia		24,847		418		184
All other		227		—		—
Total third-party revenue	$	123,066	$	270,525	$	187,352

Schedule of long-lived assets by geographic area

Our long-lived assets, consisting of ROU assets and property and equipment, were in the following locations:


	As of December 31,
(in thousands)	2022		2021
United States	$	2,728	$	3,183
Australia		3		44
All other		125		88
Total long-lived assets	$	2,856	$	3,315

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of third party revenue by geographic area

Third-party revenues were recognized in the following locations:


	Year ended December 31,
(in thousands)	2022		2021		2020
United States	$	97,992	$	270,107	$	187,168
Australia		24,847		418		184
All other		227		—		—
Total third-party revenue	$	123,066	$	270,525	$	187,352

Description of business - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Apr. 30, 2021	Apr. 28, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Description Of Business [Line Items]
Stock issuance costs			$ 0	$ 5,948	$ 1,140
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	$ 241,200
Purchase cost of shares			$ 54,200
Stock split		8.25-for-1

Revision of previously issued financial statements - Schedule of Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Impact on cash from changes in operating assets and liabilities
Accounts payable	$ (22,940)	$ 21,659	$ 10,076
Net cash provided by (used in) operating activities	(54,510)	(132,854)	629	$ (186,700)
Cash flows from financing activities
Offering costs paid	0	(5,948)	(1,140)
Net cash provided by financing activities	903	180,369	22,644
Supplemental disclosures of cash flow information:
Offering costs included in period end accruals	$ 0	$ 0	$ (449)

Summary of significant accounting policies - Additional Information (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended			36 Months Ended
	Mar. 25, 2022	Apr. 28, 2021 $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2020 shares
Stock split		8.25-for-1
Common stock, par value \| $ / shares		$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Increase in common stock issued and outstanding \| shares		8.25
Net cash used in operating activities				$ (54,510)	$ (132,854)	$ 629	$ (186,700)
Cash and cash equivalents				44,400			44,400
Letters of credit outstanding, amount				$ 1,800			1,800
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 conditions
Working capital				$ 58,400			$ 58,400
Reduction in workforce				8.00%			8.00%
Issuance of common stock, value					241,155	$ 30,000
Restricted cash				$ 0	$ 0		$ 0
Impairment of goodwill				$ 0
Warranty description				We provide standard assurance type warranties for our products for periods generally ranging from two to ten years.
Concentrations of credit risk, percentage				10.00%			10.00%
Common stock, shares issued \| shares				105,032,588	92,619,641		105,032,588	9,162,976
Common stock, shares outstanding \| shares				105,032,588	92,619,641		105,032,588
Forward stock split				8.25
Exercise price of the option, term				10 years
ATM Program [Member]
Issuance of common stock, value			$ 100,000
Minimum [Member]
Intangible assets, estimated useful life				2 years 6 months
Product warranty life				2 years
Subscription revenue contract terms				1 year
Investment tax credit, percentage	30.00%
Maximum [Member]
Intangible assets, estimated useful life				3 years
Product warranty life				10 years
Subscription revenue contract terms				2 years
Investment tax credit, percentage	50.00%

Summary of significant accounting policies - Summary of property and equipment (Details)	12 Months Ended
	Dec. 31, 2022
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	3 years
Field Equipment [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	5 years
Information Technology Equipment [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	3 years
Tooling [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	3 years
Capitalized Software [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	3 years

Acquisition (Additional Information) (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 14, 2022	Dec. 31, 2022	Jul. 01, 2022
Maximum [Member]
Business Acquisition [Line Items]
Vesting period		4 years
HX Tracker [Member]
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 [Member] \| 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 [Member]
Business Acquisition [Line Items]
Cash	18
Prepaids and other current assets	17
Property and equipment, net	0
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 [Member]
Business Acquisition [Line Items]
Cash	0
Prepaids and other current assets	0
Property and equipment, net	502
Intangible assets, net	0
Goodwill	271
Deferred tax asset	0
Accrued expenses	0
Deferred tax liability	0
Total purchase price	$ 773

Acquisition - Schedule of Goodwill Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Combination and Asset Acquisition [Abstract]
Goodwill, Beginning Balance	$ 0
Acquisition of HX Tracker	7,447
Acquisition of pile testing and equipment installation business	271
Translation	(180)
Goodwill	$ 7,538

- 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

Reduction in force (Additional Information) (Details)	12 Months Ended
Reduction in force (Additional Information) (Details)	Dec. 31, 2022 Employees
Workforce Activity [Abstract]
Reduction in number of employee	20
Reduction in workforce	8.00%

Reduction in force - Schedule of severance and termination-related costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Workforce Activity [Line Items]
Total	$ 441
Cost of Revenue [Member]
Workforce Activity [Line Items]
Total	145
Research and Development [Member]
Workforce Activity [Line Items]
Total	116
Selling and Marketing [Member]
Workforce Activity [Line Items]
Total	62
General and Administrative [Member]
Workforce Activity [Line Items]
Total	$ 118

Accounts receivable, net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade receivables	$ 35,367	$ 38,597
Revenue recognized in excess of billings	14,844	72,676
Other receivables	25	147
Total	50,236	111,420
Allowance for doubtful accounts	(1,184)	(3,872)
Accounts Receivable, net	$ 49,052	$ 107,548

Accounts receivable, net - Summary of Changes in the Allowance for Doubtful Trade Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance at beginning of period	$ 3,872	$ 1,228	$ 441
Additions charged to earnings	5,578	4,045	787
Write-offs of uncollectible accounts	(8,266)	(1,401)	0
Balance at end of period	$ 1,184	$ 3,872	$ 1,228

Accounts receivable, net (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Number of customer	Dec. 31, 2021 USD ($) Number of customer
Accounts Notes And Loans Receivable [Line Items]
Retainage provisions included in receivables \| $	$ 3.7	$ 11.6
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage	55.00%	29.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage	15.00%	23.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage	12.00%	19.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Four [Member]
Accounts Notes And Loans Receivable [Line Items]
Concentration risk, percentage		18.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Major Customer [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of customer \| Number of customer	3	4

Revenue - Additional Information - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 11,316	$ 1,421

Inventories, net - Schedule of inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 16,269	$ 8,950
Allowance for slow-moving and obsolete inventory	(1,320)	(90)	$ 0	$ 0
Inventory, Net, Total	$ 14,949	$ 8,860

Inventories, net - Schedule of Activity in Slow-moving and Obsolete Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Balance at beginning of period	$ 90	$ 0	$ 0
Additions charged to earnings	1,813	90	0
Write-offs of obsolete inventory	(583)	0	0
Balance at end of period	$ 1,320	$ 90	$ 0

Prepaid and other current assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Vendor deposits	$ 5,085	$ 13,098
Prepaid expense	3,544	2,301
Prepaid taxes	163	269
Surety collateral	107	460
Other current assets	1,405	1,058
Prepaid expenses and other current assets, Total	$ 10,304	$ 17,186

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 705	$ 458	$ 288
Short-term lease cost	456	100	31
Total lease cost	1,161	558	319
Cost of Revenue [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	677	239	38
Research and Development [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	46	39	0
Selling and Marketing [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	45	1	3
General and Administrative [Member]
Lessee, Lease, Description [Line Items]
Total lease cost	$ 393	$ 279	$ 278

Leases - Summary of Future Remaining Lease Payments Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 471
2024	434
2025	367
2026	27
Thereafter	0
Total lease payments	1,299
Less: imputed interest	(96)
Current portion of operating lease liability	417	$ 452
Operating lease liability, net of current portion	786	$ 1,340
Present value of operating lease liabilities	$ 1,203

Leases (Additional Information) (Details)	Dec. 31, 2022
Leases [Abstract]
Weighted average discount rate	5.00%
Weighted average remaining lease term	3 years 2 months 12 days

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,529	$ 1,830
Accumulated depreciation	(827)	(248)
Property and equipment, net	1,702	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	355	182
Tooling [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	824	543
Capitalized Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 250	$ 250

Property and equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 631	$ 232	$ 14
Tangible Asset [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	547	170	14
Capitalized Software [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 84	$ 62	$ 0

Intangible assets, net - Summary of Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 2,591	$ 1,200
Accumulated amortization	(1,478)	(1,200)
Intangible assets, net	1,113	0
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 2,591	$ 1,200
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	2 years 6 months
Minimum [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	2 years 6 months
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	3 years
Maximum [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	3 years

Intangible assets, net (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 13, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross			$ 2,591	$ 1,200
Amortization expense			300	0
Forecast [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 500	$ 600
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross			2,591	$ 1,200
Developed Technology Rights [Member] \| Asset Purchase Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross					$ 1,200
Amortized period				3 years
HX Tracker [Member] \| Asset Purchase Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross			$ 1,400
Amortized period			2 years 6 months

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: short-term debt	$ 0	$ 0

Debt - Additional Information (Details) - USD ($) $ in Thousands						12 Months Ended
	Jun. 02, 2022	Apr. 30, 2021	Jan. 20, 2021	Apr. 30, 2020	Jun. 17, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jul. 17, 2019
Debt Instrument [Line Items]
Common stock issued for notes purchased						105,032,588	92,619,641		9,162,976
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 conditions
Amortization of debt issue costs						$ 703	$ 461	$ 0
Gain (loss) on extinguishment of debt						0	$ 790	$ (116)
Letters of credit outstanding, amount						1,800
Barclays Bank PLC [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Initial margins		3.25%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost						900
Debt issuance costs						2,100
Revolving Credit Facility [Member] \| Western Alliance Bank [Member]
Debt Instrument [Line Items]
Principal amount										$ 1,000
Maturity period					2 years
Initial margins					5.50%
Line of credit, outstanding balance						$ 1,000
Revolving Credit Facility [Member] \| Barclays Bank PLC [Member]
Debt Instrument [Line Items]
Maturity period		3 years
Initial Commitment Fees		0.50%
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 conditions
Amended financial 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 December 31, 2022
Revolving Credit Facility [Member] \| Barclays Bank PLC [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Aggregate commitments		$ 100,000
Initial Commitment Fees		3.25%
Maximum [Member] \| Barclays Bank PLC [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Liquidity ratio amount, minimum limit	$ 125,000
Minimum [Member] \| Barclays Bank PLC [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Liquidity ratio amount, minimum limit	$ 50,000
Paycheck Protection Program loan [Member] \| CARES Act [Member]
Debt Instrument [Line Items]
Maturity period				2 years
Initial margins				1.00%
Loans received				$ 800
Gain (loss) on extinguishment of debt			$ 800

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities Abstract
Accrued cost of revenue	$ 13,198	$ 43,185
Accrued compensation	4,688	981
Other accrued expenses	6,010	3,694
Total accrued expenses	23,896	47,860
Warranty reserves	8,004	4,032	$ 3,985
Current portion of operating lease liability	$ 417	$ 452
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Non-federal tax obligations	$ 463	$ 172
Total other current liabilities	$ 8,884	$ 4,656

Accrued expenses and other current liabilities (Additional Information) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Accrued Expenses and Other Current Liabilities Abstract
Accrued Bonuses	$ 2.0

Accrued expenses and other current liabilities - Schedule of warranty accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities Abstract
Balance at beginning of period	$ 9,346	$ 6,811	$ 2,057
Warranties issued during the period	8,228	8,588	7,866
Settlements made during the period	(4,041)	(5,270)	(3,111)
Changes in liability for pre-existing warranties	(1,107)	(783)	(1)
Balance at end of period	12,426	9,346	6,811
Accrued warranty balance reported in:
Other current liabilities	8,004	4,032	3,985
Other non-current liabilities	4,422	5,314	2,826
Balance at end of period	$ 12,426	$ 9,346	$ 6,811

Income taxes - Schedule of components of income before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Loss before income taxes	$ (99,178)	$ (106,420)	$ (16,007)
United States [Member]
Income Tax Contingency [Line Items]
Loss before income taxes	(98,462)	(106,467)	(16,269)
Foreign [Member]
Income Tax Contingency [Line Items]
Loss before income taxes	$ (716)	$ 47	$ 262

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income taxes - Schedule of provisions (benefits) for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current -
Federal	$ 0	$ 0	$ (159)
State	204	196	1
Foreign	231	(27)	78
Total current expense	435	169	(80)
Deferred -
Federal		(0)	(3)
State		(0)	0
Total deferred taxes	(135)	0	(3)
Provision (benefit) for income taxes	435	169	(83)
Federal income tax provision (benefit) at statutory rate	(20,827)	(22,348)	(3,362)
State taxes, net of federal	(1,035)	(1,744)	(215)
Research and experimentation tax credit	(2,811)	(342)	(179)
Change in valuation allowance	24,911	28,361	3,523
Stock compensation	(1,781)	(6,863)	406
Dividends received deduction		0	(308)
Limitation On Executive Compensation Deduction	1,922	2,467	0
Permanent differences and other	$ 56	$ 638	$ 52

Income taxes - Schedule of components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Fixed assets and intangibles	$ 5	$ 17
Leases	255	378
Accrued expenses	4,887	2,741
Net operating loss carryforward	52,179	31,868
Stock options	3,528	5,508
R&D credit carryforward	3,431	616
Other	1,998	402
Subtotal	66,283	41,530
Less: valuation allowance	(65,659)	(40,760)
Total deferred tax assets	624	770
Deferred tax liabilities:
Leases	(243)	(370)
Prepaid expenses	(381)	(400)
Total deferred tax liability	(624)	(770)
Net deferred tax asset (liability)	$ 0	$ 0

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase	$ 24,900	$ 31,500
Valuation Allowance Deferred Tax Assets Increase Continuing Operations		28,400
Valuation Allowance Deferred Tax Assets Increase paid in capital		3,100
Net change in total valuation allowance	24,900	31,500
Pre-tax income (loss) from company's operations	(99,178)	(106,420)	$ (16,007)
Income tax expense (benefit)	435	169	(83)
Unrecognized tax benefits	1,421	717	$ 81
Unrecognized Tax Benefits, Period Increase (Decrease)	0	0
Unrecognized tax benefits impact effective income tax rate	900	200
Income Tax Interest and Penalties Accrued	0	$ 0
R&D [Member]
Income Tax Contingency [Line Items]
Tax Credit Carryforward, Amount	$ 4,300
Tax Credit Carryforward, Expiration Date	Jan. 01, 2038
State [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 84,600
Operating Loss Carryforwards, Expiration Date	Jan. 01, 2037
NOL carryback refund	$ 84,600
Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards	232,100
NOL carryback refund	$ 232,100

Income taxes - Schedule of changes in our accruals for unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals [Abstract]
Balance at beginning of period	$ 717	$ 81
Increase for tax positions related to the current year	386	636
Increase for tax positions related to prior years	318	0
Balance at end of period	$ 1,421	$ 717

Commitments and contingencies - Additional Information (Details) - FCX Solar, LLC [Member] - USD ($) $ / shares in Units, $ in Millions	Dec. 29, 2022	Apr. 21, 2021
Product Warranty Liability [Line Items]
Damages sought value		$ 134.0
Damages paid value	$ 1.5
Stock issued for litigation settlements, shares	797,396
Stock issued for litigation settlements, value	$ 2.0
Shares issued price per share	$ 0.0001
Share price	$ 2.508163

Stockholders' equity - Additional Information (Details) - USD ($)						12 Months Ended
	Dec. 29, 2022	Apr. 30, 2021	Apr. 05, 2021	Jan. 08, 2021	Jul. 21, 2020	Dec. 31, 2022	Sep. 14, 2022	Dec. 31, 2021	Apr. 28, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized						10,000,000		10,000,000
Preferred stock, par value						$ 0.0001		$ 0.0001
Common stock, shares authorized						850,000,000		850,000,000
Common stock, par value						$ 0.0001		$ 0.0001	$ 0.0001
Dividends						$ 0
Common stock issued for notes purchased						105,032,588		92,619,641		9,162,976
Sale of stock, price per share										$ 3.27
Common stock, value, issued						$ 11,000		$ 9,000		$ 30,000,000.0
Treasury stock, shares, acquired			717,460	148,440	9,896,666
Treasury stock, value			$ 0	$ 0	$ 0	0		$ 0
FCX Solar, LLC [Member]
Class of Stock [Line Items]
Stock issued for litigation settlements, shares	797,396
Stock issued for litigation settlements, value	$ 2,000,000.0
Shares issued price per share	$ 0.0001
ATM Program [Member]
Class of Stock [Line Items]
Common stock, value authorized						$ 0	$ 100,000,000
IPO [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		19,840,000				4,455,384
Shares issued price per share		$ 13.00
Proceeds of IPO		$ 241,200,000
Underwriting discount and commissions		$ 16,800,000
Purchase cost of shares						$ 54,200,000
IPO [Member] \| Repurchase [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)						2,191,557
IPO [Member] \| Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)						2,263,827

Stock compensation and other employee benefit plans - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2022	Jan. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grants					5,000,000
Vesting period		4 years
Employee and company contributions, amount		$ 0.7	$ 0.6	$ 0.3
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee contributions percentage		100.00%
Employee contributions percentage First		3.00%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee contributions percentage Second		50.00%
Employee contributions percentage final		2.00%
2021 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of common stock outstanding	4.00%
Number of common shares reserved for issuance	12,645,239					3,704,785
2021 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of accumulated payroll deductions			85.00%
Common stock issued		0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years

Stock compensation and other employee benefit plans - Stock compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 20,303	$ 61,765	$ 1,818
Cost of Revenue [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	3,292	8,094	322
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	1,460	3,657	57
Selling and Marketing [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	1,889	2,056	38
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 13,662	$ 47,958	$ 1,401

Stock compensation and other employee benefit plans - Outstanding option awards (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding, beginning balance, Shares \| shares	7,538,265
Granted, Shares \| shares	3,000,000
Exercised, Shares \| shares	(3,316,079)
Forfeited and expired, Shares \| shares	(412,336)
Outstanding, ending balance, Shares \| shares	6,809,850
Vested or expected to vest in the future, Shares \| shares	4,704,127
Exercisable , Shares \| shares	2,105,723
Outstanding beginning balance, Weighted average exercise price \| $ / shares	$ 2.48
Granted, Weighted average exercise price \| $ / shares	3.86
Exercised, Weighted average exercise price \| $ / shares	0.27
Forfeitures and expired, Weighted average exercise price \| $ / shares	0.48
Outstanding ending balance, Weighted average exercise price \| $ / shares	4.29
Vested or expected to vest in the future, Weighted average exercise price \| $ / shares	5.59
Exercisable , Weighted average exercise price \| $ / shares	$ 1.38
Outstanding , Weighted average remaining contractual term (years)	7 years 8 months 8 days
Vested or expected to vest in the future, Weighted average remaining contractual term (in years)	8 years 3 months 18 days
Exercisable, Weighted average remaining contractual term ( in years)	6 years 3 months 29 days
Outstanding , Average intrinsic value \| $	$ 4,099
Vested or expected to vest in the future, Aggregate intrinsic value \| $	580
Exercisable , Average intrinsic value \| $	3,519
Stock-based compensation cost not yet recognized \| $	$ 10,551
Weighted-average remaining expense recognition period (in years)	3 years 1 month 2 days

Stock compensation and other employee benefit plans - Assumptions used to value option awards (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Black-Scholes-Merton pricing formula weighted-average assumptions:

Expected life (in years)

5 years 3 months 7 days

7 years 8 months 19 days

6 years 25 days

Risk Free Interest Rate

1.82%

1.32%

1.60%

Volatility

80.00%

56.47%

51.57%

Dividend yield

0.00%

Valuations:

Grant-date fair value per option (post-split)

^[1]

$ 1.85

$ 4.79

$ 2.86

Intrinsic value of options exercised (in thousands)

$ 14,646

$ 22,852

$ 0

Average intrinsic value per share of options exercised

$ 4.42

$ 8.05

$ 0

[1]	Includes options with market conditions.

Stock compensation and other employee benefit plans - Summary of outstanding restricted stock unit and restricted stock awards (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted, Shares	3,000,000
Vested, Shares	(4,704,127)
Stock-based compensation cost not yet recognized \| $	$ 10,551
Weighted-average remaining expense recognition period (in years)	3 years 1 month 2 days
Restricted stock units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested, beginning balance, Shares	5,141,469
Granted, Shares	6,927,858
Vested, Shares	(3,435,814)
Forfeited, Shares	(1,560,850)
Nonvested, ending balance, Shares	7,072,663
Nonvested, beginning balance, Dollars per share \| $ / shares	$ 6.08
Granted \| $ / shares	3.71
Vested \| $ / shares	4.93
Forfeited \| $ / shares	5.55
Nonvested, ending balance, Dollars per share \| $ / shares	$ 4.73
Stock-based compensation cost not yet recognized \| $	$ 18,500
Weighted-average remaining expense recognition period (in years)	1 year 3 months 14 days

Sale of investment in unconsolidated subsidiary - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 24, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 29, 2021
Schedule Of Equity Method Investments [Line Items]
Success-based fee payment					$ 1,900
Gain (Loss) on Disposition of Stock in Subsidiary			$ 400	$ 1,400
Gain from disposal of investment in unconsolidated subsidiary		$ 1,745	20,829	$ 0
Business Combination Contingent Consideration Receivable		14,000
Escrow released payment received		$ 1,700	200
Dimension [Member]
Schedule Of Equity Method Investments [Line Items]
Business Combination, Contingent Consideration Arrangements, Description		The sales agreement with Dimension includes an earnout provision which provides the potential to receive an additional contingent consideration of up to approximately $14.0 million through December 2024, based on Dimension achieving certain performance milestones. This potential earnout is calculated each quarter starting January 1, 2022, as $200 times the number of kilowatts constituting each Notice To Proceed (NTP) megawatt (MW) achieved during such quarterly earnout period, provided that no earnout amount is payable in respect to the first 100 NTP MW achieved in any earnout year.The sales agreement also includes a projects escrow release which is an additional contingent consideration to receive $7 million based on Dimension’s completion of certain construction projects currently in progress.
Dimension Energy LLC
Schedule Of Equity Method Investments [Line Items]
Gain from disposal of investment in unconsolidated subsidiary			$ 20,800
Dimension Energy LLC \| Common Class A
Schedule Of Equity Method Investments [Line Items]
Number of Share Disposed	4,791,566
Ownership percentage	23.00%
Ownership value	$ 22,300

Geographic and customer concentrations - Schedule of third party revenue by geographic area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue [Line Items]
Total third-party revenue	$ 123,066	$ 270,525	$ 187,352
United States [Member]
Revenue [Line Items]
Total third-party revenue	97,992	270,107	187,168
Australia [Member]
Revenue [Line Items]
Total third-party revenue	24,847	418	184
All Other [Member]
Revenue [Line Items]
Total third-party revenue	$ 227	$ 0	$ 0

- 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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Geographic and customer concentrations - Schedule of long-lived assets by geographic area (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-lived Assets [Line Items]
Total long-lived assets	$ 2,856	$ 3,315
United States [Member]
Long-lived Assets [Line Items]
Total long-lived assets	2,728	3,183
Australia [Member]
Long-lived Assets [Line Items]
Total long-lived assets	3	44
All Other [Member]
Long-lived Assets [Line Items]
Total long-lived assets	$ 125	$ 88

Geographic and customer concentrations (Additional Information) (Details) - Revenue from Contract with Customer Benchmark [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	37.00%	21.00%
Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	20.00%	19.00%
Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	15.00%	10.00%
Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%

Earnings (loss) per share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (99,613)	$ (106,589)	$ (15,924)
Basic weighted-average number of common shares outstanding	101,408,263	86,043,051	68,810,533
Diluted weighted-average number of common shares outstanding	101,408,263	86,043,051	68,810,533
Basic loss per share	$ (0.98)	$ (1.24)	$ (0.23)
Diluted loss per share	$ (0.98)	$ (1.24)	$ (0.23)

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

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+ Details

Earnings (loss) per share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	13,882,513	12,679,734	22,646,663
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	6,809,850	7,538,265	8,524,997
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	7,072,663	5,141,469	14,121,666

Earnings (loss) per share (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Forward stock split	8.25

Fair value measurements (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Short-term debt	$ 0	$ 0
Impairment of long-lived assets	$ 0

Related parties -Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jan. 30, 2017	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Cash Payments			$ 2.5
Gross margin loss			$ 0.3
Common stock issued for notes purchased			105,032,588		92,619,641	9,162,976
Related party [Member]
Related Party Transaction [Line Items]
Aggregate principal amount of notes	$ 7.0
Interest rate of notes	5.00%
Term of notes	5 years
Interest expense				$ 0.2
Related party [Member] \| Two Board Members [Member]
Related Party Transaction [Line Items]
Aggregate principal amount of notes	$ 6.0
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			$ 3.9

Quarterly information (unaudited) (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Stock-based compensation	$ 13,930	$ 61,765	$ 1,823

Quarterly information (unaudited) - Schedule of quarterly information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross profit (loss)	$ (27,228)	$ (32,545)	$ 3,639
Net loss	$ (99,613)	$ (106,589)	$ (15,924)
Net loss per share
Basic	$ (0.98)	$ (1.24)	$ (0.23)
Diluted	$ (0.98)	$ (1.24)	$ (0.23)

- Definition

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

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

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+ Details

- Definition

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

+ References

+ Details

Subsequent Events (Additional Information) (Details) - USD ($) $ in Thousands	Jun. 14, 2022	Feb. 09, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Cash paid as purchase price	$ 9,490
Common stock, shares issued			105,032,588	92,619,641	9,162,976
Taihua New Energy Member \| Subsequent Event [Member]
Subsequent Event [Line Items]
Capital contributions		$ 3,500
Taihua New Energy Member \| Other Investees 1 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Ownership percentage		45.00%

Segment information - Schedule of Company's Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total third-party revenue	$ 123,066	$ 270,525	$ 187,352
United States [Member]
Total third-party revenue	$ 97,992	$ 270,107	$ 187,168

- Definition

+ References

+ Details