Condensed Consolidated Statements of Cash Flows(unaudited) Nine months ended September 30, (in thousands) 2024 2023 Cash flows from operating activities Net loss $(36,371) $(39,113)Adjustments to reconcile net loss to cash used in operating activities: Stock-based compensation 4,243 9,044 Depreciation and amortization 1,229 1,004 (Gain) loss from sale of property and equipment — (2)Amortization of debt issue costs 236 532 Provision for obsolete and slow-moving inventory 177 1,261 Loss from unconsolidated subsidiary 767 336 Gain from disposal of investment in unconsolidated subsidiary (4,085) (898)Warranty and remediation provisions 4,735 3,938 Warranty recoverable from manufacturer 388 45 Credit loss provisions 1,330 4,302 Deferred income taxes 220 221 Lease expense and other 861 748 Impact on cash from changes in operating assets and liabilities: Accounts receivable 26,604 (26,625)Inventories (11,396) 9,033 Prepaid and other current assets (1,403) (3,122)Other assets (514) 67 Accounts payable 10,622 (6,160)Accruals and other current liabilities (13,502) 5,491 Deferred revenue 832 (138)Other non-current liabilities (2,013) (5,740)Lease payments and other, net (968) (607)Net cash used in operations (18,008) (46,383)Cash flows from investing activities: Purchases of property and equipment (1,355) (460)Equity method investment in Alpha Steel (1,800) (900)Proceeds from disposal of investment in unconsolidated subsidiary 4,085 898 Net cash provided by (used in) investing activities 930 (462)Cash flows from financing activities: Sale of common stock — 34,007 Stock offering costs paid — (95)Proceeds from stock option exercises 3 221 Net cash provided by financing activities 3 34,133 Effect of exchange rate changes on cash and cash equivalents 95 (153)Decrease in cash and cash equivalents (16,980) (12,865)Cash and cash equivalents at beginning of period 25,235 44,385 Cash and cash equivalents at end of period $8,255 $31,520 Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP MeasuresWe present Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS as supplemental measures of our performance.
GAAP loss from operations $(14,976) $(16,277) $(39,402) $(39,041)Depreciation expense 284 205 828 595 Amortization expense 133 133 401 409 Stock-based compensation 1,319 1,192 4,243 9,044 CEO transition 1,229 — 1,229 — Non-routine legal fees — 98 66 181 Severance costs — 2,088 — 2,075 Other costs — 3,241 — 3,241 Other income (expense), net 93 (50) 122 (265)Loss from unconsolidated subsidiary (256) (336) (767) (336)Adjusted EBITDA $(12,174) $(9,706) $(33,280) $(24,097) The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended September 30, 2024 and 2023, respectively: Three months ended September 30, 2024 2023 (in thousands, except shares and per share data) Adjusted EBITDA Adjusted Net Loss Adjusted EBITDA Adjusted Net Loss Net loss per U.S.
Condensed Consolidated Statements of Comprehensive Loss(unaudited) Three months ended September 30, Nine months ended September 30, (in thousands, except shares and per share data) 2024 2023 2024 2023 Revenue: Product $7,411 $27,274 $27,092 $80,927 Service 2,725 3,274 7,061 22,874 Total revenue 10,136 30,548 34,153 103,801 Cost of revenue: Product 11,798 22,775 34,632 73,694 Service 2,644 4,394 8,278 22,492 Total cost of revenue 14,442 27,169 42,910 96,186 Gross profit (loss) (4,306) 3,379 (8,757) 7,615 Operating expenses Research and development 1,467 1,921 4,441 5,716 Selling and marketing 2,406 6,324 6,830 9,887 General and administrative 6,797 11,411 19,374 31,053 Total operating expenses 10,670 19,656 30,645 46,656 Loss from operations (14,976) (16,277) (39,402) (39,041)Interest income (expense), net 24 (108) (111) (194)Gain from disposal of investment in unconsolidated subsidiary — — 4,085 898 Other income (expense), net 93 (50) 122 (265)Loss from unconsolidated subsidiary (256) (336) (767) (336)Loss before income taxes (15,115) (16,771) (36,073) (38,938)Provision for income taxes (244) (166) (298) (175)Net loss (15,359) (16,937) (36,371) (39,113)Other comprehensive income (loss): Foreign currency translation adjustments 207 (38) 62 (451)Comprehensive loss $(15,152) $(16,975) $(36,309) $(39,564)Net loss per share: Basic and diluted $(0.12) $(0.14) $(0.29) $(0.35)Weighted-average common shares outstanding: Basic and diluted 127,380,292 119,793,821 126,234,997 112,794,562 FTC Solar, Inc.
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