Array Technologies, Inc. Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Array Technologies, Inc. has an operating margin of -24.8%, meaning the company retains $-25 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 13.6% the prior year.
Array Technologies, Inc.'s revenue declined 41.9% year-over-year, from $1.6B to $915.8M. This contraction results in a growth score of 0/100.
With a current ratio of 2.28, Array Technologies, Inc. holds $2.28 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.
Array Technologies, Inc. converts 16.0% of revenue into free cash flow ($146.7M). This strong cash generation earns a score of 80/100.
Array Technologies, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Array Technologies, Inc. generates $-0.64 in operating cash flow ($154.0M OCF vs -$240.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Array Technologies, Inc. earns $-6.5 in operating income for every $1 of interest expense (-$227.0M vs $34.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Array Technologies, Inc. (ARRY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Array Technologies, Inc. generated $915.8M in revenue in fiscal year 2024. This represents a decrease of 41.9% from the prior year.
Array Technologies, Inc.'s EBITDA was -$190.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 175.4% from the prior year.
Array Technologies, Inc. generated $146.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 31.8% from the prior year.
Array Technologies, Inc. reported -$240.4M in net income in fiscal year 2024. This represents a decrease of 275.2% from the prior year.
Array Technologies, Inc. earned $-1.95 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 448.2% from the prior year.
Array Technologies, Inc. held $363.0M in cash against $646.6M in long-term debt as of fiscal year 2024.
Array Technologies, Inc.'s gross margin was 32.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 6.1 percentage points from the prior year.
Array Technologies, Inc.'s operating margin was -24.8% in fiscal year 2024, reflecting core business profitability. This is down 38.4 percentage points from the prior year.
Array Technologies, Inc.'s net profit margin was -26.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 35.0 percentage points from the prior year.
Array Technologies, Inc. invested $6.7M in research and development in fiscal year 2024. This represents a decrease of 21.2% from the prior year.
Array Technologies, Inc. invested $7.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 57.0% from the prior year.
ARRY Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $393.5M+8.6% | $362.2M+19.8% | $302.4M+9.9% | $275.2M+7.6% | $255.8M+66.7% | $153.4M-55.1% | $341.6M-2.5% | $350.4M |
| Cost of Revenue | $287.8M+8.6% | $265.1M+17.3% | $225.9M+14.7% | $196.9M+16.0% | $169.8M+72.7% | $98.3M-61.8% | $257.4M-2.2% | $263.1M |
| Gross Profit | $105.7M+8.8% | $97.1M+27.1% | $76.4M-2.4% | $78.3M-8.9% | $86.0M+56.0% | $55.1M-34.6% | $84.2M-3.6% | $87.4M |
| R&D Expenses | $2.3M-8.0% | $2.5M+4.2% | $2.4M+71.4% | $1.4M-22.2% | $1.8M-5.3% | $1.9M-9.5% | $2.1M+5.0% | $2.0M |
| SG&A Expenses | $52.2M+16.2% | $45.0M+2.3% | $43.9M-3.8% | $45.7M+23.5% | $37.0M-2.2% | $37.8M-13.6% | $43.7M+16.8% | $37.4M |
| Operating Income | $45.5M-2.0% | $46.4M+70.0% | $27.3M+119.2% | -$142.3M-459.4% | $39.6M+370.7% | $8.4M-72.2% | $30.2M-24.8% | $40.2M |
| Interest Expense | $5.0M-42.4% | $8.8M+9.1% | $8.0M-10.8% | $9.0M+4.6% | $8.6M-3.6% | $8.9M-13.4% | $10.3M-21.0% | $13.1M |
| Income Tax | $9.9M-27.0% | $13.6M+108.4% | $6.5M+128.2% | -$23.1M-396.4% | $7.8M+498.9% | $1.3M-56.7% | $3.0M-58.3% | $7.2M |
| Net Income | $33.5M-22.6% | $43.3M+158.3% | $16.7M+113.2% | -$126.9M-593.8% | $25.7M+1087.0% | $2.2M-88.8% | $19.3M-16.3% | $23.1M |
| EPS (Diluted) | $0.12-36.8% | $0.19+850.0% | $0.02+102.1% | $-0.94-1275.0% | $0.08+214.3% | $-0.07-275.0% | $0.04-42.9% | $0.07 |
ARRY Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B+4.5% | $1.5B+8.2% | $1.4B0.0% | $1.4B-13.7% | $1.7B+1.4% | $1.6B-4.5% | $1.7B-4.0% | $1.8B |
| Current Assets | $866.5M-16.6% | $1.0B+6.4% | $976.3M-2.2% | $998.7M+17.6% | $848.9M+9.6% | $774.4M-7.0% | $832.3M-3.6% | $863.1M |
| Cash & Equivalents | $221.5M-41.3% | $377.3M+8.3% | $348.3M-4.0% | $363.0M+28.6% | $282.3M-1.8% | $287.6M+15.5% | $249.1M+43.1% | $174.0M |
| Inventory | $180.9M+1.6% | $178.0M-4.8% | $186.9M-6.9% | $200.8M+21.2% | $165.6M-7.3% | $178.7M+10.3% | $162.0M-25.0% | $216.0M |
| Accounts Receivable | $378.6M+3.1% | $367.2M+29.9% | $282.6M+2.4% | $275.8M-10.9% | $309.7M+35.1% | $229.2M-31.0% | $332.2M-22.3% | $427.7M |
| Goodwill | $245.2M+42.1% | $172.6M+5.1% | $164.2M+2.5% | $160.2M-60.2% | $402.5M-5.4% | $425.4M-2.3% | $435.6M+2.1% | $426.5M |
| Total Liabilities | $1.7B+2.8% | $1.6B+5.9% | $1.5B-1.3% | $1.5B+6.4% | $1.5B+3.8% | $1.4B-3.4% | $1.4B-6.6% | $1.5B |
| Current Liabilities | $458.5M-2.1% | $468.3M+14.6% | $408.5M-6.7% | $437.8M+29.7% | $337.6M+19.0% | $283.7M-15.5% | $335.7M-16.2% | $400.5M |
| Long-Term Debt | $658.4M+0.1% | $657.6M+2.0% | $644.5M-0.3% | $646.6M-0.8% | $651.5M-0.9% | $657.7M-0.5% | $660.9M+0.3% | $658.9M |
| Total Equity | -$46.7M+34.1% | -$70.9M+27.5% | -$97.8M+17.2% | -$118.1M-159.1% | $200.0M-13.5% | $231.2M-10.8% | $259.2M+13.1% | $229.3M |
| Retained Earnings | -$277.1M+10.8% | -$310.6M+12.2% | -$353.9M+4.5% | -$370.6M-262.1% | -$102.4M+20.1% | -$128.1M+1.7% | -$130.2M+15.1% | -$153.3M |
ARRY Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $27.4M-37.6% | $43.8M+435.7% | -$13.1M-122.7% | $57.6M+1355.3% | $4.0M-91.7% | $47.5M-49.5% | $94.0M+31.2% | $71.6M |
| Capital Expenditures | $5.5M-16.9% | $6.6M+181.9% | $2.4M+38.3% | $1.7M-20.2% | $2.1M-11.1% | $2.4M-55.4% | $5.4M+145.3% | $2.2M |
| Free Cash Flow | $21.9M-41.3% | $37.2M+341.5% | -$15.4M-127.6% | $55.9M+2960.5% | $1.8M-96.0% | $45.1M-49.1% | $88.6M+27.6% | $69.4M |
| Investing Cash Flow | -$170.4M-2470.2% | -$6.6M-181.9% | -$2.4M+85.3% | -$16.0M-660.3% | -$2.1M+11.9% | -$2.4M+54.2% | -$5.2M-137.6% | -$2.2M |
| Financing Cash Flow | -$12.7M-15.3% | -$11.1M-540.6% | -$1.7M-534.5% | $397K-7.9% | $431K+109.4% | -$4.6M+73.6% | -$17.3M+61.6% | -$45.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ARRY Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9%+0.0pp | 26.8%+1.5pp | 25.3%-3.2pp | 28.5%-5.1pp | 33.6%-2.3pp | 35.9%+11.2pp | 24.7%-0.3pp | 24.9% |
| Operating Margin | 11.6%-1.2pp | 12.8%+3.8pp | 9.0%+60.7pp | -51.7%-67.2pp | 15.5%+10.0pp | 5.5%-3.4pp | 8.8%-2.6pp | 11.5% |
| Net Margin | 8.5%-3.4pp | 11.9%+6.4pp | 5.5%+51.6pp | -46.1%-56.2pp | 10.1%+8.6pp | 1.4%-4.3pp | 5.7%-0.9pp | 6.6% |
| Return on Equity | N/A | N/A | N/A | N/A | 12.8%+11.9pp | 0.9%-6.5pp | 7.5%-2.6pp | 10.1% |
| Return on Assets | 2.1%-0.7pp | 2.8%+1.6pp | 1.2%+10.1pp | -8.9%-10.5pp | 1.6%+1.4pp | 0.1%-1.0pp | 1.1%-0.2pp | 1.3% |
| Current Ratio | 1.89-0.3 | 2.22-0.2 | 2.39+0.1 | 2.28-0.2 | 2.51-0.2 | 2.73+0.3 | 2.48+0.3 | 2.15 |
| Debt-to-Equity | -14.09-4.8 | -9.28-2.7 | -6.59-1.1 | -5.47-8.7 | 3.26+0.4 | 2.84+0.3 | 2.55-0.3 | 2.87 |
| FCF Margin | 5.5%-4.7pp | 10.3%+15.4pp | -5.1%-25.4pp | 20.3%+19.6pp | 0.7%-28.7pp | 29.4%+3.5pp | 25.9%+6.1pp | 19.8% |
Note: Shareholder equity is negative (-$118.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Array Technologies, Inc.'s annual revenue?
Array Technologies, Inc. (ARRY) reported $915.8M in total revenue for fiscal year 2024. This represents a -41.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Array Technologies, Inc.'s revenue growing?
Array Technologies, Inc. (ARRY) revenue declined by 41.9% year-over-year, from $1.6B to $915.8M in fiscal year 2024.
Is Array Technologies, Inc. profitable?
No, Array Technologies, Inc. (ARRY) reported a net income of -$240.4M in fiscal year 2024, with a net profit margin of -26.3%.
What is Array Technologies, Inc.'s earnings per share (EPS)?
Array Technologies, Inc. (ARRY) reported diluted earnings per share of $-1.95 for fiscal year 2024. This represents a -448.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Array Technologies, Inc.'s EBITDA?
Array Technologies, Inc. (ARRY) had EBITDA of -$190.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Array Technologies, Inc. have?
As of fiscal year 2024, Array Technologies, Inc. (ARRY) had $363.0M in cash and equivalents against $646.6M in long-term debt.
What is Array Technologies, Inc.'s gross margin?
Array Technologies, Inc. (ARRY) had a gross margin of 32.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Array Technologies, Inc.'s operating margin?
Array Technologies, Inc. (ARRY) had an operating margin of -24.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Array Technologies, Inc.'s net profit margin?
Array Technologies, Inc. (ARRY) had a net profit margin of -26.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Array Technologies, Inc.'s free cash flow?
Array Technologies, Inc. (ARRY) generated $146.7M in free cash flow during fiscal year 2024. This represents a -31.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Array Technologies, Inc.'s operating cash flow?
Array Technologies, Inc. (ARRY) generated $154.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Array Technologies, Inc.'s total assets?
Array Technologies, Inc. (ARRY) had $1.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Array Technologies, Inc.'s capital expenditures?
Array Technologies, Inc. (ARRY) invested $7.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Array Technologies, Inc. spend on research and development?
Array Technologies, Inc. (ARRY) invested $6.7M in research and development during fiscal year 2024.
What is Array Technologies, Inc.'s current ratio?
Array Technologies, Inc. (ARRY) had a current ratio of 2.28 as of fiscal year 2024, which is generally considered healthy.
What is Array Technologies, Inc.'s debt-to-equity ratio?
Array Technologies, Inc. (ARRY) had a debt-to-equity ratio of -5.47 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Array Technologies, Inc.'s return on assets (ROA)?
Array Technologies, Inc. (ARRY) had a return on assets of -16.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Array Technologies, Inc.'s debt-to-equity ratio negative or unusual?
Array Technologies, Inc. (ARRY) has negative shareholder equity of -$118.1M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Array Technologies, Inc.'s Piotroski F-Score?
Array Technologies, Inc. (ARRY) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Array Technologies, Inc.'s earnings high quality?
Array Technologies, Inc. (ARRY) has an earnings quality ratio of -0.64x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Array Technologies, Inc. cover its interest payments?
Array Technologies, Inc. (ARRY) has an interest coverage ratio of -6.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Array Technologies, Inc.?
Array Technologies, Inc. (ARRY) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.