ARRAY Technologies Reports Financial Results for the Fourth Quarter and Full Year 2025
Rhea-AI Summary
ARRAY Technologies (NASDAQ: ARRY) reported a strong 2025 with 40% full-year revenue growth, FY revenue $1,284.1M, a record orderbook of $2.2B and Adjusted EBITDA $187.6M. The company expanded DuraTrack globally, completed the APA Solar acquisition (≈$100M orderbook contribution), and set 2026 guidance of $1.4–$1.5B revenue and $200–$230M Adjusted EBITDA. Results include a $29.5M inventory valuation charge and a $102.6M goodwill impairment; 2026 revenue is expected ~40:60 H1:H2 with 1Q revenue ~ $200M.
Positive
- Revenue growth of 40% year-over-year for full-year 2025
- Record orderbook of $2.2 billion at December 31, 2025
- Adjusted EBITDA of $187.6 million for FY 2025
- 2026 guidance of $1.4–$1.5 billion revenue and $200–$230 million Adjusted EBITDA
Negative
- Net loss to common shareholders of $112.0 million in FY 2025
- Goodwill impairment charge of $102.6 million related to 2022 acquisition
- One-time inventory valuation charge of $29.5 million for phase-out of STI H250 inventory
- Front‑loaded uncertainty expected: 40:60 H1:H2 revenue split for 2026
News Market Reaction – ARRY
On the day this news was published, ARRY gained 2.52%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.0% during that session. Argus tracked a trough of -39.2% from its starting point during tracking. Our momentum scanner triggered 63 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $43M to the company's valuation, bringing the market cap to $1.76B at that time. Trading volume was elevated at 2.3x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Solar peers showed mixed moves: SEDG up 9.76%, SHLS down 17.45%, while MAXN, SPWR, and JKS rose 0.79–4.93%, suggesting stock-specific drivers for ARRY rather than a uniform sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +7.6% | Strong Q3 results, APA acquisition close, raised 2025 guidance and large orderbook. |
| Aug 07 | Q2 2025 earnings | Positive | -5.8% | Strong Q2 growth, APA deal, convertible notes and guidance raise despite later share drop. |
| May 06 | Q1 2025 earnings | Positive | +4.5% | Q1 beat on revenue and earnings, strong margins and $2.0B orderbook, guidance maintained. |
| Feb 27 | FY 2024 results | Negative | -19.4% | Q4 and FY 2024 net loss driven by large goodwill and intangible write-downs. |
| Nov 07 | Q3 2024 earnings | Negative | -2.6% | Solid margins and EBITDA overshadowed by sizable non-cash goodwill impairment and net loss. |
Earnings have often produced modestly negative average moves (-3.14%), with mostly aligned reactions but one notable divergence on strong results.
Recent earnings for ARRAY show growing scale and an expanding orderbook. In Q1–Q3 2025, revenue rose from $302.4M to $393.5M, with adjusted EBITDA improving and guidance repeatedly raised toward $1.18–1.28B revenue and $185–200M adjusted EBITDA for 2025. Prior 2024 results highlighted a $2.0B orderbook but also large non-cash impairment charges and net losses. Today’s FY 2025 release with $1,284.1M revenue, a $2.2B orderbook, and 2026 growth guidance fits this trajectory of scaling operations while managing one-time charges and integration of APA Solar.
Historical Comparison
In the past five earnings releases, ARRY’s average move was -3.14%, with mostly aligned reactions. Today’s FY 2025 report pairs $1,284.1M revenue and a $2.2B orderbook with 2026 growth guidance, consistent with prior scaling but against a history of mixed stock responses.
Earnings from 2024–2025 show ARRAY moving from impairment-driven losses toward higher revenue and EBITDA: Q1–Q3 2025 revenue rose from $302.4M to $393.5M, orderbook expanded from $2.0B to $2.2B, and guidance stepped up to FY 2025 revenue of $1.25–1.28B and then FY 2026 revenue of $1.4–1.5B.
Market Pulse Summary
This announcement details ARRAY’s FY 2025 performance and outlook, with revenue of $1,284.1M, adjusted EBITDA of $187.6M, and a record $2.2B orderbook. Management guides 2026 revenue to $1.4–1.5B and adjusted EPS to $0.65–0.75, while acknowledging a FY 2025 net loss of ($112.0M) driven partly by a $29.5M inventory charge and $102.6M goodwill impairment. Investors may watch execution on new products, international expansion, and whether future periods avoid similar one-time charges.
Key Terms
adjusted EBITDA financial
gross margin financial
adjusted gross margin financial
goodwill impairment charge financial
non-GAAP financial
revolving credit facility financial
telephonic replay technical
AI-generated analysis. Not financial advice.
Achieves
2025 Fourth Quarter Business Highlights
- Total executed contracts and awarded orders at December 31, 2025 were
$2.2 billion (1) - Achieved 2x book-to-bill for both total ARRAY and APA
- DuraTrack introduced to global markets to align with customer demand for patented, superior energy performance of wind-stow technology
2025 Fourth Quarter and Full-Year Financial Highlights
| (in millions, except per share) | 4Q 2025 | FY 2025 | |||||
| Revenue | |||||||
| Gross margin(2) | 8.6 | % | 23.2 | % | |||
| Adjusted gross margin(3) | 24.5 | % | 27.0 | % | |||
| Net loss to common shareholders(4) | ( | ) | ( | ) | |||
| Adjusted EBITDA(3) | |||||||
| Net loss per basic and diluted common share | ( | ) | ( | ) | |||
| Adjusted net (loss) income per diluted common share(3) | ( | ) | |||||
ALBUQUERQUE, N.M., Feb. 25, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced financial results for its fourth quarter and year ended December 31, 2025.
“ARRAY closed out an exceptional year in which we further demonstrated the resilience and agility of our business. Our
Mr. Hostetler continued, “In 2026, we are introducing our strategic imperatives, which focus on innovating our future, elevating our international business, and advancing our customer-first culture to deliver long-term value. In the year ahead, we plan to launch multiple new products—including an integrated tracker and foundation solution and new tracker offerings. Our international expansion of our market-proven DuraTrack technology is an important step in differentiating and optimizing our global product portfolio to bring energy yield-advantaged technology to our customers. We remain confident in our ability to progress these initiatives through our strong operational performance, agile and diversified supply chain, and flexible capital structure, inclusive of our recently upsized and extended revolving credit facility. We are optimistic about future demand for utility-scale solar energy and confident that our competitive differentiation and strategic vision will drive durable, long-term growth.”
Full Year 2026 Guidance
For the year ending December 31, 2026, the Company expects:
- Revenue to be in the range of
$1.4 billion to$1.5 billion - Adjusted EBITDA(5) to be in the range of
$200 million to$230 million - Adjusted net income per common share(5) to be in the range of
$0.65 t o$0.75
Following contracting timelines influenced by the regulatory uncertainty through 2025, we expect roughly a 40:60 split between first half and second half revenue in 2026. 1Q 2026 revenue is expected to be approximately
(1) Orderbook results include APA orderbook of approximately
(2) Gross margin inclusive of one-time inventory valuation charge of
(3) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.
(4) Net loss to common shareholders inclusive of one-time inventory valuation charge of
(5) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per common share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per common share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.
Supplemental Presentation and Conference Call Information
ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (February 25, 2026) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international), with the passcode 13757520. The replay will be available until 11:59 p.m. (ET) on March 11, 2026. The online replay will be available for 14 days on the same website, immediately following the call.
About ARRAY Technologies, Inc.
ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.
Investor Relations Contact:
Investor Relations
505-437-0010
investors@arraytechinc.com
Media Contact:
Steven Kirsch
505-738-6923
steven.kirsch@arraytechinc.com
Forward-Looking Statements
This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating to the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide
ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea, conflict in the Middle East, changing trade policies, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.
Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this presentation with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Non-GAAP Financial Information
This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow.
We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog (ii) acquisition-related expenses, and (iii) inventory valuation charge. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other (income) expense, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax (benefit) expense, (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) impairment of long-lived assets, (xiii) goodwill impairment, (xiv) certain legal expenses, (xv) acquisition-related expenses, (xvi) inventory valuation charge, and (xvii) other costs. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net (loss) income as net (loss) income to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net, (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration, (viii) impairment of long-lived assets, (ix) goodwill impairment, (x) certain legal expenses, (xi) acquisition-related expenses, (xii) inventory valuation charge, (xiii) other costs, and (xiv) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, (iii) acquisition-related expenses, and (iv) other costs. We define Free cash flow as Cash provided by (used in) operating activities less (i) purchase of property, plant and equipment and (ii) cash payments for the acquisition of right-of-use assets.
A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net (loss) income per common share as net (loss) income to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net (loss) income per common share as Adjusted net (loss) income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.
We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.
Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.
We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow on a supplemental basis.
You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net (loss) income to Adjusted EBITDA, Adjusted net (loss) income and Adjusted net (loss) income per common share, General and administrative expense to Adjusted general and administrative expense and Net cash provided by operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business.
| Array Technologies, Inc. Consolidated Balance Sheets (unaudited) (in thousands, except per share and share amounts) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 244,388 | $ | 362,992 | |||
| Restricted cash | 1,596 | 1,149 | |||||
| Accounts receivable, net | 271,578 | 275,838 | |||||
| Inventories, net | 150,374 | 200,818 | |||||
| Prepaid expenses and other | 201,108 | 157,927 | |||||
| Total current assets | 869,044 | 998,724 | |||||
| Property, plant and equipment, net | 58,225 | 26,222 | |||||
| Lease assets | 97,088 | 16,384 | |||||
| Goodwill | 135,173 | 160,189 | |||||
| Other intangible assets, net | 238,579 | 181,409 | |||||
| Deferred income tax assets | 23,965 | 17,754 | |||||
| Other assets | 29,718 | 25,317 | |||||
| Total assets | $ | 1,451,792 | $ | 1,425,999 | |||
| LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 143,994 | $ | 172,368 | |||
| Accrued expenses and other | 54,289 | 91,183 | |||||
| Income tax payable | 4,687 | 5,227 | |||||
| Deferred revenue | 128,433 | 119,775 | |||||
| Current portion of contingent consideration | 14,551 | 1,193 | |||||
| Current portion of warranty liability | 10,844 | 2,063 | |||||
| Current portion of lease liabilities | 7,662 | 5,600 | |||||
| Current portion of debt | 10,315 | 30,714 | |||||
| Other current liabilities | 2,237 | 9,691 | |||||
| Total current liabilities | 377,012 | 437,814 | |||||
| Deferred income tax liabilities | 22,133 | 21,398 | |||||
| Contingent consideration, net of current portion | 12,739 | 7,868 | |||||
| Warranty liability, net of current portion | 5,466 | 4,830 | |||||
| Lease liabilities, net of current portion | 89,552 | 15,128 | |||||
| Long-term debt, net of current portion | 658,664 | 646,570 | |||||
| Other long-term liabilities | 25,838 | 3,556 | |||||
| Total liabilities | 1,191,404 | 1,137,164 | |||||
| Commitments and contingencies (Note 15) | |||||||
| Series A Redeemable Perpetual Preferred Stock: | 466,728 | 406,931 | |||||
| Stockholders’ equity | |||||||
| Preferred stock | — | — | |||||
| Common stock | 152 | 151 | |||||
| Additional paid-in capital | 226,848 | 297,780 | |||||
| Accumulated deficit | (422,859 | ) | (370,624 | ) | |||
| Accumulated other comprehensive loss | (10,481 | ) | (45,403 | ) | |||
| Total stockholders’ equity | (206,340 | ) | (118,096 | ) | |||
| Total liabilities, redeemable perpetual preferred stock and stockholders’ equity | $ | 1,451,792 | $ | 1,425,999 | |||
| Array Technologies, Inc. Consolidated Statements of Operations (unaudited) (in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 226,044 | $ | 275,232 | $ | 1,284,141 | $ | 915,807 | |||||||
| Cost of revenue: | — | ||||||||||||||
| Cost of product and service revenue | 171,391 | 193,273 | 938,552 | 603,572 | |||||||||||
| Inventory valuation charge | 29,516 | — | 29,516 | — | |||||||||||
| Amortization of developed technology and backlog | 5,807 | 3,640 | 17,520 | 14,558 | |||||||||||
| Total cost of revenue | 206,714 | 196,913 | 985,588 | 618,130 | |||||||||||
| Gross profit | 19,330 | 78,319 | 298,553 | 297,677 | |||||||||||
| Operating expenses: | |||||||||||||||
| General and administrative | 57,465 | 45,663 | 198,612 | 160,567 | |||||||||||
| Change in fair value of contingent consideration | (837 | ) | 396 | 177 | 125 | ||||||||||
| Depreciation and amortization | 8,248 | 8,702 | 26,199 | 36,086 | |||||||||||
| Long-lived assets impairment | — | 91,904 | — | 91,904 | |||||||||||
| Goodwill impairment | 102,560 | 74,000 | 102,560 | 236,000 | |||||||||||
| Total operating expenses | 167,436 | 220,665 | 327,548 | 524,682 | |||||||||||
| Loss from operations | (148,106 | ) | (142,346 | ) | (28,995 | ) | (227,005 | ) | |||||||
| Interest income | 1,756 | 4,092 | 11,852 | 16,777 | |||||||||||
| Interest expense | (5,482 | ) | (9,007 | ) | (27,331 | ) | (34,825 | ) | |||||||
| Foreign currency gain (loss), net | 16 | (3,442 | ) | 2,042 | (4,515 | ) | |||||||||
| Gain on extinguishment of debt, net | — | — | 14,207 | — | |||||||||||
| Other (expense) income, net | (1,004 | ) | 654 | (992 | ) | (1,008 | ) | ||||||||
| Total other expense | (4,714 | ) | (7,703 | ) | (222 | ) | (23,571 | ) | |||||||
| Loss before income tax (benefit) expense | (152,820 | ) | (150,049 | ) | (29,217 | ) | (250,576 | ) | |||||||
| Income tax (benefit) expense | (7,074 | ) | (23,146 | ) | 23,018 | (10,182 | ) | ||||||||
| Net loss | (145,746 | ) | (126,903 | ) | (52,235 | ) | (240,394 | ) | |||||||
| Preferred dividends and accretion | 15,422 | 14,338 | 59,797 | 55,670 | |||||||||||
| Loss to common shareholders | $ | (161,168 | ) | $ | (141,241 | ) | $ | (112,032 | ) | $ | (296,064 | ) | |||
| Loss per common share | |||||||||||||||
| Basic | $ | (1.06 | ) | $ | (0.93 | ) | $ | (0.73 | ) | $ | (1.95 | ) | |||
| Diluted | $ | (1.06 | ) | $ | (0.93 | ) | $ | (0.73 | ) | $ | (1.95 | ) | |||
| Weighted average common shares outstanding | |||||||||||||||
| Basic | 152,752 | 151,944 | 152,537 | 151,754 | |||||||||||
| Diluted | 152,752 | 151,944 | 152,537 | 151,754 | |||||||||||
| Array Technologies, Inc. Consolidated Statements of Cash Flows (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating activities: | |||||||||||||||
| Net loss | $ | (145,746 | ) | $ | (126,903 | ) | $ | (52,235 | ) | $ | (240,394 | ) | |||
| Adjustments to net loss: | |||||||||||||||
| Goodwill impairment | 102,560 | 74,000 | 102,560 | 236,000 | |||||||||||
| Impairment of long-lived assets | — | 91,904 | — | 91,904 | |||||||||||
| Provision for credit losses | (89 | ) | (1,357 | ) | 912 | 2,058 | |||||||||
| Deferred tax (benefit) expense | (3,553 | ) | (30,371 | ) | 3,195 | (37,650 | ) | ||||||||
| Depreciation and amortization | 9,845 | 9,206 | 29,768 | 38,221 | |||||||||||
| Amortization of developed technology and backlog | 5,807 | 3,640 | 17,520 | 14,558 | |||||||||||
| Amortization of debt discount and issuance costs | 809 | 1,435 | 5,216 | 6,087 | |||||||||||
| Gain on extinguishment of debt, net | — | — | (14,207 | ) | — | ||||||||||
| Equity-based compensation | 4,228 | 3,498 | 15,571 | 10,349 | |||||||||||
| Change in fair value of contingent consideration | (837 | ) | 396 | 177 | 125 | ||||||||||
| Warranty provision | 6,983 | 3,127 | 17,273 | 3,163 | |||||||||||
| Inventory reserve | 155 | — | 3,515 | 2,923 | |||||||||||
| Inventory valuation charge | 29,516 | 442 | 29,516 | — | |||||||||||
| Other non-cash | (15 | ) | — | (2,032 | ) | — | |||||||||
| Changes in operating assets and liabilities, net of business acquisition: | |||||||||||||||
| Accounts receivable | 91,551 | (442 | ) | 31,008 | 41,423 | ||||||||||
| Inventories | (829 | ) | (14,823 | ) | 52,852 | (44,787 | ) | ||||||||
| Income tax receivables | (5,256 | ) | 33 | (6,849 | ) | (4,112 | ) | ||||||||
| Prepaid expenses and other | (105,293 | ) | (24,505 | ) | (25,844 | ) | (69,708 | ) | |||||||
| Accounts payable | (72,951 | ) | 24,475 | (35,868 | ) | 58,180 | |||||||||
| Accrued expenses and other | (15,480 | ) | 34,492 | (54,136 | ) | (436 | ) | ||||||||
| Income tax payable | 1,890 | 3,790 | (540 | ) | (863 | ) | |||||||||
| Lease liabilities | 5,668 | (2,894 | ) | 2,202 | (8,624 | ) | |||||||||
| Deferred revenue | 49,441 | 8,443 | 489 | 55,563 | |||||||||||
| Other operating assets and liabilities | 85,236 | — | (18,278 | ) | — | ||||||||||
| Net cash provided by operating activities | 43,640 | 57,586 | 101,785 | 153,980 | |||||||||||
| Investing activities: | |||||||||||||||
| Purchase of property, plant and equipment | (7,476 | ) | (1,701 | ) | (21,972 | ) | (7,305 | ) | |||||||
| Acquisition, net of cash acquired | — | — | (164,916 | ) | — | ||||||||||
| Retirement/disposal of property, plant and equipment | — | (4 | ) | — | 34 | ||||||||||
| Cash payments for the acquisition of right-of-use assets | — | (11,276 | ) | — | (11,276 | ) | |||||||||
| Investment in securities | (1,000 | ) | (3,000 | ) | (1,000 | ) | (3,000 | ) | |||||||
| Sale of equity investment | — | — | — | 11,975 | |||||||||||
| Net cash used in investing activities | (8,476 | ) | (15,981 | ) | (187,888 | ) | (9,572 | ) | |||||||
| Financing activities: | |||||||||||||||
| Proceeds from issuance of other debt | 42,492 | 74,035 | 151,151 | 93,059 | |||||||||||
| Proceeds from issuance of convertible notes | — | — | 345,000 | — | |||||||||||
| Premium paid on capped call | — | — | (35,087 | ) | — | ||||||||||
| Fees paid on issuance of convertible notes | — | — | (10,434 | ) | — | ||||||||||
| Repayments of other debt | (55,211 | ) | (72,545 | ) | (174,392 | ) | (97,424 | ) | |||||||
| Repayments of term loan facility | — | (1,075 | ) | (233,875 | ) | (4,300 | ) | ||||||||
| Repayments of convertible notes | — | — | (78,363 | ) | — | ||||||||||
| Contingent consideration payments | — | — | (1,204 | ) | (1,427 | ) | |||||||||
| Other financing | 184 | (18 | ) | (849 | ) | (1,752 | ) | ||||||||
| Net cash (used in) provided by financing activities | (12,535 | ) | 397 | (38,053 | ) | (11,844 | ) | ||||||||
| Effect of exchange rate changes on cash and cash equivalent balances | 252 | (10,233 | ) | 5,999 | (17,503 | ) | |||||||||
| Net change in cash and cash equivalents | 22,881 | 31,769 | (118,157 | ) | 115,061 | ||||||||||
| Cash and cash equivalents and restricted cash, beginning of period | 223,103 | 332,372 | 364,141 | 249,080 | |||||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 245,984 | $ | 364,141 | $ | 245,984 | $ | 364,141 | |||||||
| Array Technologies, Inc. Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited) (in thousands, except per share amounts) |
The following table reconciles Gross profit to Adjusted gross profit:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 226,044 | $ | 275,232 | $ | 1,284,141 | $ | 915,807 | |||||||
| Cost of revenue | 206,714 | 196,913 | 985,588 | 618,130 | |||||||||||
| Gross profit | 19,330 | 78,319 | 298,553 | 297,677 | |||||||||||
| Gross margin | 8.6 | % | 28.5 | % | 23.2 | % | 32.5 | % | |||||||
| Amortization of developed technology and backlog | 5,807 | 3,640 | 17,520 | 14,558 | |||||||||||
| Acquisition-related expenses(a) | 762 | — | 1,161 | — | |||||||||||
| Inventory valuation charge(b) | 29,516 | — | 29,516 | — | |||||||||||
| Adjusted gross profit | $ | 55,415 | $ | 81,959 | $ | 346,750 | $ | 312,235 | |||||||
| Adjusted gross margin | 24.5 | % | 29.8 | % | 27.0 | % | 34.1 | % | |||||||
(a) Represents acquisition-related fair value adjustments to Inventory and Property, plant, and equipment.
(b) Represents inventory valuation charge related to phase-out of STI H250™ inventory that is not SmarTrack® compatible.
The following table reconciles Net income to Adjusted EBITDA:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (145,746 | ) | $ | (126,903 | ) | $ | (52,235 | ) | $ | (240,394 | ) | |||
| Preferred dividends and accretion | 15,422 | 14,338 | 59,797 | 55,670 | |||||||||||
| Net loss to common shareholders | (161,168 | ) | (141,241 | ) | (112,032 | ) | (296,064 | ) | |||||||
| Other income, net | (752 | ) | (4,746 | ) | (10,860 | ) | (15,769 | ) | |||||||
| Gain on extinguishment of debts, net | — | — | (14,207 | ) | — | ||||||||||
| Foreign currency (gain) loss, net | (16 | ) | 3,442 | (2,042 | ) | 4,515 | |||||||||
| Preferred dividends and accretion | 15,422 | 14,338 | 59,797 | 55,670 | |||||||||||
| Interest expense | 5,482 | 9,007 | 27,331 | 34,825 | |||||||||||
| Income tax (benefit) expense | (7,074 | ) | (23,146 | ) | 23,018 | (10,182 | ) | ||||||||
| Depreciation expense | 2,336 | 1,140 | 6,094 | 4,410 | |||||||||||
| Amortization of intangibles | 7,508 | 8,142 | 23,674 | 33,811 | |||||||||||
| Amortization of developed technology and backlog | 5,807 | 3,640 | 17,520 | 14,558 | |||||||||||
| Equity-based compensation | 4,228 | 3,498 | 15,571 | 10,349 | |||||||||||
| Change in fair value of contingent consideration | (837 | ) | 396 | 177 | 125 | ||||||||||
| Impairment of long-lived assets | — | 91,904 | — | 91,904 | |||||||||||
| Goodwill impairment | 102,560 | 74,000 | 102,560 | 236,000 | |||||||||||
| Certain legal expenses(a) | — | 2,240 | 1,232 | 6,773 | |||||||||||
| Acquisition-related expenses(b) | 5,960 | — | 17,959 | — | |||||||||||
| Inventory valuation charge(c) | 29,516 | — | 29,516 | — | |||||||||||
| Other costs(d) | 2,267 | 2,586 | 2,267 | 2,628 | |||||||||||
| Adjusted EBITDA | $ | 11,239 | $ | 45,200 | $ | 187,575 | $ | 173,553 | |||||||
(a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) Represents acquisition-related expenses and fair value adjustments to inventory.
(c) Represents inventory valuation charge related to phase-out of STI H250TM inventory that is not SmarTrack® compatible.
(d) For the three and twelve months ended December 31, 2025, represents
The following table reconciles Net income to Adjusted net income:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (145,746 | ) | $ | (126,903 | ) | $ | (52,235 | ) | $ | (240,394 | ) | |||
| Preferred dividends and accretion | 15,422 | 14,338 | 59,797 | 55,670 | |||||||||||
| Net loss to common shareholders | (161,168 | ) | (141,241 | ) | (112,032 | ) | (296,064 | ) | |||||||
| Amortization of Intangibles | 7,508 | 8,142 | 23,674 | 33,811 | |||||||||||
| Amortization of developed technology and backlog | 5,807 | 3,640 | 17,520 | 14,558 | |||||||||||
| Amortization of debt discount and issuance costs | 880 | 1,547 | 5,216 | 6,199 | |||||||||||
| Gain on extinguishment of debts, net | — | — | (14,207 | ) | — | ||||||||||
| Series A Preferred stock accretion | 7,707 | 7,093 | 29,889 | 27,510 | |||||||||||
| Equity based compensation | 4,228 | 3,498 | 15,571 | 10,349 | |||||||||||
| Change in fair value of contingent consideration | (837 | ) | 396 | 177 | 125 | ||||||||||
| Impairment of long-lived assets | — | 91,904 | — | 91,904 | |||||||||||
| Goodwill Impairment | 102,560 | 74,000 | 102,560 | 236,000 | |||||||||||
| Certain legal expenses(a) | — | 2,240 | 1,232 | 6,773 | |||||||||||
| Acquisition-related expenses(b) | 6,024 | — | 18,055 | — | |||||||||||
| Inventory valuation charge(c) | 29,516 | — | 29,516 | — | |||||||||||
| Other costs(d) | 2,267 | 2,586 | 2,267 | 2,628 | |||||||||||
| Income tax expense of adjustments(e) | (5,811 | ) | (28,688 | ) | (16,522 | ) | (42,596 | ) | |||||||
| Adjusted net (loss) income | $ | (1,319 | ) | $ | 25,117 | $ | 102,916 | $ | 91,197 | ||||||
| Loss per common share | |||||||||||||||
| Basic | $ | (1.06 | ) | $ | (0.93 | ) | $ | (0.73 | ) | $ | (1.95 | ) | |||
| Diluted | $ | (1.06 | ) | $ | (0.93 | ) | $ | (0.73 | ) | $ | (1.95 | ) | |||
| Weighted average number of common shares outstanding | |||||||||||||||
| Basic | 152,752 | 151,944 | 152,537 | 151,754 | |||||||||||
| Diluted | 152,752 | 151,944 | 152,537 | 151,754 | |||||||||||
| Adjusted net (loss) income per common share | |||||||||||||||
| Basic | $ | (0.01 | ) | $ | 0.17 | $ | 0.67 | $ | 0.60 | ||||||
| Diluted | $ | (0.01 | ) | $ | 0.16 | $ | 0.67 | $ | 0.60 | ||||||
| Weighted average number of common shares outstanding | |||||||||||||||
| Basic | 152,752 | 151,944 | 152,537 | 151,754 | |||||||||||
| Diluted | 152,752 | 152,255 | 153,692 | 152,285 | |||||||||||
(a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) Represents acquisition-related expenses and fair value adjustments to Inventory and Property, plant and equipment.
(c) Represents inventory valuation charge related to phase-out of STI H250TM inventory that is not SmarTrack® compatible.
(d) For the three and twelve months ended December 31, 2025, represents
(e) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.
The following table reconciles General and administrative expense to Adjusted general and administrative expense:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| General and administrative expense | $ | 57,465 | $ | 45,663 | $ | 198,612 | $ | 160,567 | |||||||
| Equity based compensation | (4,228 | ) | (3,498 | ) | (15,571 | ) | (10,349 | ) | |||||||
| Certain legal expenses(a) | — | (2,240 | ) | (1,232 | ) | (6,773 | ) | ||||||||
| Acquisition-related expenses(b) | (5,226 | ) | — | (16,858 | ) | — | |||||||||
| Other costs(c) | (2,267 | ) | (2,586 | ) | (2,267 | ) | (2,628 | ) | |||||||
| Adjusted general and administrative expense | $ | 45,744 | $ | 37,339 | $ | 162,684 | $ | 140,817 | |||||||
(a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) Represents acquisition-related expenses.
(c) For the three months and twelve months ended December 31, 2025, represents
The following table reconciles Net cash provided by operating activities to Free cash flow:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities | $ | 43,640 | $ | 57,586 | $ | 101,785 | $ | 153,980 | |||||||
| Purchase of property, plant and equipment | (7,476 | ) | (1,701 | ) | (21,972 | ) | (7,305 | ) | |||||||
| Cash payments for the acquisition of right-of-use assets | — | (11,276 | ) | — | (11,276 | ) | |||||||||
| Free cash flow | $ | 36,164 | $ | 44,609 | $ | 79,813 | $ | 135,399 | |||||||
FAQ
What did ARRAY (ARRY) report for full-year 2025 revenue and profitability?
What is ARRAY's 2026 revenue and adjusted EBITDA guidance (ARRY)?
How large is ARRAY's orderbook at the end of 2025 and what drove it (ARRY)?
What one-time charges affected ARRAY's 2025 results (ARRY)?
What is expected for ARRAY's first-quarter 2026 revenue and EBITDA (ARRY)?
How does the APA Solar acquisition affect ARRAY's orderbook and strategy (ARRY)?
