Array Technologies, Inc. Stock Price, News & Analysis

On March 23, 2021, Array Technologies announced the completion of a secondary offering of 35,475,457 shares of common stock by a stockholder affiliated with Oaktree Capital at $28.00 per share. The offering included an additional 4,420,486 shares from the underwriters' option. Importantly, the Company did not benefit from the proceeds. Goldman Sachs & Co. LLC and J.P. Morgan served as the joint book-running managers for the offering. The registration statement was approved by the SEC on March 18, 2021, with details available on their website.

On March 18, 2021, Array Technologies (NASDAQ: ARRY) announced the pricing of a secondary stock offering by a stockholder controlled by Oaktree Capital. A total of 31,054,971 shares will be sold at $28.00 each, with an option for underwriters to buy an additional 4,420,486 shares within 30 days. The offering will close on March 23, 2021, subject to customary conditions. Array Technologies will not receive any proceeds from this sale, and major firms like Goldman Sachs and J.P. Morgan are managing the offering.

Array Technologies (NASDAQ: ARRY) announced that a stockholder controlled by Oaktree Capital will initiate an underwritten public offering of 31,054,971 shares of its common stock, with an option for underwriters to purchase an additional 4,420,486 shares. The company will not receive any proceeds from this offering. As of January 31, 2021, Array reported $774.9 million in executed contracts and awarded orders for tracker systems, expecting to recognize $693.2 million in revenue over the next twelve months. This press release also includes forward-looking statements regarding the company's projections.

Array Technologies (Nasdaq: ARRY) reported a Q4 2020 revenue of $180.6 million, down 20% year-over-year, with a net loss of $9.8 million compared to a net income of $26.8 million in Q4 2019. For the full year, revenues rose 35% to $872.7 million, yielding a net income of $59.1 million. The company anticipates 2021 revenues between $1,025 million and $1,125 million, driven by strong demand for solar energy and a favorable tax credit environment.

Adjusted EBITDA for Q4 decreased 60% to $20 million, with future growth strategies centered on U.S. market share expansion and international sales.

Array Technologies (NASDAQ: ARRY) announced the establishment of the Array Tech Research Center in Phoenix, AZ, dedicated to R&D, training, and client demonstrations of advanced solar tracker technology. This facility will help address utility-scale solar challenges, improve installation efficiency, and reduce costs. Innovations include extended row configurations, optimized foundation systems, toolless module mounting, and enhanced tracking performance via software. The center reflects Array's commitment to innovation and collaboration with customers to support the growing demand for solar energy.

Array Technologies (NASDAQ: ARRY) has announced it will release its fourth quarter and full-year 2020 financial results after market close on March 9, 2021. This will be followed by a conference call at 5:00 p.m. ET to discuss the results. Investors can access the call via phone or listen to a webcast on the company's Investor Relations website. Array Technologies is a major player in solar energy solutions, focusing on tracker systems for utility-scale projects, ensuring efficient installation and high performance.

Array Technologies, Inc. (NASDAQ: ARRY) announced the closing of a secondary stock offering controlled by Oaktree Capital, involving 36,656,250 shares at $35.00 each. This includes 4,781,250 shares from the underwriters’ additional purchase option. Array Technologies did not receive proceeds from this sale. The offering was managed by Goldman Sachs, J.P. Morgan, and Guggenheim among others. A registration statement was filed with the SEC, which was declared effective on December 2, 2020. The press release emphasizes Array’s role as a leading provider of solar energy solutions.

Array Technologies, Inc. (NASDAQ: ARRY) has priced a secondary offering of 31,875,000 shares at $35.00 each, managed by a parent entity controlled by Oaktree Capital. The underwriters hold a 30-day option to purchase an additional 4,781,250 shares. The offering, set to close on December 7, 2020, will not generate proceeds for Array Technologies. Goldman Sachs & Co. LLC and J.P. Morgan are leading the offering, with a registration statement effective since December 2, 2020.