Array Technologies, Inc. Stock Price, News & Analysis

Array Technologies (NASDAQ: ARRY) has successfully closed its upsized offering of $345 million in 2.875% convertible senior notes due July 2031. The net proceeds of approximately $334.1 million will be strategically deployed to strengthen the company's capital structure through multiple initiatives.

The company plans to use the proceeds to: 1) fully repay $232.8 million of term loan debt, 2) fund $35.1 million in capped call transactions, and 3) repurchase $100 million of 1.00% Convertible Senior Notes due 2028 for $78.3 million. The capped calls have an initial strike price of $8.12 per share and a cap of $12.74 per share.

These transactions are expected to generate approximately $9 million in annual net interest expense savings and enhance free cash flow generation.

Array Technologies (NASDAQ: ARRY) has priced an upsized offering of $300 million in 2.875% convertible senior notes due 2031, with an additional $45 million option for initial purchasers. The notes will convert at 123.1262 shares per $1,000 principal amount (initial conversion price of $8.12 per share).

The company expects net proceeds of $290.4 million (or $334.1 million if additional option exercised), which will be used to: repay $150 million of term loan debt, fund $30.5 million in capped call transactions, and repurchase $100 million of existing 1.00% Convertible Notes due 2028. The offering is expected to close on June 27, 2025.

Array Technologies (NASDAQ: ARRY) has announced plans to offer $250 million in convertible senior notes due 2031 through a private placement to qualified institutional buyers. The company will also grant initial purchasers an option for an additional $37.5 million in notes.

The proceeds will be used to repay $150 million of term loan facility, fund capped call transactions, and for general corporate purposes. Array plans to enter into capped call transactions to reduce potential dilution and offset cash payments upon conversion. The notes will be senior, unsecured obligations with semiannual interest payments, with conversions settled through a combination of cash and common stock.

The company may also use proceeds to repurchase portions of its existing 1.00% Convertible Senior Notes due 2028.

ARRAY Technologies (ARRY) has announced the acquisition of APA Solar for an enterprise value of $179 million, representing 7.6x APA's trailing 12-month EBITDA. APA Solar, an Ohio-based manufacturer of engineered foundation solutions and fixed-tilt mounting systems, generated $129 million in revenue and $25 million in EBITDA in 2024. The strategic acquisition expands ARRAY's addressable market by 40% and will enable the company to offer an integrated tracker + foundation system for challenging soil conditions. The deal includes $168 million in upfront cash, $42 million in deferred consideration, and a potential $40 million performance-based earnout. The transaction is expected to close in Q3 2025 and be accretive to ARRAY's Adjusted EPS in the first year before synergies. APA's management team will continue leading the new Foundation Solutions Business division.

Silicon Ranch, a major solar facility developer and operator, has made a strategic investment in Swap Robotics, a leader in utility-scale solar robotic operations. The investment follows Swap Robotics' previous funding rounds, including $7M from SOLV Energy and $3M from Array Technologies. Silicon Ranch CEO Reagan Farr will join Swap's board of directors. The investment aims to enhance Silicon Ranch's Regenerative Energy agribusiness program while enabling Swap Robotics to expand its operations. Swap's 100% electric autonomous robots complement Silicon Ranch's land management practices, including sheep grazing, across its 50,000-acre portfolio. The robots offer efficient vegetation management with the ability to operate day and night, providing a quieter alternative to conventional mowers.

ARRAY Technologies (NASDAQ: ARRY) has unveiled DuraTrack Hail XP™, an advanced solar tracker designed to protect solar installations in extreme weather conditions. The new system features a 77-degree stow capability and AC-powered control, integrating with ARRAY's Hail Alert Response system.

Key features include AC-Powered Stow-on-Demand eliminating battery dependency, bi-directional 77-degree stow positioning for hail impact mitigation, and integration with SmarTrack® Hail Alert Response and Passive Wind Stow technologies. The system also boasts enhanced durability with reinforced components. First shipments are expected in early 2026.

ARRAY Technologies (NASDAQ: ARRY) reported strong Q1 2025 financial results, exceeding revenue and earnings guidance. The company achieved revenue of $302.4 million, with a gross margin of 25.3% and adjusted gross margin of 26.5%. Net income reached $2.3 million ($0.02 per share), while adjusted EBITDA was $40.6 million. Total executed contracts and awarded orders stood at $2.0 billion. The company now offers 100% domestic content trackers under the Inflation Reduction Act, strengthening its market position. ARRAY maintains its full-year 2025 guidance with projected revenue of $1.05-1.15 billion, adjusted EBITDA of $180-200 million, and adjusted net income per share of $0.60-0.70. The company successfully amended and extended its Revolving Credit Facility, demonstrating solid financial management and operational execution.

ARRAY Technologies (NASDAQ: ARRY) has enhanced its ARRAY STI H250™ dual-row tracker with expanded SmarTrack® software capabilities, adding backtracking and diffuse optimization features. The upgrade brings proven algorithm training and optimization tools to H250 installations globally.

The enhanced system uses algorithmic training and real-time sensor data to optimize solar energy output across diverse terrains. SmarTrack™ Backtracking leverages terrain analysis and production data to minimize shading and maximize energy generation, while SmarTrack™ Diffuse optimizes performance during overcast conditions by analyzing GHI sensor data and adjusting tracker angles.

The technology has been validated in Spain and Brazil and is available for both new and existing H250 projects. SmarTrack is currently optimizing over 5 GW of solar capacity worldwide.

Array Technologies (NASDAQ: ARRY) has appointed Brian Pitel as General Manager for Latin America, based in São Paulo, Brazil. Pitel brings over 25 years of experience in technology and renewable energy, with extensive knowledge of Brazilian and Latin American markets.

Prior to joining Array, Pitel served as senior advisor at Grupo GA230 since 2024 and held leadership positions at General Electric, where he managed Latin America operations. His career includes roles at United Technologies and UTC Otis Elevator.

In his new role, Pitel will oversee Array's operations in Brazil and Latin America, focusing on efficiency, compliance, and regional growth objectives. The appointment aligns with Array's strategy to expand its global footprint in providing tracker solutions for utility-scale solar energy projects.