Array Technologies, Inc. Stock Price, News & Analysis

ARRAY Technologies (ARRY) reported Q3 2024 financial results with revenue of $231.4 million and gross margin of 33.8%. The company posted a net loss of $155.4 million, including a $162 million non-cash goodwill impairment charge. Adjusted EBITDA reached $46.7 million, with adjusted gross margin at 35.4%. The company maintains a healthy orderbook of $2 billion, with over 20% representing OmniTrack™ orders. For full-year 2024, ARRAY expects revenue between $900-920 million, adjusted EBITDA of $170-180 million, and free cash flow of $100-115 million. The company anticipates adjusted gross margin of approximately 34% for the year.

ARRAY Technologies, Inc. (Nasdaq: ARRY) has announced the release date for its third quarter 2024 earnings report. The company will disclose its financial results after market close on Thursday, November 7th, 2024, followed by a conference call at 5:00 p.m. Eastern Time on the same day.

Interested parties can access the conference call via phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available for approximately three hours after the call. Additionally, a simultaneous webcast of the conference call will be accessible through the Investor Relations section of ARRAY's website at http://ir.arraytechinc.com.

ARRAY Technologies (NASDAQ: ARRY), a leader in utility-scale solar tracking, has launched a reusable packaging solution to replace traditional cardboard boxes with durable plastic casing. This innovation aims to reduce waste and support customers' sustainability goals. The new packaging offers several advantages:

1. Increased efficiency: More tracker components can be transported per bulk.
2. Reduced transportation: Fewer trucks required on-site.
3. Decreased labor: Less handling, receiving, and transportation work.
4. Long lifespan: 15 years of use across the supply chain.
5. Cost savings: Potential for significant reductions in packaging expenses.

ARRAY has already successfully deployed this concept on a recent project, garnering strong customer interest for future installations. The company is actively seeking additional customers to pilot this initiative and further analyze its potential savings and environmental impact.

ARRAY Technologies (NASDAQ: ARRY) is developing a 77-degree stow capability for its solar tracker systems, offering enhanced protection against hail and wind damage. This innovation, set to be available in early 2026, responds to the increasing need for risk management in the solar industry due to rising hail damage costs. Key features include:

1. The steepest protective hail stow angle globally
2. High-tilt angle stow in either direction, regardless of wind conditions
3. Integration with ARRAY's Hail Alert Response and Passive Wind Stow
4. Up to 5% energy gain compared to active stow trackers
5. Durability enhancements including new bearing housing and larger gear rack

This development builds on ARRAY's existing DuraTrack design and SmarTrack Hail Alert Response software, reinforcing the company's commitment to improving solar energy system resilience in hail-prone regions.

Array Technologies (NASDAQ: ARRY) reported strong Q2 2024 financial results, with revenue of $255.8 million and adjusted gross margin of 35.0%. The company's orderbook remains healthy at over $2 billion. However, due to project delays caused by market uncertainties, Array has reduced its full-year 2024 revenue outlook to $900 million - $1 billion. Adjusted EBITDA is expected to be $185 million - $210 million, with adjusted net income per share of $0.64 - $0.74. The company anticipates volume to be down compared to 2023, with declining ASP. Q3 2024 revenue is projected between $220 - $235 million. Despite short-term challenges, Array remains confident in its operational execution and long-term growth prospects.

Array Technologies (NASDAQ: ARRY) has launched SkyLink, a revolutionary PV-powered wireless tracker system for solar installations. This system enhances the capabilities of Array's DuraTrack® and OmniTrack™️ offerings with new features including:

1. Eight linked-row architecture with passive wind mitigation
2. PV string-powered brushless DC motors
3. Zigbee wireless communication
4. Suite of SmarTrack™ features

SkyLink is designed to maximize solar efficiency in extreme weather conditions and reduce costs. It operates independently from the grid, requiring zero trenching. Key benefits include extreme weather response, increased project savings, optimal backtracking, and flexible design. The system aims to support wider adoption of sustainable energy solutions by ensuring uninterrupted solar production during power grid disruptions and adverse weather.

Array Technologies (Nasdaq: ARRY) has announced the release date for its second quarter 2024 earnings report. The company will disclose its financial results after the market closes on Thursday, August 8th, 2024. Following the release, Array will host a conference call at 5:00 p.m. Eastern Time on the same day.

Investors can access the call by dialing (877)-869-3847 for domestic callers or (201)-689-8261 for international participants. A replay will be available until August 22, 2024, by calling (877)-660-6853 (domestic) or (201)-612-7415 (international) with passcode 13747649. Additionally, a simultaneous webcast will be accessible on the company's Investor Relations website.

Array Technologies (NASDAQ: ARRY), a leading provider of tracker solutions for utility-scale solar energy projects, has released its fourth annual ESG and sustainability disclosures. The company made significant progress towards its Environmental, Social, and Governance goals in fiscal year 2023.

Key highlights include:

• Increased renewably sourced electricity in operations to 31%, up from 25% the previous year
• Achieved a 27% reduction in total recordable incident rate (TRIR)
• Continued to reduce direct emissions intensity
• Made progress in recruiting diverse candidates for middle management roles
• Maintained strong compliance in business ethics and cybersecurity
• Enhanced supplier engagement to improve supply chain data and due diligence

CEO Kevin G. Hostetler emphasized the company's commitment to sustainability as a core part of its business strategy, focusing on positive economic impact and environmental performance.

On June 12, 2024, Kevin G. Hostetler, CEO of Array Technologies (NASDAQ: ARRY), testified before the Congressional Joint Economic Committee about the positive impact of the Inflation Reduction Act (IRA) on the U.S. solar manufacturing sector.

Hostetler highlighted Array's recent $50 million investment in a new manufacturing facility in Albuquerque, NM, which will employ 300 local residents. The facility will produce components for solar tracking technology, which enhances energy production by up to 25%.

Hostetler emphasized that the IRA's production tax credit has spurred significant growth in renewable energy and manufacturing jobs. The testimony also noted ongoing collaborations with educational institutions and partners to develop a skilled workforce and expand manufacturing capacity.

The IRA is anticipated to triple U.S. solar capacity by 2028, fostering long-term growth and stability in the renewable energy sector.