Array Technologies Inc

arraytechinc.com

What Do They Do?

Sells solar trackers, fixed-tilt systems, and foundation solutions to solar developers and power producers, utilities, and solar construction firms.

How Do They Make Money?

Solar project customers pay for tracker systems and related services through project contracts. Most project amounts are billed as work progresses, generally alongside shipments of project phases; standalone components are sold in batches, with each sale completed on delivery.

revenue

Segment	Share	Revenue	How money arrives
Array U.S. Operations Recurring	83% FY2022: 77%		Recurring
STI Operations Recurring	17% FY2022: 23%		Recurring

Who Are Their Customers?

Sells directly to solar developers and independent power producers, utilities, and solar construction firms, often under master supply agreements or multi-year procurement contracts.

Customers above 10% of revenue, FY2025

of revenue from two customers (14%, 12%)

FY2023: 13% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $52.2M in FY2025, but brought in more cash than it spent: $79.8M of free cash flow.

Operating income, FY2025

−2% of revenue

▼ −87% (Loss) vs FY2024 (−$227M, −25%)

Net income, FY2025

−4% of revenue

▼ −78% (Loss) vs FY2024 (−$240.4M, −26%)

Free cash flow, FY2025

6% of revenue

▼ −46% vs FY2024 ($146.7M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −6%; vs $362.2M in Q2 FY2025
Net income: ▼ −44%; vs $43.3M in Q2 FY2025

Array Legacy Operations share of revenue vs 80.6% in Q2 FY2025

Aug 31, 2026 Completes acquisition of Affordable Wire Management Paid approximately $165 million in cash, net of customary adjustments.
Aug 5, 2026 Raises 2026 adjusted earnings guidance Adjusted earnings per share rose to $0.68–$0.75 from $0.65–$0.75; adjusted EBITDA rose to $210 million–$230 million from $200 million–$230 million.

Growing. Revenue grew 50% in 4 years, from $853.3M in FY2021 to $1.3B in FY2025, about 11% a year.

Broader project equipment The older report centers on solar trackers; the latest adds fixed-tilt racking and foundation systems through APA, extending the product range to more of a solar project's mounting and support equipment.

Revenue over time

Array U.S. Operations STI Operations

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Nextpower, PV Hardware, GameChange Solar, UNIRAC, and Terrasmart

Comments