Array Technologies, Inc.

What they do

Array designs and manufactures single-axis solar trackers, fixed-tilt systems, software platforms, foundation solutions and field services for utility-scale and distributed generation solar projects. Its flagship tracker uses a patented design in which one motor drives multiple rows of panels, and the core U.S. patent on that linked-row gear drive system runs to February 5, 2030. The portfolio also includes the dual-row STI H250 tracker added through the January 2022 STI acquisition and OmniTrack, introduced in September 2022. In August 2025 the company acquired APA, which designs and manufactures solar racking, mounting and foundation systems, for total consideration of approximately $185.4 million.

Revenue drivers

• Tracker systems — Single-axis tracker hardware and software are the core product, with the flagship multi-row design, the dual-row STI H250 and OmniTrack covering different site and terrain requirements. This is the largest part of the business, but the filings do not break out segment revenue.
• Foundation, racking and mounting (APA) — APA, acquired August 14, 2025 for approximately $185.4 million, adds solar racking, mounting and foundation systems and had roughly ten months of contribution in 2025. Management describes it as expanding the portfolio rather than a separate reported segment.
• Orderbook and backlog conversion — Array sells to developers and EPCs building utility-scale and distributed generation projects, so revenue depends on converting awarded orders and executed contracts into shipments. The company reported a record $2.5 billion orderbook at June 30, 2026, up 37% year over year.
• International tracker sales — Array sells globally through the STI (Spain) platform and formally launched DuraTrack D2S for international markets in the second quarter of 2026. The filings do not disclose geographic revenue splits.

Recent performance

Second quarter 2026 revenue was $342.1 million, up from $223.4 million in the first quarter of 2026 and $226.0 million in the fourth quarter of 2025. Gross margin was 29.1% (adjusted 30.8%), net income to common stockholders was $8.4 million, adjusted EBITDA was $63.3 million, and diluted EPS was $0.05. Full-year 2025 revenue was $1.28 billion with a net loss of $52.2 million and operating cash flow of $101.8 million, versus 2024 revenue of $915.8 million and a $240.4 million net loss. At June 30, 2026 the company reported total assets of $1.53 billion, total liabilities of $1.24 billion, cash of $307.3 million, long-term debt of $657.7 million and shareholder equity of negative $202.1 million.

Strategy

Array is broadening from trackers into a balance-of-system supplier, combining trackers, fixed-tilt, foundations, software and services. The company launched DuraTrack D2S for international markets and next-generation OmniTrack, which accommodates up to 2 degrees of slope change between adjacent posts, and in July 2026 announced 60-degree tracker capabilities and the ARRAY Atlas foundation-to-tracker suite. It also announced a pending acquisition of Affordable Wire Management (AWM), expected to close in the third quarter of 2026 subject to regulatory approvals and customary conditions, to add cable management and safety products. The APA acquisition is being integrated into the existing business, and management is targeting a more integrated, technically interoperable product set for utility-scale solar customers.

Risks

• APA integration — The 10-K states the company may be unable to integrate APA's business efficiently or achieve anticipated cost savings and synergies, with possible unknown or larger-than-expected liabilities and integration costs.
• Policy and incentive changes — The 10-Q cites the One Big Beautiful Bill Act and possible reduction, elimination or expiration of government incentives for solar, which could reduce demand for Array's products.
• Tariffs and trade policy — The 10-Q flags tariffs, changes in trade policy and interruption of materials from international vendors as risks to Array's supply chain and costs.
• Customer concentration and financing — The 10-K identifies loss of one or more significant customers, customer default, and reduced availability of tax equity or project debt capital as risks that could reduce demand for Array's products.

Outlook

Management reiterated full-year 2026 revenue guidance of $1.4 billion to $1.5 billion and raised the low end of adjusted EBITDA guidance to $210 million to $230 million, from $200 million to $230 million. Adjusted net income per share guidance is $0.68 to $0.75, previously $0.65 to $0.75, and full-year adjusted gross margin is expected at 27% to 28%. For the quarter ending September 30, 2026, the company guided revenue to $310 million to $330 million.