Logo

ARRY

Array Technologies, Inc.

ARRY

Array Technologies, Inc. • NASDAQ
$7.51 ▲ 0.27% (+0.02)
Market Cap $1.15 B
52w High $10.37
52w Low $3.76
Dividend Yield 0%
P/E -12.31
Volume 1.16M
Outstanding Shares 152.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $393.491M ▲ $52.248M ▲ $33.503M ▼ 8.514% ▼ $0.12 ▼ $60.659M ▼
Q2-2025 $362.243M ▲ $50.748M ▲ $43.262M ▲ 11.943% ▲ $0.19 ▲ $75.543M ▲
Q1-2025 $302.363M ▲ $49.144M ▼ $16.746M ▲ 5.538% ▲ $0.015 ▲ $40.886M ▲
Q4-2024 $275.232M ▲ $220.665M ▲ $-126.903M ▲ -46.108% ▲ $-0.93 ▲ $-128.196M ▲
Q3-2024 $231.406M $210.99M $-141.354M -61.085% $-1.02 $-136.888M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $221.516M ▼ $1.611B ▲ $1.207B ▲ $404.589M ▲
Q2-2025 $377.271M ▲ $1.542B ▲ $1.177B ▲ $365.295M ▲
Q1-2025 $348.324M ▼ $1.426B ▼ $1.102B ▼ $323.6M ▲
Q4-2024 $362.992M ▲ $1.426B ▼ $1.137B ▲ $288.835M ▼
Q3-2024 $332.372M $1.563B $1.106B $457.079M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $33.503M ▼ $27.363M ▼ $-170.429M ▼ $-12.742M ▼ $-155.667M ▼ $21.85M ▼
Q2-2025 $43.262M ▲ $43.841M ▲ $-6.631M ▼ $-11.051M ▼ $29.277M ▲ $37.21M ▲
Q1-2025 $16.746M ▲ $-13.059M ▼ $-2.352M ▲ $-1.725M ▼ $-14.648M ▼ $-15.411M ▼
Q4-2024 $-126.903M ▲ $57.586M ▲ $-15.981M ▼ $397K ▲ $31.769M ▼ $44.609M ▲
Q3-2024 $-141.354M $44.935M $10.897M $-8.097M $50.052M $43.858M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully from the early years but has become bumpy, with a strong surge in the middle of the period followed by a sharp step down most recently. Profitability has swung between profit and loss, showing that the business is very sensitive to project timing, pricing, and costs. Gross margins have improved versus the early post-IPO period, but operating and net results remain volatile and recently slipped back into losses. Overall, the income statement tells a story of a company with strong potential tied to the solar cycle, but with earnings that are not yet consistently stable or predictable.

Balance Sheet

Balance Sheet The balance sheet has strengthened compared with the early days after the IPO: the company moved from negative to positive equity and built up a more solid asset base. Cash levels have improved over time, giving the business a better cushion, even though they still sit alongside a meaningful amount of debt. Debt remains sizable relative to equity, so leverage is an ongoing consideration, especially in weaker earnings years. In short, the financial position is much healthier than at the start, but not yet in a low-risk, ultra-conservative zone.

Cash Flow

Cash Flow The cash flow picture is noticeably better than the accounting profits might suggest. After early years of cash burn, the company has generated positive operating cash flow for several years in a row, even in periods when reported earnings were weak or negative. Capital spending needs are modest, so most operating cash flow flows through to free cash flow. This indicates that the underlying business can produce cash in normal conditions, though that cash generation is still tied to project cycles and could come under pressure in prolonged downturns.

Competitive Edge

Competitive Edge Array holds a strong niche in utility-scale solar trackers, built around its DuraTrack system and long operating history. Its design uses fewer components and motors than many rivals, which can translate into lower installation and maintenance costs and fewer mechanical failures over the life of a project. Independent validation of system uptime and energy output supports its reputation for reliability, a key factor for large solar developers and their lenders. Patents on its core drive system, proven bankability, domestic-content capabilities, and scale from acquisitions give it a defensible position, though it still operates in a competitive and price-sensitive industry.

Innovation and R&D

Innovation and R&D Innovation is a clear emphasis: the company combines mechanical engineering (DuraTrack) with software (SmarTrack) that uses machine learning to squeeze more energy out of each site. Its software responds to terrain, weather, and diffuse light to optimize panel positioning, which can improve project economics without adding much hardware complexity. Ongoing R&D is expanding into hail and extreme-weather protection, grid-outage resilience (SkyLink), and automation of installation through robotics partnerships. A steady stream of patents, product extensions, and integration of acquired technologies suggests an active innovation engine focused on performance, reliability, and cost reduction for large solar projects.

Summary

Array is a technology-driven solar equipment company operating in a structurally growing sector, but with financial results that have been choppy. Revenue and margins have shown that the business is quite cyclical and exposed to swings in utility-scale solar demand, input costs, and project timing, with a notable setback in the most recent year. On the positive side, the balance sheet is stronger than early on, and cash generation has been healthier than the headline earnings would imply. Its competitive edge rests on patented tracker designs, proven reliability, smart optimization software, and an expanded global footprint from acquisitions. Key watch-points are its ability to stabilize margins, manage leverage in weaker years, and keep translating its strong innovation pipeline into steady, less volatile financial performance.

NEWS

November 21, 2025 · 8:00 AM UTC

AST SpaceMobile Announces BlueBird 6 Launch Date, the Largest Commercial Communications Array Ever Deployed in Low Earth Orbit

Read more

November 14, 2025 · 8:30 AM UTC

ARRAY Technologies, Inc. to Participate in Upcoming Events for the Investor Community

Read more

November 10, 2025 · 4:05 PM UTC

Array to attend Wells Fargo TMT Summit

Read more

November 7, 2025 · 7:30 AM UTC

Array Appoints Anthony Carlson President and CEO

Read more

October 16, 2025 · 4:05 PM UTC

ARRAY Technologies, Inc. Announces Third Quarter 2025 Earnings Release Date and Conference Call

Read more