Array Technologies, Inc. ARRY
We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic ("PV") sites. With solutions engineered to withstand harsh weather conditions, Array's high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project.
Our principal products are a portfolio of integrated solar tracking systems comprised of software and hardware that include, for example, component parts such as steel tubing, steel supports, drivelines, center structures, electric motors, motor controller assemblies, bearing assemblies, gearboxes and electronic controllers commonly referred to as a single-axis "tracker." Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers typically generate more energy and deliver a lower Levelized Cost of Energy ("LCOE") than projects that use "fixed tilt" mounting systems, which are stationary. The vast majority of ground mounted solar systems in the U.S. use trackers; however, there are certain situations where fixed-tilt solutions are preferred.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- U.S.
- Spain
- Brazil
- Australia
- Remainder
| Region | FY2025 | FY2023 |
|---|---|---|
| U.S. | $1.04B | $1.17B |
| Spain | $141.0M | $99.2M |
| Brazil | $60.7M | $257.9M |
| Australia | $23.8M | $20.8M |
| Remainder | $17.2M | $32.5M |
As the company reported it, from the “Segment and Geographic Information - Schedule of Revenue from External Customers by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- Array Legacy Operations
- STI Operations
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Array Legacy Operations | $1.07B | $661.6M | $1.17B |
| STI Operations | $213.7M | $254.2M | $403.7M |
As the company reported it, from the “Segment and Geographic Information - Schedule of Segment Reporting Information, by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $915.8M | $1.58B | $1.64B | $853.3M | $872.7M | $647.9M | $290.8M | — |
| Cost of revenue | $985.6M | $618.1M | $1.16B | $1.42B | $785.0M | $669.9M | $497.1M | $279.2M | — |
| Gross profit | $298.6M | $297.7M | $415.6M | $212.7M | $68.3M | $202.8M | $150.8M | $11.6M | — |
| R&D | $9.9M | $6.7M | $8.5M | $4.2M | — | — | — | — | — |
| SG&A | $198.6M | $160.6M | $159.5M | $150.8M | $81.0M | $55.6M | $41.2M | $46.9M | — |
| Total operating expenses | $327.5M | $524.7M | $201.4M | $230.9M | $93.0M | $107.6M | $67.4M | $72.8M | — |
| Operating income | -$29.0M | -$227.0M | $214.1M | -$18.1M | -$24.7M | $95.2M | $83.4M | -$61.2M | — |
| Interest expense | $27.3M | $34.8M | $44.2M | $36.7M | $35.7M | $15.1M | $18.8M | $19.0M | — |
| Pre-tax income | -$29.2M | -$250.6M | $177.2M | -$5.0M | -$61.1M | $77.8M | $64.6M | -$80.7M | — |
| Income tax | $23.0M | $10.2M | $39.9M | $9.4M | $10.7M | $18.7M | $24.8M | $19.9M | — |
| Net income | -$52.2M | -$240.4M | $137.2M | $4.4M | -$50.4M | $59.1M | $39.7M | -$60.8M | — |
| EPS, basic | -0.73 | -1.95 | 0.57 | -0.29 | -0.51 | 0.49 | 0.33 | -0.51 | — |
| EPS, diluted | -0.73 | -1.95 | 0.56 | -0.29 | -0.51 | 0.49 | 0.33 | -0.51 | — |
| Shares, diluted (wtd. avg.) | 152.5M | 151.8M | 152.0M | 149.8M | 130.0M | 120.0M | 120.0M | 120.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $244.4M | $363.0M | $249.1M | $133.9M | $367.7M | $108.4M | $361.3M | $40.8M | $8.1M |
| Receivables | $271.6M | $275.8M | $332.2M | $421.2M | $236.0M | $118.7M | $96.3M | — | — |
| Inventory | $150.4M | $200.8M | $162.0M | $233.2M | $205.7M | $118.5M | $148.0M | — | — |
| Total current assets | $869.0M | $998.7M | $832.3M | $831.2M | $852.0M | $375.2M | $619.7M | — | — |
| Property, plant and equipment | $58.2M | $26.2M | $27.9M | $23.2M | $10.7M | $9.8M | $10.7M | — | — |
| Goodwill | $135.2M | $160.2M | $435.6M | $416.2M | $69.7M | $69.7M | $69.7M | — | — |
| Other intangibles | $238.6M | $181.4M | $354.4M | $386.4M | $174.8M | $198.3M | $223.5M | — | — |
| Total assets | $1.45B | $1.43B | $1.71B | $1.71B | $1.14B | $656.0M | $923.6M | — | — |
| Accounts payable | $144.0M | $172.4M | $119.5M | $170.4M | $92.0M | $82.8M | $129.6M | — | — |
| Short-term debt | $10.3M | $30.7M | $21.5M | $38.7M | $4.3M | $4.3M | $55.9M | — | — |
| Total current liabilities | $377.0M | $437.8M | $335.7M | $465.3M | $245.3M | $289.1M | $590.6M | — | — |
| Long-term debt | $658.7M | $646.6M | $660.9M | $720.4M | $711.1M | $424.0M | $0 | — | — |
| Total liabilities | $1.19B | $1.14B | $1.10B | $1.28B | $974.7M | $736.9M | $618.4M | — | — |
| Retained earnings | -$422.9M | -$370.6M | -$130.2M | -$267.5M | -$271.9M | -$221.5M | — | — | — |
| Total equity | -$206.3M | -$118.1M | $259.2M | $124.3M | -$69.2M | -$80.9M | $305.2M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $101.8M | $154.0M | $232.0M | $141.5M | -$263.2M | -$122.2M | $386.1M | -$11.7M | — |
| Depreciation and amortisation | $6.1M | $4.4M | $2.6M | $2.4M | $2.4M | $27.5M | $27.3M | $28.4M | — |
| Stock-based compensation | $15.6M | $10.3M | $14.5M | $15.0M | $13.8M | $4.8M | $799.0K | $0 | — |
| Capital expenditure | $22.0M | $7.3M | $17.0M | $10.6M | $3.4M | $1.3M | $1.7M | $2.1M | — |
| Investing cash flow | -$187.9M | -$9.6M | -$16.8M | -$384.4M | -$15.3M | -$1.3M | -$1.7M | -$6.4M | — |
| Financing cash flow | -$38.1M | -$11.8M | -$101.8M | $8.4M | $537.7M | -$129.3M | -$63.9M | $50.9M | — |
| Dividends paid | — | — | — | — | $8.1M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013682.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $290.8M | $647.9M | $872.7M | $853.3M | $1.64B | $1.58B | $915.8M | $1.28B |
| Gross profit | — | $11.6M | $150.8M | $202.8M | $68.3M | $212.7M | $415.6M | $297.7M | $298.6M |
| Net income | — | -$60.8M | $39.7M | $59.1M | -$50.4M | $4.4M | $137.2M | -$240.4M | -$52.2M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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