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
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.
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