Array Technologies, Inc. (ARRY) Financial Statements

Array Technologies, Inc.

ARRY · Nasdaq

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Total Revenue	$1.28B	$915.81M	$1.58B	$1.64B	$853.32M	$872.66M	$647.90M	$290.78M
Cost of Revenue	$985.59M	$618.13M	$1.16B	$1.42B	$785.02M	$669.86M	$497.14M	$279.23M
Gross Profit	$298.55M	$297.68M	$415.55M	$212.72M	$68.30M	$202.80M	$150.76M	$11.55M
Research & Development	$9.90M	$6.70M	$8.50M	$4.20M	—	—	—	—
Selling, General & Administrative	$198.61M	$160.57M	$159.53M	$150.78M	$80.97M	$55.63M	$41.21M	$46.88M
Operating Expenses	$327.55M	$524.68M	$201.43M	$230.85M	$93.04M	$107.59M	$67.35M	$72.76M
Operating Income	-$29.00M	-$227.00M	$214.12M	-$18.13M	-$24.74M	$95.21M	$83.41M	-$61.21M
Interest Expense	—	—	$44.23M	$36.69M	$35.68M	$15.13M	$18.80M	$19.04M
Other Income / (Expense)	-$222.00K	-$23.57M	-$36.97M	$13.18M	-$36.38M	-$17.43M	-$18.83M	-$19.49M
Income Before Taxes	-$29.22M	-$250.58M	$177.16M	-$4.95M	-$61.12M	$77.78M	$64.58M	-$80.70M
Provision for Income Taxes	$23.02M	-$10.18M	$39.92M	-$9.38M	-$10.72M	$18.70M	$24.83M	-$19.93M
Net Income	-$52.23M	-$240.39M	$137.24M	$4.43M	-$50.40M	$59.07M	$39.74M	-$60.76M
Basic EPS	-$0.73	-$1.95	$0.57	-$0.29	-$0.51	$0.49	$0.33	-$0.51
Diluted EPS	-$0.73	-$1.95	$0.56	-$0.29	-$0.51	$0.49	$0.33	-$0.51
Basic Shares Outstanding	152.54M	151.75M	150.94M	149.82M	129.98M	121.47M	119.99M	119.99M
Diluted Shares Outstanding	152.54M	151.75M	152.02M	149.82M	129.98M	121.51M	119.99M	119.99M

Analyst Estimates

Period	Consensus EPS	Low	High	Estimates	Revisions
Dec 2026	$0.64	$0.59	$0.78	7	↑0 ↓0
Dec 2027	$0.77	$0.57	$0.96	7	↑0 ↓0
Dec 2028	$0.93	$0.81	$1.24	4	↑0 ↓0
Dec 2029	$0.59	$0.59	$0.59	1	↑0 ↓0

Forward estimates are the sell-side consensus reported by Nasdaq, not a metir forecast.

Symbol: ARRY
Type: Stock
Sector: Technology
Industry: Semiconductors
Country: North America
Exchange: Nasdaq

ARRAY Technologies (NASDAQ: ARRY) is 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 sites. With solutions engineered to withstand harsh weather conditions, ARRAY's high-quality solar trackers, fixed-tilt systems, software platforms, foundation and other balance-of-system solutions, and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world.

Key Issues

Bullish view

The bullish case is that Array’s higher FY2025 revenue and exposure to utility-scale solar and broader electrification demand can support improved cash generation as project activity scales.

Bearish view

UBS downgraded the shares to Neutral from Buy specifically because of cash-flow concerns, indicating that revenue growth has not yet resolved near-term liquidity or conversion risks.

Analyst Consensus

See all

Hold

22 analysts

Current

—

Low

Average

—

High

Average target implies +113.03% versus the current price.

Earnings History

BeatMissNo estimate

Peers

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