ARRAY Technologies Reports Fourth Quarter and Full Year 2024 Financial Results with $915.8 Million in Revenue and Strategic Growth Initiatives

ARRAY Technologies reported Q4 2024 revenue of $275.2 million, adjusted EBITDA of $45.2 million, and a net loss of $141.2 million.

Quiver AI Summary

ARRAY Technologies, a leader in solar tracking technology, reported its financial results for the fourth quarter and full year of 2024, highlighting a revenue of $275.2 million for the fourth quarter and $915.8 million for the full year, with gross margins of 28.5% and 32.5% respectively. The company incurred a significant net loss to common shareholders, totaling $(141.2) million in the fourth quarter, largely attributed to non-cash impairment charges related to its 2022 acquisition of STI. Adjusted EBITDA for the fourth quarter was $45.2 million, and adjusted net income per diluted share stood at $0.16. Looking ahead, ARRAY anticipates revenue growth of over 20% year-over-year for 2025, projecting first-quarter revenues between $260 million and $270 million. Despite facing operational challenges such as permitting delays and labor shortages in the U.S., ARRAY remains optimistic about future demands for utility-scale solar energy. The company ended 2024 with an order book valued at $2.0 billion, demonstrating strong market traction and a commitment to enhancing product efficiency through innovative technologies.

Potential Positives

• ARRAY reported a significant increase in adjusted gross margin to 34.1% for the full year 2024, indicating improved operational efficiency.
• The company finished 2024 with a robust order book of $2 billion, reflecting a 10% year-on-year growth in executed contracts and awarded orders.
• ARRAY achieved an adjusted EBITDA of $173.6 million for the full year 2024, highlighting solid profitability amidst challenging market conditions.
• For 2025, ARRAY expects over 20% year-on-year revenue growth, demonstrating optimism about future demand in the utility-scale solar energy market.

Potential Negatives

• Significant net losses to common shareholders of $(141.2) million for Q4 2024 and $(296.1) million for the full year, indicating financial distress.
• Inclusion of a $74.0 million non-cash goodwill impairment charge and a $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 acquisition, suggesting a potential overvaluation of past acquisitions.
• Adjusted net income per diluted share decreased to $0.16 for Q4 2024 and $0.60 for the full year 2024, both lower compared to previous periods, raising concerns about profitability trends.

FAQ

What were ARRAY Technologies' fourth quarter 2024 revenue figures?

ARRAY Technologies reported revenue of $275.2 million for the fourth quarter of 2024.

How did ARRAY perform financially for the full year 2024?

For the full year 2024, ARRAY Technologies achieved revenue of $915.8 million and a net loss of $296.1 million.

What impact did the STI acquisition have on ARRAY's financial results?

The STI acquisition contributed to ARRAY's financial results, including a non-cash goodwill impairment charge of $236 million in 2024.

What is ARRAY's revenue guidance for the first quarter of 2025?

ARRAY anticipates revenue between $260 million and $270 million for the first quarter of 2025.

What are ARRAY's growth expectations for 2025?

ARRAY expects over 20% year-over-year revenue growth for 2025, despite market headwinds.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$ARRY Insider Trading Activity

$ARRY insiders have traded $ARRY stock on the open market 4 times in the past 6 months. Of those trades, 4 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $ARRY stock by insiders over the last 6 months:

• KEVIN G. HOSTETLER (Chief Executive Officer) has made 3 purchases buying 14,430 shares for an estimated $100,037 and 0 sales.
• NEIL MANNING (President & COO) purchased 5,700 shares for an estimated $29,697

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$ARRY Hedge Fund Activity

We have seen 115 institutional investors add shares of $ARRY stock to their portfolio, and 197 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• SOURCEROCK GROUP LLC removed 7,433,751 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $44,899,856
• GOLDMAN SACHS GROUP INC removed 5,282,916 shares (-69.9%) from their portfolio in Q4 2024, for an estimated $31,908,812
• UBS GROUP AG added 5,036,628 shares (+294.1%) to their portfolio in Q4 2024, for an estimated $30,421,233
• ACK ASSET MANAGEMENT LLC removed 4,282,000 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $28,261,200
• POINT72 ASSET MANAGEMENT, L.P. added 3,466,947 shares (+inf%) to their portfolio in Q4 2024, for an estimated $20,940,359
• GRANTHAM, MAYO, VAN OTTERLOO & CO. LLC added 3,020,200 shares (+37.1%) to their portfolio in Q4 2024, for an estimated $18,242,008
• ASSENAGON ASSET MANAGEMENT S.A. added 2,936,304 shares (+2469.8%) to their portfolio in Q4 2024, for an estimated $17,735,276

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

Fourth Quarter 2024 Financial Highlights

• 
  Revenue of $275.2 million
  


• 
  Gross Margin of 28.5%
  


• 
  Adjusted gross margin
  
  ⁽¹⁾
  
  of 29.8%
  


• 
  Net loss to common shareholders of $(141.2) million
  
  
  
  • 
    Net loss to common shareholders inclusive of $74.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
    
  
  
  
  


• 
  Adjusted EBITDA
  
  ⁽¹⁾
  
  of $45.2 million
  


• 
  Net loss per basic and diluted share of $(0.93)
  


• 
  Adjusted net income per diluted share
  
  ⁽¹⁾
  
  of $0.16
  

Full Year 2024 Financial Highlights

• 
  Revenue of $915.8 million
  


• 
  Gross Margin of 32.5%
  


• 
  Adjusted gross margin
  
  ⁽¹⁾
  
  of 34.1%
  


• 
  Net loss to common shareholders of $(296.1) million
  
  
  
  • 
    Net loss to common shareholders inclusive of $236.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
    
  
  
  
  


• 
  Adjusted EBITDA
  
  ⁽¹⁾
  
  of $173.6 million
  


• 
  Net loss per basic and diluted share of $(1.95)
  


• 
  Adjusted net income per diluted share
  
  ⁽¹⁾
  
  of $0.60
  


• 
  Free cash flow
  
  ⁽¹⁾
  
  of $135.4 million
  


• 
  Total executed contracts and awarded orders at December 31, 2024 were $2.0 billion
  

ALBUQUERQUE, N.M., Feb. 27, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a global leader in utility-scale solar tracking, today announced financial results for its fourth quarter and full year ended December 31, 2024.

“ARRAY delivered strong fourth quarter and full year 2024 results, we exceeded the mid-point of our fourth quarter revenue guidance and achieved record gross margin on the full year. Our ongoing focus on operational execution continues to translate into robust profitability and healthy cash flow. We finished 2024 with an orderbook of $2 billion, representing 10% year-on-year growth. We are pleased with our results, which delivered significant progress in both market share and commercial growth. Thank you to our employees for their continued focus and hard work. Additionally, we are on track to deliver 100% domestic content solar trackers by the first half of 2025. Our OmniTrack™ product continues to gain traction in the market, and now accounts for over 20% of our orderbook. We are excited about our investment in Swap Robotics, a disruptive technology driving automation in PV installations. We believe the integration of Swap Robotics technology into our product portfolio will drive project efficiencies and cost savings for our customers,” said Chief Executive Officer, Kevin G. Hostetler.

Mr. Hostetler continued, “While persistent headwinds, including permitting and interconnection delays, shortages of high-voltage circuit breakers and transformers, and labor constraints—continue to impact project timelines in the United States, we experienced the market stabilizing by year-end, in contrast to the delays experienced in the middle of the year. In Europe, we anticipate modest growth in 2025 as we are well positioned to capture additional market share. However, in Brazil, macro factors such as currency devaluation, volatile interest rates, and newly introduced tariffs on solar components have impacted growth. For 2025, at the midpoint of our guidance, ARRAY expects to deliver over 20% year-over-year revenue growth. We are optimistic about future demand growth for utility-scale solar energy both domestically and internationally and confident that our value proposition in the industry will continue to propel growth for years to come.”

First Quarter and Full Year 2025 Guidance

Given the uncertainty in the utility-scale solar energy market and headwinds we experienced during 2024 which pushed out project timelines, we are providing guidance for the first quarter of 2025. It is not our intention to provide quarterly guidance in the future. For the quarter ending March 31, 2025, the Company expects:

• 
  Revenue to be in the range of $260 million to $270 million
  


• 
  Adjusted EBITDA margin
  
  ⁽²⁾
  
  to be in the range of 11% to 13%
  

For the year ending December 31, 2025, the Company expects:

• 
  Revenue to be in the range of $1.05 billion to $1.15 billion
  


• 
  Adjusted EBITDA
  
  ⁽²⁾
  
  to be in the range of $180 million to $200 million
  


• 
  Adjusted net income per share
  
  ⁽²⁾
  
  to be in the range of $0.60 to $0.70
  

Supplemental Presentation and Conference Call Information

ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (February 27, 2025) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international) and entering the passcode 13750627 or via webcast of the live conference call by logging onto the Investor Relations sections of the Company’s website at


http://ir.arraytechinc.com


. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international) with the passcode 13750627. The replay will be available until 11:59 p.m. (ET) on March 13, 2025. The online replay will be available for 30 days on the same website immediately following the call.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms 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. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:



Keith Jennings


505-437-0010




investors@arraytechinc.com

Media Contact:



Nicole Stewart


505-589-8257

Forward-Looking


Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “anticipates,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.

ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or rate of growth in demand for solar energy projects; competitive pressures within our industry; factors affecting viability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea, conflict in the Middle East, and inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act or any repeal thereof; and the other risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website, www.arraytechinc.com.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP


Financial


Information

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.

We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and (ii) other costs if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax (benefit) expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) impairment of long-lived assets, (xii) goodwill impairment, (xiii) certain legal expenses, and (xiv) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) preferred accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) impairment of long-lived assets, (viii) goodwill impairment, (ix) certain legal expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity based compensation, (ii) certain legal expenses, (iii) other costs and (iv) income tax expense adjustments. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment and cash payments for the acquisition of right-of-use assets.

A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this presentation. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.

You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.

⁽¹⁾

A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.



⁽²⁾

A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 outlook, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

The following table reconciles Gross profit to Adjusted gross profit:

The following table reconciles Net income to Adjusted EBITDA: