Array Technologies, Inc.

Overview

Array Technologies designs and manufactures single-axis solar trackers: the steel structures, motors, and controls that rotate rows of photovoltaic panels east to west to follow the sun across the day. Tracking raises a plant's energy yield over fixed-tilt mounting, which is why utility-scale developers pay for it. Array is headquartered in Albuquerque, New Mexico, was founded in 1989 by Ron Corio, and has traded on the Nasdaq under the ticker ARRY since its October 2020 initial public offering (IPO) at $22 per share. Since 2025 the product line has widened beyond trackers into fixed-tilt racking and engineered foundations.

This is a steel-and-motors hardware business, and its results swing with the timing of US solar projects, steel costs, and federal incentives. Array is one of the two largest Western tracker makers alongside Nextpower (formerly Nextracker, rebranded November 2025; NASDAQ: NXT).

Over the last four years the business ran a full cycle: a 2022 margin collapse, a 2024 demand air-pocket that cut revenue to $915.8M, then a 40% rebound in 2025 to $1.28B (GAAP) with a record $2.2B orderbook.

Array reports it passed 100 GW of cumulative tracker shipments in June 2026, across more than 30 countries. That volatility around steady long-run growth is the recurring theme in the sections below.

Products & Technology

Array's defining choice is architectural. Its flagship DuraTrack is a linked-row design: one drive motor articulates many rows through a mechanical driveline, linking up to 32 rows off a single drive (company figures). Nextpower's competing NX Horizon takes the opposite approach, giving each row its own motor and controller.

The standard industry view of the trade-off runs like this. Linked-row lowers component count and cost per row, because one motor and controller serve many rows, and it has historically been less flexible on undulating terrain. Independent-row flexes better to slopes and uneven ground at the cost of more motors and controllers per site. Array markets terrain-following variants to close that gap, described below.

Array states its linked-row architecture uses "167 times fewer components" than independent-row systems and that it can supply trackers meeting "100% domestic content" for US projects under Treasury guidance (both company marketing claims).

Business Segments & Acquisitions

Array reports two segments. Array Legacy Operations is the Americas tracker business and the larger of the two, at roughly 72% of 2024 revenue and about 81% of revenue over the first nine months of 2025. STI Norland is the Spanish tracker maker Array acquired in January 2022 for about €570M (roughly $652M), with strong positions in Iberia, Latin America (notably Brazil), and Europe.

In 2025 Array bought APA Solar, an Ohio maker of engineered foundations and fixed-tilt racking, for an enterprise value of about $179M (closed in the third quarter of 2025). The logic is to sell integrated tracker-plus-foundation systems and reach parts of the market Array did not serve before. Array says the deal widens its total addressable market (TAM) by roughly 40% (company claim).

To support its US manufacturing, Array broke ground on its own tracker plant in New Mexico in April 2024 and sources structural steel through supply partnerships, including with Lock Joint Tube and Steel Dynamics. Array has not acquired a steel mill. Separately, the company is phasing out the STI H250 product, which drove the $29.5M inventory charge recorded in FY2025.

The 2022–2024 Turbulence and Recovery

Array's recent history runs through a full cycle: margin collapse, recovery, demand shock, and rebound. It explains the business better than any single year's results.

The collapse came in 2022. Steel and freight inflation hit fixed-price contracts the company had already signed, and full-year gross margin fell to about 9.7% from 23.2% the year before. Kevin Hostetler took over as chief executive officer (CEO) from Jim Fusaro, effective April 2022, during the worst of it.

Margins recovered sharply in 2023, helped by the US Inflation Reduction Act (IRA) and its Section 45X advanced manufacturing tax credits, which apply to components such as torque tubes and fasteners and lowered Array's effective cost of US-made hardware.

Then 2024 brought a demand air-pocket. Revenue fell to $915.8M from about $1.6B in 2023 as US project delays (interconnection queues, transformer and breaker shortages), policy and tariff uncertainty, higher interest rates, and headwinds in Brazil cut volumes. Array cut guidance during the year, though gross margin held up better than it had in 2022.

The rebound came in 2025: revenue up 40% and a record $2.2B orderbook. Array's top line can move a long way in a single year on factors largely outside its control, a pattern that continues into 2026.

Financial Performance

FY2025 revenue was $1,284.1M (GAAP), up 40% from $915.8M in FY2024. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, non-GAAP) was $187.6M, the second-highest annual total in the company's history, behind 2023's $288.1M.

The headline result needs the GAAP-versus-adjusted distinction stated plainly. Array reported a GAAP net loss attributable to common stockholders of $112.0M, or ($0.73) per diluted share (the statement-level net loss was $52.2M; the difference is preferred dividends and accretion). That loss is driven by a $102.6M non-cash goodwill impairment and a $29.5M inventory charge tied to phasing out the STI H250 product. On an adjusted (non-GAAP) basis, net income was positive at $102.9M, or $0.67 per share. GAAP gross margin fell to 23.2% (from 32.5% in FY2024); adjusted gross margin was 27.0% on a non-GAAP basis. The impairment is a non-cash write-down of acquisition goodwill, so the GAAP loss overstates the year's operating weakness; the adjusted figures, which exclude it, are positive.

Array ended the year with a record orderbook of $2.2B (executed contracts plus awarded orders), roughly $244M in cash, and free cash flow of about $79.8M. Management guided FY2026 to revenue of $1.4–1.5B and adjusted EBITDA of $200–230M (company projections). The volatility runs into the new year: Q1 2026 revenue came in around $223M, down about 26% year over year, even as the orderbook rose to a record $2.4B (about 95% domestic by the company's account), a reminder that quarterly revenue still swings on project timing even with a large orderbook behind it.

Leadership

Kevin Hostetler is CEO, in the role since April 2022; he previously ran the flow-control engineering firm Rotork. H. Keith Jennings was appointed chief financial officer (CFO) in December 2024, effective January 2025, having previously served as CFO of oilfield-services company Weatherford. Founder Ron Corio, who began building solar trackers in 1989 and is described in the industry as a pioneer of solar tracking, now sits on the board.

Competitive Position

Nextpower is the largest tracker maker globally by shipments. Array is one of the largest tracker manufacturers worldwide and the leading US-headquartered maker after Nextpower, though its exact rank depends on the methodology. Wood Mackenzie's 2024 shipments data placed China's Arctech ahead of Array, with Array around third in the US market by shipments. A separate Wood Mackenzie scored leaderboard, published in February 2026, ranked Array third globally. The two measures differ: one counts shipment volume, the other scores companies across a broader set of criteria.

Array's main competitors are Nextpower, Arctech, GameChange Solar, PV Hardware (part of Gonvarri), Soltec, and Trina Tracker. Array's main differentiators are its US domestic-content positioning under IRA Section 45X, the cost structure of its linked-row architecture, and the foundations and fixed-tilt racking added through APA Solar.

Strategy & Outlook

Array's strategy rests on its US manufacturing and domestic-content position, which the IRA's 45X credits reward, against a US demand backdrop supported by data-center power needs (context, not an Array disclosure). Internationally, STI Norland gives the company exposure to Iberia, Latin America, and Europe. The product roadmap widens the addressable market through terrain-following (OmniTrack), wireless installation (SkyLink), the international dual-row DuraTrack D2S, and the APA foundations and fixed-tilt lines.

The orderbook gives forward visibility: $2.2B at the end of FY2025, with a book-to-bill ratio near 2x in the fourth quarter. The task now is converting that orderbook into steady revenue against a demand backdrop that has proven volatile, while competing with a larger Nextpower that ships roughly double Array's tracker volume.

Key Considerations

Revenue volatility. Array's top line swings hard on project timing. The 2024 air-pocket cut revenue by more than 40%, and Q1 2026 revenue fell about 26% year over year. A record $2.2B orderbook gives visibility, though it is not the same as steady revenue, and the company's history shows how quickly volumes can move.

Policy dependence and competition. Array relies heavily on US incentives: IRA Section 45X manufacturing credits, the investment tax credit (ITC), and domestic-content rules that favor US-made hardware. Much of the company's profitability depends on those credits, which carries live policy risk if the rules change after 2025. On price, Chinese suppliers continue to pressure the market; Arctech ranked ahead of Array on 2024 shipments.

Margin quality and write-down risk. GAAP gross margin fell to 23.2% in FY2025, and a meaningful share of reported profitability depends on 45X credits and non-GAAP add-backs. The $102.6M goodwill impairment and $29.5M inventory charge are recent, concrete evidence of write-down risk in the business. Array also has to integrate APA Solar and keep pace with a larger, faster-moving Nextpower.

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