Array Technologies, Inc. Earnings Recaps
Q1 2026
May 11, 2026
Array Technologies’ shares rose modestly by 1.9% following Q1 results that showed stable revenue and margin improvement driven by execution and volume gains, but the market reaction indicates cautious optimism rather than enthusiasm amid offsetting factors such as lower average selling prices.
Key takeaways
- Q1 revenue held steady at $223 million despite a 15% quarter-over-quarter volume increase, reflecting a shift toward lower average selling prices due to project mix.
- Adjusted gross margin improved significantly to 30.7%, aided by execution initiatives and a one-time benefit of over 300 basis points.
- Adjusted EBITDA increased sequentially by $18 million to $29 million, supporting margin expansion.
- Record order book of $2.4 billion, sustaining a roughly 2x book-to-bill ratio for a second consecutive quarter and a 12-month trailing book-to-bill of 1.3x.
- Company advanced on strategic priorities including international expansion with new contracts in Turkey, Peru, and Colombia, and product innovation with the launch of the DuraTrack D2S for international markets.
Q3 2025
Nov 6, 2025
Array Technologies reported a robust third quarter in 2025, achieving $393 million in revenue—a 70% year-over-year increase—thanks to strong volume growth and the successful APA acquisition.
Key takeaways
- Revenue growth driven by a 56% increase in volume and a $17 million contribution from the APA acquisition.
- Adjusted EBITDA reached $72 million, marking the second highest quarter on record.
- Order book rose to $1.9 billion, with a book-to-bill ratio exceeding 1, indicating strong future demand.
- New product offerings, including OmniTrack and Skylink, account for nearly 40% of the current order book.
- Integration of APA is progressing well, with a unified sales strategy enhancing customer offerings.