Array Technologies, Inc. (ARRY) develops, manufactures, and provides solar tracking solutions and complementary products for customers both within the United States and ...
Array Technologies, Inc. is a global provider of solar photovoltaic mounting and tracking technology, with a particular focus on utility-scale solar farms. Founded in 1989 and headquartered in Albuquerque, New Mexico, the company has developed from a U.S. manufacturing operation into an international renewable-energy equipment supplier. Its products are intended ...Array Technologies, Inc. is a global provider of solar photovoltaic mounting and tracking technology, with a particular focus on utility-scale solar farms. Founded in 1989 and headquartered in Albuquerque, New Mexico, the company has developed from a U.S. manufacturing operation into an international renewable-energy equipment supplier. Its products are intended to help solar-project developers and owners increase electricity generation without proportionally increasing the amount of land, modules, or other project infrastructure required.
The company’s principal product is the DuraTrack HZ v3, a horizontal single-axis tracking system. Rather than keeping solar modules fixed, a tracker rotates panels during the day to follow the sun. This can improve the energy yield of a project compared with fixed-tilt mounting, although the benefit depends on location, weather, module configuration, financing assumptions, and operating conditions. Array also provides SmarTrack, an intelligent software platform designed to determine optimal tracker alignment in real time. The software is intended to account for changing conditions and improve system output while supporting project monitoring and operational decision-making. Array’s broader portfolio includes fixed-tilt systems and complementary products and services used in utility-scale and distributed-generation installations.
From a customer perspective, important purchasing considerations include total installed cost, installation speed, reliability, terrain adaptability, mechanical durability, long-term maintenance requirements, warranty support, and compatibility with photovoltaic modules, inverters, electrical systems, and civil works. The bill of materials for a tracker project generally includes structural steel, torque tubes, bearings, drive mechanisms, motors, controllers, fasteners, wiring, communications equipment, and software. Costs are therefore exposed to steel and other commodity prices, freight, labor, tariffs, foreign-exchange movements, and supply-chain availability. Array’s value proposition is based on reducing balance-of-system costs, simplifying installation, improving energy yield, and supporting dependable long-term operation.
The company is led by Chief Executive Officer Kevin G. Hostetler, who became CEO in April 2022 and has extensive global industrial-business leadership experience. Array became a publicly traded company on October 15, 2020. Based on the supplied trailing-twelve-month information, the company had approximately $1.30 billion of enterprise value and an approximately $854 million market capitalization at the quoted snapshot. The same data showed about 24.3% gross margin, negative net margin of approximately 7.2%, negative return on equity, and positive free cash flow. These figures indicate that the business can generate cash while still facing profitability pressure and a meaningful financing burden. The quoted price was $5.55, although market values change continuously.
Array’s longer-term opportunity is tied to continued global solar deployment, demand for higher energy yield, and the need to lower the total cost of utility-scale photovoltaic generation. Key risks include intense competition, project delays, customer concentration, volatile raw-material costs, tariffs and trade restrictions, interest rates, policy changes, technology substitution, and the possibility that lower solar-project returns reduce tracker demand. Overall, Array is best characterized as an energy-equipment and solar-technology company whose growth depends on the expansion of photovoltaic capacity and its ability to deliver reliable tracking systems at competitive lifecycle cost.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.3B
+40.2%
+53.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-52.2M
+78.3%
+1119.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+23.2%
-28.5%
+3.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+5.7%
+123.2%
+402.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-4.1%
+84.5%
+696.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$79.8M
-45.6%
+407.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+6.2%
-61.2%
+301.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
294.3%
+21.8%
-230.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.31x
+1.0%
-2.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, ladies and gentlemen, and welcome to Array Technologies' Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded on Wednesday, August 5, 2026. I would now like to turn the conference over to Sarah Sheppard, Senior Director of Investor Relations. Please go ahead.
Sarah Sheppard: Thank you. I would like to welcome everyone to Array Technologies' Second Quarter 2026 Earnings Conference Call. I am joined on this call by Kevin Hostetler, our CEO, Keith Jennings, our CFO, and Neil Manning, our President and COO. Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com, where the related presentation and press release are also available. Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the related presentation and on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results, and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made on this call. We refer you to the periodic reports we file with the SEC for a discussion of risks that may affect our future results. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of these forward-looking statements to conform these statements to actual results, except as required by law. I'll now turn the call over to Kevin.
Kevin Hostetler: Thank you, Sarah. Good afternoon, everyone, and thank you for joining us. I'll begin with second quarter highlights and recent business updates. I'll then pass it to Neil and Keith to cover our innovation updates and financial performance. Let's begin on slide 4 with a brief discussion of our financial performance for the quarter. Q2 was a quarter of exceptional momentum across every key metric on the page. Revenue came in at $342 million, up 53% versus the first quarter, driven by 38% tracker volume growth and substantial sequential growth within our APA business as project activity accelerated. That top line strength flowed through to profitability. Adjusted gross profit was $105 million, up 53% sequentially versus the first quarter, with an adjusted gross margin of 30.8%. Our year-to-date figure also stands at an impressive 30.8%, reflecting strong first-half execution. We also achieved adjusted EBITDA of $63 million, more than doubling the first quarter, with adjusted EBITDA margins also improving 560 basis points sequentially, coming in over 18%. On the bottom line, we delivered net income of $8 million and adjusted net …
