ARRAY Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2024

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

Fourth Quarter 2024 Financial Highlights

• Revenue: $275.2 million
• Gross Margin: 28.5%
• Adjusted Gross Margin(1): 29.8%
• Net Loss to Common Shareholders: $(141.2) million, which includes a non-cash goodwill impairment charge of $74.0 million and a non-cash write-down of $91.9 million related to long-lived intangible assets from the 2022 STI acquisition.
• Adjusted EBITDA(1): $45.2 million
• Net Loss per Basic and Diluted Share: $(0.93)
• Adjusted Net Income per Diluted Share(1): $0.16

Full Year 2024 Financial Highlights

• Revenue: $915.8 million
• Gross Margin: 32.5%
• Adjusted Gross Margin(1): 34.1%
• Net Loss to Common Shareholders: $(296.1) million, which includes a non-cash goodwill impairment charge of $236.0 million and the previously mentioned long-lived intangible asset write-down.
• Adjusted EBITDA(1): $173.6 million
• Net Loss per Basic and Diluted Share: $(1.95)
• Adjusted Net Income per Diluted Share(1): $0.60
• Free Cash Flow(1): $135.4 million
• Total Executed Contracts and Awarded Orders as of December 31, 2024: $2.0 billion

CEO Comments

“ARRAY delivered strong fourth quarter and full year 2024 results, exceeding the mid-point of our fourth quarter revenue guidance and achieving a record gross margin for the year,” stated Kevin G. Hostetler, Chief Executive Officer. “Our focus on operational execution has resulted in robust profitability and healthy cash flow. We closed 2024 with a $2 billion order book, reflecting a 10% year-on-year growth. We are also on track to deliver 100% domestic content solar trackers by the first half of 2025. Our OmniTrack™ product is gaining traction and now represents over 20% of our order book. Additionally, our investment in Swap Robotics, which focuses on automating PV installations, is expected to enhance project efficiencies and cost savings for our customers.”

“Despite ongoing challenges such as permitting and interconnection delays, component shortages, and labor constraints, we noted a stabilization in the market towards the end of the year. We expect modest growth in Europe for 2025 and are well positioned to capture additional market share. However, Brazil’s growth has been impacted by macroeconomic factors. For 2025, at the midpoint of our guidance, we anticipate over 20% year-over-year revenue growth. We remain optimistic about future demand for utility-scale solar energy both domestically and internationally,” added Hostetler.

First Quarter and Full Year 2025 Guidance

Given the uncertainties in the utility-scale solar energy market, ARRAY is providing guidance for the first quarter of 2025:

• Revenue: Expected to be in the range of $260 million to $270 million
• Adjusted EBITDA Margin(2): Anticipated to be between 11% and 13%

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

• Revenue: Projected between $1.05 billion and $1.15 billion
• Adjusted EBITDA(2): Expected in the range of $180 million to $200 million
• Adjusted Net Income per Share(2): Estimated between $0.60 and $0.70

Supplemental Presentation and Conference Call Information

ARRAY has made a supplemental presentation available on its website, which will be discussed during a conference call hosted by management on February 27, 2025, at 5:00 p.m. (ET). The call can be accessed by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international), using passcode 13750627, or via a webcast on the Investor Relations section of the Company’s website.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology for utility-scale and distributed generation customers. With solutions designed to endure harsh weather conditions, ARRAY’s high-quality solar trackers, software platforms, and field services maximize energy production and provide value throughout the lifecycle of a project. Founded and headquartered in the United States, ARRAY focuses on domestic manufacturing and a customer-centric approach to solar energy deployment worldwide.

For additional news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:
Keith Jennings
505-437-0010
keith.jennings@arraytechinc.com

Media Contact:
Nicole Stewart
505-589-8257

Forward-Looking Statements

This press release contains forward-looking statements based on management’s beliefs and current information. These include anticipated future results, business strategies, technology developments, financing plans, and growth opportunities. Actual results may differ due to various risks and uncertainties, including market demand, competition, and economic conditions.

Non-GAAP Financial Information

This press release includes financial measures not presented in accordance with U.S. GAAP, such as Adjusted Gross Profit, Adjusted EBITDA, and Free Cash Flow. These measures are provided to enhance understanding of the Company’s performance and should not be considered substitutes for GAAP financial information.

A detailed reconciliation of GAAP results and non-GAAP measures is available in the supplemental presentation.

(1) Adjusted measures are defined in the original text.
(2) Projected measures are not prepared in accordance with GAAP.