Array Technologies (Nasdaq: ARRY) builds the hardware that tilts solar panels to follow the sun at big, utility-scale solar farms. This page walks through what the company does, how it makes money, its latest reported numbers and the risks it lists in its own SEC filings.
You won't find a price target, a rating or a buy, sell or hold call here. Every number below comes from a company filing or release, with the period it covers and a link, so you can check it yourself.
Sources: fiscal 2025 Form 10-K and the second quarter 2026 earnings release.
What Array Technologies does
Array sells solar trackers. A tracker is the steel-and-motor system that rotates rows of solar panels through the day so they keep facing the sun. In its annual report, Array says projects that use trackers typically generate more energy than projects on stationary “fixed-tilt” mounts, and that the vast majority of ground-mounted solar in the U.S. uses trackers.
Its flagship product is DuraTrack, where one motor drives multiple rows of panels. It also sells the STI H250 dual-row tracker, OmniTrack for uneven ground, SkyLink, and SmarTrack software that repositions panels for hail, snow and cloudy weather. Array says its core U.S. patent on the linked-row drive system does not expire until February 5, 2030.
This is a big operation. From its founding through December 31, 2025, Array had shipped more than 96 gigawatts of trackers. In its second quarter 2026 release, the company said it had passed 100 gigawatts. It had about 1,200 full-time employees at the end of 2025, with about 66% of them in the U.S. (Sources: fiscal 2025 Form 10-K; second quarter 2026 release.)
How Array makes money
Array gets paid when it designs and delivers tracker systems for solar projects. Its customers are solar developers, independent power producers, utilities and the engineering and construction firms that build solar farms.
It reports two segments. Array Legacy Operations is mostly the U.S. business, and it now includes APA Solar. STI Operations is mostly the business outside the U.S., built on the Spanish tracker company Array bought in January 2022.
| Segment revenue | Fiscal 2025 | Fiscal 2024 | Change |
|---|---|---|---|
| Array Legacy Operations | $1,070.5 million | $661.6 million | Up 62% |
| STI Operations | $213.7 million | $254.2 million | Down 16% |
| Total | $1,284.1 million | $915.8 million | Up 40% |
Fiscal years ended December 31, 2025 and 2024. Source: fiscal 2025 Form 10-K.
The U.S. is where the money is. In fiscal 2025, 81% of revenue came from customers in the U.S. and 19% from the rest of the world.
Timing matters too. Array says it typically expects higher revenue in the second and third quarters, because setting foundations costs more when the ground is frozen. It also warns that its results can swing from one period to the next. So one strong or weak quarter tells you less than a full year does.
Latest annual results: fiscal 2025
Array grew revenue 40% in fiscal 2025 and still lost money. Here are the headline numbers for the years ended December 31, 2025 and 2024.
| Line item | Fiscal 2025 | Fiscal 2024 |
|---|---|---|
| Revenue | $1,284.1 million | $915.8 million |
| Gross profit | $298.6 million | $297.7 million |
| Gross margin | 23% | 33% |
| Goodwill impairment | $102.6 million | $236.0 million |
| Net loss | $52.2 million | $240.4 million |
| Net loss to common shareholders | $112.0 million | $296.1 million |
| Loss per share | $0.73 | $1.95 |
Source: fiscal 2025 Form 10-K, consolidated statements of operations.
Sales went up but Array kept less of each dollar. In the U.S. segment, gross margin fell to 28% from 41%. Array puts that down to a 22% rise in its cost per watt, which it breaks into 13% from higher tariffs, 6% from lower 45X tax credit amortization and 3% from inflation.
Two charges hit the year. One was a $102.6 million goodwill impairment, which Array recorded after lower projected cash flows at STI Operations pointed to a problem. The other was a one-time $29.5 million inventory valuation charge at STI.
Notice the gap between the $52.2 million net loss and the $112.0 million loss to common shareholders. That $59.8 million is preferred dividends and accretion. Preferred stockholders get counted first, and common shareholders get what is left.
Latest quarter: second quarter 2026
The most recent quarter Array has reported ended June 30, 2026. Revenue fell 6% from a year earlier, and margin improved.
| Line item | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | $342.1 million | $362.2 million |
| Array Legacy Operations revenue | $320.3 million | $291.9 million |
| STI Operations revenue | $21.8 million | $70.4 million |
| Gross margin | 29.1% | 26.8% |
| Net income | $24.3 million | $43.3 million |
| Net income to common stockholders | $8.4 million | $28.5 million |
| Earnings per share, diluted | $0.05 | $0.19 |
Quarters ended June 30, 2026 and 2025. Sources: second quarter 2026 earnings release and second quarter 2026 Form 10-Q.
The two segments went in opposite directions. U.S. segment revenue rose 10%. STI revenue dropped 69%, and Array says volume there fell about 60%. One thing to know when you compare the two quarters: the 2025 quarter included a $14.2 million gain on paying off debt early, which the 2026 quarter did not have.
For the first six months of 2026, revenue was $565.5 million, down from $664.6 million in the first six months of 2025. Array reported a $5.1 million net loss to common stockholders for the half.
Array also reports an order book, which it calls executed contracts and awarded orders. It stood at $2.5 billion at June 30, 2026, which the company says is a record and 37% higher than a year earlier. Orders are not revenue yet. Array's own risk factors say it may not be able to convert its backlog into revenue.
What the company said about guidance. On August 5, 2026, Array said it expects fiscal 2026 revenue of $1.4 billion to $1.5 billion, adjusted EBITDA of $210 million to $230 million, and adjusted net income per share of $0.68 to $0.75. For the quarter ending September 30, 2026, it expects revenue of $310 million to $330 million. (Source: second quarter 2026 release.)
Two cautions on those numbers. “Adjusted” figures are non-GAAP, which means they leave out costs like stock compensation and acquisition expenses. And guidance is the company's own forecast. It is not a promise, and it is not our forecast.
Debt, cash and the preferred stock
Array had $307.3 million in cash at June 30, 2026, up from $244.4 million at December 31, 2025. It had nothing drawn on its $370.0 million revolving credit facility, with $332.9 million available. Keep in mind that the June 30 cash figure comes before Array paid about $165 million in cash for an acquisition on August 31, 2026, which is covered below.
Its debt is mostly two sets of convertible notes. There is $325.0 million of 1.00% notes due December 1, 2028, and $345.0 million of 2.875% notes due July 1, 2031. Added together, that is $670.0 million of principal owed at June 30, 2026.
Then there is the preferred stock. Array's Series A preferred shares carried a liquidation preference of $506.4 million at June 30, 2026. Until August 11, 2026, those dividends could accrue in kind, meaning they were added to what Array owes instead of being paid in cash. The fiscal 2025 Form 10-K says dividends after that date are payable only in cash.
Total stockholders' equity was negative $202.1 million at June 30, 2026. And Array does not pay a dividend on its common stock. It says it does not expect to in the foreseeable future. (Sources: second quarter 2026 Form 10-Q; fiscal 2025 Form 10-K.)
Acquisitions Array has reported
Array has been buying its way beyond trackers into the other hardware a solar farm needs. Its filings describe three deals.
| Company | Closed | What it adds | Price as reported |
|---|---|---|---|
| STI Norland | January 11, 2022 | Dual-row trackers and the business outside the U.S. | Paid in cash and Array common stock; amount not stated here |
| APA Solar | August 14, 2025 | Solar racking, mounting and foundation systems | About $185.4 million total consideration |
| Affordable Wire Management | August 31, 2026 | Wire management products for utility-scale solar and battery storage | About $165 million cash at closing; up to $203 million in total |
Sources: fiscal 2025 Form 10-K; Form 8-K filed July 16, 2026; Form 8-K filed August 31, 2026.
The Affordable Wire Management price has moving parts. The July 16, 2026 agreement set a base price of $153.0 million, plus up to $10.0 million in deferred payments and up to $40.0 million in earn-outs tied to performance through 2028. Array can pay the deferred and earn-out amounts in cash, in shares, or both.
The risks Array lists itself
Every public company has to spell out what could go wrong in the Risk Factors section of its annual report. These are the ones in Array's fiscal 2025 Form 10-K that matter most for understanding the business. All of it is Array's own description, not our opinion.
A few big customers. Array says it depends on a relatively small number of customers. In fiscal 2025, its two largest customers were about 13.7% and 12.2% of total revenue. Losing one would hurt.
Steel and shipping costs. Array says its products are made from steel, so its business is significantly affected by steel prices. It does not hedge commodity prices. It also relies on outside transportation and logistics companies, so higher shipping costs come out of its margin.
Tariffs and trade policy. Array lists import tariffs and trade restrictions as a risk to its supply chain and to the amount and timing of its revenue. You already saw the effect above: it blamed higher tariffs for part of the fiscal 2025 jump in its U.S. cost per watt.
Interest rates and project financing. Array's customers borrow to build solar farms. Array says higher interest rates, or less tax equity and project debt available, could make projects harder to finance and reduce demand for its products.
Tax credits and energy policy. Array says a reduction or end of government incentives for solar could reduce demand. The rules changed in 2025, and the next section covers how.
Its own debt. Array says its indebtedness could limit its financial flexibility and force it to put a substantial part of its cash flow toward payments.
Competition. Array describes the tracker industry as globally fragmented with intense competition, which can push prices down. (Source for this section: fiscal 2025 Form 10-K, Item 1A.)
What changed with solar tax credits
Solar projects in the U.S. have leaned on a federal investment tax credit, and that credit now has an end date. Here is how Array's fiscal 2025 Form 10-K describes the change.
A law signed on July 4, 2025, which Array calls the OBBB, ends the solar investment tax credit for facilities placed in service after December 31, 2027. That cutoff does not apply if construction began before July 4, 2026. That date has now passed.
How you prove construction started also got stricter. On August 15, 2025, Treasury and the IRS issued Notice 2025-42. Array says it eliminates the 5% safe harbor for utility-scale solar projects and leaves only the physical work test.
The law also added limits tied to “prohibited foreign entities,” a term Array says generally covers entities formed in or controlled by China, Russia, Iran and North Korea. Array says those limits apply to both the investment tax credit and the 45X manufacturing credit that Array and its suppliers use.
Array's bottom line in the filing: if developers cannot meet the physical work test before the deadlines, its business could be hurt. That 10-K was filed in February 2026, so read the newest 10-Q for how this is playing out. (Source: fiscal 2025 Form 10-K, Government Incentives.)
Competitors Array names
Array's fiscal 2025 Form 10-K names its principal tracker competitors as Nextpower Inc. (formerly Nextracker), PV Hardware and GameChange Solar. For fixed-tilt mounting and foundations, it names UNIRAC and Terrasmart, a subsidiary of Gibraltar Industries.
Array says companies in this market compete on product performance, total cost of ownership, reliability and warranty, sales reach and customer support. If you are comparing companies, read each one's own 10-K the same way you read this one. (Source: fiscal 2025 Form 10-K, Competition.)
What happened to the old $10 call
An earlier version of this page, published in December 2024, carried a $10 price target for ARRY in 2025. We removed that forecast. Here is what the stock did, using Nasdaq's historical closing prices.
ARRY closed at $5.16 on December 16, 2024, the day that article ran. It first closed above $10 on October 15, 2025, at $10.29. It closed at or above $10 on four trading days in 2025 and finished the year at $9.22. Its highest close since then was $11.96 on February 4, 2026. On October 5, 2026, it closed at $3.90. (Source: Nasdaq historical data for ARRY.)
So the stock touched the number and then fell well below where it started. That is the problem with a price target. It gives you one number and tells you nothing about the path or what comes after. This page does not track the share price and will not be updated when it moves.
How to research a stock like this yourself
Everything on this page came from documents anyone can read for free. Here is the order to read them in.
Start with the Form 10-K, the annual report. Item 1 tells you what the company does. Item 1A lists the risks. Item 7 is management explaining the year's numbers in plain sentences. Read those three before you look at a single chart.
Next, read the latest Form 10-Q for the most recent quarter, then the earnings release that came out the same day. The release is where you find guidance. It is also where “adjusted” numbers show up, so scroll down to the reconciliation table and see what got left out.
Then check the Form 8-K filings for anything since. Companies file an 8-K for big events like an acquisition, new debt or an executive change.
You can pull all of Array's filings from the SEC's EDGAR database (search for ARRY or CIK 1820721) or from Array's investor relations site. The same steps work for any U.S. public company.
One company is only one piece of a plan. If you are still working out how individual stocks fit with index funds and everything else, our guide to long-term investment strategies covers the bigger picture, and our list of free stock analysis tools covers ways to dig into the numbers without paying.
Array Technologies stock FAQ
It depends on the period. For fiscal 2025, Array reported a net loss of $52.2 million, and a net loss to common shareholders of $112.0 million after preferred dividends and accretion. For the quarter ended June 30, 2026, it reported net income of $24.3 million, or $8.4 million to common stockholders. Both figures come from its SEC filings, linked above.
Array makes solar trackers, the steel-and-motor systems that rotate rows of solar panels to follow the sun at utility-scale solar farms. It also sells fixed-tilt racking, foundations, software and field services. Its customers are solar developers, power producers, utilities and the firms that build solar projects.
No. In its fiscal 2025 Form 10-K, Array says it does not expect to pay cash dividends on its common stock in the foreseeable future. It does owe dividends on its Series A preferred stock, which the filing says are payable only in cash after August 11, 2026.
Array's fiscal 2025 Form 10-K names Nextpower Inc. (formerly Nextracker), PV Hardware and GameChange Solar as its principal tracker competitors. For fixed-tilt mounting and foundations it names UNIRAC and Terrasmart, a subsidiary of Gibraltar Industries.
Array's common stock trades on the Nasdaq Global Market under the symbol ARRY, according to its fiscal 2025 Form 10-K.
On the SEC's EDGAR database at sec.gov, by searching for ARRY or CIK 1820721, and on Array's investor relations site at ir.arraytechinc.com. The Form 10-K is the annual report, the Form 10-Q is the quarterly report, and Form 8-K filings cover major events in between.
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This page is general education. It is not investment advice for your situation, and it is not a recommendation to buy, sell or hold any security. Investing in individual stocks can lose money. Figures are as reported by the company for the periods shown and will change with each new filing, so confirm them in the latest filing before you rely on them.
Disclosure: when this article was first published in December 2024, the author held ARRY shares.
Sources: Array Technologies Form 10-K for fiscal 2025; Form 10-Q for the quarter ended June 30, 2026; second quarter 2026 earnings release; Forms 8-K filed July 16, 2026 and August 31, 2026; Nasdaq historical closing prices.
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