Array Technologies Stock Earnings Reports

Third quarter 2025 highlights: Array delivered $393M in revenue (up 70% YoY) driven by a 56% increase in delivered volume and contributed ~$17M from the APA acquisition. Year-to-date revenue exceeded $1B, surpassing full-year 2024. Adjusted gross profit was $111M (28.1% adjusted gross margin) and adjusted EBITDA was $72M (18.3%), its second-highest quarter on record. Order book stood at ~$1.9B (primarily domestic; does not yet include APA backlog) with a book-to-bill >1; recently launched products OmniTrack, SkyLink and Hail XP already represent ~40% of the order book. Management raised full-year 2025 revenue guidance to $1.25–1.28B (midpoint ↑ by >$60M, including ~ $50M from APA), and reiterated adjusted gross margin guidance of 27–28%, adjusted EBITDA $185–195M, adjusted EPS $0.64–0.70 and free cash flow ~ $100M. Liquidity remains solid (cash $222M, total liquidity >$365M) with net debt leverage ~2.1x trailing 12-month adjusted EBITDA. Key operational themes: active APA integration with anticipated procurement synergies, continued product adoption, supply-chain flexibility to mitigate tariff impacts (onshoring progress and tariff pass-through on many contracts), and strong commercial momentum including wins with Tier 1 customers and a multi‑gigawatt multi‑year award (not yet in backlog). Risks/near-term headwinds: tariff-driven cost pressure, commodity inflation, some dilution from APA in the near term, Q4 is expected to be a relatively weaker (seasonal) quarter and international project timing (e.g., Brazil) remains uncertain.