Array Technologies, Inc.
- Open
- 5.38
- Day high
- 5.55
- Day low
- 5.33
- Prev close
- 5.32
- Volume
- 2.8M
- Mkt cap
- $851M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.2
- P/S
- 0.7
- Yield
- —
- Per share
- —
Array Technologies, Inc. (ARRY) is a Energy company listed on NASDAQ. The stock is down 22% over the past year. Drillr has 1 published research article covering ARRY.
Array Technologies, Inc. (ARRY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ARRY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.06 | $0.06 | +200.0% | $223M | +10.8% |
| Feb 25, 2026 | $0.00 | $-0.95 | -48288.4% | $226M | +6.9% |
| Nov 5, 2025 | $0.21 | $0.30 | +42.9% | $393M | +86.4% |
| Aug 7, 2025 | $0.21 | $0.25 | +19.0% | $362M | +34.8% |
| Feb 27, 2025 | $0.19 | $0.16 | -15.8% | $275M | +2.2% |
| Nov 7, 2024 | $0.14 | $0.17 | +21.4% | $231M | -15.5% |
| Aug 8, 2024 | $0.11 | $0.20 | +81.8% | $256M | +10.4% |
| May 9, 2024 | $0.02 | $0.06 | +284.6% | $153M | +9.5% |
| Feb 27, 2024 | $0.11 | $0.21 | +90.9% | $342M | +8.5% |
| Mar 21, 2023 | $0.09 | $0.10 | +11.1% | $402M | +9.6% |
| Apr 5, 2022 | $-0.03 | $-0.06 | -100.0% | $213M | -0.6% |
| Nov 11, 2021 | $-0.05 | $-0.07 | -31.0% | $189M | -0.8% |
ARRY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | Cohen Emily Racheldirector | Grant | 22,641 | — |
| May 21, 2026 | ASHFORD ORLANDO Ddirector | Grant | 22,641 | — |
| May 21, 2026 | Murff Carolynedirector | Grant | 22,641 | — |
| May 21, 2026 | Alstead Troydirector | Grant | 22,641 | — |
| May 21, 2026 | Iyengar Jayanthidirector | Option | 22,164 | — |
| May 21, 2026 | Forth John Bradforddirector | Option | 22,164 | — |
| May 21, 2026 | Jokinen Tracy Cdirector | Grant | 22,641 | — |
| May 21, 2026 | Schmid Gerrarddirector | Grant | 22,641 | — |
| May 21, 2026 | Jokinen Tracy Cdirector | Option | 22,164 | — |
| May 21, 2026 | Iyengar Jayanthidirector | Grant | 22,641 | — |
| May 21, 2026 | Alstead Troydirector | Option | 22,164 | — |
| May 21, 2026 | Forth John Bradforddirector | Grant | 22,641 | — |
| May 21, 2026 | Schmid Gerrarddirector | Option | 22,164 | — |
| May 21, 2026 | ASHFORD ORLANDO Ddirector | Option | 22,164 | — |
| Mar 19, 2026 | Manning Neilofficer: President & COO | Tax | 1,311 | $6.99 |
Source: ARRY SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
See the full ARRY insider & 13F page →Array Technologies, Inc. company profile
Overview
Array Technologies, Inc. (NASDAQ:ARRY) is a leading manufacturer of solar tracking systems founded in 1989 and headquartered in Albuquerque, New Mexico. The company went public in October 2020 and has established itself as a dominant player in the utility-scale solar market, particularly in North America. Array Technologies designs and manufactures single-axis solar tracking systems that automatically adjust solar panels throughout the day to follow the sun's path, maximizing energy production from solar installations.
Business
Array Technologies operates in the solar tracking systems industry, which is a specialized segment within the broader renewable energy equipment sector. The company's core business revolves around manufacturing and supplying solar tracking systems that are essential components of utility-scale solar power plants. The company's flagship product is the DuraTrack HZ v3, a single-axis solar tracking system that rotates solar panels from east to west throughout the day to follow the sun's movement. This tracking capability can increase energy production by 15-25% compared to fixed-tilt solar installations. The system is designed for utility-scale solar projects, which are large commercial solar farms that generate electricity for sale to utilities or corporate buyers. Array Technologies has expanded its product portfolio to include several specialized tracking solutions. The OmniTrack system is designed for challenging terrain and irregular site configurations, representing approximately 20% of the company's global order book. The H250 tracker targets more price-sensitive market segments. The company has also developed SkyLink, a wireless communication platform that can connect up to 8 rows of trackers and is optimized for DC power systems. Beyond hardware, Array Technologies offers SmarTrack, a machine learning software platform that optimizes tracker positioning in real-time and includes automated responses to weather conditions like hail and snow. The software has been deployed across over 5 gigawatts of solar installations. The company operates primarily as a single business segment focused on solar tracking systems, with North America representing approximately 70% of total revenue. International markets, particularly Brazil and Australia, constitute the remaining 30% of revenue.
Revenue model
Array Technologies generates revenue primarily through product sales of solar tracking systems to utility-scale solar project developers, engineering procurement and construction (EPC) companies, and independent power producers. The company operates on a project-based business model where customers place orders for specific solar installations, typically ranging from tens to hundreds of megawatts in capacity. The company's customers are primarily commercial and utility-scale solar developers who build large solar farms. These projects often involve long lead times and significant capital investments, with Array's tracking systems representing a critical component that can account for 10-15% of total project costs. Array Technologies' profitability is influenced by several key factors. Steel pricing represents the most significant cost component, as the tracking systems require substantial steel structures. Recent steel price increases of 25-30% have put pressure on margins, though the company has demonstrated ability to pass through some cost increases to customers. Commodity price volatility in materials like aluminum and zinc also affects margins. The company benefits from 45X manufacturing tax credits under the Inflation Reduction Act, which provides production tax credits for domestically manufactured components. Array has achieved mid-80% domestic content levels and is working toward 100% domestic content capability by 2025. These tax credits can improve margins by several percentage points. Scale and operational efficiency drive margin expansion, as the company has demonstrated ability to improve adjusted gross margins from the low 20% range to mid-30% levels through operational improvements and cost reductions. The company's large scale allows for better supplier negotiations and manufacturing efficiency. Competition and pricing pressure from other tracking system manufacturers can compress margins, particularly during periods of market softness. However, Array's market-leading position and product differentiation help maintain pricing discipline.
Competitive moat
Array Technologies possesses a moderate competitive moat based on several factors, though the moat is not exceptionally deep given the nature of the solar equipment industry. The company's primary competitive advantage stems from its market leadership position and scale. As the largest solar tracker manufacturer in North America with over 30 gigawatts of installed capacity, Array benefits from economies of scale in manufacturing, procurement, and R&D investment. This scale advantage allows for more competitive pricing and better supplier relationships. Intellectual property and product innovation provide another layer of competitive protection. The company holds 329 patents and continues to invest heavily in R&D, developing differentiated products like the terrain-following OmniTrack system and the wireless SkyLink platform. The SmarTrack software platform with machine learning capabilities adds a technology differentiation that competitors cannot easily replicate. Customer relationships and project execution track record create switching costs, as solar developers prefer working with proven suppliers for large, complex projects. Array's long operating history since 1989 and successful project completions build trust with customers who cannot afford equipment failures on multi-hundred million dollar projects. However, the moat faces several challenges. The solar tracking industry has relatively low barriers to entry for new manufacturers, particularly those backed by large industrial companies. Commoditization pressure exists as tracking systems become more standardized, potentially reducing product differentiation over time. Geographic concentration risk in North America makes the company vulnerable to regional policy changes or market slowdowns. While international expansion is underway, the company remains heavily dependent on the U.S. market. Competition from established players like Nextracker (owned by Flex) and emerging competitors, particularly those with lower cost structures or different technological approaches, could erode market share and pricing power over time.
Risks & safety
Array Technologies presents a moderate margin of safety with manageable financial risks but some operational uncertainties. **Financial Position:** • Strong liquidity: $348 million cash and short-term investments with $424 million total liquidity • Manageable debt levels: Debt-to-equity ratio of 2.1x, though elevated from historical levels • Positive working capital: Current ratio of 2.4x indicates strong short-term liquidity • Cash flow volatility: Free cash flow of -$15 million in Q1 2025 but positive $147 million for full year 2024 **Valuation Metrics:** • Reasonable valuation: Trading at 11.1x P/E ratio based on normalized earnings • EV/EBITDA of 6.6x appears reasonable for a cyclical industrial company • Price-to-book of 2.3x reflects some premium to tangible assets **Other Considerations:** • Project execution risk from large, complex solar installations • Commodity price exposure to steel and other materials • Policy dependency on renewable energy incentives and trade policies • Order book visibility: $2 billion backlog provides near-term revenue visibility
Recent development
Array Technologies has undergone significant strategic evolution over the past few years, transitioning from a period of rapid growth to focusing on operational efficiency and product innovation during market challenges. The company has made substantial investments in domestic manufacturing capabilities, breaking ground on a new manufacturing facility in Albuquerque, New Mexico, and developing relationships with over 50 U.S. suppliers. This positions Array to provide 100% domestic content trackers by the first half of 2025, capitalizing on Inflation Reduction Act incentives and reducing supply chain risks. Product innovation has accelerated significantly, with the company receiving 22 new patents in 2024 alone and expanding its portfolio to 329 total patents. Key product launches include the terrain-following OmniTrack system, which now represents over 20% of the global order book, and the SkyLink wireless communication platform that can connect up to 8 tracker rows. The company has expanded beyond pure hardware into software and services, with the SmarTrack platform now deployed across over 5 gigawatts of installations. The software includes machine learning capabilities and automated weather response features for hail and snow protection. Strategic partnerships and investments have broadened Array's capabilities, including an investment in SWAP Robotics for solar operations and maintenance, and becoming the first tracker provider verified for 2,000-volt compatibility. The company has navigated significant market challenges, including project delays due to interconnection issues, financing challenges, and policy uncertainties around tariffs and domestic content requirements. Management has responded by maintaining pricing discipline, focusing on operational efficiency improvements, and building stronger customer relationships through increased engagement and flexible contracting terms. Looking ahead, Array is positioning for anticipated market recovery with expectations of 30% volume growth in 2025 and continued focus on innovation, particularly in extreme weather protection capabilities and installation efficiency improvements.
ARRY company profile · for informational purposes only — not investment advice.
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