Array Technologies, Inc. Q4 FY2025 earnings call

• 2025 was a year of growth with nearly $1.3 billion revenue, 40% YoY increase, strong profitability. Closed 2025 with a record $2.2 billion order book. - 2026 strategic imperatives: Innovate Our Future (focus on AI roadmap, enhancing core tracker, balance of systems, commercializing software/services), Elevate International Business (introduce DoorTrak globally, phase out older trackers, expand selectively), Advance Customer-First Culture (strengthen customer engagement, secure multi-project awards, align around delivering customer outcomes)

In 2025, revenue was $1.3 billion, a 40% year-over-year increase with 35% tracker volume growth. Adjusted gross margin was 27%, adjusted EBITDA was $188 million with a 15% margin, adjusted net income was $103 million, up 13% from 2024. APA contributed $50 million to full-year revenue. For 2026, revenue is expected to be in the range of $1.4 to $1.5 billion, adjusted gross margin between 26% and 27%, adjusted EBITDA range $200 to $230 million, adjusted diluted earnings per share $0.65 to $0.75

• 2026 revenue expected $1.4 - $1.5B, adjusted gross margin 26% - 27%, adjusted EBITDA $200 - $230M, adjusted diluted EPS $0.65 - $0.75. First quarter 2026 revenue expected ~$200M, adjusted EBITDA slightly down from Q4 2025. - Backed by $2.2B order book, ready to capitalize on opportunities

• Q: Keith, thoughts on medium-term gross margins and APA's impact in 2026?

A: Core margins intact, remove prior year 45X amortization, APA expected to be in line or better with core gross margins in 2026. - Q: Kevin, update on Tier 1 customer mix?

A: Over 50% of order book direct to Tier 1, significant market share gain from new customers, 95% of order book domestic with new methodology. - Q: Julian, market share and international commercial strategy?

A: Engaging in multi-project deals, average project size increasing; internationally selective, targeted in countries where customers value differentiation, making progress in Eastern Europe and Latin America. - Q: Joseph, financing uncertainty?

A: Treasury guidance helps, customers hedging, larger customers not facing financing issues. - Q: Brian, seasonality and M&A?

A: Seasonality due to historical construction timing and market pause last year; M&A focused on technical integration for interoperable value proposition, e.g., APA integration. - Q: Philip, quarterly gross margin cadence?

A: Q1 margins expected like Q4, full-year average 26% - 27%. - Q: Mahip, average sizes of large customers?

A: Focus on high-quality customers with good capitalization, saw market share takeaway in orders. - Q: Colin, acceleration in field deployment?

A: Focus on products to reduce installation time, satisfied with work done. - Q: Dylan, EBITDA margin path?

A: SG&A leverage and APA acquisition to drive EBITDA margin expansion. - Q: Chris, international supply chain strategy?

A: Built center of excellence in Asia, consolidating supply chain; introducing DoorTrack platform, new product later this year. - Q: Ben, market share gains?

A: Took back market share domestically, strong win rate, blend of taking share from competitors and winning new customers. - Q: Vikram, wallet share with integrated solution?

A: APA helps increase share of wallet by integrating foundation with tracker, focus on interoperable areas for platform expansion