ARRY

MKT CAP:$1B

Array Technologies, Inc.

Market Cap

$1B

Energy·Solar·🇺🇸 United States·NASDAQ

Energy·Solar·🇺🇸·NASDAQ

Stock Price

$8.19-$1.49 (-15.39%)

Apr 23, 2026

Company Details

Array Technologies, Inc. manufactures and supplies solar tracking systems and related products in the United States and internationally. Its products include DuraTrack HZ v3, a single-axis solar tracking system; and SmarTrack, a machine lea...

CEO

Kevin G. Hostetler

IPO Date

Oct 15, 2020

Website

arraytechinc.com

Key Metrics TTM

Revenue

$1.3B

+40.2% YoY

Net Income

-$52M

EPS (Diluted)

-$0.73

Free Cash Flow

$80M

Revenue / Share

$8.41

Gross Margin

22.1%

Operating Margin

5.8%

Net Margin

-4.1%

FCF Margin

6.2%

P/S

1.0x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$1.3B+40.2%EPS -$0.73

Q4 2025

Feb 25, 2026

$226M-17.9%EPS -$1.06

Q3 2025

Nov 5, 2025

$393M+70.0%EPS $0.12

Q2 2025

Aug 7, 2025

$362M+41.6%EPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$213M	$3M	-$27M
Q1 22	$301M	$27M	-$38M
Q2 22	$420M	$40M	-$13M
Q3 22	$515M	$77M	$17M
Q1 23	$377M	$98M	$47M
Q2 23	$508M	$146M	$96M
Q3 23	$350M	$87M	$40M
Q4 23	$342M	$84M	$30M
Q1 24	$153M	$55M	$8M
Q2 24	$256M	$86M	$40M
Q3 24	$231M	$78M	-$133M
Q4 24	$275M	$78M	-$142M
Q1 25	$302M	$76M	$27M
Q2 25	$362M	$97M	$46M
Q3 25	$393M	$99M	$46M
Q4 25	$226M	$11M	-$45M

Valuation

Quarter	P/S	P/E
Q4 21	2.8x	—
Q1 22	2.0x	—
Q2 22	1.7x	—
Q3 22	1.8x	—
Q1 23	2.0x	80.7x
Q2 23	1.9x	25.8x
Q3 23	1.8x	20.4x
Q4 23	1.4x	16.0x
Q1 24	1.6x	19.6x
Q2 24	1.3x	19.6x
Q3 24	1.0x	—
Q4 24	1.0x	—
Q1 25	0.7x	—
Q2 25	0.8x	—
Q3 25	0.9x	—
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$97M	-$98M
Q1 22	-$50M	-$52M
Q2 22	-$11M	-$12M
Q3 22	$105M	$102M
Q1 23	$46M	$42M
Q2 23	$21M	$15M
Q3 23	$72M	$69M
Q4 23	$94M	$89M
Q1 24	$48M	$45M
Q2 24	$4M	$2M
Q3 24	$45M	$44M
Q4 24	$58M	$45M
Q1 25	-$13M	-$15M
Q2 25	$44M	$37M
Q3 25	$27M	$22M
Q4 25	$44M	$36M

Capital Expenditures

Quarter	CapEx
Q4 21	$1M
Q1 22	$2M
Q2 22	$2M
Q3 22	$3M
Q1 23	$4M
Q2 23	$6M
Q3 23	$2M
Q4 23	$5M
Q1 24	$2M
Q2 24	$2M
Q3 24	$1M
Q4 24	$13M
Q1 25	$2M
Q2 25	$7M
Q3 25	$6M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+17.7%	+31.2%
Q1 22	+21.1%	+45.5%
Q2 22	+113.7%	+119.8%
Q3 22	+173.0%	+139.1%
Q1 23	+77.3%	+37.3%
Q2 23	+68.9%	+21.4%
Q3 23	-16.5%	-28.4%
Q4 23	-33.7%	-37.4%
Q1 24	-59.3%	-56.0%
Q2 24	-49.6%	-47.5%
Q3 24	-34.0%	+17.4%
Q4 24	-19.4%	+34.1%
Q1 25	+97.1%	+89.7%
Q2 25	+41.6%	+46.1%
Q3 25	+70.0%	-4.7%
Q4 25	-17.9%	-35.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	1.0%
Q1 22	$5M	1.5%
Q2 22	$3M	0.7%
Q3 22	$4M	0.8%
Q1 23	$3M	0.9%
Q2 23	$5M	1.0%
Q3 23	$3M	1.0%
Q4 23	$3M	0.8%
Q1 24	$4M	2.6%
Q2 24	$910.0K	0.4%
Q3 24	$2M	0.9%
Q4 24	$3M	1.3%
Q1 25	$3M	0.9%
Q2 25	$4M	1.1%
Q3 25	$5M	1.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	—	$23M	—
Q1 22	—	$45M	—
Q2 22	—	$29M	—
Q3 22	—	$39M	—
Q1 23	—	$38M	—
Q2 23	—	$40M	—
Q3 23	—	$37M	—
Q4 23	—	$44M	—
Q1 24	—	$38M	—
Q2 24	—	$37M	—
Q3 24	—	$40M	—
Q4 24	$32M	$46M	—
Q1 25	$4M	$44M	—
Q2 25	—	$45M	—
Q3 25	—	—	$52M
Q4 25	$5M	$57M	—

Revenue Segments

Quarter	Array	Sti
Q1 22	$251M	$50M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$49M	$0	$49M
Q2 22	$51M	$0	$51M
Q3 22	$63M	$0	$63M
Q4 22	$134M	$0	$134M
Q1 23	$148M	$0	$148M
Q2 23	$156M	$0	$156M
Q3 23	$174M	$0	$174M
Q4 23	$249M	$0	$249M
Q1 24	$288M	$0	$288M
Q2 24	$282M	$0	$282M
Q3 24	$332M	$0	$332M
Q4 24	$363M	$0	$363M
Q1 25	$348M	$0	$348M
Q2 25	$377M	$0	$377M
Q3 25	$222M	$0	$222M
Q4 25	$244M	$1M	$245M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	130M	-0.6%	+3.4%
Q1 22	148M	+13.9%	+16.5%
Q2 22	150M	+1.3%	+18.3%
Q3 22	151M	+0.8%	+15.6%
Q1 23	152M	+0.3%	+16.6%
Q2 23	152M	+0.2%	+2.6%
Q3 23	152M	+0.1%	+1.4%
Q4 23	152M	-0.1%	+0.5%
Q1 24	151M	-0.5%	-0.3%
Q2 24	152M	+0.6%	+0.1%
Q3 24	152M	-0.2%	-0.3%
Q4 24	152M	-0.1%	-0.2%
Q1 25	153M	+0.7%	+0.9%
Q2 25	153M	+0.2%	+0.6%
Q3 25	154M	+0.7%	+1.4%
Q4 25	153M	-0.9%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$451.2K	471
Q1 22	$638.2K	471
Q2 22	$891.4K	471
Q3 22	$1M	471
Q1 23	$348.2K	1K
Q2 23	$469.2K	1K
Q3 23	$323.9K	1K
Q4 23	$332.3K	1K
Q1 24	$149.2K	1K
Q2 24	$248.8K	1K
Q3 24	$225.1K	1K
Q4 24	$269.6K	1K
Q1 25	$296.1K	1K
Q2 25	$354.8K	1K
Q3 25	$385.4K	1K
Q4 25	$188.4K	1K

Revenue / Employee