The strong revenue growth, record orderbook, and bullish 2026 guidance suggest continued momentum. Traders should monitor the execution of international expansion and the integration of APA Solar, which could drive further upside. The significant gap between GAAP and non-GAAP results warrants attention to future one-time charges.
Price Chart
Executive Summary
Array Technologies reported strong 2025 results with 40% year-over-year revenue growth to $1.28 billion and a record $2.2 billion orderbook. Despite GAAP net losses due to one-time charges, non-GAAP profitability improved with $187.6 million Adjusted EBITDA. The company provided bullish 2026 guidance with revenue projected at $1.4-$1.5 billion and Adjusted EBITDA of $200-$230 million, signaling confidence in sustained growth.
Key Financial Metrics
Key Facts
- 2025 revenue of $1.284 billion, up 40% YoY from $915.8 million
- Record $2.2 billion orderbook at year-end 2025
- 2025 Adjusted EBITDA of $187.6 million, up 8% YoY
- 2025 Adjusted net income per share of $0.67
- 2026 revenue guidance of $1.4-$1.5 billion (9-17% growth)
- 2026 Adjusted EBITDA guidance of $200-$230 million (6-23% growth)
- Q4 2025 revenue of $226 million
- 2025 gross margin of 23.2%, Adjusted gross margin of 27.0%
Financial Impact
40% year-over-year revenue growth to $1.28 billion with $2.2 billion orderbook and $187.6 million Adjusted EBITDA
Risk Factors
- GAAP net losses in 2025 due to $102.6 million goodwill impairment and $29.5 million inventory charge
- Potential execution risks in international expansion and APA Solar integration
- Dependence on non-GAAP metrics that exclude significant one-time charges
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001820721-26-000005 |
| Exhibit: exhibit9922025q4earnings.htm | 0001820721-26-000005 |
| Document: arry-20260225.htm | 0001820721-26-000005 |
| Document: 0001820721-26-000005-index-headers.html | 0001820721-26-000005 |
| Document: 0001820721-26-000005-index.html | 0001820721-26-000005 |
| Document: 0001820721-26-000005.txt | 0001820721-26-000005 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 9d ago | Institutional Cluster | $3.26 $3.33 | ▲ +2.15% | ▲ +1.81% | $3.15 (−3.31%) |
Oct 12, 2026 14d ago | Institutional Cluster | $3.60 $3.57 | ▼ −0.83% | ▼ −0.82% | $3.15 (−12.44%) |
Aug 31, 2026 7w ago | Press Release | $4.36 $4.57 | ▲ +4.82% | ▲ +4.37% | $3.15 (−27.71%) |
Aug 20, 2026 9w ago | 8-K | $4.71 $4.69 | ▼ −0.42% | ▼ −0.83% | $3.15 (−33.08%) |
Jul 13, 2026 15w ago | Press Release | $6.12 $6.28 | ▲ +2.61% | ▲ +2.26% | $3.15 (−48.50%) |
Jun 11, 2026 19w ago | Institutional Cluster | $7.77 $8.08 | ▲ +3.99% | ▲ +2.23% | $3.15 (−59.43%) |
May 11, 2026 24w ago | DEFA14A | $8.73 $8.17 | ▼ −6.41% | ▼ −6.28% | $3.15 (−63.89%) |
May 6, 2026 24w ago | 8-K | $8.20 $8.20 | · 0.00% | ▼ −0.83% | $3.15 (−61.56%) |
Apr 15, 2026 27w ago | Press Release | $7.62 $7.83 | ▲ +2.76% | ▲ +1.54% | $3.15 (−58.64%) |
Feb 28, 2026 34w ago | Institutional Cluster | $7.57 $7.50 | ▼ −0.92% | ▼ −0.01% | $3.15 (−58.36%) |
US Market Status
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