Array Technologies, Inc.

Array reported Q2 revenue of $342 million, up 53% versus Q1, adjusted gross profit of $105 million, adjusted gross margin of 30.8% (up 300 basis points year over year), adjusted EBITDA of $63 million, and adjusted EPS of $0.24. Diluted EPS was $0.05 and net income was $8 million. The company ended the quarter with $307 million of cash, $114 million of free cash flow, more than $640 million of total available liquidity, and net debt leverage of 2.1x. For 2026, management reaffirmed revenue guidance of $1.4 billion to $1.5 billion, raised adjusted EBITDA guidance to $210 million to $230 million, raised adjusted EPS guidance to $0.68 to $0.75, and said consolidated adjusted gross margin should be 27% to 28%. Q3 revenue guidance was $310 million to $330 million. Management also said AWM is expected to close in Q3 2026, subject to approvals, and that it is expected to be high single-digit accretive to adjusted EPS in year 1 before synergies.

Kevin Hostetler framed the quarter as evidence that Array’s strategy is working: he emphasized “exceptional momentum” across financials, a record $2.5 billion order book, and a strong innovation pipeline. He repeatedly tied growth to a customer-driven product strategy and said the company is evolving from a tracker supplier into a broader technology and solutions partner. He also stressed that APA integration is progressing well and that AWM extends the same disciplined M&A playbook.

Keith Jennings emphasized that the quarter outperformed across revenue, gross margin, EBITDA, and EPS, with revenue above the prior guide of $300 million to $320 million. He pointed to higher domestic mix, APA contribution, cost-out initiatives, and incremental 45X capture as margin drivers, while warning that second-half margins will face pressure from the absence of one-time tariff recovery and 45X catch-up benefits, plus higher international mix and commodity/logistics costs. He highlighted strong cash generation, with $307 million of cash, $114 million of free cash flow, more than $640 million of total liquidity, and leverage down to 2.1x, and said AWM should be fully fundable with cash on hand if approved.

Analysts focused on the sustainability of margins, the order book conversion pace, the preferred equity, and the AWM deal. Management said backlog conversion remains consistent at about 80% over the next six quarters, and explained that Q2 margin strength should not be fully extrapolated because H1 included one-time benefits while H2 will see more international mix and higher input costs. On the preferred, Keith said the instrument will move to cash pay in August and that about $12 million will be paid through the remainder of 2026, but Array is comfortable servicing it and continues to evaluate refinancing alternatives. On AWM, Kevin said international expansion is a longer-term opportunity, but near-term focus will be on customer cross-selling and supply-chain synergies.