Array Technologies, Inc.
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Range $6 – $12
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About the company
Array Technologies, Inc. (ARRY) develops, manufactures, and provides solar tracking solutions and complementary products for customers both within the United States and internationally. A key offering is the DuraTrack HZ v3, a system designed for single-axis solar panel tracking.
- CEO
- Kevin G. Hostetler
- IPO
- 2020
- Employees
- 1,200
- HQ
- Albuquerque, NM, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $724.52M
- P/E
- -4.81
- Fwd P/E
- 6.27
- PEG
- 0.58
- P/S
- 0.61
- P/B
- -3.59
- EV/EBITDA
- 281.01
- Div Yield
- 0.00%
- Gross Margin
- 24.27%
- Op Margin
- 3.32%
- Net Margin
- -7.25%
- ROE
- -47.02%
- ROIC
- 3.47%
Latest fiscal year · YoY change
- Revenue
- $1.28B+40.2%
- Gross Profit
- $298.55M+0.3%
- Op Income
- $73.74M
- Net Income
- $-52,235,000+78.3%
- EPS
- $-0.73+62.6%
- OCF Growth
- -33.9%
- FCF Growth
- -45.6%
- 52W High
- $12.23
- 52W Low
- $4.60
- 50D MA
- $6.32
- 200D MA
- $8.06
- Beta
- 1.79
- RSI (14)
- 35
- Avg Volume
- 6.65M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Array reported a strong Q2 with revenue, margins, EBITDA, cash flow, and bookings all improving, while raising full-year earnings guidance and expanding its product and M&A platform.· August 5, 2026
- Q2 revenue was $342 million, up 53% sequentially, with adjusted gross margin of 30.8% and adjusted EBITDA of $63 million.
- The company posted a third consecutive record order book of $2.5 billion, up 37% year over year, with over $500 million of new bookings in the quarter.
- Management raised full-year adjusted EBITDA guidance to $210 million to $230 million and adjusted EPS guidance to $0.68 to $0.75, while reaffirming revenue guidance of $1.4 billion to $1.5 billion.
- Cash generation was strong: cash ended at $307 million, free cash flow was $114 million, and net debt leverage fell to 2.1x.
- Array highlighted major product launches and integrations, including OmniTrack 2.0, DuraTrack D2S, DuraTrack 60-degree, Array Atlas, and the pending AWM acquisition.
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.
The call showed strong demand momentum, with a record $2.5 billion backlog, over $500 million of quarterly bookings, and management saying the underlying pipeline and customer activity remain very healthy. Array also signaled that innovation is broadening its addressable market, with new products already contributing a large share of orders and revenue, and new launches such as Atlas designed to drive installation efficiency and share gains.
Management flagged that second-half margins should step down from the first half because one-time tariff recovery and 45X benefits will not repeat, international mix will rise, and metals and logistics costs remain a headwind. Revenue timing also looks back-half weighted, with permitting, site readiness, weather, and customer scheduling potentially pushing some recognized revenue and cash collections into 2027. The preferred equity begins cash payments, and the company is still navigating regulatory approval for AWM and waiting on clearer language around Section 232 before commenting on sector impacts.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 90.9%
- Shares Outstanding
- 153.83M
- Float Shares
- 139.88M
of shares held by institutions
280 13F filers
Buy/sell ratio 2.33. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for ARRY, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 29.25M | ▲ 66.06K |
| Vanguard Group Inc | 15.73M | ▲ 952.28K |
| Hill City Capital, LP | 12.89M | 0 |
| Grantham, Mayo, Van Otterloo & Co. LLC | 11.89M | ▲ 939.03K |
| Ubs Group AG | 11.47M | ▲ 3.67M |
| First Trust Advisors LP | 10.34M | ▲ 10.01M |
| Bnp Paribas Asset Management Holding S.A. | 9.57M | ▼ 32.85K |
| Price T Rowe Associates Inc | 8.64M | ▲ 7.90M |
| Invesco Ltd. | 7.44M | ▲ 16.53K |
| Vanguard Capital Management LLC | 6.81M | ▲ 127.99K |
| Morgan Stanley | 6.71M | ▼ 286.11K |
| State Street Corp | 5.55M | ▲ 736.56K |
Held by 275 ETFs
Biggest fund positions in ARRY by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 19, 26 | Schmid Gerrard | other | 22,164 |
| May 19, 26 | Schmid Gerrard | other | 22,641 |
| May 19, 26 | Schmid Gerrard | other | 22,164 |
| May 19, 26 | Jokinen Tracy C | other | 22,164 |
| May 19, 26 | Jokinen Tracy C | other | 22,641 |
| May 19, 26 | Jokinen Tracy C | other | 22,164 |
| May 19, 26 | Iyengar Jayanthi | other | 22,164 |
| May 19, 26 | Iyengar Jayanthi | other | 22,641 |
| May 19, 26 | Iyengar Jayanthi | other | 22,164 |
| May 19, 26 | Forth John Bradford | other | 22,164 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ARRY coverage
Recent articles, reports, and earnings notes.

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