ARRY 8-K
Array Technologies, Inc. (ARRY)
8-K
2025-11-05
For: 2025-11-05
View Original
Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Earliest Event Reported: November 5, 2025
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (505 ) 881-7567
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2025, Array Technologies Inc. (the “Company”), announced its financial results as of and for the quarter ended September 30, 2025, by issuing a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein. In the press release, the Company also announced that it would be holding a conference call on November 5, 2025, at 5:00 p.m. Eastern Time to discuss its financial results and provide an investor presentation. A copy of the investor presentation will be posted to our website at www.arraytechinc.com and is attached as Exhibit 99.2 hereto.
The information included in Item 2.02 of this Current Report on Form 8-K and the exhibits attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed as part of this report:
| Exhibit# | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Array Technologies, Inc. | ||||||||||||||
| Date: November 5, 2025 | By: | /s/ H. Keith Jennings | ||||||||||||
| Name: H. Keith Jennings | ||||||||||||||
| Title: Chief Financial Officer | ||||||||||||||
November 5, 2025
ARRAY Technologies, Inc. Reports Financial Results for the Third Quarter 2025
Exceptional momentum continues with year-to-date revenue up 65% and volume up 74%
2025 Third Quarter Highlights
•Successfully completed acquisition of APA Solar (APA), a leading provider of foundations, fixed-tilt and solar racking solutions
•Total executed contracts and awarded orders at September 30, 2025 were $1.9 billion, excluding APA(2)
•Revenue of $393.5 million
◦APA contributed revenue of $16.9 million
•Gross Margin of 26.9%
•Adjusted gross margin(1) of 28.1%
•Net income to common shareholders of $18.4 million
•Adjusted EBITDA(1) of $72.2 million
•Net income per basic and diluted share of $0.12
•Adjusted net income per diluted share(1) of $0.30
ALBUQUERQUE, NM — (GLOBE NEWSWIRE) — ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced financial results for its third quarter ended September 30, 2025.
“ARRAY posted another outstanding quarter of strong performance across our key metrics, including significant revenue and volume growth year-over-year of 70% and 56%, respectively, delivering our second highest quarter of Adjusted EBITDA on record. Robust bookings in the quarter reflect the deep trust and expanding partnerships we have cultivated with leading developers, utilities, and independent power producers. These customers value long-term operational reliability and performance, reinforcing ARRAY’s competitive advantage in the industry. The completed acquisition of APA in August marks a pivotal moment in our growth strategy – unlocking powerful commercial synergies and accelerating our ability to deliver a more comprehensive and flexible portfolio of tracking, fixed-tilt, and foundation solutions to meet the evolving needs of our customers and the broader solar market,” said Chief Executive Officer, Kevin G. Hostetler.
Mr. Hostetler continued, “With APA now part of the ARRAY suite of offerings, we are updating our full-year guidance to reflect approximately one-and-a-half quarters of contribution from APA, and the continued strength of our existing business. We expect the inclusion of APA will fuel top-line expansion and strong profitability. We remain highly confident in our ability to execute through the remainder of 2025, supported by our strong operational performance and strategic initiatives. Looking ahead to 2026, we anticipate continued growth as we build upon our momentum, launch our new integrated tracker, foundation, and software solutions, and further strengthen our position in the industry.”
Full Year 2025 Guidance
For the year ending December 31, 2025, the Company updates guidance:
•Revenue to be in the range of $1.25 billion to $1.28 billion
◦Includes APA revenue of approx. $50 million
•Adjusted EBITDA(3)(4) to be in the range of $185 million to $195 million
•Adjusted net income per share(3)(4) to be in the range of $0.64 to $0.70
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Given the timing of the acquisition of APA, we are providing relative revenue guidance within our full year 2025 guidance update. It is not our intention to provide a breakout of APA in the future.
(1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.
(2) Orderbook will be updated to include APA for year-end disclosures following alignment of commercial practices.
(3) Guidance includes benefits related to the Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit for torque tube and structural fastener manufacturing.
(4) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.
Supplemental Presentation and Conference Call Information
ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (November 5, 2025) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)869-3847 (domestic) or (201)689-8261 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877) 660-6853 (domestic), or (201) 612-7415 (international), with the passcode 13756300. The replay will be available until 11:59 p.m. (ET) on November 21, 2025. The online replay will be available for 14 days on the same website, immediately following the call.
About ARRAY Technologies, Inc.
ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.
Investor Relations Contact:
Investor Relations
505-437-0010
Media Contact:
Nicole Stewart
505-589-8257
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Forward-Looking Statements
This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing and investment plans, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.
ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the “One Big Beautiful Bill” Act passed by Congress on July 4, 2025, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea, conflict in the Middle East, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness; risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act (“IRA”), the One Big Beautiful Bill Act (“OBBB”), or any amendment or repeal thereof; our ability to successfully integrate APA Solar, LLC (“APA”) into our existing operations and realize the anticipated benefits
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or synergies of the acquisition; and other factors described in more detail in the section captioned “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, our Annual Report on Form 10-K for the year ended December 31, 2024, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.
Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this presentation with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Non-GAAP Financial Information
This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.
We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other (income) expense, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax expense (benefit), (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) certain legal expenses, (xiii) acquisition-related expenses, and (xiv) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net, (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration, (viii) certain legal expenses, (ix) acquisition-related expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, (iii) acquisition-related expenses, and (iv) other costs. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment.
A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.
We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.
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Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.
We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.
You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.
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Array Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except per share and share amounts)
| September 30, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 221,516 | $ | 362,992 | |||||||
| Restricted cash | 1,587 | 1,149 | |||||||||
Accounts receivable, net of allowance of $8,418 and $4,848, respectively | 378,592 | 275,838 | |||||||||
| Inventories, net | 180,885 | 200,818 | |||||||||
| Prepaid expenses and other | 83,969 | 157,927 | |||||||||
| Total current assets | 866,549 | 998,724 | |||||||||
| Property, plant and equipment, net | 54,664 | 26,222 | |||||||||
| Goodwill | 245,215 | 160,189 | |||||||||
| Other intangible assets, net | 244,484 | 181,409 | |||||||||
| Deferred income tax assets | 17,312 | 17,754 | |||||||||
| Other assets | 182,937 | 41,701 | |||||||||
| Total assets | $ | 1,611,161 | $ | 1,425,999 | |||||||
| LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 231,876 | $ | 172,368 | |||||||
| Accrued expenses and other | 76,583 | 91,183 | |||||||||
| Income tax payable | 2,479 | 5,227 | |||||||||
| Deferred revenue | 95,387 | 119,775 | |||||||||
| Current portion of contingent consideration | 17,666 | 1,193 | |||||||||
| Current portion of warranty liability | 4,234 | 2,063 | |||||||||
| Current portion of debt | 22,595 | 30,714 | |||||||||
| Other current liabilities | 7,669 | 15,291 | |||||||||
| Total current liabilities | 458,489 | 437,814 | |||||||||
| Deferred income tax liabilities | 22,042 | 21,398 | |||||||||
| Contingent consideration, net of current portion | 11,212 | 7,868 | |||||||||
| Warranty liability, net of current portion | 5,984 | 4,830 | |||||||||
| Long-term debt, net of current portion | 658,378 | 646,570 | |||||||||
| Other long-term liabilities | 50,467 | 18,684 | |||||||||
| Total liabilities | 1,206,572 | 1,137,164 | |||||||||
| Commitments and contingencies (Note 12) | |||||||||||
Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 483,112 and 460,920 shares issued as of September 30, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates | 451,306 | 406,931 | |||||||||
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Array Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except per share and share amounts)
| September 30, 2025 | December 31, 2024 | ||||||||||
| Stockholders’ equity | |||||||||||
| Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates | — | — | |||||||||
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 152,747,767 and 151,951,652 shares issued at respective dates | 152 | 151 | |||||||||
| Additional paid-in capital | 238,043 | 297,780 | |||||||||
| Accumulated deficit | (277,113) | (370,624) | |||||||||
Accumulated other comprehensive loss | (7,799) | (45,403) | |||||||||
| Total stockholders’ equity | (46,717) | (118,096) | |||||||||
| Total liabilities, redeemable perpetual preferred stock and stockholders’ equity | $ | 1,611,161 | $ | 1,425,999 | |||||||
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Array Technologies, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 393,491 | $ | 231,406 | $ | 1,058,097 | $ | 640,575 | |||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Cost of product and service revenue | 283,386 | 149,452 | 767,161 | 410,299 | |||||||||||||||||||
Amortization of developed technology and backlog | 4,434 | 3,639 | 11,713 | 10,918 | |||||||||||||||||||
| Total cost of revenue | 287,820 | 153,091 | 778,874 | 421,217 | |||||||||||||||||||
| Gross profit | 105,671 | 78,315 | 279,223 | 219,358 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| General and administrative | 52,248 | 40,149 | 141,147 | 114,904 | |||||||||||||||||||
| Change in fair value of contingent consideration | 1,014 | (39) | 1,014 | (271) | |||||||||||||||||||
| Depreciation and amortization | 6,958 | 8,880 | 17,951 | 27,384 | |||||||||||||||||||
| Goodwill impairment | — | 162,000 | — | 162,000 | |||||||||||||||||||
| Total operating expenses | 60,220 | 210,990 | 160,112 | 304,017 | |||||||||||||||||||
| Income (loss) from operations | 45,451 | (132,675) | 119,111 | (84,659) | |||||||||||||||||||
| Interest income | 2,977 | 4,223 | 10,096 | 12,685 | |||||||||||||||||||
| Interest expense | (5,046) | (8,264) | (21,849) | (25,818) | |||||||||||||||||||
| Foreign currency (loss) gain, net | (6) | (106) | 2,026 | (1,073) | |||||||||||||||||||
| Gain on extinguishment of debts, net | — | — | 14,207 | — | |||||||||||||||||||
| Other income (expense), net | 68 | (682) | 12 | (1,662) | |||||||||||||||||||
| Total other income (expense), net | (2,007) | (4,829) | 4,492 | (15,868) | |||||||||||||||||||
| Income (loss) before income tax expense | 43,444 | (137,504) | 123,603 | (100,527) | |||||||||||||||||||
| Income tax expense | 9,941 | 3,850 | 30,092 | 12,964 | |||||||||||||||||||
| Net income (loss) | 33,503 | (141,354) | 93,511 | (113,491) | |||||||||||||||||||
| Preferred dividends and accretion | 15,144 | 14,080 | 44,375 | 41,332 | |||||||||||||||||||
| Net income (loss) to common shareholders | $ | 18,359 | $ | (155,434) | $ | 49,136 | $ | (154,823) | |||||||||||||||
| Income (loss) per common share | |||||||||||||||||||||||
| Basic | $ | 0.12 | $ | (1.02) | $ | 0.32 | $ | (1.02) | |||||||||||||||
| Diluted | $ | 0.12 | $ | (1.02) | $ | 0.32 | $ | (1.02) | |||||||||||||||
| Weighted average number of common shares outstanding | |||||||||||||||||||||||
| Basic | 152,727 | 151,923 | 152,465 | 151,691 | |||||||||||||||||||
| Diluted | 154,090 | 151,923 | 153,350 | 151,691 | |||||||||||||||||||
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Array Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Operating activities | |||||||||||||||||||||||
| Net income (loss) | $ | 33,503 | $ | (141,354) | $ | 93,511 | $ | (113,491) | |||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||||||||
| Goodwill impairment | — | 162,000 | — | 162,000 | |||||||||||||||||||
| Provision for bad debts | (909) | 1,719 | 1,001 | 3,415 | |||||||||||||||||||
| Deferred tax expense (benefit) | 6,994 | (3,778) | 6,748 | (7,279) | |||||||||||||||||||
| Depreciation and amortization | 7,735 | 9,559 | 19,923 | 29,015 | |||||||||||||||||||
| Amortization of developed technology and backlog | 4,434 | 3,639 | 11,713 | 10,918 | |||||||||||||||||||
| Amortization of debt discount and issuance costs | 950 | 1,551 | 4,407 | 4,652 | |||||||||||||||||||
| Gain on extinguishment of debts, net | — | — | (14,207) | — | |||||||||||||||||||
| Equity-based compensation | 4,647 | 2,015 | 11,343 | 6,851 | |||||||||||||||||||
| Change in fair value of contingent consideration | 1,014 | (39) | 1,014 | (271) | |||||||||||||||||||
| Warranty provision | 4,954 | 97 | 10,290 | 36 | |||||||||||||||||||
| Inventory reserve | 678 | 1,254 | 3,360 | 2,481 | |||||||||||||||||||
| Other non-cash | (2,027) | — | (2,017) | — | |||||||||||||||||||
| Changes in working capital, net | (34,610) | 8,272 | (88,941) | (1,933) | |||||||||||||||||||
| Net cash provided by operating activities | 27,363 | 44,935 | 58,145 | 96,394 | |||||||||||||||||||
| Investing activities | |||||||||||||||||||||||
| Purchase of property, plant and equipment | (5,513) | (1,077) | (14,496) | (5,604) | |||||||||||||||||||
| Acquisition, net of cash acquired | (164,916) | — | (164,916) | — | |||||||||||||||||||
| Retirement/disposal of property, plant and equipment | — | (1) | — | 38 | |||||||||||||||||||
Sale of equity investment | — | 11,975 | — | 11,975 | |||||||||||||||||||
| Net cash (used in) provided by investing activities | (170,429) | 10,897 | (179,412) | 6,409 | |||||||||||||||||||
| Financing activities | |||||||||||||||||||||||
| Proceeds from issuance of other debt | 51,595 | 6,340 | 108,659 | 19,024 | |||||||||||||||||||
| Proceeds from issuance of convertible notes | — | — | 345,000 | — | |||||||||||||||||||
| Premium paid on capped call | — | — | (35,087) | — | |||||||||||||||||||
| Fees paid on issuance of convertible notes | — | — | (10,434) | — | |||||||||||||||||||
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Array Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Repayments of other debt | (64,427) | (12,208) | (119,181) | (24,879) | |||||||||||||||||||
| Repayments of term loan facility | — | (1,075) | (233,875) | (3,225) | |||||||||||||||||||
| Repayments of convertible notes | — | — | (78,363) | — | |||||||||||||||||||
| Contingent consideration payments | — | — | (1,204) | (1,427) | |||||||||||||||||||
| Other financing | 90 | (1,154) | (1,033) | (1,734) | |||||||||||||||||||
| Net cash used in financing activities | (12,742) | (8,097) | (25,518) | (12,241) | |||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalent balances | 141 | 2,317 | 5,747 | (7,270) | |||||||||||||||||||
| Net change in cash and cash equivalents and restricted cash | (155,667) | 50,052 | (141,038) | 83,292 | |||||||||||||||||||
| Cash and cash equivalents, and restricted cash beginning of period | 378,770 | 282,320 | 364,141 | 249,080 | |||||||||||||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 223,103 | $ | 332,372 | $ | 223,103 | $ | 332,372 | |||||||||||||||
10
Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)
The following table reconciles Gross profit to Adjusted gross profit:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue | $ | 393,491 | $ | 231,406 | $ | 1,058,097 | $ | 640,575 | |||||||||||||||
| Cost of revenue | 287,820 | 153,091 | 778,874 | 421,217 | |||||||||||||||||||
| Gross profit | 105,671 | 78,315 | 279,223 | 219,358 | |||||||||||||||||||
| Gross margin | 26.9% | 33.8% | 26.4% | 34.2% | |||||||||||||||||||
Amortization of developed technology and backlog | 4,434 | 3,639 | 11,713 | 10,918 | |||||||||||||||||||
Acquisition-related expenses(a) | $ | 399 | $ | — | $ | 399 | $ | — | |||||||||||||||
| Adjusted gross profit | $ | 110,504 | $ | 81,954 | $ | 291,335 | $ | 230,276 | |||||||||||||||
| Adjusted gross margin | 28.1 | % | 35.4 | % | 27.5 | % | 35.9 | % | |||||||||||||||
(a) For the three and nine months ended September 30, 2025, represents acquisition-related fair value adjustments to inventory and PP&E.
The following table reconciles Net income to Adjusted EBITDA:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net income (loss) | $ | 33,503 | $ | (141,354) | $ | 93,511 | $ | (113,491) | |||||||||||||||
| Preferred dividends and accretion | 15,144 | 14,080 | 44,375 | 41,332 | |||||||||||||||||||
Net income (loss) to common shareholders | 18,359 | (155,434) | 49,136 | (154,823) | |||||||||||||||||||
| Other income, net | (3,045) | (3,541) | (10,108) | (11,023) | |||||||||||||||||||
| Gain on extinguishment of debts, net | — | — | (14,207) | — | |||||||||||||||||||
| Foreign currency (gain) loss, net | 6 | 106 | (2,026) | 1,073 | |||||||||||||||||||
| Preferred dividends and accretion | 15,144 | 14,080 | 44,375 | 41,332 | |||||||||||||||||||
| Interest expense | 5,046 | 8,264 | 21,849 | 25,818 | |||||||||||||||||||
| Income tax expense | 9,941 | 3,850 | 30,092 | 12,964 | |||||||||||||||||||
| Depreciation expense | 1,537 | 1,232 | 3,758 | 3,270 | |||||||||||||||||||
| Amortization of intangibles | 6,199 | 8,274 | 16,166 | 25,669 | |||||||||||||||||||
Amortization of developed technology and backlog | 4,434 | 3,639 | 11,713 | 10,918 | |||||||||||||||||||
| Equity-based compensation | 4,647 | 2,023 | 11,343 | 6,851 | |||||||||||||||||||
| Change in fair value of contingent consideration | 1,014 | (39) | 1,014 | (271) | |||||||||||||||||||
| Goodwill impairment | — | 162,000 | — | 162,000 | |||||||||||||||||||
Certain legal expenses(a) | — | 2,270 | 1,232 | 4,533 | |||||||||||||||||||
Acquisition-related expenses(b) | 8,912 | — | 11,999 | — | |||||||||||||||||||
Other costs(c) | — | — | — | 42 | |||||||||||||||||||
| Adjusted EBITDA | $ | 72,194 | $ | 46,724 | $ | 176,336 | $ | 128,353 | |||||||||||||||
11
Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)
(a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) For the three and nine months ended September 30, 2025, represents acquisition-related expenses and fair value adjustments to inventory.
(c) For the nine months ended September 30, 2024, Other costs represent costs related to Capped-Call treatment evaluation for prior year.
12
Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)
The following table reconciles Net income to Adjusted net income:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net income (loss) | $ | 33,503 | $ | (141,354) | $ | 93,511 | $ | (113,491) | |||||||||||||||
| Preferred dividends and accretion | 15,144 | 14,080 | 44,375 | 41,332 | |||||||||||||||||||
Net income (loss) to common shareholders | 18,359 | (155,434) | 49,136 | (154,823) | |||||||||||||||||||
| Amortization of Intangibles | 6,199 | 8,274 | 16,166 | 25,669 | |||||||||||||||||||
Amortization of developed technology and backlog | 4,434 | 3,639 | 11,713 | 10,918 | |||||||||||||||||||
| Amortization of debt discount and issuance costs | 879 | 1,551 | 4,336 | 4,652 | |||||||||||||||||||
| Gain on extinguishment of debts, net | — | — | (14,207) | — | |||||||||||||||||||
Series A Preferred stock accretion | 7,548 | 6,947 | 22,182 | 20,417 | |||||||||||||||||||
| Equity based compensation | 4,647 | 2,023 | 11,343 | 6,851 | |||||||||||||||||||
| Change in fair value of contingent consideration | 1,014 | (39) | 1,014 | (271) | |||||||||||||||||||
| Goodwill Impairment | — | 162,000 | — | 162,000 | |||||||||||||||||||
Certain legal expenses(a) | — | 2,270 | 1,232 | 4,533 | |||||||||||||||||||
Acquisition-related expenses(b) | 8,944 | — | 12,031 | — | |||||||||||||||||||
Other costs(c) | — | — | — | 42 | |||||||||||||||||||
Income tax expense of adjustments(d) | (6,262) | (4,771) | (10,711) | (13,908) | |||||||||||||||||||
Adjusted net income | $ | 45,762 | $ | 26,460 | $ | 104,235 | $ | 66,080 | |||||||||||||||
Income (loss) per common share | |||||||||||||||||||||||
| Basic | $ | 0.12 | $ | (1.02) | $ | 0.32 | $ | (1.02) | |||||||||||||||
| Diluted | $ | 0.12 | $ | (1.02) | $ | 0.32 | $ | (1.02) | |||||||||||||||
| Weighted average number of common shares outstanding | |||||||||||||||||||||||
| Basic | 152,727 | 151,923 | 152,465 | 151,691 | |||||||||||||||||||
| Diluted | 154,090 | 151,923 | 153,350 | 151,691 | |||||||||||||||||||
| Adjusted net income per common share | |||||||||||||||||||||||
| Basic | $ | 0.30 | $ | 0.17 | $ | 0.68 | $ | 0.44 | |||||||||||||||
| Diluted | $ | 0.30 | $ | 0.17 | $ | 0.68 | $ | 0.43 | |||||||||||||||
| Weighted average number of common shares outstanding | |||||||||||||||||||||||
| Basic | 152,727 | 151,923 | 152,465 | 151,691 | |||||||||||||||||||
| Diluted | 154,090 | 152,135 | 153,350 | 152,186 | |||||||||||||||||||
(a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed.
13
Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)
The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) For the three and nine months ended September 30, 2025, represents acquisition-related expenses and fair value adjustments to inventory and PP&E.
(c) For the nine months ended September 30, 2024, Other costs represent costs related to Capped-Call treatment evaluation for prior year.
(d) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.
The following table reconciles General and administrative expense to Adjusted general and administrative expense:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| General and administrative expense | $ | 52,248 | $ | 40,149 | $ | 141,147 | $ | 114,904 | |||||||||||||||
| Equity based compensation | (4,647) | (2,023) | (11,343) | (6,851) | |||||||||||||||||||
Certain legal expenses(a) | — | (2,270) | (1,232) | (4,533) | |||||||||||||||||||
Acquisition-related expenses(b) | (8,545) | — | (11,632) | — | |||||||||||||||||||
Other costs(c) | — | — | — | (42) | |||||||||||||||||||
| Adjusted general and administrative expense | $ | 39,056 | $ | 35,856 | $ | 116,940 | $ | 103,478 | |||||||||||||||
(a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) For the three and nine months ended September 30, 2025, represents acquisition-related expenses.
(c) For the nine months ended September 30, 2024, Other costs represent costs related to Capped-Call treatment evaluation for prior year.
The following table reconciles Net cash provided by operating activities to Free cash flow:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 27,363 | $ | 44,935 | $ | 58,145 | $ | 96,394 | |||||||||||||||
| Purchase of property, plant and equipment | (5,513) | (1,077) | (14,496) | (5,604) | |||||||||||||||||||
Free cash flow | $ | 21,850 | $ | 43,858 | $ | 43,649 | $ | 90,790 | |||||||||||||||
14
1 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N 3Q 2025 EARNINGS PRESENTATION November 5th, 2025
2 DISCLAIMER 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing and investment plans, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms. Our actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea, conflict in the Middle East, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act (“IRA”), the One Big Beautiful Bill Act (“OBBB”) or any amendment or repeal thereof; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors described in more detail in the section captioned “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, our 2024 Annual Report, and our other documents on file with the U.S. Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. You should read this presentation with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. NON-GAAP FINANCIAL INFORMATION This presentation includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow. We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other (income) expense, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax expense (benefit), (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) certain legal expenses, (xiii) acquisition-related expenses, and (xiv) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net, (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration, (viii) certain legal expenses, (ix) acquisition- related expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, (iii) acquisition-related expenses, and (iv) other costs. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment. A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this presentation. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period. We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis. You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business. MARKET AND INDUSTRY DATA This presentation also contains information regarding our market and our industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and we have not independently verified its accuracy or completeness.
3 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N GENERATING ENERGY WITH INTEGRITY FOR A SUSTAINABLE WORLD ARRAY TECHNOLOGIES Leading the way to a brighter, smarter future A global leader advancing the future of clean energy Headquartered in Albuquerque, New Mexico 1,200 employees globally(1) 30+ years of excellence 267 total active patents, 177 additional pending An industry leader in reliability, durability and quality ARRAY solar trackers are engineered for peak performance and long life One of America’s Most Responsible Companies(2) 95 GW TRACKERS DELIVERED GLOBALLY(3) Demonstrated track record of delivering power across the globe for 30+ years Putting passion into action Respecting what’s right Problem solving through technology and teamwork (1) Includes APA employees (2) Newsweek America’s Most Responsible Companies 2024 (3) Cumulative shipments of trackers delivered globally, excludes APA
4 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N BUSINESS UPDATE Kevin G. Hostetler Chief Executive Officer — Neil Manning President & Chief Operating Officer
5 3Q 2025 HIGHLIGHTS $393.5M REVENUE $16.9M of revenue from APA +9% vs. 2Q25, +70% vs. 3Q24 +56% YoY Volume growth vs. 3Q24 +74% YTD YoY Volume growth $105.7M GROSS PROFIT 26.9% Gross Profit Margin +9% vs. 2Q25, +35% vs. 3Q24 $110.5M ADJUSTED GROSS PROFIT(1) 28.1% Adj. Gross Margin(1) +10% vs. 2Q25, +35% vs. 3Q24 $18.4M NET INCOME $45.8M Adjusted Net Income(1) +73% YoY Adjusted Net Income(1) vs 3Q24 $72.2M ADJUSTED EBITDA(1) +55% YoY Adj. EBITDA(1) growth vs. 3Q24 +37% YTD YoY Adj. EBITDA(1) growth vs. 3Q24 $1.9B ORDERBOOK(2) High-quality with >95% domestic >1X book-to-bill in Q3’25 OmniTrackTM, SkyLink, and Hail XPTM now represent ~40% of orderbook (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure (2) Does not include APA; orderbook will be included for year-end disclosures following alignment of commercial practices 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N
6 APA PRODUCT PORTFOLIO Engineered Foundation Solutions 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N APA SOLAR UPDATES Product & Commercial Updates Increasing traction in larger utility-scale project opportunities, supported by credibility and bankability with ARRAY Integrated Tracker/Engineered Foundation expected 2H26 Upcoming new product offerings across fixed-tilt and foundation solutions portfolio Integration Update On track with integration goals, including: Process, policies, systems alignment and optimization Leveraging ARRAY’s scale and relationships to drive procurement synergies Launching combined sales strategy for customer engagement and quotation SCREWC-PILE HELICAL GEO-BALLAST POUR-N-GO Fixed-Tilt Mounting Systems
7 7% 15% 18% 23% 28% 37% 40% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N COMMERCIAL MOMENTUM INNOVATION DRIVING COMMERCIAL SUCCESS Note: Pipeline and orderbook details do no include APA Propelling innovation through voice of the customer OmniTrack , SkyLink, Hail XP Significant momentum in SmarTrack® software deployments More than 300 customers and industry participants reached YTD through ARRAY Days and Insurance forums Strengthening orderbook post-OBBB → growth in new product adoption, improving book-to-bill momentum, and enhanced customer mix SIGNIFICANT EARLY-STAGE DOMESTIC PIPELINE EXPANSION 4Q24 3Q25 Driving efficiencies & lower LCOE for project owners Patented technology designed for: Zero scheduled maintenance Innovative weather mitigating solutions Efficient installations Promising Demand Landscape: Expect another strong growth year in 2026 Strong orderbook momentum setting up 2026 for success Early-stage pipeline expansion leading to more opportunities in 2026 and beyond Increasing opportunity to sell multiple ARRAY products per project, expanding share of wallet Percentage of Orderbook from OmniTrack , SkyLink and Hail XP
8 SUPPLY CHAIN RESILIENCY KEY COMPONENTS PORTION of BOM US SOURCING LOCATIONS USA MEX APAC EMEA Torque Tube Clamps Center Structures & Gearboxes Bearing Housings Brackets Gear racks Driveline Dampers Motors Note: Only major components listed above, not an exhaustive list of components 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N Supply Chain Strategy Flexible and dynamic sourcing: >50 domestic and >100 international suppliers Offering 100% domestically sourced tracker(1) Leverage >40GW annual U.S. supplier capacity Optimize for customer needs between domestic and imported supplies Upgrade of Albuquerque facility and utilization of APA facility in Ohio Tariff Management and Risk Mitigation Maximize scale to drive cost and lead time optimization Tariff pass-through for certain components Existing tariff increases incorporated into upfront quotes Invested in digital tools for real-time tariff tracking and supply chain optimization Active engagement with policymakers on trade and tariff issues Through effective supply chain optimization less than 20% of a typical BOM currently exposed to tariffs and expect less than 14% by end of year (1) 100% of the domestic content assigned cost under the U.S. Treasury Department’s latest guidance (Notice 2025-08) issued in January 2025
9 H. Keith Jennings Chief Financial Officer 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N FINANCIAL UPDATE
10 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N 3Q 2025 FINANCIAL HIGHLIGHTS Performance driven by volume growth from commercial execution $393.5 $362.2 $231.4 3Q25 2Q25 3Q24 Revenue $0.12 $0.19 $0.30 $0.25 $0.17 3Q25 2Q25 3Q24 Diluted EPS Adj. EPS $105.7 $97.1 $78.3 $110.5 $100.8 $82.0 26.9% 26.8% 33.8%28.1% 27.8% 35.4% 3Q25 2Q25 3Q24 Gross Profit (GAAP) Adj. Gross Profit Gross Margin (GAAP) Adj. Gross Margin $18.4 $28.5 $72.2 $63.6 $46.7 18.3% 17.5% 20.2% 3Q25 2Q25 3Q24 Net Income (Loss) Adj. EBITDA Adj. EBITDA Margin Year Over Year REVENUE +70% ADJ. GP +35% ADJ. EBITDA +55% ADJ. EPS +71% Sequential REVENUE +9% ADJ. GP +10% ADJ. EBITDA +14% ADJ. EPS +17% ($ m ill io ns ) ($ m ill io ns ) ($ m ill io ns ) (1) (1) (1) (1)(1) (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure $(155.4) $(1.02)
11 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N 3Q 2025 FINANCIAL RESULTS Strong results exceeded expectations in revenue, adjusted EBITDA(1) and adjusted EPS(1) ($ in millions, except EPS Data) 3Q25 2Q25 3Q24 Revenue $393.5 $362.2 $231.4 Gross margin 26.9% 26.8% 33.8% Net income (loss) to Common Shareholders $18.4 $28.5 ($155.4) Diluted EPS $0.12 $0.19 ($1.02) Adjusted gross margin(1) 28.1% 27.8% 35.4% Adjusted EBITDA(1) $72.2 $63.6 $46.7 Adjusted EBITDA margin(1) 18.3% 17.5% 20.2% Adjusted net income(1) $45.8 $38.8 $26.5 Adjusted EPS(1) $0.30 $0.25 $0.17 Free Cash Flow(1) $21.9 $37.2 $43.9 Financial Performance 3Q Revenue growth of 70% over 3Q24, largely driven by market share growth & new product uptake 3Q Adjusted Gross Margin(1) of 28.1%, improved by 30 bps from 2Q25, primarily due to higher mix of domestic projects and ASP improvements 3Q Adjusted EBITDA(1) of $72M, second highest quarter in company history (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure
12 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N LEVERAGE & LIQUIDITY Total available liquidity maintained over $365M post acquisition of APA Solar with Net Debt leverage of 2.1X Current Leverage Corporate Ratings: B1 (Stable) / B+ (stable) ($ millions) As of September 30, 2025 Amount xEBITDA(1) Cash & Cash Equivalents $221.5 Revolving Credit Facility (RCF) ($166)(2) $0.0 Total Secured Debt $0.0 NA Net First Lien Leverage ($221.5) Convertible Notes due 2028(2) $325.0 Convertible Notes due 2031(2) $345.0 Other Debt $25.6 Total Debt $695.6 3.1X Net Debt $474.1 2.1X Net Available Liquidity ($ millions) As of September 30, 2025 Cash & Cash Equivalents $221.5 RCF $166.0 Less LC hold(3) ($20.7) Available Liquidity $366.8 (1) Trailing Twelve Months (TTM) Adj EBITDA of $222M as of September 30,2025 (2) Represents outstanding principals of respective instruments (3) LC hold does not represent a balance sheet commitment and; therefore, is not considered part of net debt; however, LC hold in excess of $50 million will be reflected in covenant test. LC hold balances as of September 30, 2025
13 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N 2025 FULL YEAR GUIDANCE UPDATE FY2025 Previous Guidance (Excludes APA) REVENUE $1.180B - $1.215B ADJUSTED GROSS MARGIN 28% - 29% ADJUSTED EBITDA $185M - $200M ADJUSTED NET INCOME PER COMMON SHARE $0.63 - $0.70 ADJUSTED G&A $150M - $155M CAPITAL EXPENDITURES $30M - $35M FREE CASH FLOW $115M - $130M Updated Guidance (includes APA) $1.25B - $1.28B 27% - 28% $185M - $195M $0.64 - $0.70 $160M - $165M Approx. $20M Approx. $100M Updated guidance inclusive of APA contribution; expect APA revenue of approx. $50M Expected tax rate of approx. 25%-26% 1) Guidance includes benefits related to the Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit for torque tube and structural fastener manufacturing. 2) A reconciliation of projected adjusted gross margin, adjusted EBITDA, adjusted net income per share, adjusted G&A, and free cash flow, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from adjusted EBITDA and adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.
14 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N INVESTMENT HIGHLIGHTS Leading solution in high demand market Significant AI datacenter growth and manufacturing onshoring in US expected to drive demand Solar leads the industry as the quickest and least expensive way to deploy energy developments, less than half the lowest cost fossil alternative(1) Differentiated product portfolio Portfolio built around industry’s only passive stow tracker solutions, designed to optimize yield and reduce project complexity Expansive product and software portfolio including unique solutions such as Hail XP , OmniTrack , and SmarTrack® Expansion into fixed-tilt and engineered foundation solutions through acquisition of APA Solar Robust financial performance Strong cash flow generation through various economic cycles and political environments Optimized capital structure positioned for growth and portfolio expansion Experienced management team Management team with proven experience across, energy, manufacturing, product, and service industries High engagement with industry and trade associations (1) Lazard Levelized Cost of Energy report June 2025
15 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N APPENDIX
16 Array Technologies, Inc. As of (in thousands, except per share and share amounts) (Unaudited) September 30, 2025 December 31, 2024 Assets Current Assets Cash and cash equivalents $ 221,516 $ 362,992 Restricted cash 1,587 1,149 Accounts receivable, net of allowance of $8,418 and $4,848, respectively 378,592 275,838 Inventories, net 180,885 200,818 Prepaid expenses and other 83,969 157,927 Total current assets 866,549 998,724 Property, plant and equipment, net 54,664 26,222 Goodwill 245,215 160,189 Other intangible assets, net 244,484 181,409 Deferred income tax assets 17,312 17,754 Other assets 182,937 41,701 Total assets $ 1,611,161 $ 1,425,999 Liabilities, Redeemable Perpetual Preferred Stock and Stockholders' Equity Current Liabilities Accounts payable $ 231,876 $ 172,368 Accrued expenses and other 76,583 91,183 Income tax payable 2,479 5,227 Deferred revenue 95,387 119,775 Current portion of contingent consideration 17,666 1,193 Current portion of warranty liability 4,234 2,063 Current portion of debt 22,595 30,714 Other current liabilities 7,669 15,291 Total current liabilities 458,489 437,814 Deferred income tax liabilities 22,042 21,398 Other long-term liabilities 50,467 18,684 Contingent consideration, net of current portion 11,212 7,868 Warranty liability, net of current portion 5,984 4,830 Long-term debt, net of current portion 658,378 646,570 Total liabilities 1,206,572 1,137,164 Commitments and contingencies Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 483,112 and 460,920 shares issued as of September 30, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates 451,306 406,931 Stockholders' equity Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates - - Common stock of $0.001 par value - 1,000,000,000 shares authorized; 152,747,767 and 151,951,652 shares issued at respective dates 152 151 Additional paid-in capital 238,043 297,780 Accumulated deficit (277,113) (370,624) Accumulated other comprehensive loss (7,799) (45,403) Total stockholders' equity (46,717) (118,096) Total liabilities, redeemable perpetual preferred stock and stockholders' equity $ 1,611,161 $ 1,425,999 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N CONDENSED CONSOLIDATED BALANCE SHEETS
17 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Array Technologies, Inc. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) (Unaudited) 2025 2024 2025 2024 Revenue $ 393,491 $ 231,406 $ 1,058,097 $ 640,575 Cost of revenue Cost of product and service revenue 283,386 149,452 767,161 410,299 Amortization of developed technology and backlog 4,434 3,639 11,713 10,918 Total cost of revenue 287,820 153,091 778,874 421,217 Gross profit 105,671 78,315 279,223 219,358 Operating expenses General and administrative 52,248 40,149 141,147 114,904 Change in fair value of contingent consideration 1,014 (39) 1,014 (271) Depreciation and amortization 6,958 8,880 17,951 27,384 Goodwill impairment - 162,000 - 162,000 Total operating expenses 60,220 210,990 160,112 304,017 Income (loss) from operations 45,451 (132,675) 119,111 (84,659) Interest income 2,977 4,223 10,096 12,685 Interest expense (5,046) (8,264) (21,849) (25,818) Foreign currency (loss) gain, net (6) (106) 2,026 (1,073) Gain on extinguishment of debts, net - - 14,207 - Other income (expense), net 68 (682) 12 (1,662) Total other (expense) income, net (2,007) (4,829) 4,492 (15,868) Income (loss) before income tax expense 43,444 (137,504) 123,603 (100,527) Income tax expense 9,941 3,850 30,092 12,964 Net income (loss) 33,503 (141,354) 93,511 (113,491) Preferred dividends and accretion 15,144 14,080 44,375 41,332 Net income (loss) to common shareholders $ 18,359 $ (155,434) $ 49,136 $ (154,823) Income (loss) per common share Basic $ 0.12 $ (1.02) $ 0.32 $ (1.02) Diluted $ 0.12 $ (1.02) $ 0.32 $ (1.02) Weighted average number of common shares outstanding Basic 152,727 151,923 152,465 151,691 Diluted 154,090 151,923 153,350 151,691
18 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Array Technologies, Inc. Nine Months Ended September 30, (in thousands) (Unaudited) 2025 2024 Operating activities Net income (loss) $ 93,511 $ (113,491) Adjustments to reconcile net income to cash provided by operating activities: Goodwill impairment - 162,000 Provision for bad debts 1,001 3,415 Deferred tax expense (benefit) 6,748 (7,279) Depreciation and amortization 19,923 29,015 Amortization of developed technology and backlog 11,713 10,918 Amortization of debt discount and issuance costs 4,407 4,652 Gain on extinguishment of debts, net (14,207) - Equity-based compensation 11,343 6,851 Change in fair value of contingent consideration 1,014 (271) Warranty provision 10,290 36 Inventory reserve 3,360 2,481 Other non-cash (2,017) - Changes in working capital, net (88,941) (1,933) Net cash provided by operating activities 58,145 96,394 Investing activities Purchase of property, plant and equipment (14,496) (5,604) Acquisition, net of cash acquired (164,916) - Retirement/disposal of property, plant and equipment - 38 Sale of equity investment - 11,975 Net cash (used in) provided by investing activities (179,412) 6,409 Financing activities Proceeds from issuance of other debt 108,659 19,024 Proceeds from issuance of convertible notes 345,000 - Premium paid on capped call (35,087) - Fees paid on issuance of convertible notes (10,434) - Repayments of other debt (119,181) (24,879) Repayments of term loan facility (233,875) (3,225) Repayments of convertible notes (78,363) - Contingent consideration payments (1,204) (1,427) Other financing (1,033) (1,734) Net cash used in financing activities (25,518) (12,241) Effect of exchange rate changes on cash and cash equivalent balances 5,747 (7,270) Net change in cash and cash equivalents and restricted cash (141,038) 83,292 Cash and cash equivalents, and restricted cash beginning of period 364,141 249,080 Cash and cash equivalents and restricted cash, end of period $ 223,103 $ 332,372
19 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N ADJUSTED GROSS PROFIT RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) September 30, 2025 June 30, 2025 September 30, 2024 Revenue $ 393,491 $ 362,243 $ 231,406 Cost of revenue 287,820 265,119 153,091 Gross profit 105,671 97,124 78,315 Gross margin 26.9% 26.8% 33.8% Amortization of developed technology and backlog 4,434 3,640 3,639 Acquisition-related expenses(a) 399 - - Adjusted gross profit 110,504 100,764 81,954 Adjusted gross margin 28.1% 27.8% 35.4% a) For the three months ended September 30, 2025, represents acquisition-related fair value adjustments to inventory and PP&E
20 Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2025 June 30, 2025 September 30, 2024 General and administrative expense $ 52,248 $ 44,954 $ 40,149 Equity based compensation (4,647) (3,898) (2,023) Certain legal expenses(a) - (149) (2,270) Acquisition-related expenses(b) (8,545) (3,087) - Adjusted general and administrative expense $ 39,056 $ 37,820 $ 35,856 a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business. b) For the three months ended June 30, 2025 & September 30, 2025, represents acquisition-related expenses. 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N ADJUSTED G&A RECONCILIATION
21 Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net income (loss) $ 33,503 $ 43,262 $ 16,746 $ (126,903) $ (141,354) $ 25,698 Preferred dividends and accretion 15,144 14,788 14,443 14,338 14,080 13,749 Net income (loss) to common shareholders $ 18,359 $ 28,474 $ 2,303 $ (141,241) $ (155,434) $ 11,949 Other income, net (3,045) (3,721) (3,342) (4,746) (3,541) (2,988) Gain on extinguishment of debts, net - (14,207) - - - - Foreign currency (gain) loss, net 6 (1,343) (689) 3,442 106 468 Preferred dividends and accretion 15,144 14,788 14,443 14,338 14,080 13,749 Interest expense 5,046 8,768 8,035 9,007 8,264 8,614 Income tax expense (benefit) 9,941 13,617 6,534 (23,146) 3,850 7,810 Depreciation expense 1,537 1,178 1,043 1,140 1,232 1,155 Amortization of intangibles 6,199 5,078 4,889 8,142 8,274 8,141 Amortization of developed technology and backlog 4,434 3,640 3,639 3,640 3,639 3,640 Equity-based compensation 4,647 3,898 2,798 3,498 2,023 808 Change in fair value of contingent consideration 1,014 150 (150) 396 (39) 503 Long-lived assets impairment - - - 91,904 - - Goodwill impairment - - - 74,000 162,000 - Certain legal expenses(a) - 149 1,083 2,240 2,270 1,533 Acquisition-related expenses(b) 8,912 3,087 - - - - Other costs(c) - - - 2,586 - - Adjusted EBITDA $ 72,194 $ 63,556 $ 40,586 $ 45,200 $ 46,724 $ 55,382 a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business. b) For the three months ended June 30, 2025 and September 30, 2025, represents acquisition-related expenses and fair value adjustments to inventory c) Other costs represent costs related to Capped-Call treatment evaluation and costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. . 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N ADJUSTED EBITDA RECONCILIATION
22 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N ADJUSTED NET INCOME RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except per share amounts) (Unaudited) September 30, 2025 June 30, 2025 September 30, 2024 Net Income (loss) $ 33,503 $ 43,262 $ (141,354) Preferred dividends and accretion 15,144 14,788 14,080 Net income (loss) to common shareholders $ 18,359 $ 28,474 $ (155,434) Amortization of intangibles 6,199 5,078 8,274 Amortization of developed technology and backlog 4,434 3,640 3,639 Amortization of debt discount and issuance costs 879 2,064 1,551 Gain on extinguishment of debts, net - (14,207) - Series A Preferred Stock accretion 7,548 7,393 6,947 Equity based compensation 4,647 3,898 2,023 Change in fair value of contingent consideration 1,014 150 (39) Goodwill impairment - - 162,000 Certain legal expenses (a) - 149 2,270 Acquisition-related expenses(b) 8,944 3,087 - Income tax expense of adjustments (c) (6,262) (975) (4,771) Adjusted net income $ 45,762 $ 38,751 $ 26,460 Income (loss) per common share Basic $ 0.12 $ 0.19 $ (1.02) Diluted $ 0.12 $ 0.19 $ (1.02) Weighted average number of common shares outstanding Basic 152,727 152,584 151,923 Diluted 154,090 153,068 151,923 Adjusted net income per common share Basic $ 0.30 $ 0.25 $ 0.17 Diluted $ 0.30 $ 0.25 $ 0.17 Weighted average number of common shares outstanding Basic 152,727 152,584 151,923 Diluted 154,090 153,068 152,135 a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business. b) For the three months ended June 30, 2025 and September 30, 2025, represents acquisition-related expenses and fair value adjustments to inventory and PP&E. c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.
23 3 Q 2 5 E A R N N IN G S P R E S E N T A T IO N FREE CASH FLOW RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2025 June 30, 2025 September 30, 2024 Net cash provided by operating activities $ 27,363 $ 43,841 $ 44,935 Purchase of property, plant and equipment (5,513) (6,631) (1,077) Free cash flow $ 21,850 $ 37,210 $ 43,858
