February 27, 2024 Array Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2023; Full year 2023 net income of $86 million; Record full year Adjusted EBITDA of $288 million Fourth Quarter 2023 Financial Highlights • Revenue of $341.6 million • Net income to common stockholders of $6.0 million • Adjusted EBITDA of $48.2 million • Basic and diluted net income per share of $0.04 • Adjusted diluted net income per share of $0.21 • $49.9 million of 45X benefit earned for 2023 torque ...

The most recent trading session ended with Array Technologies, Inc. (ARRY) standing at $15.20, reflecting a +1.2% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily gain of 0.58%. Elsewhere, the Dow gained 0.91%, while the tech-heavy Nasdaq added 0.3%.Coming into today, shares of the company had gained 12.17% in the past month. In that same time, the Oils-Energy sector lost 0.35%, while the S&P 500 gained 4.61%.Investors will be eagerly watching for the performance of Arr ...

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Key PointsSolar tracker systems automatically follow the sun and position solar panels to maximize daily electricity production.Nextracker has been the leader in solar tracker systems for a seventh consecutive year, commanding a 30% global market share, crushing its fiscal Q3 2024 estimates and raising full-year 2024 top and bottom line estimates.Array Technologies commands an 18% global market share and will report its next earnings in March 2024, coming off a guidance cut on its November 2023 earnings rel ...

The most recent trading session ended with Array Technologies, Inc. (ARRY) standing at $13.68, reflecting a -0.29% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 1.07%. Elsewhere, the Dow saw an upswing of 0.35%, while the tech-heavy Nasdaq appreciated by 1.74%.The company's shares have seen a decrease of 11.14% over the last month, not keeping up with the Oils-Energy sector's loss of 0.76% and the S&P 500's gain of 2.93%.Market participants will ...

Renewable energy stocks could come back into vogue this year. Many countries around the world are far behind their carbon emissions targets, and the urgency to address the climate crisis may energize investment in these companies.Also, government incentives and policies favor renewable energy. This regulatory support can boost the profitability of renewable energy companies. Solar, wind and hydroelectric power are popular choices to achieve the carbon-neutral goals of many countries.The benefit of this rene ...

In the latest market close, Array Technologies, Inc. (ARRY) reached $13.02, with a -1.44% movement compared to the previous day. The stock's performance was behind the S&P 500's daily loss of 0.07%. On the other hand, the Dow registered a gain of 0.16%, and the technology-centric Nasdaq decreased by 0.36%.The company's shares have seen a decrease of 22.7% over the last month, not keeping up with the Oils-Energy sector's loss of 2.53% and the S&P 500's gain of 3.05%.Investors will be eagerly watching for the ...

The second half of 2023 was the end of the solar energy party. After several years of solid growth, boosted by the initial effects of legislation -- like the U.S. Inflation Reduction Act (IRA) -- aimed at boosting renewable energy sources, the solar market hit the skids. Higher interest rates (which make financing a bit harder) and an excess supply of various industrial components have sent solar companies into a slump. It's unclear how long this downturn will last. One previous investor darling, Array Tech ...

Financial Data and Key Metrics Changes - The company reported revenue of $350 million for Q3 2023, down from $515 million in the prior year period, impacted by a $20 million reclassification of Brazilian ICMS tax incentives [16][21] - Adjusted EBITDA increased to $57.4 million, representing 16.4% of sales, an increase of 560 basis points from the same quarter last year [8][20] - Free cash flow for the quarter was $69 million, bringing the year-to-date total to $126 million, which is on track to meet the target of $150 million to $200 million for 2023 [8][20] Business Line Data and Key Metrics Changes - Revenue breakdown included approximately $245 million from the Legacy Array segment and $106 million from the STI segment [17] - Adjusted gross profit increased to $91 million from $82.4 million in the prior year, with gross margin rising to 26% from 16% on an adjusted basis [18] Market Data and Key Metrics Changes - The domestic project pipeline doubled from June 30 to September 30, indicating strong demand despite project delays [11] - The company noted that utility-scale solar is not facing structural demand weakness, and the tracker market is expected to outpace overall utility-scale solar growth [11] Company Strategy and Development Direction - The company plans to expand operations in Albuquerque with a new 216,000 square foot manufacturing campus to enhance operational improvements and domestic manufacturing flexibility [13] - New service offerings, including commissioning and training, are being rolled out to enhance customer experience and contribute positively to overall gross margin [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing project delays due to financing challenges and permitting issues but remains optimistic about the industry's long-term growth [9][10] - The company expects revenue for the full year 2023 to be in the range of $1.525 billion to $1.575 billion, with adjusted EBITDA guidance maintained at $280 million to $290 million [21][22] Other Important Information - The company is transitioning to a new CFO, Kurt Wood, effective November 13, 2023, with Nipul Patel remaining in an advisory role until year-end [6][15] - The company has not yet unlocked the full value of $320 million in IRA-related projects that were on hold, with only $35 million converting to orders this quarter [12] Q&A Session Summary Question: Are the delayed projects seeing cancellations? - Management confirmed that there have been no meaningful cancellations, only project delays as customers renegotiate PPAs [26] Question: What is the status of the IRA 45X credits? - Management indicated optimism about negotiating a greater share of the 45X credits, potentially more than half [29] Question: How does the backlog look with the project delays? - Management noted that while the pipeline is growing, the conversion to orders is delayed due to uncertainty around IRA rules [34] Question: What is the average project size in the backlog? - The average project size in the order book is about 150 megawatts [50] Question: How is the competitive landscape evolving? - Management stated that there are no significant changes in the competitive landscape, although price aggression from competitors has abated [56] Question: What is the expected trend for R&D spending? - Management plans to continue investing in R&D, with expectations to maintain or increase spending to support new product development [74]

November 7, 2023 Array Technologies 3Q 2023 Earnings Call Disclaimer Forward-Looking Statements and Other Information This pres ...