Array Technologies(ARRY) - 2025 Q3 - Quarterly Results

Revenue Growth - Year-to-date revenue increased by 65% and volume by 74% compared to the previous year[1] - Third quarter revenue growth year-over-year was 70%, with volume growth of 56%[3] - Revenue for the third quarter was $393.5 million, with APA contributing $16.9 million[5] - Total revenue for the three months ended September 30, 2025, was $393,491 thousand, representing a 70.4% increase from $231,406 thousand in the same period of 2024[28] - Revenue for the three months ended September 30, 2025, was $393,491,000, a significant increase from $231,406,000 in the same period of 2024, representing a growth of 70%[32] - Full-year revenue guidance is projected to be between $1.25 billion and $1.28 billion, including approximately $50 million from APA[6] Profitability Metrics - Adjusted EBITDA for the full year is expected to range from $185 million to $195 million[6] - Adjusted EBITDA for the nine months ended September 30, 2025, was $176,336,000, up from $128,353,000 in 2024, indicating a growth of 37.4%[34] - Adjusted net income per share is projected to be between $0.64 and $0.70[6] - Adjusted net income for the nine months ended September 30, 2025, was $104,235,000, an increase from $66,080,000 in 2024, representing a growth of 57.8%[34] - Net income for the three months ended September 30, 2025, was $33,503 thousand, compared to a net loss of $141,354 thousand in the same period of 2024[28] - The company reported a basic income per common share of $0.12 for the three months ended September 30, 2025, recovering from a loss of $1.02 in the same quarter of 2024[34] Expenses and Cash Flow - The company incurred total operating expenses of $160,112 thousand for the nine months ended September 30, 2025, compared to $304,017 thousand in 2024, a decrease of 47.4%[28] - Operating cash flow for the nine months ended September 30, 2025, was $58,145 thousand, down from $96,394 thousand in the same period of 2024[30] - Free cash flow for the three months ended September 30, 2025, was $21,850,000, compared to $43,858,000 in the same period of 2024[36] - General and administrative expenses for the three months ended September 30, 2025, totaled $52,248,000, compared to $40,149,000 in 2024, reflecting an increase of 30.1%[36] Balance Sheet Highlights - Total assets increased to $1,611,161 thousand as of September 30, 2025, from $1,425,999 thousand as of December 31, 2024, reflecting a growth of 13.0%[26] - Total liabilities rose to $1,206,572 thousand as of September 30, 2025, compared to $1,137,164 thousand as of December 31, 2024, marking a 6.1% increase[26] - Cash and cash equivalents decreased to $221,516 thousand as of September 30, 2025, down from $362,992 thousand as of December 31, 2024[26] Strategic Initiatives - The acquisition of APA is expected to enhance top-line expansion and profitability[4] - The company anticipates continued growth in 2026 with the launch of new integrated tracker and software solutions[4] Other Notable Events - The company reported a significant goodwill impairment of $162,000 thousand in the three months ended September 30, 2024[28] - The company is awaiting a decision on an appeal related to legal costs associated with litigation dismissed in May 2023, which may impact future financials[35]