ARRAY Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2024

Financial Performance - ARRAY Technologies reported fourth quarter revenue of $275.2 million, exceeding the mid-point of guidance, with a gross margin of 28.5$915.8 million, a gross margin of 32.5%, and an adjusted gross margin of 34.1% [7][4] - The net loss to common shareholders for the fourth quarter was $(141.2) million, which included a non-cash goodwill impairment charge of$74.0 million and a long-lived intangible asset write-down of $91.9 million related to the 2022 STI acquisition [7][4] Operational Highlights - ARRAY finished 2024 with an order book of$2 billion, reflecting a 10% year-on-year growth [4] - The company's OmniTrack™ product now represents over 20% of the order book, indicating strong market traction [4] - ARRAY is on track to deliver 100% domestic content solar trackers by the first half of 2025 [4] Market Outlook - The company anticipates over 20% year-over-year revenue growth for 2025, despite facing headwinds such as permitting delays and labor constraints [5] - In Europe, modest growth is expected in 2025, while Brazil's growth is impacted by macroeconomic factors like currency devaluation and tariffs [5] - ARRAY remains optimistic about future demand for utility-scale solar energy both domestically and internationally [5] Cash Flow and Financial Position - Free cash flow for the year was reported at $135.4 million, indicating strong cash generation capabilities [7] - Total executed contracts and awarded orders as of December 31, 2024, stood at$2.0 billion [7] Guidance - For the first quarter of 2025, ARRAY expects revenue in the range of $260 million to$270 million, with an adjusted EBITDA margin between 11% to 13% [11] - For the full year 2025, revenue is projected to be between $1.05 billion and$1.15 billion, with adjusted EBITDA expected to range from $180 million to$200 million [11]