ARRAY Technologies, Inc. Reports Financial Results for the Second Quarter 2025

Core Insights - ARRAY Technologies, Inc. reported a strong second quarter for 2025, achieving a sequential revenue growth of 20% and raising its full-year revenue outlook due to positive performance and confidence in future execution [3][4]. Financial Performance - Revenue for the second quarter was $362.2 million, compared to $255.8 million in the same period last year, reflecting a year-over-year increase of approximately 41.5% [6][26]. - Gross margin was reported at 26.8%, with an adjusted gross margin of 27.8% [6][29]. - Net income attributable to common shareholders was $28.5 million, translating to earnings of $0.19 per share [6][26]. - Adjusted EBITDA for the quarter was $63.6 million, indicating a strong operational performance [6][29]. Business Developments - The company announced a definitive agreement to acquire APA Solar, which is expected to close in the coming weeks, enhancing its product offerings [3][6]. - ARRAY successfully issued $345 million in new convertible notes and repaid a higher-cost term loan in full, improving its capital structure [3][6]. Market Position and Outlook - ARRAY's CEO emphasized the importance of utility-scale solar in meeting rising electricity demand, highlighting the company's proactive measures to adapt to regulatory changes [4][3]. - The company has a robust order book with total executed contracts and awarded orders exceeding $1.8 billion as of June 30, 2025 [6][29]. - Full-year revenue guidance has been raised to a range of $1.180 billion to $1.215 billion, with adjusted EBITDA expected between $185 million and $200 million [7][6].