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

Financial Performance - For Q4 2023, the company reported revenue of $341.6 million and net income to common stockholders of $6.0 million [1][2] - Full year 2023 revenue reached $1,576.6 million, with net income to common stockholders of $85.5 million [2][3] - Adjusted EBITDA for 2023 was $288.1 million, more than double compared to the previous year [3][7] Cash Flow and Liquidity - Cash flow from operating activities for 2023 was $232.0 million, with free cash flow of $215.0 million [2][3] - The company ended 2023 with a cash balance of $250 million and total liquidity of $424 million [3] Order Book and Future Guidance - The total executed contracts and awarded orders as of December 31, 2023, amounted to $1.8 billion, with $600 million in bookings during Q4 2023 [4][5] - For 2024, the company expects revenue between $1,250 million and $1,400 million, with adjusted EBITDA projected between $285 million and $315 million [6][7] Operational Efficiency - The company implemented structural enhancements throughout 2023, improving its margin profile [3] - The adjusted gross margin is projected to grow to the low thirties percent of sales in 2024, driven by continued strength in structural gross margin [6][7] Management Commentary - The CEO highlighted strong momentum entering 2024, with a tripling of the U.S. pipeline since Q2 2023 [4] - The company is focused on strengthening its balance sheet, having paid down $87 million of outstanding debt in 2023 [3]