February 25, 2026 4Q and FY25 EARNINGS PRESENTATION 4Q25 EARNNINGS PRESENTATION 0 4Q25 EARNNINGS PRESENTATION DISCLAIMER FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment ...

Core Viewpoint - Array Technologies, Inc. (ARRY) is anticipated to experience a decline in both revenue and earnings for the fourth quarter of 2025, with a revenue estimate of $210 million, reflecting a 23.7% decrease year-over-year [1][7]. Revenue and Earnings Estimates - The consensus estimate for ARRY's fourth-quarter earnings is projected at breakeven, with no changes in the estimates over the past 30 days. The company reported earnings of 16 cents per share in the same quarter last year [2]. - The Earnings ESP for ARRY stands at 0.00%, indicating that both the Most Accurate Estimate and the Zacks Consensus Estimate are at $0.00 [5]. Performance History - Array Technologies has a history of earnings surprises, having beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 25.12% [3]. Factors Influencing Q4 Results - Revenue performance is expected to benefit from improved operations in both Array Legacy Operations and STI Operations, driven by higher volumes and contributions from the APA acquisition [6][8]. - Despite potential revenue support from backlogs and higher volumes, delays in project completions and deliveries may negatively impact overall revenue [8]. Cost and Expense Dynamics - The increase in revenues is likely to outpace the rise in expenses, which may favor higher profits. However, operating expenses are expected to rise due to increased general and administrative costs [9]. Stock Performance and Valuation - ARRY's stock has underperformed compared to the industry and the S&P 500 in Q4 2025, but has outperformed its sector [10]. - The stock is currently undervalued, trading at a price-to-earnings multiple of 11.06, lower than the industry average of 18.69 [11]. Investment Thesis - Array Technologies is positioned to benefit from long-term growth in the renewable energy sector, particularly in the U.S. solar market, which is seeing increased adoption by utilities, corporations, and homeowners [13]. - The company has a substantial order backlog, providing strong revenue visibility for upcoming quarters, and is enhancing its competitive edge through the introduction of domestically sourced trackers [16]. Challenges and Risks - Federal policy changes have introduced near-term uncertainties affecting permitting, procurement, and supply chains, while elevated U.S. tariffs continue to pressure system costs and margins [17].

Financial Performance - Revenue for 3Q 2025 was $393.5 million, including $16.9 million from APA, a 70% increase compared to 3Q 2024[18] - Net income for 3Q 2025 was $18.4 million, with an adjusted net income of $45.8 million, a 73% increase year-over-year[18] - Gross profit for 3Q 2025 was $105.7 million, representing a gross profit margin of 26.9%[18] - Adjusted EBITDA for 3Q 2025 was $72.2 million, a 55% increase year-over-year[18] - Adjusted gross profit for 3Q 2025 was $110.5 million, resulting in an adjusted gross margin of 28.1%[19, 20] Order Book and Business Update - The order book stands at $1.9 billion, with over 95% being domestic[20] - OmniTrack, SkyLink, and Hail XP now represent approximately 40% of the order book[20] Supply Chain - Less than 20% of a typical Bill of Materials (BOM) is currently exposed to tariffs, with expectations of less than 14% by year-end[35] Full Year Guidance - The company updated its full-year 2025 revenue guidance to $1.25 billion - $1.28 billion, including APA[53] - The adjusted gross margin guidance is 27% - 28%[53] - Adjusted EBITDA guidance is $185 million - $195 million[53]

Core Viewpoint - Array Technologies (NASDAQ: ARRY) is given a hold rating due to a challenging and uncertain external environment, despite strong internal execution and product adoption [1]. Company Performance - Array Technologies is successfully executing its strategy with new products such as OmniTrack, SkyLink, and Hail XP driving tangible adoption [1]. Investment Strategy - The investment approach encompasses fundamental investing, technical investing, and momentum investing, leveraging the strengths of each to refine the investment process [1].