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].