Array Technologies(US:ARRY)2024-05-09 21:07Financial Performance - Revenue decreased to $153.4 million in 1Q24 from $376.8 million in 1Q23, a decrease of $223.4 million[8, 50] - Gross margin increased to 35.9% in 1Q24 from 25.9% in 1Q23, an increase of 1000 bps[8, 50] - Adjusted gross margin increased to 38.3% in 1Q24 from 26.9% in 1Q23, an increase of 1140 bps[50, 56] - Net loss to common shareholders was $11.3 million in 1Q24, compared to net income of $17.2 million in 1Q23, a decrease of $28.5 million[8, 50] - Adjusted EBITDA was $26.2 million in 1Q24, compared to $67.0 million in 1Q23, a decrease of $40.8 million[8, 50, 57] - Free cash flow increased to $45.1 million in 1Q24 from $41.9 million in 1Q23, an increase of $3.2 million[8, 50, 62] Guidance - The company expects second quarter revenue of $225 million to $235 million[52] - The company reaffirms full year 2024 revenue guidance of $1.25 billion to $1.40 billion[52] - The company anticipates adjusted EBITDA for full year 2024 to be between $285 million and $315 million[52] - The company expects adjusted net income per common share for full year 2024 to be between $1.00 and $1.15[52] Business Updates - Cumulative bookings of $1.8 billion over the last four quarters[10] - Array Technologies is building a $50 million solar manufacturing campus in New Mexico[13]