Array Technologies Reports 70% Revenue Growth to $393.5 Million in Latest Quarter

Array Technologies, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $393.5 million for the three months ended September 30, 2025, a 70% increase from $231.4 million in the same period last year. For the nine months ended September 30, 2025, revenue totaled $1.06 billion, up 65% from $640.6 million in the prior year. The company attributed this growth primarily to a 120% increase in revenue from its Array Legacy Operations segment, which was bolstered by higher sales volumes, despite a 44% decline in revenue from its STI Operations segment.

The company's gross profit for the third quarter was $105.7 million, reflecting a 35% increase compared to $78.3 million in the prior year. However, gross margin decreased to 26.9% from 33.8% year-over-year, primarily due to rising costs associated with raw materials and tariffs. Operating expenses significantly decreased to $60.2 million from $211 million in the same quarter last year, largely due to the absence of a goodwill impairment charge that had impacted the previous year's results. This led to a notable turnaround in operating income, which was $45.5 million compared to a loss of $132.7 million in the prior year.

In terms of strategic developments, Array Technologies completed the acquisition of APA Solar, LLC on August 14, 2025, for a total consideration of approximately $186.1 million, which includes an earnout provision based on APA's future performance. This acquisition is expected to enhance Array's product offerings and operational capabilities in the solar energy market. The company also reported a significant increase in its employee headcount, reflecting its expansion efforts and operational growth.

Operationally, Array Technologies has seen a substantial increase in customer engagement, with approximately 95 gigawatts of solar trackers shipped globally as of September 30, 2025. The company continues to expand its geographic footprint, with 79% of its revenue derived from U.S. customers and the remaining 21% from international markets. The company also reported a cash balance of $221.5 million, down from $363 million at the end of 2024, and had $145.3 million available under its revolving credit facility, indicating a strong liquidity position.

Looking ahead, Array Technologies remains optimistic about its growth trajectory, driven by increasing demand for solar energy solutions and the strategic integration of APA Solar into its operations. The company is focused on leveraging its expanded product portfolio and operational efficiencies to capture market share in the evolving solar energy landscape. However, it also acknowledges potential challenges, including fluctuations in commodity prices, regulatory changes, and supply chain disruptions that could impact its future performance.