Array Technologies Reports Decline in Revenue and Net Income for Q2 2026

Array Technologies, Inc. reported a decline in financial performance for the second quarter of 2026, with total revenue of $342.1 million, down 6% from $362.2 million in the same period last year. For the first half of 2026, revenue decreased by 15% to $565.5 million compared to $664.6 million in the first half of 2025. The decrease was primarily attributed to a significant drop in revenue from the company's STI Operations segment, which fell by 69% in the second quarter and 83% in the first half, while revenue from Array Legacy Operations increased by 10% and 6%, respectively. The gross profit for the second quarter was $99.6 million, a 3% increase from $97.1 million in the prior year, while gross profit for the first half decreased by 6% to $162.6 million.

The company’s operating expenses rose significantly, with general and administrative expenses increasing by 21% to $54.3 million for the second quarter and by 18% to $104.7 million for the first half. This increase was largely due to higher personnel-related costs. The change in the fair value of contingent consideration also impacted earnings, resulting in a loss of $2.4 million for the second quarter. Net income for the second quarter was $24.3 million, down 44% from $43.3 million a year earlier, and for the first half, net income decreased by 56% to $26.3 million.

In terms of strategic developments, Array Technologies completed the acquisition of APA Solar in August 2025, which is expected to enhance its product offerings in the solar energy market. The acquisition included an earnout provision estimated at $19.3 million and deferred consideration of approximately $40 million. The integration of APA is anticipated to support the company's growth and operational footprint in the solar industry. Additionally, the company is in the process of acquiring Affordable Wire Management, LLC, with a base purchase price of $153 million, which is expected to close in the third quarter of 2026.

Operationally, Array Technologies reported a cash balance of $307.3 million as of June 30, 2026, an increase from $244.4 million at the end of 2025. The company generated $91.9 million in cash from operating activities during the first half of 2026, a significant increase compared to $30.8 million in the same period last year. The company’s total liabilities increased to $1.24 billion, up from $1.19 billion at the end of 2025, primarily due to the increase in accrued expenses and deferred revenue. The company continues to focus on expanding its market presence, particularly in international markets, while managing costs and improving operational efficiencies.

Looking ahead, Array Technologies remains optimistic about its growth prospects, driven by the increasing demand for solar energy solutions and the anticipated benefits from its recent acquisitions. The company is also closely monitoring market conditions, including potential impacts from regulatory changes and supply chain dynamics, as it aims to enhance its competitive position in the solar tracking technology sector.