Array Technologies, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $1.28 billion, a 40% increase from $915.8 million in 2024. This growth was primarily driven by a 62% increase in revenue from its Array Legacy Operations, which accounted for approximately $1.07 billion of total revenue. However, revenue from the STI Operations segment decreased by 16% to $213.7 million, reflecting a decline in volume. The company also reported a net loss of $52.2 million, a substantial improvement from a loss of $240.4 million in the previous year.
The company’s cost of revenue increased by 59% to $985.6 million, largely in line with the higher sales volume. Despite the increase in revenue, gross profit saw only a marginal increase of $0.9 million, resulting in a gross margin decrease to 23% from 33% in 2024. This decline was attributed to rising costs, including a 22% increase in cost per watt, driven by tariffs and inflationary pressures. Array Technologies also recorded a goodwill impairment of $102.6 million related to its STI Operations, reflecting challenges in that segment.
Strategically, Array Technologies expanded its product offerings through the acquisition of APA Solar in August 2025 for approximately $185.4 million. This acquisition is expected to enhance the company’s portfolio with fixed-tilt and foundation solutions, allowing it to better meet the evolving needs of the solar industry. The company also introduced new products, including the Array STI H250 and OmniTrack, which are designed to optimize energy production and reduce installation costs.
Operationally, Array Technologies has shipped over 96 gigawatts of solar trackers globally since its inception, with 81% of its revenue derived from U.S. customers. The company employed approximately 1,200 full-time employees as of December 31, 2025, with a focus on maintaining a diverse and skilled workforce to support its growth. The company anticipates continued demand for solar energy solutions, bolstered by favorable government incentives and a growing market for renewable energy.
Looking ahead, Array Technologies remains optimistic about its growth prospects, driven by the increasing adoption of solar energy and the expansion of its product offerings. However, the company acknowledges potential risks, including fluctuations in raw material prices, regulatory changes, and the impact of geopolitical events on its supply chain. The company is committed to navigating these challenges while leveraging its innovative technologies to enhance operational efficiency and market competitiveness.
About Array Technologies, Inc.
Array Technologies, Inc. designs and manufactures solar tracking systems for utility-scale and distributed solar power projects worldwide. Its core products include patented single-axis trackers that optimize solar panel orientation to increase energy production and reduce costs. Serving EPCs, developers, utilities, and independent power producers, Array combines hardware, software, and field services to enhance project efficiency, reliability, and lifecycle value in the solar energy market.
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