Array Technologies Reports 42% Revenue Growth to $362.2 Million in Q2 2025

Array Technologies, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $362.2 million for the three months ended June 30, 2025, a 42% increase from $255.8 million in the same period last year. For the first half of 2025, revenue surged to $664.6 million, up 62% from $409.2 million in the prior year. The company's net income also saw a substantial rise, climbing to $43.3 million for the second quarter, compared to $25.7 million in the previous year, marking a 68% increase. For the six-month period, net income reached $60 million, up 115% from $27.9 million.

The growth in revenue was primarily driven by Array's legacy operations, which reported a 58% increase in revenue to $291.9 million for the second quarter, attributed to an 81% rise in volume, despite a 13% decrease in average selling prices (ASPs). The STI operations segment, however, experienced a slight decline in revenue, down 0.4% to $70.4 million, due to an 8% decrease in volume, although ASPs increased by 5%. The overall gross profit for the quarter increased to $97.1 million, a 13% rise from the previous year, although the gross margin decreased to 26.8% from 33.6% due to lower ASPs and increased costs.

In terms of strategic developments, Array Technologies announced the acquisition of APA Solar, expected to close in the third quarter of 2025. This acquisition aims to enhance Array's product offerings in solar racking and mounting systems. Additionally, the company successfully completed a private placement of $345 million in 2.875% Convertible Senior Notes due 2031, which will be used to repay existing debt and support operational growth. The company also reported a cash balance of $377.3 million as of June 30, 2025, with $133.7 million available under its revolving credit facility.

Operationally, Array Technologies has continued to expand its market presence, with approximately 91 gigawatts of solar trackers shipped globally. The company has also been actively managing its supply chain and costs in response to inflationary pressures and geopolitical factors affecting material availability. The company’s employee headcount has increased, reflecting its growth strategy and operational needs. Looking ahead, Array Technologies anticipates continued revenue growth driven by increasing demand for solar energy solutions, although it remains cautious about potential market fluctuations and regulatory changes impacting the solar industry.

Overall, Array Technologies' financial performance in the second quarter of 2025 reflects strong growth and strategic positioning within the solar energy market, supported by operational efficiencies and a focus on expanding its product offerings through acquisitions. The company remains optimistic about its future prospects while navigating the complexities of the current economic landscape.