Array Technologies Reports Q3 2024 Earnings Highlights

Array Technologies Inc ( (ARRY) ) has released its Q3 earnings. Here is a breakdown of the information Array Technologies Inc presented to its investors.

Array Technologies, Inc. is a prominent player in the renewable energy sector, specializing in utility-scale solar tracking technology that maximizes energy production. The company is known for its high-quality solar trackers and innovative software solutions designed to withstand harsh environmental conditions, promoting the global adoption of sustainable energy solutions.

In its third-quarter earnings report for 2024, Array Technologies highlighted strong operational performance with revenue of $231.4 million and an impressive adjusted gross margin of 35.4%. Despite posting a net loss of $155.4 million due to a significant non-cash goodwill impairment charge, the company achieved an adjusted EBITDA of $46.7 million, showcasing its resilience and operational efficiency in a challenging market.

Key financial highlights include a robust order book valued at $2 billion, with a notable portion attributed to the company’s innovative OmniTrack™ product. Array Technologies also anticipates full-year revenue between $900 million and $920 million, although acknowledging market softness in Brazil and decreased volumes in the U.S. and international markets. The company remains focused on maintaining strong margins and enhancing free cash flow, projected to range between $100 million and $115 million for the year.

Looking ahead, Array Technologies is optimistic about achieving strong double-digit top-line growth in 2025, despite potential market headwinds such as interconnection delays and labor constraints in the U.S. market. The company plans to capitalize on favorable dynamics such as improved financing environments and regulatory clarity to further strengthen its market position, while continuing its emphasis on customer engagement, operational execution, and product innovation.