Array Technologies Inc ( (ARRY) ) has released its Q4 earnings. Here is a breakdown of the information Array Technologies Inc presented to its investors.
Array Technologies, Inc. is a global leader in solar tracking technology, providing solutions to utility-scale and distributed generation customers to maximize energy production and deliver value throughout the lifecycle of solar projects. The company is headquartered in the United States and is known for its robust solar trackers and customer-centric approach.
Array Technologies recently reported its financial results for the fourth quarter and full year of 2024, showcasing a strong performance despite some challenges. The company exceeded its revenue guidance for the fourth quarter and achieved a record gross margin for the year, highlighting its operational efficiency and market growth.
Key financial highlights for the fourth quarter included a revenue of $275.2 million and a gross margin of 28.5%, with an adjusted EBITDA of $45.2 million. Despite a net loss of $141.2 million due to non-cash impairment charges, the company reported an adjusted net income per diluted share of $0.16. For the full year, Array Technologies achieved a revenue of $915.8 million and a gross margin of 32.5%, with an adjusted net income per diluted share of $0.60. The company also reported a free cash flow of $135.4 million and an order book valued at $2 billion.
Looking ahead, Array Technologies remains optimistic about future demand growth for utility-scale solar energy. The company anticipates over 20% year-over-year revenue growth in 2025, driven by its strategic investments and market positioning. Despite ongoing challenges such as supply chain constraints and regulatory hurdles, Array Technologies is confident in its ability to capture additional market share and deliver value to its customers.
Overall, Array Technologies is poised for continued growth in the solar energy sector, leveraging its technological innovations and strategic partnerships to navigate market challenges and capitalize on emerging opportunities.