Array Technologies, Inc.

The grade, in three tenses

Headline 3.9 out of ten, 9 of 9 metrics filed: past 3.1 out of ten, present 3.9 out of ten, future 4.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 1.3 out of ten. 9 warning events since 2020; the latest 2023-04-10. 13th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.8 out of ten. +23.6% a year over 8 filed years; profitable in 4 of 8. 48th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 3.3 out of ten. Share count grew 0.6% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases. 33rd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 3.9 out of ten. Leverage 114%: owes 114¢ per asset dollar. 38th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.4 out of ten. bottom 44% of 97 in its family; net margin -4.1%. 44th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 3.2 out of ten. bottom 32% of 66 in its family for leadership; chief executive since 2022. 32nd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 2.1 out of ten. bottom 21% of 94 in its family for room to expand. 21st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.6 out of ten. top 34% of 93 in its family for growth drivers. 66th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.8 out of ten. top 42% of 88 in its family for expectations against reality. 58th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-25 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form 4, 2026-09-28. Filings on record since 2020. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-25.

The people

Kevin Hostetler has run Array as chief executive since April 2022 and sits on the board. He came from Rotork plc, a maker of flow control and instrumentation equipment, where he was chief executive, and before that led Velocitel, an engineering and construction services firm, from November 2014. Earlier he held ascending leadership roles at IDEX Corporation from 2007 to 2012, ending as group president of its fluid and metering technologies segment, and spent seven years at Ingersoll Rand. When the previous finance chief, Kurt Wood, resigned in 2024, Hostetler took the finance job as well, holding it from July 1, 2024 until January 6, 2025. [1, 2, 3, 4, 5]

Five other executive officers are named. H. Keith Jennings joined as chief financial officer in January 2025, after running finance at Weatherford International and at Calumet Specialty Products Partners. Neil Manning was named president and chief operating officer in June 2024, having joined as chief operations officer in January 2023 from Rotork, where he ran the oil and gas business; he owns the supply chain, the plants and the international operations. Gina Gunning became chief legal officer and corporate secretary in January 2025, from GrafTech International. Terrance Collins joined as chief human resources officer in August 2022, from the crane maker Manitowoc. James Zhu was named chief accounting officer in March 2024 after joining in December 2023; he had been chief accounting officer of First Solar from 2009 to 2012. [6, 7, 8, 9, 10, 11]

Brad Forth has chaired the board since October 2020 and chaired the predecessor company from July 2016; he served as interim chief executive for part of 2018, and he also chairs the board of Shoals Technologies Group, which he joined in 2017. Bilal Khan, a senior managing director at Blackstone, has served since 2021. Two directors arrived in March 2026: Emily Cohen, chief commercial officer of the solar developer Primergy Solar, and Carolyne Murff, chief executive of Clearlight Energy. On the record this site holds, 33 people have filed insider reports and 14 of them filed in the last fifteen months. [12, 13, 14, 15, 16, 17, 5]

At the end of 2025 Array counted about 1,200 full-time employees, roughly two thirds of them in the United States and the rest spread across Europe, the Middle East, Asia, Latin America, Australia and Africa. The company says it has never had an employment-related work stoppage. [18]

How it operates

Array makes the steel structures that hold solar panels in a field and turn them to follow the sun. Its main product is a single-axis tracker: motors and gears rotate each row of panels along a north-south axis so the row stays aligned with the sun through the day, which the company says raises the energy a site produces against fixed-tilt mounts, which are stationary. The flagship DuraTrack HZ v3, launched in May 2015, uses a patented single-bolt mounting system and few motors per megawatt. Two other trackers sit beside it: the Array STI H250, a dual-row design for sites with irregular or highly angled boundaries, and OmniTrack, introduced in September 2022 for uneven ground that would otherwise need grading. SkyLink adds a control system powered by the panels themselves that runs independently of the grid, and the SmarTrack software stows the rows against hail, snow and wind. [19, 20, 21, 22, 23, 24, 25, 26]

It sells to the companies that build solar farms: solar developers, independent power producers, utilities, and the engineering, procurement and construction firms that put the sites together, usually under master supply agreements or multi-year procurement contracts. No single buyer dominates. In 2025 the two largest customers were 13.7% and 12.2% of revenue, and at the end of the year the largest owed 13.4% of the money customers owed the company, the five largest 29.8%. Four fifths of revenue, 81%, came from customers in the United States and the remaining 19% from the rest of the world. Since the company was founded it has shipped more than 96 gigawatts of trackers. [27, 28, 29, 30, 31]

Array runs a plant of about 283,000 square feet in Albuquerque, New Mexico, where it makes or assembles module clamps, center structures and motor controller assemblies; steel tubing and supports, drivelines, bearing assemblies, gearboxes, motors and electronic controllers are bought under outsourcing contracts and shipped by the suppliers straight to the job site. A second New Mexico plant in Bernalillo County, leased in May 2024, adds about 176,000 square feet of manufacturing and 40,000 of office and laboratory space; the company took control of it in the fourth quarter of 2025. Abroad, the STI business holds about 67,000 square feet in Spain and 610,000 in Brazil. The APA purchase brought leases in Ohio and Connecticut, five of them with parties owned by members of APA's own management team. [32, 33, 34, 35, 36]

The company reports in two segments: Array Legacy Operations, mostly the design and delivery of solar arrays in the United States, and STI Operations, mostly outside it, with APA counted inside the legacy segment. Measured instead by where the project sits, the United States brought in 1.0 billion dollars, 81.1% of 2025 revenue; Spain 141.0 million, 11.0%; Brazil 60.7 million, 4.7%; Australia 23.8 million, 1.9%; everywhere else 17.2 million, 1.3%. [37, 38, 39]

Most revenue is booked as the work progresses, measured by cost incurred against cost expected. Delivery on a contract runs from days to several months, and a contract can be worth anything from hundreds of thousands of dollars to tens of millions. At the end of 2025 the company had 593.7 million dollars of work under contract still to be delivered, and said it expects to recognize revenue on 87% of it within twelve months. Construction slows in cold weather, because setting foundations in frozen ground costs more, so the company says it usually sees higher revenue in the second and third quarters and lower in the first and fourth. [40, 41, 42, 43]

The specifics

One patent shapes the product. Array's core United States patent covers a linked-row, rotating gear drive system, which lets a single motor turn several rows through an articulating drive shaft, and it does not expire until February 5, 2030. The company says competitors must work around it with designs it believes are less efficient and less reliable, its largest competitor needing one motor for each row of panels. At the end of 2025 it held 74 issued United States patents, 174 issued elsewhere and 216 applications pending, plus 162 registered trademarks; the issued United States patents are scheduled to expire between 2030 and 2045. [44, 45, 46]

It names its rivals plainly: Nextpower, formerly Nextracker, PV Hardware and GameChange Solar in trackers, and UNIRAC and Terrasmart, a subsidiary of Gibraltar Industries, in fixed-tilt mounting systems and engineered foundations. Steel is the raw material that matters, and the company says it does not hedge it. Duties on steel and aluminum imports were raised to 25% across the board in February 2025, with the old exemptions and quotas swept away, and the company attributes 13 points of a 22% rise in its legacy segment's cost measure, which it calls CPW, to higher tariffs. [47, 48, 49, 50]

Public policy runs through the numbers. Under the Inflation Reduction Act, enacted in August 2022, buyers of American solar projects are generally entitled to an investment tax credit of 30%, raised to 40% where domestic content rules are met. On July 4, 2025 the One Big Beautiful Bill Act ended that credit for facilities placed in service after December 31, 2027, unless construction begins before July 4, 2026, and in August 2025 Treasury removed the safe harbor that let a project count as started once 5% of its cost was spent, leaving only a physical work test. A separate credit, section 45X, pays manufacturers per unit for clean energy components made and sold in the United States; Array has negotiated with key suppliers to share that benefit on torque tubes and structural fasteners, and 45X benefits realized came to 173.6 million dollars in 2025, against 137.8 million in 2024 and 9.3 million in 2023. [51, 52, 53, 54, 55, 56]

Array has filed with the SEC since 2020, the year it listed on Nasdaq. In August 2021 it sold 400,000 shares of a redeemable perpetual preferred stock and 9,000,000 common shares for about 395.4 million dollars; that preferred accrues dividends at 6.25% a year, and accrued and unpaid dividends had reached 90.8 million by the end of 2025. It bought the Spanish tracker maker STI in January 2022, and APA, which designs and makes solar racking, mounting and foundation systems, on August 14, 2025 for about 185.4 million. In June 2025 it placed 345 million dollars of convertible notes due 2031, repaid its term loan in full and bought back 100.0 million dollars of its 2028 notes. A shareholder class action over the 2020 listing, filed in 2021, was dismissed with prejudice in 2023 and the dismissal is under appeal. Material weaknesses in financial reporting disclosed for 2023 were remediated, and none were found for 2025. [23, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68]

What drives growth, line by line

Revenue rose 40.2% in 2025 to 1.3 billion dollars, taking back the ground lost in 2024, when it fell 41.9% to 915.8 million. The recovery stopped above the bottom line: gross profit was flat at 298.6 million, while the operating loss narrowed to 29.0 million from 227.0 million and the net loss to 52.2 million from 240.4 million. [69]

Array Legacy Operations. The bigger segment, and the one that grew: 1.1 billion dollars, 83.4% of revenue, up 61.8%. The company puts the rise almost entirely down to volume, about 62% more of it. APA sits inside this segment and added 50.0 million dollars of revenue and an operating loss of 6.3 million between August 14 and the end of the year. Gross profit rose 30.0 million dollars, or 11%, but the segment's gross margin fell to 28% from 41%: the cost measure the company calls CPW rose 22%, of which 13 points came from higher tariffs, 6 from a smaller 45X amortization benefit and 3 from inflationary cost pressures. [39, 70, 71, 50, 72]

STI Operations. The smaller segment shrank: 213.7 million dollars, 16.6% of revenue, down 15.9%. Volume fell about 20%, while what the filing calls ASP rose 5%. Gross margin went from 11% to minus 1%, after a one-off inventory charge of 29.5 million dollars taken when the company decided in the fourth quarter to phase out the version of the H250 tracker that does not work with its SmarTrack software. It also wrote off 102.6 million dollars of goodwill on the STI business, after 236.0 million the year before, and booked 1.2 million of severance for resizing parts of the international operations. [39, 73, 74, 75, 76, 77]

Measured by where the projects are, the shift was sharper than the two segments show. The United States brought in 1.0 billion dollars, 81.1% of revenue, up 61.8%; Spain 141.0 million, 11.0%, up 68.4%; Australia 23.8 million, 1.9%, up 173.1%. Brazil went the other way: 60.7 million, 4.7% of revenue, down 55.1% from 135.1 million, and the countries grouped as the remainder fell 61.5% to 17.2 million. [39, 38]

Below the gross line, general and administrative spending rose 24%, or 38.0 million dollars, mostly on 17.7 million more of total compensation and 16.9 million of costs tied to the APA purchase and deferred compensation. Interest expense fell 22% as the term loan went and convertible notes took its place, and retiring the repurchased 2028 notes produced a gain of about 20.1 million. Research and development spending, small for a company this size, was 9.9 million dollars against 6.7 million the year before. [69, 78, 79, 80]

What comes next, in the company's own words: 593.7 million dollars of work sits under contract, with 87% of it expected to be recognized as revenue within twelve months; construction of the Bernalillo County plant is expected to be completed in March 2026, with production there starting in the first half of the year; management intends to begin selling the flagship DuraTrack tracker through STI. In February 2026 the company more than doubled its revolving credit line and pushed its maturity out to 2031. It ended 2025 with a cash balance of 244.4 million dollars and says it believes operating cash flows will be sufficient to meet its liquidity needs in the next 12 months and beyond. [42, 34, 81, 82, 83, 84]

What the desk infers (inferred, not filed)

• Array's reported gross profit leans on a tax credit it largely does not earn itself: 173.6 million dollars of section 45X benefits sat inside product cost in 2025, beside 298.6 million dollars of gross profit for the whole company, and only 8.6 million of that benefit came from parts Array manufactures. Because: The segment tables say product cost includes 45X benefits realized of 173.6 million dollars in 2025, 137.8 million in 2024 and 9.3 million in 2023. [56] Consolidated gross profit was 298.6 million dollars in 2025 and 297.7 million in 2024. [69] Credits earned on components the company itself manufactured reduced cost of product and service revenue by only 8.6 million dollars in 2025 and 4.4 million in 2024. [85] The rest arrives as vendor rebates, agreements under which suppliers share a portion of the credit they earn on Array's purchases; those reduced cost of product and service revenue by about 165.0 million dollars in 2025. [86, 87] Confidence 80 of 100. Wrong if: A year in which the 45X benefits realized inside product cost are small beside gross profit, or a disclosure showing the vendor rebate agreements are a minor part of them.
• The STI business Array bought in 2022 is being folded into the parent's product line rather than run as its own franchise: the write-downs, the phase-out of the H250 version that cannot run SmarTrack, and the stated intent to sell DuraTrack through STI all point the same way. Because: Array bought the Spanish company STI in January 2022 and added its dual-row H250 tracker to the product range. [23] Goodwill on the STI business was written down by 102.6 million dollars in 2025 after 236.0 million in 2024. [75] A year earlier the same business took a 91.9 million dollar impairment of long-lived assets, including 83.0 million of customer relationships. [88] In the fourth quarter of 2025 the company approved a plan to phase out the H250 version that was not compatible with SmarTrack and wrote down 29.5 million dollars of that inventory. [76] The projections behind the 2025 write-down reflect management's intent to begin selling and distributing DuraTrack through STI. [81] Confidence 70 of 100. Wrong if: A filing that reports the H250 growing as a separate product line, with no DuraTrack sold through STI and no further write-down of the STI business.
• Assembling in New Mexico does not insulate Array from steel tariffs: enough of its steel and components still come from abroad that duties moved the cost of its main segment materially, and its protection lies in where it assembles rather than where it buys. Because: The company says the legacy segment's status as a United States company with domestic manufacturing reduces the potential impact of tariffs on goods made abroad and imported. [89] Even so, 13 points of the 22% rise in that segment's CPW came from higher tariffs, and gross margin fell to 28% from 41%. [50, 71] It buys steel tubing and supports, drivelines, bearing assemblies, gearboxes, motors and electronic controllers under outsourcing contracts, and says its suppliers are located across the globe. [33, 90] It warns that to the extent it continues to use overseas suppliers of steel and aluminum, the tariffs could interrupt supply and affect costs and gross margins. [91] Confidence 70 of 100. Wrong if: A disclosure showing the parts behind the legacy segment's cost are sourced domestically, with the 2025 cost rise attributed to something other than tariffs.

Sources

1. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Kevin Hostetler has been our CEO since April 2022. He has over 25 years of global industrial business leadership experience having transformed multiple engineered products and services companies throughout his career. Prior to Array, Mr. Hostetler served as Chief Executive Officer at Rotork plc (LSE: ROR) (“Rotork”), a market-leading global provider of mission-critical flow control and instrumentation solutions, where he led the company’s Growth Acceleration Program which drove improved margins, capital efficiency and commercial excellence.”
2. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Prior to joining Rotork in February 2018, Mr. Hostetler served as Chief Executive Officer of Velocitel, Inc. d/b/a FDH Velocitel (“FDH Velocitel”) starting in November 2014, leading the engineering and construction services provider through a series of acquisitions to support improvement of aging critical infrastructure, such as bridges, dams, and transmission towers.”
3. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “He held ascending leadership roles from 2007 to 2012 at IDEX Corporation (NYSE: IEX), where he served as an officer of the company and the Group President of the Fluid and Metering Technologies Segment and IDEX Asia, which includes operating platforms in energy, water, chemical, food and agriculture. Mr. Hostetler also spent seven years at Ingersoll Rand Inc. (NYSE: IR) in progressive profit and loss leadership and business development roles within the Industrial Technologies Segment.”
4. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Following the 2024 resignation of Kurt Wood as CFO, Mr. Hostetler assumed the role of interim CFO, in addition to his CEO responsibilities. Mr. Hostetler served as interim CFO from July 1, 2024, until January 6, 2025, when Mr. Jennings assumed the role of CFO.”
5. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
6. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “H. Keith Jennings joined the Company as our CFO in January 2025. Prior to his appointment as CFO of Array, Mr. Jennings served as Executive Vice President and Chief Financial Officer for Weatherford International plc (Nasdaq: WFRD), an energy services company, from September 2020 to July 2022 and Executive Vice President and Chief Financial Officer of Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) from November 2019 to September 2020.”
7. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Neil Manning was named our President and COO in June 2024, after having joined the Company as Chief Operations Officer in January 2023. In addition to leading Array’s global integrated supply chain strategy including procurement, manufacturing operations, logistics, planning, quality and business systems, Mr. Manning also has responsibility for the operations of Array’s international operations and our geographic expansion priorities.”
8. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Mr. Manning joined Array from Rotork plc (LSE: ROR) where he served as Managing Director of Oil & Gas from November 2020 to January 2023 and Group Director of Rotork’s Site Services Business from November 2018 to November 2020.”
9. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Gina Gunning joined the Company in January 2025 as CLO and Corporate Secretary. Ms. Gunning has more than 25 years of law firm and in-house corporate legal experience across multiple industries. Prior to joining Array, Ms. Gunning had served as Chief Legal Officer and Corporate Secretary of GrafTech International Ltd. (NYSE: EAF) (“GrafTech”), a leading manufacturer of high-quality graphite electrode products, since 2018.”
10. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Before joining Array, Terrance served from April 2018 to August 2022 as Executive Vice President of HR for Manitowoc Company, Inc. (NYSE: MTW), a global manufacturer of cranes and lifting equipment.”
11. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “James Zhu was named our Chief Accounting Officer in March 2024 after having joined the Company as Senior Vice President of Finance and Accounting in December 2023. Prior to joining Array, Mr. Zhu served as the Chief Financial Officer of Nutcracker Therapeutics, Inc., a developer of mRNA therapeutics, from June 2020 to August 2023 and Chief Financial Officer of VoloAgri Group, Inc., a technology company specialized in plant biology, from July 2012 to January 2020. Mr. Zhu also served as Chief Accounting Officer of First Solar, Inc. (Nasdaq: FSLR) (“First Solar”) from 2009 to 2012”
12. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Brad Forth has served as our Board Chair since October 2020 and as the Chair of our predecessor entity since July 2016.”
13. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “During his time at Oaktree, and while serving as the Chairman of our Board, Mr. Forth served as our interim Chief Executive Officer for a portion of 2018.”
14. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Mr. Forth is currently the chairman of the board of directors for Shoals Technologies Group, Inc. (Nasdaq: SHLS), and has been a member of its board since 2017.”
15. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Bilal Khan has served on our Board since 2021. Mr. Khan is a Senior Managing Director at Blackstone Inc. (NYSE: BX), a leading global private equity firm and energy private equity investing franchise.”
16. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Emily Cohen has served on our Board since March 2026. Since April 2025, Ms. Cohen has served as Chief Commercial Officer of Primergy Solar (“Primergy”), a full-service energy developer, owner, and operator focused on deploying utility-scale solar photovoltaic and battery energy storage projects across the United States.”
17. Array Technologies, Inc., Form DEF 14A filed 2026-04-07: “Carolyne Murff has served on our Board since March 2026. Ms. Murff was appointed the Chief Executive Officer of Clearlight Energy, ULC (“Clearlight Energy”), an LS Power Development, LLC (“LS Power”) company, in January 2026”
18. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As of December 31, 2025, we had approximately 1,200 full-time employees, of which approximately 66% are located in the U.S., while the other 34% are located throughout the world in Europe, the Middle East, Asia, Latin America, Australia, and Africa. We have not experienced any employment-related work stoppages, and we consider relations with our employees to be good.”
19. Array Technologies, Inc., Form 10-K filed 2026-02-25: “We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic (“PV”) sites. With solutions engineered to withstand harsh weather conditions, Array’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project.”
20. Array Technologies, Inc., Form 10-K filed 2026-02-25: “With a single-axis tracker system, motors and gears cause each row of solar panels to rotate along their north-south axis to continually align the row with the sun throughout the day.”
21. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers typically generate more energy and deliver a lower Levelized Cost of Energy (“LCOE”) than projects that use “fixed tilt” mounting systems, which are stationary.”
22. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Our flagship product is the DuraTrack® HZ v3 tracker system (“DuraTrack®”), which we launched in May 2015. DuraTrack® is our third-generation single-axis tracker and includes unique patented features such as a patented single-bolt per module mounting system that reduces installation time, a passive wind load mitigation system and a low number of motors and controls per megawatt (“MW”).”
23. Array Technologies, Inc., Form 10-K filed 2026-02-25: “With our acquisition of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability company, and its subsidiaries (collectively, “STI”) in January 2022, we added a dual-row tracker design to our product portfolio. The Array STI H250 tracker uses one motor to drive two connected rows and is ideally suited for sites with irregular and highly angled boundaries or fragmented project areas.”
24. Array Technologies, Inc., Form 10-K filed 2026-02-25: “To offer a comprehensive set of solutions to the growing market, in September 2022, we also introduced a third tracker product, OmniTrack, which requires significantly less grading and civil works permitting prior to installation and accommodates uneven terrain.”
25. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The Array SkyLink tracker system (“SkyLink”) features a PV-powered control system that operates independently from the grid.”
26. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Array SmarTrack® is our range of software and control-based products designed to optimize energy production and mitigate the risk of extreme weather events for utility-scale solar sites.”
27. Array Technologies, Inc., Form 10-K filed 2026-02-25: “We sell our products to solar developers, independent power producers, utilities, and EPCs that build solar energy projects, often under master supply agreements or multi-year procurement contracts. Although sales to a single customer may occasionally be greater than 10%, they generally represent multiple projects, each independently financed, for many different end customers who often directly influence or make the decision to use our solar tracking systems.”
28. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the projects desired power output.”
29. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the year ended December 31, 2025, our two largest customers accounted for approximately 13.7% and 12.2%, respectively, of total revenue.”
30. Array Technologies, Inc., Form 10-K filed 2026-02-25: “At December 31, 2025, our largest customer and five largest customers accounted for approximately 13.4% and 29.8%, respectively, of total accounts receivable.”
31. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the year ended December 31, 2025, we derived 81% and 19% of our revenues from customers in the U.S. and the rest of the world, respectively. From the founding of Array through December 31, 2025, we had shipped more than 96 gigawatts of trackers to customers worldwide.”
32. Array Technologies, Inc., Form 10-K filed 2026-02-25: “In the U.S., we operate an approximately 283,000 square foot manufacturing facility in Albuquerque, New Mexico.”
33. Array Technologies, Inc., Form 10-K filed 2026-02-25: “We produce and/or assemble module clamps, center structures, and motor controller assemblies at our Albuquerque facility. We have entered into outsourcing contracts for steel tubing, steel supports, drivelines, bearing assemblies, gearboxes, electric motors and electronic controllers that ship directly from our suppliers to job sites or designated warehouses.”
34. Array Technologies, Inc., Form 10-K filed 2026-02-25: “In May 2024, we entered into a triple-net lease for a new manufacturing and office facility located in Bernalillo County, New Mexico, which includes approximately 176,000 square feet of manufacturing space and approximately 40,000 square feet of office and laboratory space. We took control of the facility in the fourth quarter of 2025 and construction is expected to be completed in March 2026. We expect to commence production at the facility in the first half of 2026.”
35. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Internationally, with our STI Operations reporting segment, we have approximately 67,000 and 610,000 square feet of manufacturing and warehouse facilities in Spain and Brazil, respectively.”
36. Array Technologies, Inc., Form 10-K filed 2026-02-25: “In connection with the APA Acquisition, the Company has lease agreements for offices, manufacturing facilities and warehouses located in Ohio and Connecticut. Of these lease agreements, five are with related parties owned by certain members of APA’s management team.”
37. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design and delivery of solar arrays in the United States, and STI Operations consists primarily of amounts earned from the design and delivery of solar arrays outside of the United States. APA is a component of the Array Legacy Operations reportable segment.”
38. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The following table presents revenues by geographic region, based on the customers project location (in thousands)”
39. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
40. Array Technologies, Inc., Form 10-K filed 2026-02-25: “A majority of our revenue is recognized over time as work progresses. For single performance obligations, we use an input measure, the cost-to-cost method, to determine progress.”
41. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Our contractual delivery period for the tracker system, fixed-tilt system, foundation solution, and parts can vary from days to several months. Contracts can range in value from hundreds of thousands to tens of millions of dollars.”
42. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As of December 31, 2025, the Company had $593.7 million of remaining performance obligations. The Company expects to recognize revenue on 87% of these performance obligations in the next twelve months.”
43. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Project construction activity in North America and Europe tends to be lower in colder months. The installation of a solar tracker requires setting foundations in the ground which is more costly when the ground is frozen. Accordingly, we typically expect to see higher revenues in the second and third quarters when the weather is warmer in the northern hemisphere and lower revenues in the first and fourth quarters when the weather is colder absent other factors.”
44. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Our core U.S. patent is on a linked-row, single-driving apparatus that rotates multiple tracker rows connected by an articulating drive shaft. This patent does not expire until February 5, 2030.”
45. Array Technologies, Inc., Form 10-K filed 2026-02-25: “To avoid infringing on our U.S. patent, our competitors must use designs that we believe are inherently less efficient and reliable. For example, our largest competitor’s design requires one motor for each row of solar panels.”
46. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As of December 31, 2025, we had 74 issued U.S. patents, 174 issued non-U.S. patents and 216 U.S. and non-U.S. patent applications pending. Similarly, we have 162 registered U.S. and foreign trademarks and 99 U.S. and foreign pending trademark applications. Our U.S. issued patents are scheduled to expire between 2030 and 2045.”
47. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Our principal tracker competitors include Nextpower Inc. (f/k/a Nextracker, Inc.), PV Hardware and GameChange Solar. We also compete with manufacturers of fixed-tilt mounting systems and engineered foundations, including UNIRAC, Inc. and Terrasmart (f/k/a RBI Solar Inc.), a subsidiary of Gibraltar Industries, Inc.”
48. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Prices of these raw materials may be affected by supply restrictions or other market factors from time to time, and we do not enter into hedging arrangements to mitigate commodity risk.”
49. Array Technologies, Inc., Form 10-K filed 2026-02-25: “These tariffs were increased on February 10, 2025, pursuant to two proclamations from President Trump (the “February 2025 Proclamations”), resulting in across-the-board 25% duties on steel and aluminum imports. Additionally, all previous alternative arrangements, such as complete exemptions, hard quotas, or tariff rate quotas, with trading partners on imports of steel and aluminum products, have been eliminated.”
50. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The decrease in gross margin was driven by a 22% increase in CPW, attributable to 13% higher tariffs, 6% from reduction in 45x amortization, and 3% from inflationary cost pressures.”
51. Array Technologies, Inc., Form 10-K filed 2026-02-25: “On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits.”
52. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As a result of changes made by the IRA, U.S. taxpayers generally are entitled to a 30% ITC for projects placed in service after 2021, increased to 40% if certain “domestic content” requirements are satisfied”
53. Array Technologies, Inc., Form 10-K filed 2026-02-25: “including as a result of the One Big Beautiful Bill Act (“OBBB”), which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete”
54. Array Technologies, Inc., Form 10-K filed 2026-02-25: “On July 4, 2025, President Trump signed into law the OBBB, which included changes to the energy tax credits. Specifically, the solar ITC now terminates for facilities that are placed in service after December 31, 2027, but that termination does not apply if the taxpayer begins construction on the facility before July 4, 2026. On August 15, 2025, the U.S. Department of Treasury (“Treasury”) and the IRS issued Notice 2025-42 consistent with the executive order, which eliminates the 5% safe harbor for utility-scale solar projects and only allows the physical work test to determine when a project begins construction.”
55. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The section 45X credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The section 45X manufacturing production tax credit applies to eligible components, including torque tube and structural fasteners. Beginning in late 2023 and continuing through 2024 and 2025, we have successfully negotiated, and we continue to successfully negotiate, agreements with key suppliers around sharing the economic benefits of section 45X credits associated with torque tube and structural fasteners.”
56. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Includes 45X benefits realized in the amount of $173.6 million, $137.8 million, and $9.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.”
57. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The Company entered into a Securities Purchase Agreement (the “Series A Purchase Agreement”), dated August 10, 2021, pursuant to which the Company issued 400,000 shares of its Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”) and 9,000,000 shares of the Company’s common stock for an aggregate purchase price of approximately $395.4 million (the “Closing”). The Series A Shares have no maturity date.”
58. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the year ended December 31, 2025, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25% totaling $29.9 million. As of December 31, 2025 total accrued and unpaid dividends were $90.8 million.”
59. Array Technologies, Inc., Form 10-K filed 2026-02-25: “On August 14, 2025 (the “Closing Date”), our wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the acquisition of 100% of the issued and outstanding equity interests of APA (the “APA Acquisition”), pursuant to the terms of the equity purchase agreement, dated as of June 17, 2025”
60. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The total purchase consideration for the APA Acquisition totaled approximately $185.4 million.”
61. Array Technologies, Inc., Form 10-K filed 2026-02-25: “APA designs, engineers, and manufactures solar racking, mounting and foundation systems.”
62. Array Technologies, Inc., Form 10-K filed 2026-02-25: “On June 27, 2025, we completed a private placement of $345 million in aggregate principal amount of 2031 Convertible Notes, resulting in net proceeds of $334.6 million”
63. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The proceeds were used to repay in full our Term Loan Facility and to repurchase $100.0 million aggregate principal amount of the 2028 Convertible Notes.”
64. Array Technologies, Inc., Form 10-K filed 2026-02-25: “On May 14, 2021, a putative class action (the “Plymouth Action”) was filed in the U.S. District Court for the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Act.”
65. Array Technologies, Inc., Form 10-K filed 2026-02-25: “On May 19, 2023, the court granted the Company’s motion to dismiss and, on July 5, 2023, denied a request from the Plymouth Action plaintiffs for leave to amend the consolidated amended complaint and dismissed the Plymouth Action in its entirety with prejudice.”
66. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As previously disclosed in our annual report on Form 10-K for the year ended December 31, 2023, we identified material weaknesses in our internal control over financial reporting. Management implemented remediation measures during 2024, and as disclosed in our annual report on Form 10-K for the year ended December 31, 2024, concluded that these material weaknesses were remediated as of December 31, 2024. There were no material weaknesses in internal control over financial reporting as of December 31, 2025.”
67. The record on this page: the filing record (the EDGAR submissions feed)
68. The record on this page: the filing record (the EDGAR submissions feed)
69. The record on this page: the filed annual figures (EDGAR's company facts)
70. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Revenue from Array Legacy Operations, inclusive of contributions from APA, increased by $408.8 million, or 62%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by an increase of approximately 62% in volume.”
71. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Array Legacy Operations gross profit, inclusive of contributions from APA, increased by $30.0 million, or 11%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. Gross margin decreased to 28% from 41% for the years ended December 31, 2025 and 2024, respectively.”
72. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Included in the Company’s consolidated statements of operations from the Closing Date of August 14, 2025 through December 31, 2025 are revenue of $50.0 million and an operating loss of $6.3 million, inclusive of $7.5 million of expenses related to the Deferred Consideration and $6.4 million of amortization expense related to identified intangible assets.”
73. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Revenue from STI Operations decreased by $40.5 million, or 16%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was primarily driven by a decrease of approximately 20% in volume, partially offset by a 5% increase in ASP.”
74. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Gross margin for STI Operations decreased to (1)% from 11% for the years ended December 31, 2025 and 2024”
75. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As a result of these tests, the Company recorded impairments to goodwill totaling $102.6 million and $236.0 million during years ended December 31, 2025 and 2024, respectively, related to STI Operations reporting unit.”
76. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the fourth quarter of 2025, the Company approved a plan to phase out a version of the H250 product that was not compatible with SmarTrack® in order to focus on a SmarTrack®-compatible version introduced in 2024. In connection with this decision, the Company evaluated the recoverability of the remaining H250 inventory and determined that its carrying amount exceeded its estimated net realizable value. Accordingly, the Company recorded an inventory valuation charge of $29.5 million during the year ended December 31, 2025.”
77. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the fourth quarter of 2025, the Company approved a plan to resize certain aspects of its international operations to better align its cost structure with future business needs. As a result, the Company recognized severance expenses of $1.2 million during the year ended December 31, 2025, in accordance with respective statutory requirements.”
78. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Consolidated general and administrative expenses, inclusive of APA, increased by $38.0 million, or 24%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily due to a $17.7 million increase in total compensation costs during the year ended December 31, 2025, the absence of $3.0 million in favorable one-time variable compensation adjustments recorded during the year ended December 31, 2024, $16.9 million in acquisition-related expenses and deferred compensation, and a $0.4 million increase in other costs.”
79. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Consolidated interest expense for the year ended December 31, 2025 decreased by $7.5 million, or 22%, compared to the year ended December 31, 2024”
80. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The repurchased 2028 Convertible Notes had a net carrying value of $98.5 million, inclusive of unamortized debt discount, resulting in a gain on extinguishment of debt of approximately $20.1 million.”
81. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The projections also reflected management’s intent to begin selling and distributing the Company’s flagship tracker, DuraTrack®, through STI in the future.”
82. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The Fifth Amendment: (i) increases the revolving credit facility commitments under the original Credit Agreement from $166,000,000 to $370,000,000; (ii) extends the maturity of the revolving credit facility from October 14, 2028 to February 18, 2031”
83. Array Technologies, Inc., Form 10-K filed 2026-02-25: “As of December 31, 2025, our cash balance was $244.4 million, of which $32.3 million was held outside the U.S., and net working capital was $492.0 million.”
84. Array Technologies, Inc., Form 10-K filed 2026-02-25: “Based on our past performance and current expectations, we believe that operating cash flows will be sufficient to meet our liquidity needs in the next 12 months and beyond.”
85. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the fiscal years ended December 31, 2025, 2024 and 2023, the Company earned 45X Credits for the manufacturing of certain components, which were sold and resulted in reductions of $8.6 million, $4.4 million and zero, respectively, to Cost of product and service revenue in the consolidated statements of operations.”
86. Array Technologies, Inc., Form 10-K filed 2026-02-25: “The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.””
87. Array Technologies, Inc., Form 10-K filed 2026-02-25: “During the years ended December 31, 2025 and 2024, the Company recorded reductions to Cost of product and service revenue in the consolidated statements of operations of approximately $165.0 million and $133.3 million, respectively”
88. Array Technologies, Inc., Form 10-K filed 2026-02-25: “An impairment loss of $91.9 million was recognized based on the difference between the carrying value of the asset group and its estimated fair value. The Company impaired $83.0 million of customer relationships, $7.3 million of trade names, and $1.6 million of plant and equipment.”
89. Array Technologies, Inc., Form 10-K filed 2026-02-25: “We believe our Array Legacy Operations (as defined below) segment’s status as a U.S.-based company with domestic manufacturing reduces the potential impact of U.S. government tariffs or other U.S. government regulatory actions taken against, products manufactured in foreign countries and imported into the U.S.”
90. Array Technologies, Inc., Form 10-K filed 2026-02-25: “We purchase our components through arrangements with various suppliers located across the globe. We depend on our suppliers to source materials and manufacture critical components for our products.”
91. Array Technologies, Inc., Form 10-K filed 2026-02-25: “To the extent we continue to use overseas suppliers of steel and aluminum, these tariffs could result in interruptions in the supply chain and impact costs and our gross margins.”

Where the revenue comes from

Lines of business in fiscal 2025: Array Legacy Operations 83%, STI Operations 17%. By geography: United States 81%, Spain 11%, Brazil 5%, Australia 2%, Remainder 1%. As tagged in its annual report (Form 10-K, filed 2026-02-25).

Who runs it

Hostetler, Kevin G. (Chief Executive Officer); Manning, Neil (President & COO); Jennings, H. Keith (Chief Financial Officer); Collins, Terrance L (Chief Human Resources Officer); Zhu, James (Chief Accounting Officer); Gunning, Gina K (Chief Legal Officer); Alstead, Troy (director); Ashford, Orlando D (director); Cohen, Emily Rachel (director); Forth, John Bradford (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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