Array Technologies Q3 2026: Revenue Beat, Earnings Miss, Guidance Cut

Array Technologies posted third-quarter 2026 revenue of $330.2 million, edging past the $323.6 million consensus by about 2%. Adjusted EPS of $0.06 came in missing expectations of $0.09, and the culprit was a reserve tied to a 2023 45X advanced manufacturing tax credit receivable that carved 330 basis points from gross margin, pushing it to 21.0% from 26.9% a year earlier.

The tax-credit reserve was a one-quarter accounting charge, but its scale mattered. Adjusted EBITDA fell 49% sequentially, and operating income dropped 70% year over year. Revenue itself was down 16.1% from the same period in 2025, reflecting delayed project deliveries tied to policy uncertainty around Section 232 polysilicon tariffs, federal permitting reviews, and tighter project financing conditions.

Management trimmed full-year 2026 revenue guidance to $1.34 billion to $1.40 billion, down from a prior range of $1.40 billion to $1.50 billion, citing those same delivery timing shifts. Full-year adjusted EBITDA guidance was also reduced to $190 million to $210 million. The company expects the fourth quarter to be its peak delivery period, with Q4 2026 revenue guided to $445 million to $505 million, and noted that some free-cash-flow conversion will slip into the first quarter of 2027.

Demand held up better. Array reported a record $2.6 billion orderbook, up 42% year over year, with the company logging more than $400 million in new bookings for the fifth consecutive quarter. CEO Kevin Hostetler noted that new products account for nearly 60% of that orderbook, and that combined with the formally launched ARRAY Atlas I and II and a new 60-degree U.S. tracker variant, the company is broadening the solution set it can offer customers.

Array completed the acquisition of Affordable Wire Management on August 31, 2026, gaining entry into wire management, battery energy storage, and data center markets. The company also announced a stock-for-stock merger agreement with Shoals Technologies Group, a deal management frames as the foundation of an integrated energy infrastructure platform. The pending merger adds execution risk alongside its strategic rationale, and the company is simultaneously carrying total debt of $673.2 million and negative stockholders' equity of roughly $208 million.