Array Technologies Inc
Q2 2026 Earnings
Market Reaction
Did ARRY Beat Earnings? Q2 2026 Results
Array Technologies delivered a blowout second quarter for fiscal 2026, posting adjusted EPS of $0.24 against a consensus estimate of $0.12, a beat of 102.53%, while revenue of $342.06 million topped the $313.81 million estimate by 9.00%, even as sales slipped 5.6% from the year-ago period. The standout driver was gross margin expansion, with adjusted gross margin climbing 300 basis points year-over-year to 30.8%, fueled by stronger domestic volumes, cost reduction efforts, and increased capture of 45X manufacturing tax credits. A record orderbook of $2.50 billion, up 37% year-over-year, underscored robust demand momentum, with new product lines including OmniTrack, SkyLink, and APA now comprising roughly half the backlog. The pending acquisition of Affordable Wire Management, valued at up to $203.00 million, signals the company's push into adjacent balance-of-system products, with the deal already drawing analyst attention for its high-margin potential. Looking ahead, Array raised the low end of its full-year adjusted EBITDA guidance to $210.00 million-$230.00 million and lifted adjusted gross margin guidance to 27%-28%, while maintaining its revenue outlook of $1.40 billion-$1.50 billion.
- Stronger domestic tracker volumes driving sequential revenue growth of 53%
- Cost-out initiatives and increased 45X tax credit capture expanding adjusted gross margin to 30.8%
- New product introductions account for ~50% of orderbook
- Record $2.5 billion orderbook with trailing twelve-month book-to-bill of 1.5x
- APA Solar integration delivering revenue growth and supply chain synergies
- Working capital efficiency driving strong free cash flow generation of $113.6M
“ARRAY delivered a strong second quarter while achieving a significant company milestone, surpassing 100 gigawatts of cumulative tracker product shipments since our founding. For the third consecutive quarter, we achieved a record orderbook of $2.5 billion, reflecting continued share gains and strong execution. During the quarter, we advanced our innovation strategy with the formal launch of DuraTrack D2S and our next-generation OmniTrack product offerings. We continued to build on that momentum in July with the announcement of our new 60° tracker capabilities and the launch of the ARRAY Atlas suite of foundation-to-tracker solutions. Our pending acquisition of Affordable Wire Management (AWM), will further advance our balance of system strategy by adding high-margin cable management and safety products. We remain focused on expanding our ability to provide a more integrated, technically interoperable solution set for utility-scale solar customers.”
Array Technologies CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, ARRAY maintained revenue guidance of $1.4B-$1.5B and raised the low end of adjusted EBITDA guidance to $210M-$230M (from $200M-$230M) and adjusted EPS guidance to $0.68-$0.75 (from $0.65-$0.75). Full-year adjusted gross margin guidance was raised to 27%-28% (from 26%-27%). For Q3 2026, the company expects revenue of $310M-$330M. Adjusted G&A is expected at approximately 12% of revenue. Guidance excludes the potential impact of the AWM acquisition. The company noted some free cash flow timing shift expected into Q1 2027 with a Q4 2026 peak.
ARRY YoY Financials
ARRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.