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Array Technologies

Array Technologies (ARRY) Q1 2025 Earnings

Reported May 6, 2025 at 7:10 AM ET · SEC Source

Q1 25 EPS

$0.13

BEAT +47.39%

Est. $0.09

Q1 25 Revenue

$302.4M

BEAT +14.37%

Est. $264.4M

vs S&P Since Q1 25

-3.4%

TRAILING MARKET

ARRY +30.0% vs S&P +33.5%

Market Reaction

Did ARRY Beat Earnings? Q1 2025 Results

Array Technologies kicked off 2025 with a striking recovery quarter, posting revenue of $302.36 million, a 97% year-over-year surge that marked the company's second-largest volume shipped since Q2 2023. Adjusted EPS of $0.13 more than doubled from $0… Read more Array Technologies kicked off 2025 with a striking recovery quarter, posting revenue of $302.36 million, a 97% year-over-year surge that marked the company's second-largest volume shipped since Q2 2023. Adjusted EPS of $0.13 more than doubled from $0.06 in the prior-year period, while adjusted EBITDA climbed 55% to $40.59 million, reflecting the scale benefits of 143% volume growth. The primary engine behind the revenue surge was a combination of genuine market share recovery and roughly $60 million in project deliveries that had been pushed out of 2024, a dynamic that helped propel contracting momentum across Independent Power Producers in Europe, the Middle East, and Asia. Adjusted gross margin compressed to 26.5% from 38.3% a year ago, largely due to a legacy fixed-price volume commitment, though management flagged the pressure as anticipated. A notable strategic development, Array can now quote 100% domestic content trackers under the IRA's Table I, giving the company a credible tariff shield. The company held its full-year 2025 guidance steady, targeting revenue of $1.05 billion to $1.15 billion and adjusted EPS of $0.60 to $0.70.

Key Takeaways

  • • 97% year-over-year revenue growth driven by market share recovery from customer initiatives
  • • Approximately $60 million of project pushouts from 2024 contributed to Q1 2025 revenue
  • • 143% year-over-year volume growth, second largest volume shipped quarter since Q2 2023
  • • 18% sequential growth in contracting for the quarter
  • • Adjusted gross margin compression due to legacy fixed price volume commitment agreement and significant regional mix shift
24/7 Wall St

ARRY YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

ARRY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 25 Q4 25

“ARRAY is off to a great start for 2025 with first quarter high double digits revenue growth compared with the first quarter of 2024, and achieving the second largest quarter of volume shipped since 2023, indicating solid market share recovery and the strength of our execution capabilities. We are now able to provide customers with quotes for our 100% domestic content trackers under Table I of the Inflation Reduction Act, an important milestone for ARRAY, reflecting our continued commitment to supply chain resilience and ability to minimize effects of geopolitical uncertainty, including tariffs. With electricity demand increasing and utility-scale solar being the lowest cost and fastest-growing energy source, domestic customers are expressing greater interest in Volume Commitment Agreements, and we are well positioned to help our customers deploy projects quickly and efficiently. We have a strong orderbook with 18% sequential growth in contracting for the quarter, gaining meaningful traction with Independent Power Producers across Europe, the Middle East and Asia, where we are seeing strong contracting momentum.”

— Kevin G. Hostetler, Q1 2025 Earnings Press Release

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