Array Technologies Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.36%.
Did ARRY Beat Earnings? Q2 2025 Results
Array Technologies delivered a blowout second quarter, posting adjusted EPS of $0.25 that beat the $0.20 consensus by 27.88%, while revenue surged 41.6% year over year to $362.24 million, clearing the $288.84 million estimate by 25.41%. The standout driver was an extraordinary 52% year-over-year volume growth, fueling market share gains that more than offset margin compression from the company's deliberate unwinding of low-margin legacy fixed-price contracts, which pushed gross margin to 26.8% from 33.6% a year ago. Adjusted EBITDA reached $63.56 million, growing 57% sequentially, while a series of capital structure moves, including the issuance of $345 million in new convertible notes and the retirement of its senior secured term loan, cut annualized interest expense by roughly $9 million. The company also completed its acquisition of APA Solar, broadening its product portfolio into engineered foundation solutions. Looking ahead, Array raised its full-year 2025 revenue guidance to $1.18 billion–$1.22 billion and adjusted EPS to $0.63–$0.70, even as management acknowledged near-term uncertainty from tariff pressures and pending energy legislation.
- 42% YoY revenue growth driven by market share gains and 52% YoY volume growth
- 84% year-to-date volume growth over 2024
- 20% sequential revenue growth from continued commercial execution
- Higher mix of domestic projects improving adjusted gross margin by 130 bps sequentially
- IRA Section 45X Advanced Manufacturing Production Credits for torque tube and structural fastener manufacturing
- Strategic descoping and reconfiguring of low-margin legacy fixed-price VCA projects improving orderbook quality
- $14.2 million gain on extinguishment of debts from repurchasing convertible notes at ~20% discount
“ARRAY remains focused on commercial execution—delivering 20% sequential revenue growth, with continued new booking momentum and actions taken to produce an improved quality, higher-margin orderbook. Over the last quarter, we also announced several transformative business updates through our definitive agreement to acquire APA Solar and the launch of Hail XP™. Additionally, we successfully issued new convertible notes, repaid our higher-cost term loan in full, and unlocked balance sheet constraints. With these updates, we significantly enhance our customer-focused product offerings, improve our capital structure and debt maturity profile, and better position ARRAY for long-term growth.”
Array Technologies CEO, on the earnings call
Forward Guidance & Outlook
ARRAY raised its full-year 2025 guidance: revenue to $1.180 billion–$1.215 billion (from $1.05B–$1.15B), adjusted EBITDA to $185 million–$200 million (from $180M–$200M), adjusted net income per share to $0.63–$0.70 (from $0.60–$0.70), adjusted G&A to $150M–$155M (from $144M–$152M), capital expenditures maintained at $30M–$35M, and free cash flow maintained at $115M–$130M. Guidance excludes the potential impact of the APA Solar acquisition. Adjusted gross margin guidance was revised to 28%–29% from 29%–30%. Management expressed confidence in second-half execution while acknowledging near-term uncertainty from the One Big Beautiful Bill legislation and tariff pressures.
ARRY YoY Financials
ARRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.