Array Technologies Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did ARRY Beat Earnings? Q3 2025 Results
Array Technologies delivered a standout Q3 2025, with revenue climbing 70% year-over-year to $393.49 million and adjusted EPS of $0.30 beating the $0.20 consensus by 48.88%, as the Albuquerque-based solar tracker manufacturer rode a wave of new product adoption and strategic expansion. The quarter's outperformance, which also saw revenue clear the $311.92 million consensus estimate by 26.15%, was powered in large part by 56% volume growth and the commercial traction of newer offerings like OmniTrack, SkyLink, and Hail XP, which now represent roughly 40% of the company's $1.90 billion orderbook. The August acquisition of APA Solar added $16.90 million in revenue during the period and positions Array to offer integrated tracker, foundation, and fixed-tilt solutions, with a combined product expected in the second half of 2026. Shares jumped nearly 9% in after-hours trading following the results. For the full year, Array guided revenue of $1.25 billion to $1.28 billion, with Adjusted EBITDA of $185 million to $195 million, underscoring management's confidence in continued momentum heading into 2026.
- 70% YoY revenue growth driven by market share growth and new product uptake
- 56% YoY volume growth in Q3 2025
- Higher mix of domestic projects and ASP improvements drove sequential gross margin improvement
- Second highest quarter of Adjusted EBITDA on record
- Book-to-bill ratio greater than 1x in Q3 2025
- Year-to-date revenue up 65% and volume up 74%
“ARRAY posted another outstanding quarter of strong performance across our key metrics, including significant revenue and volume growth year-over-year of 70% and 56%, respectively, delivering our second highest quarter of Adjusted EBITDA on record. Robust bookings in the quarter reflect the deep trust and expanding partnerships we have cultivated with leading developers, utilities, and independent power producers. These customers value long-term operational reliability and performance, reinforcing ARRAY's competitive advantage in the industry. The completed acquisition of APA in August marks a pivotal moment in our growth strategy – unlocking powerful commercial synergies and accelerating our ability to deliver a more comprehensive and flexible portfolio of tracking, fixed-tilt, and foundation solutions to meet the evolving needs of our customers and the broader solar market.”
Array Technologies CEO, on the earnings call
Forward Guidance & Outlook
ARRAY updated full-year 2025 guidance to include approximately 1.5 quarters of APA Solar contribution: revenue of $1.25 billion to $1.28 billion (including approx. $50 million from APA), Adjusted EBITDA of $185 million to $195 million, and Adjusted net income per share of $0.64 to $0.70. Adjusted gross margin is expected at 27%-28%, Adjusted G&A of $160-$165 million, capex of approximately $20 million, and free cash flow of approximately $100 million. The company expects an effective tax rate of approximately 25%-26%. Looking into 2026, management anticipates continued growth driven by strong orderbook momentum, early-stage pipeline expansion, launch of integrated tracker/foundation/software solutions, and further strengthening of market position. An integrated tracker/engineered foundation product is expected in the second half of 2026.
ARRY YoY Financials
ARRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.