Companies /Technology

Array Technologies Inc

NASDAQ: ARRY Solar
$4.57
▲ $0.21 (+4.82%) today
Markets closed · 4:38pm ET

Q4 2025 Earnings

Reported Feb 25, 2026, 4:07pm ET · SEC source
$-0.01
Miss −600.00%
EPS · est. $0.00
$226.0M
Beat +6.92%
Revenue · est. $211.4M
+2.8%
Beating market
ARRY vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−20%0+20%Feb 25Feb 26report 4:07pm ETearnings−1.0%−20.9%
−20%0+20%Feb 25Feb 26earnings−1.0%−20.9%
ARRY −20.9%S&P 500 −1.0%
−20%0+20%Feb 25Feb 26report 4:07pm ETearnings−1.6%−20.9%
−20%0+20%Feb 25Feb 26earnings−1.6%−20.9%
ARRY −20.9%NASDAQ −1.6%
−20%0+20%Feb 24Mar 5report 4:07pm ETearnings−2.1%−16.0%
−20%0+20%Feb 24Mar 5earnings−2.1%−16.0%
ARRY −16.0%S&P 500 −2.1%
−20%0+20%Feb 24Mar 5report 4:07pm ETearnings−1.7%−16.0%
−20%0+20%Feb 24Mar 5earnings−1.7%−16.0%
ARRY −16.0%NASDAQ −1.7%
−33.82%
Day of report
+4.12%
Next session
−1.92%
One week
−5.49%
30 days

S&P 500 over the same 30 days: −8.32%.

Did ARRY Beat Earnings? Q4 2025 Results

Array Technologies delivered a mixed fourth quarter for fiscal 2025, beating revenue expectations while falling well short on earnings. The solar tracking company posted Q4 revenue of $226.04 million, clearing the $211.34 million consensus by 6.96%, though that figure still represented a 17.9% decline year-over-year. The bottom line told a harder story: adjusted EPS came in at negative $0.01, missing the $0.00 consensus estimate by 869.23%, weighed down most significantly by a $102.56 million non-cash goodwill impairment charge tied to the 2022 STI acquisition and a $29.52 million inventory valuation charge related to the phase-out of STI H250 inventory incompatible with SmarTrack. Some analysts responded by trimming price targets and issuing neutral ratings, citing the weaker-than-expected adjusted EBITDA alongside the headline misses. Still, management pointed to a record $2.20 billion orderbook and full-year 2025 revenue of $1.28 billion, representing 40% growth, as evidence of underlying momentum. Looking ahead, the company guided FY2026 revenue of $1.40 billion to $1.50 billion, with adjusted EPS of $0.65 to $0.75.

Key Takeaways
  • 40% full-year revenue growth driven by 35% volume growth outpacing broader industry trends
  • Market share gains through differentiated technology driving strong win rates
  • Strategic acquisition of APA Solar adding $50M in full-year revenue and ~$100M in orderbook
  • Strengthened commercial organization and enhanced customer engagement
  • Record orderbook of $2.2 billion with >2x book-to-bill in Q4

“ARRAY closed out an exceptional year in which we further demonstrated the resilience and agility of our business. Our $2.2 billion record orderbook reflects the focused investment we have made in strengthening our commercial organization, enhancing customer engagement, and advancing our product portfolio and technical sales capabilities. Full-year volume growth of 35% outpaced broader industry trends, underscoring how our differentiated technology is driving strong win rates. In addition to the tremendous growth in 2025, I am extremely proud of our many accomplishments, including our strategic acquisition of APA Solar, upleveling of our leadership team, expansion of our product portfolio, continued optimization of our capital structure and penetration of new international markets.”

Array Technologies CEO, on the earnings call

Forward Guidance & Outlook

For FY2026, ARRAY guides revenue of $1.4 billion to $1.5 billion, Adjusted EBITDA of $200 million to $230 million, and Adjusted net income per common share of $0.65 to $0.75. Revenue is expected to split roughly 40:60 between the first and second halves. Q1 2026 revenue is expected to be approximately $200 million, with Q1 2026 Adjusted EBITDA declining slightly from Q4 2025. Full-year Adjusted Gross Margin is expected at 26%-27%, Adjusted G&A at approximately 12% of revenue, and free cash flow conversion as a percentage of Adjusted EBITDA is expected to be similar to 2025.

ARRY YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$200.0M$275.2M$226.0MRevenue$78.3M$19.3MGross Profit$-154,357,478$-148,106,000Operating Income$-171,163,829$-145,746,000Net Income
$0$200.0MRevenueGross ProfitOperating IncomeNet Income

ARRY Revenue by Segment

APA Solar$50.0M
APA Solar (foundations, fixed-tilt, and racking)

Figures from SEC filings and company reports. Not investment advice.