Array Technologies (ARRY) Q1 2026 Earnings
How Did ARRY Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +0.75%.
Did ARRY Beat Earnings? Q1 2026 Results
Yes. Array Technologies reported Q1 2026 earnings of $0.06 a share on May 6, 2026, beating the $-0.05 consensus estimate by 218.3%. Revenue was $223.4M against a $201.7M estimate.
Array Technologies delivered a sharply better-than-feared first quarter for fiscal 2026, posting adjusted EPS of $0.06 against a consensus estimate of negative $0.05, a 218.34% beat, while revenue of $223.41 million cleared the $201.66 million Wall Street forecast by 10.79%. The headline, however, carries a notable caveat: revenue still fell 26.1% year-over-year, reflecting a solar industry demand environment that has pressured the company's top line even as margins improved. The clearest driver of the upside was a combination of stronger domestic volumes, cost reduction efforts, and incremental 45X manufacturing tax credit benefits that lifted adjusted gross margin to 30.7%. Perhaps more consequential for the investment case is the company's orderbook reaching $2.40 billion, supported by a 2x book-to-bill ratio in the quarter, with roughly 80% of that backlog expected to convert to revenue within six quarters. Management reaffirmed full-year 2026 guidance of $1.40 billion to $1.50 billion in revenue and adjusted EPS of $0.65 to $0.75, with Q2 revenue guided between $300 million and $320 million, implying a meaningful sequential acceleration ahead.
- Stronger domestic tracker volumes driving sequential revenue improvement
- Cost-out initiatives improving margin profile
- Incremental 45X manufacturing tax credit benefits and tariff recovery items boosted Q1 adjusted gross margin
- 2x book-to-bill ratio driving record $2.4 billion orderbook
- New product introductions (OmniTrack, SkyLink, Hail XP, APA) account for 53% of orderbook
“ARRAY began 2026 with strong performance, delivering revenue and Adjusted EBITDA above the expectations we set on our last earnings call. We delivered another 2x book-to-bill quarter, closing the period at a new record orderbook of $2.4 billion. Orderbook growth continues to be enabled by our traction with our new product offerings like OmniTrack and investment in our software and services businesses. We remain focused on high-quality domestic opportunities while pursuing disciplined international expansion, and our momentum this quarter reflected strength both domestically and abroad.”
Array Technologies CEO, on the earnings call
What Was Array Technologies's Outlook in Q1 2026?
ARRAY reaffirmed full-year 2026 guidance: 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. 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 similar to 2025. For Q2 2026, revenue is expected to be $300 million to $320 million. The company's record $2.4 billion orderbook provides strong revenue visibility, with approximately 80% expected to deliver within the next six quarters.
ARRY YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $223.4M | $302.4M | −26.1% |
| Gross Profit | $63.0M | $76.4M | −17.6% |
| Operating Income | $7.1M | $27.3M | −73.9% |
ARRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.