Companies /Technology

Array Technologies Inc

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

Q1 2026 Earnings

Reported May 6, 2026, 4:13pm ET · SEC source
$0.06
Beat +218.34%
EPS · est. $-0.05
$223.4M
Beat +10.79%
Revenue · est. $201.7M
−10.5%
Trailing market
ARRY vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%+8%May 6May 7report 4:13pm ETearnings−0.8%−3.0%
−4%0+4%+8%May 6May 7earnings−0.8%−3.0%
ARRY −3.0%S&P 500 −0.8%
−4%0+4%+8%May 6May 7report 4:13pm ETearnings−0.9%−3.0%
−4%0+4%+8%May 6May 7earnings−0.9%−3.0%
ARRY −3.0%NASDAQ −0.9%
−10%−5%0May 5May 14report 4:13pm ETearnings+2.0%−6.5%
−10%−5%0May 5May 14earnings+2.0%−6.5%
ARRY −6.5%S&P 500 +2.0%
−10%−5%0+5%May 5May 14report 4:13pm ETearnings+3.5%−6.5%
−10%−5%0+5%May 5May 14earnings+3.5%−6.5%
ARRY −6.5%NASDAQ +3.5%
+0.86%
Day of report
+4.51%
Next session
+5.12%
One week
−9.70%
30 days

S&P 500 over the same 30 days: +0.75%.

Did ARRY Beat Earnings? Q1 2026 Results

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.

Key Takeaways
  • 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

Forward Guidance & Outlook

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

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$90.0M$180.0M$270.0M$302.4M$223.4MRevenue$76.4M$63.0MGross Profit$27.3M$7.1MOperating Income
$0$90.0M$180.0M$270.0MRevenueGross ProfitOperating Income

ARRY Revenue by Segment

APA Solar
APA Solar (foundations, fixed-tilt, and racking)

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