ARRAY Technologies Reports Financial Results for the Third Quarter 2026
Array Technologies, Inc. (ARRY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 November 4, 2026 ARRAY Technologies Reports Financial Results for the Third Quarter 2026 Delivers Record $2.6 Billion Orderbook While Expanding into Adjacent Products and Markets Announced Agreement to Combine in a Stock-for-Stock Merger with Shoals Technologies Grou
How this was made
The 30-second read
Why it matters
Guidance reduction may trigger short‑term sell pressure, but the record orderbook and new product lines provide upside catalysts.
Market read
Primary earnings and guidance update for a listed renewable‑energy equipment maker; relevant for sector and earnings‑focused traders.
What to watch
The $2.6B orderbook and new product launches could offset revenue shortfall later in 2027.
ARRAY Technologies Reports Financial Results for the Third Quarter 2026 Delivers Record $2.6 Billion Orderbook While Expanding into Adjacent Products and Markets
Third-quarter revenue, gross margin, GAAP income from operations, GAAP net income to common stockholders, adjusted EBITDA, and free cash flow were below their respective prior-year figures, while the Company reported a record $2.6 billion orderbook, completed the AWM acquisition, and guided to approximately 27% full-year Adjusted Gross Margin.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Three Months Ended September 30, 2026GAAP | $330.2M | – | – |
| Revenue, Nine Months Ended September 30, 2026GAAP | $895.7M | – | – |
| Gross profit, Three Months Ended September 30, 2026GAAP | $69.22M | – | – |
| Gross margin, Three Months Ended September 30, 2026GAAP | 21.0 % | – | – |
| Gross profit, Nine Months Ended September 30, 2026GAAP | $231.8M | – | – |
| Gross margin, Nine Months Ended September 30, 2026GAAP | 25.9 % | – | – |
| Adjusted gross profit, Three Months Ended September 30, 2026non-GAAP | $75.40M | – | – |
| Adjusted gross margin, Three Months Ended September 30, 2026non-GAAP | 22.8 % | – | – |
| Adjusted gross profit, Nine Months Ended September 30, 2026non-GAAP | $249.3M | – | – |
| Adjusted gross margin, Nine Months Ended September 30, 2026non-GAAP | 27.8 % | – | – |
| General and administrative expense, Three Months Ended September 30, 2026GAAP | $58.78M | – | – |
| Adjusted general and administrative expense, Three Months Ended September 30, 2026non-GAAP | $45.82M | – | – |
| Income from operations, Three Months Ended September 30, 2026GAAP | $13.94M | – | – |
| Income from operations, Nine Months Ended September 30, 2026GAAP | $55.81M | – | – |
| Net income, Three Months Ended September 30, 2026GAAP | $8.20M | – | – |
| Net loss to common stockholders, Three Months Ended September 30, 2026GAAP | −$7.92M | – | – |
| Net loss to common stockholders, Nine Months Ended September 30, 2026GAAP | −$13.02M | – | – |
| Adjusted EBITDA, Three Months Ended September 30, 2026non-GAAP | $32.06M | – | – |
| Adjusted EBITDA, Nine Months Ended September 30, 2026non-GAAP | $124.1M | – | – |
| Adjusted net income, Three Months Ended September 30, 2026non-GAAP | $9.45M | – | – |
| Adjusted net income, Nine Months Ended September 30, 2026non-GAAP | $55.33M | – | – |
| Loss per common share, basic, Three Months Ended September 30, 2026GAAP | $ (0.05) | – | – |
| Loss per common share, diluted, Three Months Ended September 30, 2026GAAP | $ (0.05) | – | – |
| Adjusted net income per common share, diluted, Three Months Ended September 30, 2026non-GAAP | $ 0.06 | – | – |
| Loss per common share, basic, Nine Months Ended September 30, 2026GAAP | $ (0.08) | – | – |
| Loss per common share, diluted, Nine Months Ended September 30, 2026GAAP | $ (0.08) | – | – |
| Adjusted net income per common share, diluted, Nine Months Ended September 30, 2026non-GAAP | $ 0.35 | – | – |
| Net cash provided by operating activities, Three Months Ended September 30, 2026GAAP | $4.62M | – | – |
| Free cash flow, Three Months Ended September 30, 2026non-GAAP | −$1.08M | – | – |
| Net cash provided by operating activities, Nine Months Ended September 30, 2026GAAP | $96.48M | – | – |
| Free cash flow, Nine Months Ended September 30, 2026non-GAAP | $75.63M | – | – |
| Total executed contracts and awarded orders at September 30, 2026other | $2.6B | – | 42% increase year-over-year |
| Trailing twelve-month net new ordersother | over $1.8 billion | – | – |
| Trailing twelve-month book-to-billother | 1.6x | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Year ending December 31, 2026 and quarter ending December 31, 2026 outlook
- RevenueFull-year revenue to be in the range of $1.34 billion to $1.40 billion; quarter ending December 31, 2026 revenue to be in the range of $445 million to $505 million.
- Gross marginFull-year Adjusted Gross Margin to be approximately 27%.
- NoteFull-year Adjusted EBITDA to be in the range of $190 million to $210 million.
- NoteFull-year Adjusted net income per common share to be in the range of $0.57 to $0.69.
Capital returns
- Dividends paid on Series A Redeemable Perpetual Preferred Stock, Three Months Ended September 30, 2026: $ (4,308).
- Dividends paid on Series A Redeemable Perpetual Preferred Stock, Nine Months Ended September 30, 2026: $ (4,308).
What drove it
- Record total executed contracts and awarded orders at September 30, 2026 of $2.6 billion.
- Over $1.8 billion of trailing twelve-month net new orders at a book-to-bill of 1.6x.
- Completed the acquisition of Affordable Wire Management, expanding the product portfolio into wire management and reaching the Battery Energy Storage System and Datacenter markets.
- Formally launched Atlas I and II integrated foundation-to-tracker solutions.
- Opened a manufacturing facility in Albuquerque, significantly expanding domestic manufacturing capabilities.
Concerns
- Revenue for the Three Months Ended September 30, 2026 was $ 330,212, compared with $ 393,491 for the Three Months Ended September 30, 2025.
- Gross margin for the Three Months Ended September 30, 2026 was 21.0 %, compared with 26.9 % for the Three Months Ended September 30, 2025.
- Net loss to common stockholders for the Three Months Ended September 30, 2026 was $ (7,916), compared with net income to common stockholders of $ 18,359 for the Three Months Ended September 30, 2025.
- Free cash flow for the Three Months Ended September 30, 2026 was $ (1,082), compared with $ 21,850 for the Three Months Ended September 30, 2025.
- Full-year 2026 revenue guidance was updated to $1.34 billion to $1.40 billion from $1.4 billion to $1.5 billion, reflecting shifts in the timing of certain project deliveries.
What to watch
- Conversion of the $2.6 billion orderbook into revenue.
- Revenue in the range of $445 million to $505 million for the quarter ending December 31, 2026.
- Delivery of approximately 27% full-year Adjusted Gross Margin.
- Full-year Adjusted EBITDA in the range of $190 million to $210 million.
- Integration and expected benefits of the AWM acquisition and the previously completed APA acquisition.
- The announced Agreement and Plan of Merger and Reorganization with Shoals Technologies Group, Inc.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $ 143,280; December 31, 2025: $ 244,388.
- Total assets at September 30, 2026: $ 1,584,951; December 31, 2025: $ 1,451,792.
- Long-term debt, net of current portion at September 30, 2026: $ 658,550; December 31, 2025: $ 658,664.
- Current portion of debt at September 30, 2026: $ 3,244; December 31, 2025: $ 10,315.
- Net cash provided by operating activities, Three Months Ended September 30, 2026: $ 4,618; Three Months Ended September 30, 2025: $ 27,363.
- Purchase of property, plant and equipment, Three Months Ended September 30, 2026: $ (5,700); Three Months Ended September 30, 2025: $ (5,513).
- Acquisition, net of cash acquired, Three Months Ended September 30, 2026: $ (160,869); Three Months Ended September 30, 2025: $ (164,916).
- Net cash provided by operating activities, Nine Months Ended September 30, 2026: $ 96,476; Nine Months Ended September 30, 2025: $ 58,145.
- Purchase of property, plant and equipment, Nine Months Ended September 30, 2026: $ (20,844); Nine Months Ended September 30, 2025: $ (14,496).
- Acquisition, net of cash acquired, Nine Months Ended September 30, 2026: $ (160,869); Nine Months Ended September 30, 2025: $ (164,916).
Analysis
Array reported third-quarter revenue of $ 330,212, compared with $ 393,491 in the prior-year quarter. Gross profit was $ 69,219 versus $ 105,671, and GAAP gross margin was 21.0 % versus 26.9 %. Income from operations was $ 13,940 compared with $ 45,451. Net income was $ 8,197, but preferred dividends and accretion of $ 16,113 resulted in net loss to common stockholders of $ (7,916), compared with net income to common stockholders of $ 18,359 in the prior-year quarter.
Non-GAAP results also trailed the prior-year quarter. Adjusted gross margin was 22.8 %, compared with 28.1 %, while Adjusted EBITDA was $ 32,061 compared with $ 72,194. Adjusted net income was $ 9,447 and adjusted diluted net income per common share was $ 0.06, compared with $ 45,762 and $ 0.30, respectively. For the nine months, revenue was $ 895,689, GAAP gross margin was 25.9 %, Adjusted EBITDA was $ 124,148, and free cash flow was $ 75,632.
Demand indicators were stronger than the quarterly financial results. The Company reported record total executed contracts and awarded orders at September 30, 2026 of $2.6 billion, a 42% increase year-over-year, along with over $1.8 billion of trailing twelve-month net new orders and a trailing twelve-month book-to-bill of 1.6x. Management attributed commercial momentum to an expanded solution set that includes the completed AWM acquisition, Atlas I and II, and a new 60-degree U.S. tracker variant. The AWM transaction also expands Array into wire management, BESS, and Datacenter markets.
Cash flow reflected acquisition spending and lower quarterly operating cash generation. Net cash provided by operating activities was $ 4,618 in the quarter, compared with $ 27,363, while free cash flow was $ (1,082), compared with $ 21,850. Acquisition, net of cash acquired, was $ (160,869), and cash and cash equivalents at September 30, 2026 were $ 143,280. Long-term debt, net of current portion, was $ 658,550, and the Company paid $ (4,308) of dividends on its Series A Redeemable Perpetual Preferred Stock during the quarter.
The full-year outlook was reduced for revenue, Adjusted EBITDA, and adjusted net income per common share, with management citing shifts in the timing of certain project deliveries. Revenue is now expected at $1.34 billion to $1.40 billion, versus previous guidance of $1.4 billion to $1.5 billion. Adjusted EBITDA is now expected at $190 million to $210 million, versus $210 million to $230 million previously, and adjusted net income per common share is expected at $0.57 to $0.69, versus $0.68 to $0.75 previously. Management now expects full-year Adjusted Gross Margin to be approximately 27% and fourth-quarter revenue to be $445 million to $505 million.
Management, verbatim
The third quarter marked another significant milestone in ARRAY’s evolution from a tracker company to a provider of integrated energy infrastructure solutions. With the completion of our Affordable Wire Management acquisition, we advanced our balance-of-system strategy and gained access to the fast-growing battery energy storage and data center markets. Combined with the formal launch of ARRAY Atlas ™ I and II and our new 60-degree U.S. tracker variant, we are delivering on our strategy to offer customers a more complete, interoperable solution set. This is translating into strong commercial momentum, with a record orderbook of $2.6 billion, up 42% year-over-year, and a trailing twelve-month book-to-bill of 1.6x.
Kevin G. Hostetler, Chief Executive Officer
While our updated full-year guidance reflects shifts in the timing of certain project deliveries, underlying customer demand remains strong and our continued operational execution and cost discipline are driving improved gross margin expectations. With a record orderbook and an expanded portfolio, we are entering 2027 with strong momentum and we believe we are well positioned to deliver profitable growth and create long-term shareholder value.
Kevin G. Hostetler, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported third-quarter financial metrics.
- Revenue by operating segment, as no segment revenue disclosure was provided.
- GAAP operating margin.
- GAAP and non-GAAP tax rates.
- Share repurchases.
- Common-stock dividends.
- Cash-flow guidance.
- Full-year 2026 GAAP revenue, GAAP profitability, operating cash flow, and free-cash-flow guidance.
- A quantitative reconciliation of projected non-GAAP guidance to GAAP measures. The Company stated that it could not provide one without unreasonable effort.
- Prior-release outlook section for formal actual-versus-prior-guidance comparison.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Array Technologies filed an 8‑K reporting Q3 2026 financials and revised full‑year guidance.
Ticker impact
Array Technologies disclosed Q3 2026 results and updated full-year revenue guidance to $1.34‑$1.40B, down from $1.40‑$1.50B.
downside pressure as investors price in updated revenue outlook
Guidance revision is a primary disclosure with material dollar impact; market typically reacts negatively to updated revenue forecasts.
Market effects
Lower guidance may signal softer demand in the utility‑scale solar and energy‑infrastructure sector.
U.S. renewable‑energy equipment makers could see modest pullback.
Limited to firms with exposure to solar tracker and balance‑of‑system markets.
Counterpoint
If the orderbook remains strong, the guidance cut could be temporary and the stock may rebound on execution momentum.
Key entities
- companyArray Technologies, Inc.
Renewable‑energy infrastructure provider.
- companyShoals Technologies Group, Inc.
Merger partner announced in the filing.
