Key Highlights

  • Revenue was USD 330.2 million against an estimate of USD 323.43 million and USD 393.5 million a year earlier.
  • Adjusted Net Income per diluted share was USD 0.06 against USD 0.10 estimated; net loss per share was USD 0.05.
  • Executed contracts and awarded orders reached a record USD 2.6 billion, stated as up 42% year over year.
  • 2026 Revenue guidance is now USD 1.34 billion to USD 1.40 billion, previously USD 1.4 billion to USD 1.5 billion.

How does a record USD 2.6 billion orderbook fit with quarterly revenue of USD 330.2 million? Array Technologies, Inc. (NASDAQ:ARRY) reported that revenue, against an estimate of USD 323.43 million and USD 393.5 million a year earlier, and cited timing shifts in some project deliveries in updating full-year guidance. Adjusted net income per diluted share was USD 0.06 against an estimate of USD 0.10, while GAAP net loss per share was USD 0.05. It also announced an agreement to combine with Shoals Technologies Group in a stock-for-stock merger.

Orderbook, Products and Acquisitions

Total executed contracts and awarded orders stood at a record USD 2.6 billion at September 30, 2026, up 42% from a year earlier. Trailing twelve-month net new orders were over USD 1.8 billion at a book-to-bill ratio of 1.6 times.

The company completed its Acquisition of Affordable Wire Management, which extends its portfolio into wire management and reaches battery energy storage and Data Center markets. Cash paid, net of cash acquired, was USD 160.9 million. It also launched Atlas I and II foundation-to-tracker solutions, announced a 60-degree U.S. tracker variant designed for high wind and hail regions, and opened a Manufacturing Facility in Albuquerque.

Margins and Costs in the Quarter

Gross profit was USD 69.2 million, against USD 105.7 million a year earlier, and gross Margin was 21.0% against 26.9%. Adjusted gross margin was 22.8%, compared with 28.1% a year earlier and 30.8% in the second quarter. Adjusted EBITDA was USD 32.1 million, against USD 72.2 million, a margin of 9.7%.

General and administrative expenses were USD 58.8 million against USD 52.2 million, including acquisition-related expenses of USD 10.5 million. A USD 10.3 million reduction from the change in Fair Value of contingent consideration lowered operating expenses. Income from operations was USD 13.9 million against USD 45.5 million. Net income was USD 8.2 million, and after USD 16.1 million of preferred dividends and accretion, net loss to common stockholders was USD 7.9 million, compared with income of USD 18.4 million a year earlier.

Capital Allocation and Balance Sheet

Cash and cash equivalents were USD 143.3 million at September 30, against USD 244.4 million at year end 2025. Long-term debt, net of the current portion, was USD 658.6 million, and the current portion was USD 3.2 million. Net cash provided by Operating Activities was USD 4.6 million in the quarter and USD 96.5 million for nine months, while free Cash Flow was negative USD 1.1 million in the quarter and USD 75.6 million for the nine months.

The Series A redeemable perpetual preferred stock carried a Liquidation preference of USD 510.0 million, and the company paid USD 4.3 million of Series A dividends in the nine months.

Benchmarks Ahead

Quarterly revenue of USD 330.2 million sits alongside adjusted EBITDA of USD 32.1 million, adjusted net income per diluted share of USD 0.06 and a USD 2.6 billion orderbook. For full-year 2026, management now guides to adjusted gross margin of approximately 27%, adjusted EBITDA of USD 190 million to USD 210 million, previously USD 210 million to USD 230 million, and adjusted net income per share of USD 0.57 to USD 0.69, previously USD 0.68 to USD 0.75.

For the quarter ending December 31, 2026, management guided to revenue of USD 445 million to USD 505 million. The chief executive attributed the guidance update to shifts in the timing of certain project deliveries. A joint call with Shoals was held on November 4, 2026.