Key Highlights

  • Third-quarter Revenue was USD 330.2 million, with a GAAP gross Margin of 21.0%, an adjusted gross margin of 22.8% and a net loss to common stockholders of USD 7.9 million.
  • Net loss per share was USD 0.05 on a GAAP basis, while adjusted Net Income per diluted share was USD 0.06 and adjusted EBITDA reached USD 32.1 million.
  • Full-year 2026 revenue guidance was lowered to a range of USD 1.34 billion to USD 1.40 billion from USD 1.4 billion to USD 1.5 billion.
  • Executed contracts and awarded orders reached a record USD 2.6 billion at September 30, 2026, up 42% from a year earlier, with trailing book-to-bill of 1.6x.

A Record Orderbook Meets a Lower Outlook

ARRAY Technologies (NASDAQ:ARRY) reported third-quarter 2026 results on November 4, 2026, for the quarter ended September 30. Revenue was USD 330.2 million, gross margin was 21.0% and adjusted gross margin was 22.8%. The company posted a GAAP net loss to common stockholders of USD 7.9 million, or USD 0.05 per share, against adjusted net income of USD 0.06 per diluted share. Adjusted EBITDA was USD 32.1 million. The material supplied does not include prior-year quarterly figures, so no year-over-year comparison of revenue or Earnings is made here. Orders were the bright spot: trailing twelve-month net new orders topped USD 1.8 billion, and total executed contracts and awarded orders rose 42% to a record USD 2.6 billion, with management citing strong momentum entering 2027.

Why Guidance Came Down: Delivery Timing

Management said the updated full-year view reflects shifts in the timing of certain project deliveries, not weaker demand. Revenue is now seen at USD 1.34 billion to USD 1.40 billion, adjusted EBITDA at USD 190 million to USD 210 million, and adjusted Earnings Per Share at USD 0.57 to USD 0.69. Midpoints are about USD 80 million lower on revenue and USD 20 million lower on adjusted EBITDA than the prior ranges (calculated from the stated ranges). Adjusted gross margin is now expected near 27%. Fourth-quarter revenue is guided to USD 445 million to USD 505 million, which implies a heavy final quarter. Management still points to improved gross margin expectations and cost discipline as offsets to the lower Volume outlook.

Shoals Merger, AWM Deal and Policy Exposure

The company also announced a stock-for-stock Merger agreement with Shoals Technologies Group, and the third-quarter call became a joint analyst call. Terms were not included in the earnings release. During the quarter it completed the Affordable Wire Management acquisition, which opens battery storage and Data Center markets, launched its Atlas foundation-to-tracker products and opened an Albuquerque plant. Risks listed include the scheduled end of the federal solar Investment Tax Credit for projects placed in service after 2027, tariffs, convertible notes and preferred dividends, and the timing of earnout payments tied to acquisitions.

Where Things Stand

The cut reflects timing, according to management, and the orderbook supports that argument without proving it. ARRAY Technologies (NASDAQ:ARRY) still reported a small quarterly loss, lowered all three full-year targets and attached a large fourth-quarter revenue requirement to its remaining guidance. A record USD 2.6 billion orderbook and a 1.6x book-to-bill give it visibility, but conversion into deliveries is what matters. Investors will want to see the joint call details on the Shoals merger, fourth-quarter shipments and any change in tax-credit rules.