Key Highlights

  • Second quarter revenue was $342.1 million, down 6%, while GAAP net income to common stockholders was $8.4 million.
  • Orderbook reached a record $2.5 billion at June 30, up 37%, with more than $500 million of new orders.
  • Array closed its Affordable Wire Management acquisition on August 31, paying about $165 million in cash net of adjustments.
  • Full-year 2026 adjusted EBITDA guidance is $210 million to $230 million, with the low end raised from $200 million.

Array Technologies (NASDAQ:ARRY) shares were trading near their 52-week low at USD 3.30 on October 19, 2026, down 3.93%. The solar tracker maker reported lower second quarter revenue but a record orderbook on August 5, then completed an acquisition on August 31. Six reputed brokers have updated their views since those results.

Brokerage context

JPMorgan kept a Neutral rating on October 19 and cut its target to $7 from $8. Mizuho upgraded the stock to Outperform on October 15 while lowering its target to $5 from $7. Morgan Stanley held Equal Weight on October 14 with a $6 target, down from $8, and Barclays did likewise on October 13 with a $4 target, down from $8. Jefferies initiated coverage with a Buy rating and a $7 target on September 29, and UBS downgraded to Neutral on September 18, taking its target to $5 from $10. At USD 3.30, the shares were trading below all six targets.

Second quarter: lower revenue, a record orderbook and thinner earnings to common

Revenue for the second quarter of 2026 was $342.1 million, down from $362.2 million a year earlier. Gross margin was 29.1% against 26.8%, and income from operations was $34.8 million against $46.4 million. GAAP net income was $24.3 million against $43.3 million. After $15.9 million of preferred dividends and accretion, net income to common stockholders was $8.4 million, or $0.05 per diluted share, compared with $28.5 million, or $0.19. For the first half, revenue was $565.5 million against $664.6 million, and the net loss to common stockholders was $5.1 million.

On a non-GAAP basis, adjusted EBITDA was $63.3 million against $63.6 million, adjusted earnings per share were $0.24 against $0.25, and free cash flow was $113.6 million against $37.2 million.

Executed contracts and awarded orders reached a record $2.5 billion at June 30. New orders exceeded $500 million in the quarter, and trailing twelve-month book-to-bill was 1.5.

Wire management acquisition and balance sheet

On July 16, Array agreed to buy Affordable Wire Management, which makes wire management and cable protection products for utility-scale solar and storage. The agreement was worth up to $203 million, including a $153 million base price and up to $50 million of deferred and earnout payments, which Array could settle in cash or stock. AWM had nearly $60 million of trailing twelve-month revenue.

The company completed the purchase on August 31, paying about $165 million in cash net of customary adjustments, subject to final post-closing settlement. Its filing did not say how the payment was funded. Array expects the deal to be at least high single-digit accretive to adjusted earnings per share in the first year, before synergies.

At June 30, before the closing, cash was $307.3 million and long-term debt, net of the current portion, was $657.7 million, including $325 million of 2028 and $345 million of 2031 convertible notes. Total stockholders' deficit was $202.1 million, and the Series A redeemable perpetual preferred stock had a $506.4 million liquidation preference. The earnings presentation put available liquidity at $640.2 million.

Outlook: guidance and 2026 product launches

Array raised the low end of its full-year 2026 adjusted EBITDA guidance to $210 million to $230 million, from $200 million to $230 million, and of adjusted earnings per share to $0.68 to $0.75, from $0.65 to $0.75. It reaffirmed revenue of $1.4 billion to $1.5 billion and said it now expects adjusted gross margin of 27% to 28%. Third quarter revenue is guided at $310 million to $330 million. These are the company's own estimates, and the presentation said they exclude AWM.

Management pointed to 100 gigawatts of cumulative tracker shipments and five product launches planned for 2026, including OmniTrack 2.0 and the ARRAY Atlas foundation-to-tracker suite. Its risk disclosures cite tariffs, US tax incentive changes, substantial indebtedness, customer concentration and acquisition integration.