Latest news with #ARRAY
Yahoo
27-06-2025
- Business
- Yahoo
Array Technologies Closes Upsized Offering of Its 2.875% Convertible Senior Notes
$345 million raised; approximately $334 million of net proceeds $233 million of term loan outstanding balance to be repaid with proceeds $78 million of proceeds used to repurchase $100 million principal of 1.00% Convertible Senior Notes due 2028 $35 million of proceeds used to acquire Capped Calls elevating conversion price to $12.74 per share ALBUQUERQUE, N.M., June 27, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (the 'Company' or 'ARRAY') today announced the closing of its previously announced private offering of $345 million aggregate principal amount of its 2.875% convertible senior notes due July 2031 (the 'Notes'). The Notes were sold in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering represents the aggregate of both the previously announced, upsized offering of $300 million, as well as the full exercise of the $45 million option to purchase additional Notes granted by ARRAY to the initial purchasers of the Notes. Kevin G. Hostetler, Chief Executive Officer of ARRAY, said, 'This successful offering marks a significant milestone in our ongoing efforts to strengthen ARRAY's capital structure and position the company for long-term growth. By refinancing higher-cost debt and proactively managing our debt maturity profile, we are enhancing our financial flexibility while minimizing potential dilution for shareholders. These actions reflect our continued commitment to disciplined capital allocation and delivering sustainable value.' H. Keith Jennings, Chief Financial Officer of ARRAY, added, 'We are pleased with the strong demand for our convertible notes offering, which allowed us to upsize the transaction and optimize our balance sheet. The repayment of our term loan affords us the full maturity extension of our revolving credit facility, and the repurchase of a portion of our 2028 convertible notes at a discount generates meaningful shareholder value. Additionally, the capped call transactions provide important protection against dilution, aligning with our focus on prudent financial management.' The net proceeds from the offering were approximately $334.1 million, after deducting the initial purchasers' discounts and estimated expenses payable by ARRAY. ARRAY intends to use (i) a portion of the net proceeds, together with approximately $12.1 million cash on hand, to fully repay the approximately $232.8 million of outstanding indebtedness under its term loan facility, (ii) approximately $35.1 million of the net proceeds to fund the cost of entering into the capped call transactions and (iii) a portion of the net proceeds to fund repurchases of approximately $100 million in aggregate principal amount of its outstanding 1.00% Convertible Senior Notes due 2028 for approximately $78.3 million in cash, plus accrued and unpaid interest. The capped call transactions entered into in connection with the offering are expected to generally reduce potential dilution to the common stock upon conversion of the Notes or to offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with the reduction or offset subject to a cap initially equal to $12.74 per share. The capped calls have an initial strike price of $8.12 per share, subject to adjustments, which corresponds to the initial conversion price of the Notes. Total annual net interest expense savings resulting from these transactions is expected to be approximately $9 million and will enhance free cash flow generation. About Array Technologies, Inc. ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY's high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to ARRAY's customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit Media Contact:Nicole Investor Relations Contact:ARRAY Technologies, Relationsinvestors@ Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'shall,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target,' 'continue,' 'could,' 'may,' 'might,' 'possible,' 'potential,' 'predict' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to the intended use of the net proceeds and the expected savings from the offering. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward looking statements, including risks and uncertainties associated with market conditions, including market interest rates, the trading price and volatility of ARRAY's common stock, the Company's business and operations and results of financing efforts, including those described in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and subsequent reports and other documents on file with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release. Except as required by law, the Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-06-2025
- Business
- Yahoo
Array Technologies Announces Pricing of Upsized Offering of Convertible Senior Notes
ALBUQUERQUE, N.M., June 24, 2025 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY) (the 'Company' or 'ARRAY') today announced that it has priced an upsized offering of $300 million in aggregate principal amount of 2.875% convertible senior notes due 2031 (the 'Notes') in a private placement (the 'Offering') to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the 'Securities Act'). ARRAY has also granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period from, and including the date on which the Notes are first issued, up to an additional $45 million in aggregate principal amount of Notes. The Offering is expected to close on June 27, 2025, subject to the satisfaction of customary closing conditions. The Notes will be senior, unsecured obligations of ARRAY, and will accrue interest at a rate of 2.875% per annum, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2026. The Notes will mature on July 1, 2031, unless earlier redeemed, repurchased or converted. ARRAY estimates that the net proceeds from the Offering will be approximately $290.4 million (or approximately $334.1 million if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers' discounts and estimated expenses payable by ARRAY. ARRAY intends to use (i) $150 million of the net proceeds to repay outstanding indebtedness under its term loan facility, (ii) approximately $30.5 million of the net proceeds to fund the cost of entering into the capped call transactions described below and (iii) a portion of the net proceeds to fund repurchases of approximately $100 million in aggregate principal amount of its outstanding 1.00% Convertible Senior Notes due 2028 (the 'Existing Convertible Notes') for approximately $78.3 million in cash, plus accrued and unpaid interest. ARRAY intends to use any remaining net proceeds from the Offering for general corporate purposes, which may include additional repayments or repurchases of outstanding indebtedness. If the initial purchasers exercise their option to purchase additional Notes, ARRAY expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions. At any time prior to the close of business on the business day immediately preceding April 1, 2031, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after April 1, 2031, until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes will be convertible at the option of the holders of the Notes at any time regardless of these conditions. The initial conversion rate will be 123.1262 shares of ARRAY's common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $8.12 per share of ARRAY's common stock). The initial conversion price of the Notes represents a premium of approximately 27.5% over the last reported sale price of ARRAY's common stock on the Nasdaq Global Market (the 'Nasdaq') on June 24, 2025. Upon conversion of the Notes, ARRAY will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of ARRAY's common stock or a combination of cash and shares of ARRAY's common stock, at ARRAY's election, in respect of the remainder, if any, of ARRAY's conversion obligation in excess of the aggregate principal amount of the Notes being converted, based on the then applicable conversion rate. ARRAY may redeem for cash all or any portion of the Notes, at its option, on or after July 6, 2029 and prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of ARRAY's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which ARRAY provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes. Subject to certain conditions, if ARRAY undergoes a 'fundamental change' (as defined in the indenture that will govern the Notes), holders of the Notes may require ARRAY to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, upon certain corporate events that occur prior to the maturity date or upon redemption, ARRAY will, under certain circumstances, increase the conversion rate for holders who elect to convert their Notes in connection with any such corporate event or convert their Notes called (or deemed called) for redemption during the related redemption period, as the case may be. In connection with the pricing of the Notes, ARRAY entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the 'option counterparties'). The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of ARRAY's common stock initially underlying the Notes sold in the Offering. The capped call transactions are expected generally to reduce potential dilution to ARRAY's common stock upon conversion of any Notes and/or offset any cash payments ARRAY is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $12.74 per share which represents a premium of 100% over the last reported sale price of ARRAY's common stock on the Nasdaq on June 24, 2025. ARRAY has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of ARRAY's common stock and/or enter into various derivative transactions with respect to ARRAY's common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of ARRAY's common stock or the Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to ARRAY's common stock and/or purchasing or selling ARRAY's common stock or other securities of ARRAY in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) during any observation period related to a conversion of Notes or following any repurchase of Notes in connection with any 'fundamental change' (as defined in the indenture for the Notes) and (y) following any other repurchase of Notes if ARRAY elects to unwind a portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or decrease in the market price of ARRAY's common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the Notes. In connection with the pricing of the Notes, ARRAY entered into separate and individually negotiated transactions with certain holders of the Existing Convertible Notes to repurchase approximately $100 million in aggregate principal amount of the Existing Convertible Notes for approximately $78.3 million in cash, plus accrued and unpaid interest, using a portion of the net proceeds from the Offering (the 'Existing Convertible Note Repurchases'). Holders of any Existing Convertible Notes that are repurchased as described above may enter into or unwind various derivatives with respect to ARRAY's common stock (including entering into derivatives with one or more of the initial purchasers in the Offering or their respective affiliates) and/or purchase or sell shares of ARRAY's common stock, which may occur concurrently with or shortly after the pricing of the Notes. The Existing Convertible Note Repurchases and the potential related market activities by holders of the Existing Convertible Notes that are repurchased by ARRAY could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of ARRAY's common stock, which may affect the trading price of the Notes at that time and the initial conversion price of the Notes. ARRAY cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or ARRAY's common stock. Neither the Notes nor the shares of ARRAY's common stock potentially issuable upon conversion of the Notes, if any, have been, or will be, registered under the Securities Act, the securities laws of any other jurisdiction or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act. This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful. About Array Technologies, Inc. ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY's high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to ARRAY's customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. Media Contact:Nicole Investor Relations Contact:ARRAY Technologies, Relationsinvestors@ Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'shall,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target,' 'continue,' 'could,' 'may,' 'might,' 'possible,' 'potential,' 'predict' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the completion of the Offering, the expected amount and intended use of the net proceeds and the anticipated effects of entering into the capped call transactions and the Existing Convertible Note Repurchases. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward looking statements, including risks and uncertainties associated with market conditions, including market interest rates, the trading price and volatility of ARRAY's common stock, and risks relating to this Offering, the Company's business and operations and results of financing efforts, including those described in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and subsequent reports and other documents on file with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release. Except as required by law, the Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Yahoo
18-06-2025
- Business
- Yahoo
ARRAY Technologies to Acquire APA Solar
Advancing ARRAY's balance of systems strategy with leading engineered foundation solutions and fixed-tilt mounting systems Adds domestically manufactured engineered foundations and fixed-tilt solutions to product portfolio, expanding addressable market by nearly 40% Enables integrated tracker + foundation system to address challenging soil conditions, which does not require specialized equipment to install Expands U.S. manufacturing capabilities with new Ohio manufacturing facility Transaction enterprise value of approximately $179 million represents a multiple of 7.6x APA's trailing 12 months EBITDA excluding 45X credits Expected to be high-single-digit percentage accretive to Adjusted EPS in year one before synergies Closing expected in the third quarter of 2025, subject to regulatory approval and customary closing conditions ALBUQUERQUE, N.M., June 18, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) ("ARRAY" or the "Company"), a leading global provider of solar tracking technology products, software, and services for utility-scale solar energy projects, today announced it has entered into a definitive agreement to acquire APA Solar, LLC ("APA"), a leading provider of engineered foundation solutions and fixed-tilt mounting systems for solar projects. APA's products are manufactured in Ohio and are eligible for incentives tied to domestic content. APA generated approximately $129 million of revenue and $25 million of EBITDA excluding 45X credits in 2024. The acquisition of APA is expected to be accretive to ARRAY's Adjusted EPS in year one before synergies. Following the closing of the acquisition, ARRAY will begin offering an integrated tracker + foundation system, leveraging ARRAY's advanced solar tracking technology and APA's innovative foundation solutions. The integrated product offering will provide EPCs and developers a domestically manufactured, easy to install solution for the hard, mixed, and frost heave soil conditions that are increasingly prevalent in new solar projects. ARRAY will also continue to offer APA's foundation solutions for other tracker systems as well as the company's fixed-tilt racking products which are widely used in commercial and industrial solar projects in the Northeast and Midwest. "We are thrilled to announce the acquisition of APA, a strategic move that strengthens our capabilities and expands the value we deliver to our customers. Demand for engineered foundations is growing rapidly because of their ability to make projects in areas with more challenging soil conditions economically viable. APA has a proven foundation system that performs in the toughest soil conditions, and is more efficient and less costly to install than competitors' offerings,' commented Kevin G. Hostetler, Chief Executive Officer of Array. Mr. Hostetler added, 'The market has been asking for an integrated tracker plus foundation platform - with this acquisition, ARRAY will be in a position to deliver it. We have a shared vision with APA for what our combined technologies can achieve for customers and I'm incredibly excited about the new opportunities we will be able to unlock together.' Josh Von Deylen, Chief Executive Officer of APA, said "Joining forces with ARRAY is a tremendous opportunity for our team and our customers. With our shared commitment to innovation and excellence, we're excited to combine our strengths to drive even greater value for our solar industry partners. This acquisition marks the beginning of an exciting new chapter for our business." Joe Von Deylen, Chief Operations Officer of APA, added 'This is a pivotal moment for the APA team. With ARRAY, we gain access to expanded resources, additional expertise, and a global commercial platform to scale our business. We're confident this partnership will enhance our ability to serve customers in the utility scale segment and further drive our operational excellence.' The transaction values APA at approximately $179 million or 7.6x trailing 12 months EBITDA excluding 45X credits, comprised of $168 million of upfront cash consideration, and $42 million of deferred consideration less $31 million of net present value of tax benefits generated as a result of the transaction. The deferred consideration is payable in two equal installments on the first and second anniversary of the closing, each conditioned on the continued employment of Josh and Joe Von Deylen; and may be paid in cash or stock at ARRAY's option. The final amount of upfront cash consideration and deferred consideration will be determined at closing subject to customary purchase price adjustments. The sellers of APA are also eligible for a performance based earnout with an initial value of $40 million of ARRAY common stock based upon APA's achievement of certain EBITDA targets during the three-year period following the closing. Josh Von Deylen and Joe Von Deylen, the Chief Executive Officer and Chief Operations Officer of APA, respectively, as well as the rest of the company's senior management team, will remain with APA following the closing of the acquisition and lead the new 'Foundation Solutions Business' of ARRAY. APA's headquarters and principal manufacturing operations will continue to be located in Ridgeville Corners, Ohio. Transaction Approvals and Closing ConditionsThe transaction is expected to close in the third quarter of 2025, subject to receiving any required regulatory approvals and the satisfaction of other customary closing conditions. Jefferies LLC acted as exclusive financial advisor and Kirkland & Ellis acted as legal advisor to ARRAY in connection with the transaction. Donelly Penman & Partners acted as exclusive financial advisor, and Rupp, Hagans & Bohmer, LLP and Eastman & Smith as legal advisors to APA. Additional information regarding the transaction will be included in a Current Report on Form 8-K to be filed by ARRAY with the U.S. Securities and Exchange Commission (the 'SEC'). Transaction Conference CallARRAY will conduct a conference call today at 8:30 a.m. EDT to discuss the transaction. A live webcast of the event will be available on the investor relations section of ARRAY's website at A replay of the webcast will be available for all stakeholders on the investor relations website following the conclusion of the event. Additional ResourcesAssociated presentation materials regarding the transaction are available on the investor relations section of ARRAY's website. About ARRAY Technologies, Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY's high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit Media Contact: Nicole Stewart505.589.8257 Investor Relations Contact:ARRAY Technologies, Relations investors@ Forward Looking StatementsThis press release contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "anticipates," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would," "designed to" or similar expressions and the negatives of those terms. Forward-looking statements include statements regarding the proposed acquisition of APA, the anticipated benefits (including synergies) of the proposed transaction, the anticipated impact of the proposed transaction on the Company's business and future financial and operating results, the expected timing of the proposed transaction, including the expected closing date of the acquisition and the timing of expected synergies and returns from the proposed transaction, and the Company's future financial position, business strategy, revenues, earnings, free cash flow, costs, capital expenditures and debt levels of the combined company, and plans and objectives of management for future operations. Actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: the ability to complete the proposed transaction on anticipated terms and timetable; ARRAY's ability to integrate APA's operations in a successful manner and in the expected time period; the Company's ability to achieve the strategic and other objectives relating to the proposed transaction; the possibility that various closing conditions for the proposed transaction may not be satisfied or waived; and risks relating to any unforeseen liabilities of APA; Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company's most recent Annual Report on Form 10-K and subsequent reports and other documents on file with the SEC, each of which can be found on our website, The forward-looking statements included in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Non-GAAP Financial Information This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ('GAAP'), including EBITDA. 'EBITDA' means, with reference to any historical period of APA Solar, net income (loss) to common shareholders plus interest expense, income tax expense (benefit), depreciation, and amortization. We believe that the presentation of EBITDA enhances the reader's understanding of past financial performance and future prospects. Our management team uses EBITDA in assessing performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. EBITDA, as used in this press release, may be different from, and thus may not be comparable to, similarly titled non-GAAP measures used by other companies. In the case of non-GAAP financial measures presented for future periods, the Company advises that it is unable to provide reconciliations of such measures without unreasonable effort. Accordingly, such measures should be considered in light of the fact that no GAAP measure of performance or liquidity is available as a point of comparison to such non-GAAP measures.
Yahoo
15-05-2025
- Business
- Yahoo
ARRAY Unveils Hail XP: An Industry-Leading Tracker for Extreme Weather Protection
With 77-degree stow, AC-powered control, and integration with ARRAY's Hail Alert Response system, Hail XP sets a new standard in tracker resilience ALBUQUERQUE, N.M., May 15, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) ('ARRAY' or the 'Company'), a leading global provider of solar tracking technology products, software and services, today unveiled DuraTrack Hail XP™, the Company's most advanced tracker designed to withstand extreme hail and wind events. Hail XP builds on ARRAY's proven DuraTrack® platform with a new level of reliability engineered specifically for hail-prone regions. Developed with direct input from customers, insurers, and industry partners, Hail XP is purpose-built to address one of the most pressing challenges facing solar projects today: severe weather risk. With industry-leading protective stow angles available and strong stow reliability, Hail XP isn't just about being the steepest; it's about being the most dependable. 'Hail XP is a breakthrough in tracker resilience,' said Aaron Gabelnick, Chief Strategy and Technology officer at ARRAY Technologies. 'It represents a significant leap forward in safeguarding solar assets by combining innovative engineering with the robust reliability our products are known for, and our customers expect from ARRAY.' As insurers increasingly require proactive weather mitigation strategies, Hail XP sets a new Company benchmark for tracker reliability. Its dependable stow performance helps reduce downtime and damage. Hail XP enhances ARRAY's industry-leading DuraTrack® system with: AC-Powered Stow-on-Demand: Hail XP does not rely on batteries, providing maximum readiness when hail approaches. 77-Degree Stow Capability: Hail XP moves modules to a high-tilt position in either direction regardless of wind conditions to mitigate hail impact. Integrated Protection: Seamlessly integrates with ARRAY's SmarTrack® Hail Alert Response and patented Passive Wind Stow technologies. Enhanced Durability: A reinforced bearing housing, larger gear rack, and upgraded damper deliver performance even in harsh conditions. Availability: Expected to be available for first shipments in early 2026. About ARRAYARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY's high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit Forward Looking Statement This press release contains forward-looking statements that are inherently speculative in nature and involve a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated or implied by such statements. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terms such as 'may,' 'will,' 'could,' 'would,' 'should,' 'anticipate,' 'predict,' 'potential,' 'continue,' 'expects,' 'intends,' 'plans,' 'projects,' 'believes,' 'estimates,' and similar expressions. These forward-looking statements are not historical facts but are based on the Company's current expectations, projections, and assumptions about its business, operations, and other factors. Examples of forward-looking statements include, but are not limited to, statements regarding the Company's expectations about the use of Hail XP, its potential to reduce downtime and damage for solar plants, the reliability and readiness of Hail XP to deploy when hail approaches, and the expected availability of Hail XP for shipments in early 2026. These statements are predictions based on current expectations and, therefore, are not guarantees of future performance. The Company's forward-looking statements involve significant risks, uncertainties, and assumptions, including those related to changes in market demand, adverse regulatory changes, technology limitations or failures, supply chain disruptions, unforeseen costs, and competitive pressures. These factors may hinder the Company's ability to meet its expectations and could lead to actual results materially differing from those stated. In addition, challenges in product development, scalability, and customer adoption may impact the anticipated benefits or outcomes of the product. Forward-looking statements should be evaluated together with the risks and uncertainties that affect the Company's business, operations, and industry. A more detailed description of these factors can be found in the Company's most recent Annual Report on Form 10-K, its most recent Quarterly Report on Form 10-Q, and its other filings with the SEC, which are available on the Company's website at The Company assumes no obligation to update or revise any forward-looking statements, except as required by law, even if new information becomes available or future events occur that may materially alter the anticipated outcomes. Media ContactNicole Investor RelationsARRAY Technologies, Relations investors@
Yahoo
06-05-2025
- Business
- Yahoo
Array's (NASDAQ:ARRY) Q1: Strong Sales, Stock Soars
We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Array's performance shows it grew in the past but relinquished its gains over the last two years, as its revenue fell by 21.2% annually. Array isn't alone in its struggles as the Renewable Energy industry experienced a cyclical downturn, with many similar businesses observing lower sales at this time. A company's long-term performance is an indicator of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Regrettably, Array's sales grew at a weak 1.2% compounded annual growth rate over the last five years. This was below our standards and is a tough starting point for our analysis. 'ARRAY is off to a great start for 2025 with first quarter high double digits revenue growth compared with the first quarter of 2024, and achieving the second largest quarter of volume shipped since 2023, indicating solid market share recovery and the strength of our execution capabilities. We are now able to provide customers with quotes for our 100% domestic content trackers under Table I of the Inflation Reduction Act ('IRA'), an important milestone for ARRAY, reflecting our continued commitment to supply chain resilience and ability to minimize effects of geopolitical uncertainty, including tariffs." Free Cash Flow was -$15.41 million, down from $45.12 million in the same quarter last year EBITDA guidance for the full year is $190 million at the midpoint, above analyst estimates of $186.1 million The company reconfirmed its revenue guidance for the full year of $1.1 billion at the midpoint Is now the time to buy Array? Find out in our full research report . Solar tracking systems manufacturer Array (NASDAQ:ARRY) announced better-than-expected revenue in Q1 CY2025, with sales up 97.1% year on year to $302.4 million. The company's full-year revenue guidance of $1.1 billion at the midpoint came in 0.6% above analysts' estimates. Its non-GAAP profit of $0.13 per share was 47.4% above analysts' consensus estimates. Story Continues Array Year-On-Year Revenue Growth This quarter, Array reported magnificent year-on-year revenue growth of 97.1%, and its $302.4 million of revenue beat Wall Street's estimates by 14.3%. Looking ahead, sell-side analysts expect revenue to grow 3.9% over the next 12 months. While this projection implies its newer products and services will spur better top-line performance, it is still below average for the sector. Software is eating the world and there is virtually no industry left that has been untouched by it. That drives increasing demand for tools helping software developers do their jobs, whether it be monitoring critical cloud infrastructure, integrating audio and video functionality, or ensuring smooth content streaming. Click here to access a free report on our 3 favorite stocks to play this generational megatrend. Operating Margin Array was roughly breakeven when averaging the last five years of quarterly operating profits, one of the worst outcomes in the industrials sector. This result isn't too surprising given its low gross margin as a starting point. Analyzing the trend in its profitability, Array's operating margin decreased by 20.9 percentage points over the last five years. This raises questions about the company's expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. Array's performance was poor no matter how you look at it - it shows that costs were rising and it couldn't pass them onto its customers. Array Trailing 12-Month Operating Margin (GAAP) This quarter, Array generated an operating profit margin of 9%, up 3.5 percentage points year on year. The increase was encouraging, and because its gross margin actually decreased, we can assume it was more efficient because its operating expenses like marketing, R&D, and administrative overhead grew slower than its revenue. Earnings Per Share Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Sadly for Array, its EPS declined by 18% annually over the last five years while its revenue grew by 1.2%. This tells us the company became less profitable on a per-share basis as it expanded. Array Trailing 12-Month EPS (Non-GAAP) Diving into the nuances of Array's earnings can give us a better understanding of its performance. As we mentioned earlier, Array's operating margin improved this quarter but declined by 20.9 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business. For Array, its two-year annual EPS declines of 77.3% show it's continued to underperform. These results were bad no matter how you slice the data. In Q1, Array reported EPS at $0.13, up from negative $0.17 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street is optimistic. Analysts forecast Array's full-year EPS of negative $0.34 will flip to positive $0.65. Key Takeaways from Array's Q1 Results We were impressed by how significantly Array blew past analysts' revenue, EPS, and EBITDA expectations this quarter. We were also excited its guidance topped Wall Street's estimates. Zooming out, we think this quarter featured some important positives. The stock traded up 9.8% to $5.40 immediately after reporting. Array put up rock-solid earnings, but one quarter doesn't necessarily make the stock a buy. Let's see if this is a good investment. If you're making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it's free.
