Array Technologies posts strong 2025 growth, expands capacity

Array Technologies, Inc., a provider of solar tracking solutions, reported a sharp rise in 2025 revenue alongside a significantly narrowed loss, according to its latest SEC Form 10‑K filing for the year ended 31 December 2025.

Revenue reached $1,284.1 million, an increase of 40% versus the prior year, primarily reflecting higher volume from Array’s legacy tracking operations. Despite the top‑line expansion, gross profit rose only 0.3% to $298.6 million as gross margin declined to 23% from 33%, pressured by higher costs.

Operating performance nonetheless improved markedly. Loss from operations narrowed to $29.0 million, an 87% improvement, while net loss declined to $52.2 million, down 78% year on year. The company attributed the better bottom line mainly to reduced operating expenses, lower pre‑tax loss and lower impairment charges.

Array reported contrasting trends across its business segments. Revenue from Array Legacy Operations rose 62%, driven by higher shipment volumes, while the STI Operations segment recorded a 16% revenue decline due to lower volume.

The company remains heavily concentrated in its home market. In 2025, 81% of revenue came from customers in the United States, with the remaining 19% generated internationally. By the end of 2025, Array had shipped more than 96 gigawatts of trackers globally.

Array advanced both its product offering and manufacturing footprint. It highlighted the OmniTrack tracker, launched in September 2022, which is designed to require less grading and civil works permitting and to better accommodate uneven terrain.

In the fourth quarter of 2025, Array took control of a new manufacturing and office facility in Bernalillo County, New Mexico. Production at the site is expected to begin in the first half of 2026, supporting its efforts to align capacity with demand and to strengthen its U.S. manufacturing base.

During the period, Array expanded through acquisitions. It completed the purchase of APA Solar, adding fixed‑tilt and foundation solutions to its portfolio, and acquired STI, which contributed a dual‑row tracker design. Management said these deals enhance Array’s ability to address evolving customer needs across solar project types.

On the capital side, Array issued $345 million of 2031 convertible notes in a private placement. Proceeds were used to repay a term loan facility and to repurchase $100 million of existing 2028 convertible notes. The company also amended its senior secured credit facility, increasing revolving commitments to $370 million and extending maturity to February 18, 2031, and entered into capped call transactions intended to limit dilution upon conversion of the notes.

Looking ahead, Array plans to expand its sales and marketing presence into additional countries and to develop next‑generation tracker technology aimed at improving performance, reliability and total cost of ownership. It expects certain tax provisions of the U.S. OBBB to reduce 2025 taxable income and improve near‑term operating cash flows, and is monitoring forthcoming Treasury guidance on the section 45X credit.

The company also intends to continue aligning its organization and cost base with market conditions, with a particular focus on Brazil, where it cited macroeconomic factors. At the same time, Array is monitoring tariffs and trade policies that could affect its supply chain and cost structure.

Management outlined several risks, including challenges integrating the APA acquisition, such as unknown liabilities, higher‑than‑expected expenses and potential business disruption. Array pointed to uncertainty in solar project demand, exposure to a concentrated customer base, raw material price volatility, especially steel, regulatory changes affecting solar competitiveness, foreign exchange fluctuations, and cyber and data protection requirements as additional areas of concern.