Array Technologies Inc. reported fourth‑quarter 2025 revenue of $226 million, a beat of the consensus estimate of $212.19 million, while earnings per share fell to a loss of $0.01 versus an estimate of $0.0013. The company’s record $2.2 billion order book and 35% year‑over‑year volume growth in its core U.S. tracker business underscore strong demand for its high‑margin products such as OmniTrack, SkyLink, and Hail XP.
Adjusted gross margin for the year contracted to 27% from 34.1% in 2024, a compression driven by the loss of the prior year’s 45X amortization benefit, tariff impacts, and a shift toward lower‑margin product mix. The company’s GAAP net loss was largely attributable to one‑time impairment and inventory charges, which also contributed to the EPS miss.
Full‑year 2025 revenue reached $1.28 billion, up 40% from $0.92 billion in 2024, and adjusted diluted EPS rose to $0.67. Management guided 2026 revenue to $1.4 billion–$1.5 billion, adjusted EBITDA to $200 million–$230 million, and adjusted EPS to $0.65–$0.75, signaling confidence in continued growth but cautioning that Q1 2026 revenue will be weighted toward the second half of the year.
The acquisition of APA Solar, completed in Q3 2025 for approximately $179 million, has begun to add integrated foundation and tracker solutions to Array’s portfolio. APA contributed roughly $100 million to the order book and is expected to accelerate the company’s ability to serve challenging soil conditions and expand its international presence.
After the release, the market reacted negatively, with the stock falling 23.2% in after‑hours trading. Analysts cited the EPS miss, GAAP net loss, weaker Q1 2026 guidance, and ongoing margin compression as primary drivers of the sell‑off.
"We closed the year with nearly $1.3 billion in revenue, achieving an exceptional 40% year‑over‑year increase, supported by 35% tracker volume growth," said CEO Kevin Hostetler. "Our $2.2 billion record orderbook reflects the focused investment we have made in strengthening our commercial organization, enhancing customer engagement, and advancing our product portfolio and technical sales capabilities," he added. CFO Keith Jennings noted, "We ended the year with over $380 million of available liquidity and net debt leverage of 2.3x trailing 12‑month adjusted EBITDA."
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