ARRY on Nasdaq
Array Technologies, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
23.2%Gross margin3
-2.3%Operating margin3
-4.1%Net margin3
40.2%Revenue growth, 20253
$79.8MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Array Legacy Operations brought in 83% of the revenue Array Technologies, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Array Legacy Operations | $1.2B | $661.6M | $1.1B |
| STI Operations | $403.7M | $254.2M | $213.7M |
Regions
United States brought in 81% of the revenue Array Technologies, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $1.2B | $643.5M | $1.0B |
| Spain | $99.2M | $83.7M | $141.0M |
| Brazil | $257.9M | $135.1M | $60.7M |
| Australia | $20.8M | $8.7M | $23.8M |
| Countries Not Mentioned Above | $32.5M | $44.8M | $17.2M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue77¢$985.6M
- Research and development1¢$9.9M
- Other costs21¢$265.6M
- Income tax2¢$23.0M
Out of $1.3B in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending22¢$22.0M
- Kept or used elsewhere78¢$79.8M
Out of $101.8M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $1.3B | $915.8M | $1.6B |
| Cost of product and service revenue | $938.6M | $603.6M | $1.1B |
| Inventory valuation charge | $29.5M | $0 | $0 |
| Amortization of developed technology and backlog | $17.5M | $14.6M | $14.6M |
| Total cost of revenue | $985.6M | $618.1M | $1.2B |
| Gross profit | $298.6M | $297.7M | $415.6M |
| General and administrative | $198.6M | $160.6M | $159.5M |
| Change in fair value of contingent consideration | $177.0K | $125.0K | $3.0M |
| Depreciation and amortization | $26.2M | $36.1M | $38.9M |
| Long-lived assets impairment | $0 | $91.9M | $0 |
| Goodwill impairment | $102.6M | $236.0M | $0 |
| Total operating expenses | $327.5M | $524.7M | $201.4M |
| (Loss) income from operations | -$29.0M | -$227.0M | $214.1M |
| Interest income | $11.9M | $16.8M | $8.3M |
| Interest expense | -$27.3M | -$34.8M | -$44.2M |
| Foreign currency gain (loss), net | $2.0M | -$4.5M | -$53.0K |
| Gain on extinguishment of debt, net | $14.2M | $0 | $0 |
| Other expense, net | -$992.0K | -$1.0M | -$1.0M |
| Total other expense | -$222.0K | -$23.6M | -$37.0M |
| (Loss) income before income tax expense (benefit) | -$29.2M | -$250.6M | $177.2M |
| Income tax expense (benefit) | $23.0M | -$10.2M | $39.9M |
| Net (loss) income | -$52.2M | -$240.4M | $137.2M |
| Preferred dividends and accretion | $59.8M | $55.7M | $51.7M |
| Net (loss) income to common shareholders, basic | -$112.0M | -$296.1M | $85.5M |
| Net (loss) income to common shareholders, diluted | -$112.0M | -$296.1M | $85.5M |
| Basic (in dollars per share) | -$0.73 | -$1.95 | $0.57 |
| Diluted (in dollars per share) | -$0.73 | -$1.95 | $0.56 |
| Basic (in shares) | 152.5M shares | 151.8M shares | 150.9M shares |
| Diluted (in shares) | 152.5M shares | 151.8M shares | 152.0M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $244.4M | $363.0M | |
| Restricted cash | $1.6M | $1.1M | |
| Accounts receivable, net | $271.6M | $275.8M | $332.2M |
| Inventories, net | $150.4M | $200.8M | |
| Prepaid expenses and other | $201.1M | $157.9M | |
| Total current assets | $869.0M | $998.7M | |
| Property, plant and equipment, net | $58.2M | $26.2M | |
| Lease assets | $97.1M | $16.4M | |
| Goodwill | $135.2M | $160.2M | $435.6M |
| Other intangible assets, net | $238.6M | $181.4M | |
| Deferred income tax assets | $24.0M | $17.8M | |
| Other assets | $29.7M | $25.3M | |
| Total assets | $1.5B | $1.4B | |
| Accounts payable | $144.0M | $172.4M | |
| Accrued expenses and other | $54.3M | $91.2M | |
| Income tax payable | $4.7M | $5.2M | |
| Deferred revenue | $128.4M | $119.8M | |
| Current portion of contingent consideration | $14.6M | $1.2M | |
| Current portion of warranty liability | $10.8M | $2.1M | |
| Current portion of lease liabilities | $7.7M | $5.6M | |
| Current portion of debt | $10.3M | $30.7M | |
| Other current liabilities | $2.2M | $9.7M | |
| Total current liabilities | $377.0M | $437.8M | |
| Deferred income tax liabilities | $22.1M | $21.4M | |
| Contingent consideration, net of current portion | $12.7M | $7.9M | |
| Warranty liability, net of current portion | $5.5M | $4.8M | |
| Lease liabilities, net of current portion | $89.6M | $15.1M | |
| Long-term debt, net of current portion | $658.7M | $646.6M | |
| Other long-term liabilities | $25.8M | $3.6M | |
| Total liabilities | $1.2B | $1.1B | |
| Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 490,829 and 460,920 issued, respectively; liquidation preference of $493.1 million at both dates | $466.7M | $406.9M | $351.3M |
| Preferred stock $0.001 par value - 4,500,000 shares authorized; none issued at respective dates | $0 | $0 | |
| Common stock $0.001 par value - 1,000,000,000 shares authorized; 152,779,614 and 151,951,652 shares issued at respective dates | $152.0K | $151.0K | |
| Additional paid-in capital | $226.8M | $297.8M | |
| Accumulated deficit | -$422.9M | -$370.6M | |
| Accumulated other comprehensive loss | -$10.5M | -$45.4M | |
| Total stockholders equity | -$206.3M | -$118.1M | $259.2M |
| Total liabilities, redeemable perpetual preferred stock and stockholders equity | $1.5B | $1.4B | |
| Temporary equity, par value (in dollars per share) | $0.00 | $0.00 | |
| Temporary equity, shares authorized (in shares) | 500.0K shares | 500.0K shares | |
| Temporary equity, shares issued (in shares) | 490.8K shares | 460.9K shares | |
| Temporary equity, liquidation preference | $493.1M | $493.1M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 4.5M shares | 4.5M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 1.0B shares | 1.0B shares | |
| Common stock, shares issued (in shares) | 152.8M shares | 152.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$52.2M | -$240.4M | $137.2M |
| Goodwill impairment | $102.6M | $236.0M | $0 |
| Impairment of long-lived assets | $0 | $91.9M | $0 |
| Provision for credit losses | $912.0K | $2.1M | $2.5M |
| Deferred tax expense (benefit) | $3.2M | -$37.6M | -$8.9M |
| Depreciation and amortization | $29.8M | $38.2M | $40.3M |
| Amortization of developed technology and backlog | $17.5M | $14.6M | $14.6M |
| Amortization of debt discount and issuance costs | $5.2M | $6.1M | $10.6M |
| Gain on extinguishment of debt, net | -$14.2M | $0 | $0 |
| Gain on debt refinancing | $0 | $0 | -$457.0K |
| Equity-based compensation | $15.6M | $10.3M | $14.5M |
| Change in fair value of contingent consideration | $177.0K | $125.0K | $3.0M |
| Warranty provision | $17.3M | $3.2M | $4.7M |
| Inventory Valuation Reserves | $3.5M | $2.9M | $6.4M |
| Inventory reserve | $29.5M | $0 | $0 |
| Other non-cash | -$2.0M | $0 | $0 |
| Accounts receivable | $31.0M | $41.4M | $92.8M |
| Inventories | $52.9M | -$44.8M | $66.7M |
| Income tax receivables | -$6.8M | -$4.1M | $9.0K |
| Prepaid expenses and other | -$25.8M | -$69.7M | -$10.8M |
| Accounts payable | -$35.9M | $58.2M | -$37.7M |
| Accrued expenses and other | -$54.1M | -$436.0K | $5.3M |
| Income tax payable | -$540.0K | -$863.0K | $1.9M |
| Lease liabilities | $2.2M | -$8.6M | $1.2M |
| Deferred revenue | $489.0K | $55.6M | -$112.0M |
| Other operating assets and liabilities | -$18.3M | $0 | $0 |
| Net cash provided by operating activities | $101.8M | $154.0M | $232.0M |
| Purchase of property, plant and equipment | -$22.0M | -$7.3M | -$17.0M |
| Acquisition, net of cash acquired | -$164.9M | $0 | $0 |
| Retirement/disposal of property, plant and equipment | $0 | $34.0K | $168.0K |
| Cash payments for the acquisition of right-of-use assets | $0 | -$11.3M | $0 |
| Investment in securities | -$1.0M | -$3.0M | $0 |
| Sale of equity investment | $0 | $12.0M | $0 |
| Net cash used in investing activities | -$187.9M | -$9.6M | -$16.8M |
| Proceeds from issuance of other debt | $151.2M | $93.1M | $63.3M |
| Proceeds from issuance of convertible notes | $345.0M | $0 | $0 |
| Premium paid on capped call | -$35.1M | $0 | $0 |
| Fees paid on issuance of convertible notes | -$10.4M | $0 | $0 |
| Repayments of other debt | -$174.4M | -$97.4M | -$88.1M |
| Repayments of term loan facility | -$233.9M | -$4.3M | -$74.3M |
| Repayments of convertible notes | -$78.4M | $0 | $0 |
| Contingent consideration payments | -$1.2M | -$1.4M | -$1.2M |
| Other financing | -$849.0K | -$1.8M | -$1.5M |
| Net cash used in financing activities | -$38.1M | -$11.8M | -$101.8M |
| Effect of exchange rate changes on cash and cash equivalent balances | $6.0M | -$17.5M | $1.8M |
| Net change in cash and cash equivalents | -$118.2M | $115.1M | $115.2M |
Former names
- ATI Intermediate Holdings, LLCAug 12, 2020 to Oct 13, 20202
Recent filings
- Sep 28, 20264
- Sep 28, 20264
- Sep 28, 20264
- Sep 28, 20264
- Aug 31, 20268-K
- Aug 20, 20268-K
- Aug 14, 2026SCHEDULE 13G
- Aug 10, 2026SCHEDULE 13G/A
- Aug 6, 2026SCHEDULE 13G/A
- Aug 6, 2026SCHEDULE 13G/A
- Aug 5, 20268-K
- Aug 5, 202610-Q
- Jul 30, 2026SCHEDULE 13G
- Jul 16, 20268-K
- Jun 18, 2026S-8
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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