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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Array Technologies
Array Technologies (ARRY) investor relations material
Array Technologies Q3 2026 & Merger earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 & Merger earnings summary4 Nov, 2026
Executive summary
All-stock merger: Shoals shareholders receive 1.6931 shares each and are expected to own ~65% of combined basic shares; closing is targeted for Q1 2027, subject to approvals and other conditions.
Brandon Moss is slated to lead the combined business, Brad Forth to chair its 10-member board; a new corporate name and ticker are planned.
The merger combines structural and electrical balance-of-system offerings, with expansion opportunities in battery storage and data centers.
Financial highlights
Q3 revenue was $330.2M, down 16.1% YoY; gross margin was 21.0%, net loss was $7.9M and diluted loss per share was $0.05.
Q3 Adjusted gross margin was 22.8%; Adjusted EBITDA was $32.1M, or 9.7% of revenue, and Adjusted net income was $9.4M.
Shoals Q3 revenue was a record $195.3M, up 43.8% YoY; gross margin was 31.9% and Adjusted EBITDA was $39.8M, or 20.4% of revenue.
Shoals generated $28.9M of operating cash flow; gross margin expanded 160 bps sequentially alongside production gains.
Q3 Adjusted gross margin included an $11M non-cash reserve for a long-dated 45X receivable, a 330 bps impact.
Outlook and guidance
FY 2026 guidance was reduced to $1.34B–$1.40B revenue, $190M–$210M Adjusted EBITDA and $0.57–$0.69 Adjusted EPS; Q4 revenue guidance is $445M–$505M.
Indicative combined 2027 outlook is $2.2B–$2.4B revenue and $410M–$480M Adjusted EBITDA, including synergies; estimates are preliminary and unaudited.
Annual Adjusted EBITDA synergies are targeted above $100M by Year 3; year-one run-rate estimates include ~$20M in cost savings and ~$15M from cross-selling.
Combined net debt to Adjusted EBITDA is estimated at 2.6x for 2026, declining below 2x by year-end 2027; the 2027 outlook is supported by $3.4B in backlog and awarded orders at September 30.
FY 2026 Adjusted gross margin guidance is ~27%; some free-cash-flow conversion is expected to shift into Q1 2027 after peak Q4 deliveries.
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Latest events from Array Technologies
- Integrated platform, innovation, and APA synergy drive growth, margin, and recurring revenue.ARRY
Investor update - Record $2.5B order book, margin expansion, and raised 2026 guidance highlight Q2 results.ARRYQ2 2026
- Acquisition expands platform into wire management, BESS, and data centers, closing in Q3 2026.ARRYM&A announcement
- All proposals passed, including board declassification; no shareholder questions were raised.ARRYAGM 2026
- Innovation, AI integration, and strong order growth drive robust margins and global expansion.ARRYJ.P. Morgan 54th Annual Global Technology, Media and Communications Conference
- Board urges support for director nominees, citing governance reforms and shareholder engagement.ARRYProxy filing
- Record $2.4B orderbook and margin gains offset lower Q1 revenue and net income.ARRYQ1 2026
- Virtual meeting to vote on directors, auditor, executive pay, and Board declassification.ARRYProxy filing
- Proxy covers director elections, auditor ratification, executive pay, and board declassification.ARRYProxy filing
Next Array Technologies earnings date
Q4 202624 Feb, 2027
Array Technologies
Next Array Technologies earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
Array Technologies, Inc. manufactures and supplies solar tracking systems and related products for commercial and utility-scale power plants to drive down the cost of solar energy. The company manufactures and supplies commercial dual-axis trackers that optimize the performance of solar photovoltaics (PV) modules by moving with the sun throughout the day. It also provides system services that include site lay-out and plant design, project management, engineering, procurement, construction management, training and commissioning, maintenance and operations, warranty care, and parts supply services for dual-axis technology. In addition, the company offers a range of custom lifecycle services for individual facilities; and automated systems to monitor PV performance. The company is based in the U.S., with additional offices in Valencia/Alicante/Madrid Spain; and Frankfurt/Berlin Germany.