Array Technologies (ARRY) investor relations material

Executive summary

• Q2 2025 revenue reached $362.2M, up 42% year-over-year and 20% sequentially, with 84% year-to-date volume growth and the highest quarterly volume in two years.

• Net income to common shareholders was $28.5M, with adjusted EBITDA of $63.6M, both showing significant year-over-year and sequential growth.

• Announced definitive agreement to acquire APA Solar, expected to close soon, expanding product offerings and market reach.

• Issued $345M in new convertible notes, repaid term loan, and repurchased $100M of 2028 notes at a discount, extending debt maturity and reducing interest expense.

• Product innovation and customer engagement improved order book quality and margin, with OmniTrak and Skylink now over 35% of the order book.

Financial highlights

• Q2 2025 revenue: $362.2M (+42% YoY, +20% sequential); delivered volume up 52% YoY; gross profit: $97.1M; adjusted gross margin: 27.8%.

• Adjusted EBITDA was $63.6M (17.5% margin), up from $55.4M last year; adjusted net income per share was $0.25, up 26% YoY.

• Free cash flow for Q2 2025 was $37.2M, up from $2M last year, driven by working capital improvements.

• Ended the quarter with $377.3M in cash and total liquidity above $500M; net debt leverage ratio at 1.7x, with no outstanding senior secured debt.

• Total executed contracts and awarded orders at quarter-end exceeded $1.8B; book-to-bill ratio approximately 1x.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $1.18B–$1.215B, with adjusted EBITDA forecasted at $185M–$200M and adjusted EPS at $0.63–$0.70.

• Adjusted gross margin expected between 28–29%; free cash flow expected at $115M–$130M.

• Guidance does not include any benefit from the pending APA Solar acquisition.

• Guidance includes benefits from Inflation Reduction Act Section 45X credits.

• 97% of $644.5M in remaining performance obligations expected to be recognized in the next 12 months.