Array Technologies (ARRY) Investor update summary

Strategic Evolution and Platform Expansion

• Transitioning from a tracker-focused company to an integrated energy infrastructure platform, expanding into services, hardware, software, battery storage, data centers, foundations, wire management, controls, and AI, with a focus on interoperability and integrated engineering.

• Balance-as-a-System (BaaS) strategy and disciplined M&A, including APA and pending AWM acquisitions, increase addressable market, share of customer wallet, and enable entry into adjacent markets.

• Record $2.5B order book, up 37% YoY, with 50% from tier 1 utilities and developers; new products now represent half of the order book and projected 2026 revenues.

• Integrated offerings deliver higher energy yield, lower installed costs, and improved project economics, increasing customer value and project share.

• Expansion into international markets and adjacent infrastructure segments, including BESS and data centers, is a key long-term ambition.

Innovation, Product Development, and Customer-Centricity

• Five major product launches in 2026, including OmniTrack 2.0, DuraTrack D2S, DuraTrack 60°, and the Atlas suite, developed through customer feedback and aimed at simplifying installation, reducing risk, and improving total cost of ownership.

• Software and digital solutions (e.g., SmarTrack, GOARRAY app, backtracking, diffuse stow, hail alert) are driving recurring high-margin revenue, with software revenue growing over 100% YoY and over 50% attach rate for SmarTrack in 2026 YTD.

• Integrated solutions address increasing project complexity, diverse site conditions, and severe weather risks, with a focus on reducing interfaces and simplifying installation.

• Technical sales and engineering services are central, supporting project optimization, risk reduction, and customer intimacy, with a framework emphasizing total project value.

• Customer feedback is systematically collected and integrated through initiatives like Array Days, directly shaping product roadmaps and operational improvements.

APA Integration and Growth Outlook

• APA integration is ahead of schedule, with commercial momentum reflected in a 1.5x book-to-bill, 17% YoY revenue growth, and a 155% increase in average project pipeline size.

• APA's revenue mix is shifting toward engineered foundations, targeting double-digit CAGR and high-20% adjusted gross margins over the next three years.

• Engineered foundations and alternative solutions (Atlas I & II) address challenging soil conditions and are 45X eligible, expanding APA's market and margin profile.

• Manufacturing capacity is scaling with new facilities and automation, supporting larger and more complex utility-scale projects.

• APA and Array are leveraging vertical integration, field services, and a robust testing program to de-risk projects and enhance customer value.