ARRY · Array Technologies, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $223.41M | - | $393.49M | $362.24M | $302.36M | - | $231.41M | $255.77M | $153.40M | - |
| Cost of Revenue | $160.41M | - | $287.82M | $265.12M | $225.94M | - | $153.09M | $169.81M | $98.31M | - |
| Gross Profit | $63.00M | - | $105.67M | $97.12M | $76.43M | - | $78.31M | $85.95M | $55.09M | - |
| R&D | $3.00M | - | $2.30M | $2.50M | $2.40M | - | $1.60M | $2.30M | $1.90M | - |
| SG&A | $50.40M | - | $52.25M | $44.95M | $43.95M | - | $40.15M | $36.97M | $37.78M | - |
| Total Operating Expenses | $55.90M | - | $60.22M | $50.75M | $49.14M | - | $210.99M | $46.35M | $46.68M | - |
| D&A | $8.08M | - | $6.96M | $5.64M | $5.35M | - | $8.88M | $8.88M | $9.63M | - |
| Operating Income | $7.11M | - | $45.45M | $46.38M | $27.28M | - | ($132.68M) | $39.60M | $8.41M | - |
| Interest Expense | $5.56M | - | $5.05M | $8.77M | $8.94M | - | $8.26M | $11.58M | $8.94M | - |
| Income Tax | $2.13M | - | $9.94M | $13.62M | $6.53M | - | $3.85M | $7.81M | $1.30M | - |
| Net Income | $2.00M | - | $33.50M | $43.26M | $16.75M | - | ($141.35M) | $25.70M | $2.17M | - |
| EPS - Basic | ($0.09) | - | $0.12 | $0.19 | $0.02 | - | ($1.02) | $0.08 | ($0.07) | - |
| EPS - Diluted | ($0.09) | - | $0.12 | $0.19 | $0.02 | - | ($1.02) | $0.08 | ($0.07) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $200.70M | $244.39M | $221.52M | $377.27M | $348.32M | $362.99M | $332.37M | $282.32M | $287.62M | $249.08M |
| Accounts Receivable | $292.33M | $271.58M | $378.59M | $367.18M | $282.57M | $275.84M | $282.12M | $309.72M | $229.22M | $332.15M |
| Inventory | $167.97M | $150.37M | $180.88M | $177.97M | $186.88M | $200.82M | $195.70M | $165.64M | $178.69M | $161.96M |
| Accounts Payable | $142.17M | $143.99M | $231.88M | $161.25M | $153.78M | $172.37M | $149.20M | $112.49M | $93.40M | $119.50M |
| Current Assets | $879.42M | $869.04M | $866.55M | $1.04B | $976.29M | $998.72M | $902.28M | $848.94M | $774.42M | $832.28M |
| Total Assets | $1.48B | $1.45B | $1.61B | $1.54B | $1.43B | $1.43B | $1.56B | $1.65B | $1.63B | $1.71B |
| Current Liabilities | $390.40M | $377.01M | $458.49M | $468.33M | $408.49M | $437.81M | $374.89M | $337.58M | $283.66M | $335.69M |
| Long-term Debt | $656.96M | $658.66M | $658.38M | $657.59M | $644.52M | $646.57M | $648.32M | $651.52M | $657.71M | $660.95M |
| Total Liabilities | $1.21B | $1.19B | $1.21B | $1.18B | $1.10B | $1.14B | $1.11B | $1.07B | $1.03B | $1.10B |
| Stockholders' Equity | ($214.38M) | ($206.34M) | ($46.72M) | ($70.87M) | ($97.77M) | ($118.10M) | $64.49M | $199.96M | $231.22M | $259.25M |
| Retained Earnings | ($420.86M) | ($422.86M) | ($277.11M) | ($310.62M) | ($353.88M) | ($370.62M) | ($243.72M) | ($102.37M) | ($128.06M) | ($130.23M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($29.42M) | - | - | - | ($13.06M) | - | - | - | $47.50M | - |
| Investing Cash Flow | ($7.51M) | - | - | - | ($2.35M) | - | - | - | ($2.39M) | - |
| Financing Cash Flow | ($7.61M) | - | - | - | ($1.73M) | - | - | - | ($4.58M) | - |
| CapEx | $7.51M | - | - | - | $2.35M | - | - | - | $2.40M | - |
| Free Cash Flow | ($36.93M) | - | - | - | ($15.41M) | - | - | - | $45.11M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 28.2% | - | 26.9% | 26.8% | 25.3% | - | 33.8% | 33.6% | 35.9% | - |
| Operating margin | 3.2% | - | 11.6% | 12.8% | 9.0% | - | -57.3% | 15.5% | 5.5% | - |
| EBITDA margin | 6.8% | - | 13.3% | 14.4% | 10.8% | - | -53.5% | 19.0% | 11.8% | - |
| Net margin | 0.9% | - | 8.5% | 11.9% | 5.5% | - | -61.1% | 10.0% | 1.4% | - |
| Free cash flow margin | -16.5% | - | - | - | -5.1% | - | - | - | 29.4% | - |
| FCF / Net income | -18.49 | - | - | - | -0.92 | - | - | - | 20.83 | - |
| R&D / Revenue | 1.3% | - | 0.6% | 0.7% | 0.8% | - | 0.7% | 0.9% | 1.2% | - |
| SG&A / Revenue | 22.6% | - | 13.3% | 12.4% | 14.5% | - | 17.4% | 14.5% | 24.6% | - |
| Effective tax rate | 51.6% | - | 22.9% | 23.9% | 28.1% | - | - | 23.3% | 37.6% | - |
| Return on assets | 0.1% | - | 2.1% | 2.8% | 1.2% | - | -9.0% | 1.6% | 0.1% | - |
| Return on equity | -0.9% | - | -71.7% | -61.0% | -17.1% | - | -219.2% | 12.9% | 0.9% | - |
| Return on invested capital | 0.8% | - | 5.7% | 6.0% | 3.6% | - | -14.7% | 3.6% | 0.6% | - |
| Liquidity | ||||||||||
| Current ratio | 2.25 | 2.31 | 1.89 | 2.22 | 2.39 | 2.28 | 2.41 | 2.51 | 2.73 | 2.48 |
| Quick ratio | 1.82 | 1.91 | 1.50 | 1.84 | 1.93 | 1.82 | 1.88 | 2.02 | 2.10 | 2.00 |
| Cash ratio | 0.51 | 0.65 | 0.48 | 0.81 | 0.85 | 0.83 | 0.89 | 0.84 | 1.01 | 0.74 |
| Leverage | ||||||||||
| Debt / Equity | -3.06 | -3.19 | -14.09 | -9.28 | -6.59 | -5.47 | 10.05 | 3.26 | 2.84 | 2.55 |
| Debt / Assets | 0.45 | 0.45 | 0.41 | 0.43 | 0.45 | 0.45 | 0.41 | 0.39 | 0.40 | 0.39 |
| Debt / EBITDA | 43.26 | - | 12.56 | 12.64 | 19.75 | - | - | 13.44 | 36.46 | - |
| Interest coverage | 1.3x | - | 9.0x | 5.3x | 3.1x | - | -16.1x | 3.4x | 0.9x | - |
| Equity multiplier | -6.88 | -7.04 | -34.49 | -21.76 | -14.58 | -12.07 | 24.24 | 8.26 | 7.05 | 6.58 |
| Liabilities / Assets | 0.82 | 0.82 | 0.75 | 0.76 | 0.77 | 0.80 | 0.71 | 0.65 | 0.63 | 0.64 |
| Efficiency | ||||||||||
| Asset turnover | 0.15 | - | 0.24 | 0.23 | 0.21 | - | 0.15 | 0.15 | 0.09 | - |
| Inventory turnover | 0.95 | - | 1.59 | 1.49 | 1.21 | - | 0.78 | 1.03 | 0.55 | - |
| Days sales outstanding | 478d | - | 351d | 370d | 341d | - | 445d | 442d | 545d | - |
| Days inventory outstanding | 382d | - | 229d | 245d | 302d | - | 467d | 356d | 663d | - |
| Days payable outstanding | 324d | - | 294d | 222d | 248d | - | 356d | 242d | 347d | - |
| Cash conversion cycle | 536d | - | 287d | 393d | 395d | - | 556d | 556d | 862d | - |
| Valuation | ||||||||||
| P / E | - | - | 67.9x | 31.1x | 243.5x | - | - | 128.3x | - | - |
| P / B | - | - | - | - | - | - | 15.5x | 7.8x | 9.8x | - |
| P / S | 4.9x | - | 3.2x | 2.5x | 2.5x | - | 4.3x | 6.1x | 14.7x | - |
| EV / EBITDA | 102.9x | - | 32.3x | 22.7x | 31.9x | - | - | 39.8x | 145.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -26.1% | - | 70.0% | 41.6% | 97.1% | - | -34.0% | -49.6% | -59.3% | - |
| Revenue CAGR (3y) | -16.0% | - | -8.6% | -5.2% | 0.2% | - | 6.4% | 30.6% | -29.5% | - |
| Revenue CAGR (5y) | -12.6% | - | 23.1% | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -17.6% | - | 34.9% | 13.0% | 38.7% | - | -10.4% | -42.7% | -45.6% | - |
| Operating income growth (YoY) | -73.9% | - | - | 17.1% | 224.3% | - | - | -58.9% | -82.3% | - |
| Net income growth (YoY) | -88.1% | - | - | 68.3% | 673.5% | - | - | -60.3% | -91.7% | - |
| EPS growth (YoY) | - | - | - | 137.5% | - | - | - | -76.5% | - | - |
| EPS CAGR (3y) | - | - | -14.2% | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -139.6% | - | - | - | - | - | - | - | 7.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -119.3% | -74.7% | - | - | - | - | -76.8% | -30.4% | 11.5% | 108.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.28B totalArray Legacy Operations Segment$1.07B · 83.4%
STIOperations Segment$213.66M · 16.6%
Geographic
$1.28B totalUS$1.04B · 81.1%
ES$141.05M · 11.0%
BR$60.72M · 4.7%
AU$23.78M · 1.9%
Countries Not Mentioned Above$17.23M · 1.3%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing Array Technologies against the 5 most active filers in the same SIC group.