Quarterly ResultMay 6, 2026, 05:22 PM

Array Technologies Q1 Revenue Down 26% to $223.4M; Net Loss $13.5M

AI Summary

Array Technologies reported a significant decline in its first quarter 2026 financial results, with revenue decreasing 26% year-over-year to $223.4 million and net income plummeting to $2.0 million. The company recorded a net loss of $13.5 million to common stockholders, compared to a net income of $2.3 million in the prior year period. This quarter's results reflect ongoing impacts from the APA Acquisition in August 2025 and the recognition of Inflation Reduction Act vendor rebates.

Key Highlights

Q1 2026 revenue decreased 26% to $223.4 million from $302.4 million YoY.
Net income fell to $2.0 million in Q1 2026 from $16.7 million in Q1 2025.
Net loss to common stockholders was $13.5 million, from $2.3 million income YoY.
Basic loss per common share was $0.09, down from $0.02 income YoY.
Net cash used in operating activities increased to $29.4 million from $13.1 million.
APA Acquisition in August 2025 for $166.1 million cash, plus $19.3 million earnout.
IRA vendor rebate receivables totaled $164.7 million as of March 31, 2026.
Cash and cash equivalents were $200.7 million at March 31, 2026.

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Array Technologies, Inc.

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