Array Technologies beats Q3 revenue estimates; to merge with Shoals Technologies
SHLS•Array Technologies reported Q3 revenue of $330.20 million, above the $322.72 million estimate, while adjusted EPS of $0.06 missed the $0.09 estimate. The company announced a stock-for-stock merger agreement with Shoals Technologies Group and lowered its 2026 revenue and adjusted EBITDA outlook.
1. Q3 results
Array Technologies’ Q3 revenue was $330.20 million, up year over year and above analyst expectations of $322.72 million. Adjusted EPS was $0.06, below the $0.09 estimate.
2. Merger and outlook
The company announced a stock-for-stock merger agreement with Shoals Technologies Group. Array lowered its 2026 revenue outlook to $1.34 billion-$1.40 billion from $1.4 billion-$1.5 billion and its adjusted EBITDA forecast to $190 million-$210 million from $210 million-$230 million. It expects Q4 2026 revenue of $445 million-$505 million.
3. Orders and products
Array reported a record $2.6 billion in executed contracts and awarded orders at the end of Q3, up 42% year over year. Its acquisition of Affordable Wire Management expanded its portfolio into wire management and provided access to battery energy storage and data center markets; the company also launched Atlas I and II integrated solutions and a 60-degree U.S. tracker variant.
