Array Technologies Secures $2.2B Order Book and 40% Revenue Growth
Array Technologies reported a record $2.2 billion order book and 35% volume growth in FY25, driving revenues up 40% to $1.28 billion while Q4 revenues reached $226 million. Gross margin fell to 23.2% from 32.5%, but net loss narrowed to $112 million and EPS turned positive at $0.67.
1. Record Order Book and Volume Growth
Array Technologies closed FY25 with a record $2.2 billion order backlog and 35% annual volume growth, reflecting strong demand for its single-axis solar trackers and the payoff from recent investments in product development and technical sales.
2. Financial Performance Trends
Full-year revenue rose 40% to $1.28 billion and Q4 revenue reached $226 million. Gross margin compressed to 23.2% from 32.5%, but net loss narrowed to $112 million versus $296.1 million a year earlier, and full-year EPS turned positive at $0.67.
3. 2026 Strategic Initiatives and Product Pipeline
Management outlined strategic imperatives for 2026 focused on innovating future offerings, expanding international operations and enhancing customer service. The company plans multiple product launches, including an integrated tracker-and-foundation solution and new tracker models.
4. Analyst Price Target Adjustment
Jefferies lowered its price target to $8.50 from $11 while maintaining a Buy rating. The revision reflects concerns that prioritizing backlog growth may pressure near-term margins as management targets higher long-term EBITDA levels.