Shoals sees combined company’s 2027 revenue at $2.2 billion-$2.4 billion after ARRAY merger
ARRY•Shoals expects its proposed merger with ARRAY to generate preliminary 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million. The companies expect more than $100 million in annual adjusted EBITDA synergies within three years of closing.
1. Merger projections
Shoals expects its proposed stock-for-stock merger with ARRAY to create a combined company with preliminary 2027 revenue of $2.2 billion to $2.4 billion and adjusted EBITDA of $410 million to $480 million, including first-year synergies. Annual adjusted EBITDA synergies are expected to exceed $100 million within three years of closing.
2. Debt and timing
The companies project net debt to adjusted EBITDA below 2 times by year-end 2027, compared with 2.6 times at year-end 2026. The merger is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
