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Caterpillar for solar infrastructure.

Otis for solar panel motion.

Trimble for solar farm efficiency.

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• Single-Axis Solar Trackers: These mechanical systems automatically orient solar panels throughout the day to maximize energy capture from the sun.
• Solar Tracking Software & Controls: Proprietary software and control systems that manage and optimize the performance of their solar trackers across utility-scale solar projects.

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Array Technologies (ARRY) primarily sells its advanced solar tracking systems to other companies, specifically large-scale solar project developers, independent power producers (IPPs), and Engineering, Procurement, and Construction (EPC) firms. This is a business-to-business (B2B) model.

While Array Technologies' public filings, such as their 10-K reports, often disclose that a limited number of customers account for a substantial portion of their revenue without naming them (e.g., in 2023, two customers accounted for approximately 18% and 13% of total revenue), their press releases and project announcements frequently highlight partnerships with various major players in the renewable energy sector. Based on publicly announced projects and recurring partnerships, some of Array Technologies' major customers include:

• AES Corporation (Symbol: AES)
• Enel Green Power (a subsidiary of Enel SpA, Symbol: ENEL.MI)
• Engie (Symbol: ENGIE.PA)

Other significant customers and partners, often private companies, include firms like DEPCOM Power (a subsidiary of Koch Industries), Summit Ridge Energy, Arevon Energy Inc., and Cypress Creek Renewables, among others involved in developing and constructing large-scale solar power plants globally.

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• Nucor (NUE)
• U. S. Steel Corporation (X)
• Valmont Industries (VMI)
• Samuel, Son & Co.

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Kevin Hostetler, Chief Executive Officer

Kevin Hostetler has served as Chief Executive Officer of Array Technologies since April 2022. He has over 18 years of global industrial business leadership experience, having transformed multiple engineered products and services companies throughout his career. Prior to Array, Mr. Hostetler was the Chief Executive Officer at Rotork, a FTSE 250 company, where he led the company’s Growth Acceleration Program. He also served as Chief Executive Officer of FDH Velocitel, an engineering and construction services provider, which he led through a series of acquisitions. Mr. Hostetler was an Executive Advisor to Wind Point Partners, a private equity firm focused on growth capital investments and leveraged buyouts in middle-market companies, from March 2012 to November 2014. He also held leadership roles at IDEX Corporation and Ingersoll Rand.

H. Keith Jennings, Chief Financial Officer

H. Keith Jennings will become Chief Financial Officer of Array Technologies, effective January 6, 2025. He brings over 30 years of experience in corporate finance, risk management, investor relations, and strategic growth initiatives across various industries. Most recently, from 2020 to 2022, Mr. Jennings served as Executive Vice President and Chief Financial Officer at Weatherford International, where he played a key role in the company's post-bankruptcy transformation, including restructuring its debt and facilitating its up-listing to the Nasdaq exchange. His prior experience also includes roles at Calumet Specialty Products Partners, Eastman Chemical Co., and Cameron International Corporation. Mr. Jennings currently serves as a non-executive director and audit chair for Noble Corporation and 5E Advanced Materials.

Neil Manning, President and Chief Operating Officer

Neil Manning was appointed President and Chief Operating Officer of Array Technologies in June 2024. He previously served as the Chief Operations Officer since January 2023. In his role, Mr. Manning oversees Array's integrated supply chain function and has end-to-end profit and loss responsibility for the company's international operations.

Terrance Collins, Chief Human Resources Officer

Terrance Collins serves as the Chief Human Resources Officer for Array Technologies.

Gina Gunning, Chief Legal Officer

Gina Gunning is the Chief Legal Officer for Array Technologies.

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1. Intense Competition and Pricing Pressure: Array Technologies operates in a highly competitive solar tracker market, facing aggressive pricing from vertically integrated Chinese and global original equipment manufacturers (OEMs). This competition can lead to price-led competition and pressure on profit margins, posing a significant long-term risk due to a deflationary environment in the sector.
2. Supply Chain Volatility and Raw Material Costs: The company is exposed to significant risks related to the volatility of raw material costs, particularly for steel, which is a key component in its products. Fluctuations in steel prices, along with broader supply chain disruptions and evolving structural codes, can increase project costs, introduce design uncertainty, and negatively impact margins. Tariffs and trade restrictions on components further exacerbate these cost pressures.
3. Regulatory and Policy Uncertainty, and Project Delays: Changes in government policies, such as shifts in renewable energy incentives, tariffs, and permitting or interconnection delays, can significantly impact the demand for solar energy projects and the timing of revenue recognition for Array Technologies. Regulatory ambiguity, including the impact of legislation like the "One Big Beautiful Bill" Act, can create near-term uncertainty in the U.S. solar industry, leading to delayed project timelines and affecting the company's financial performance.

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Array Technologies (ARRY) primarily offers solar tracking technology and fixed-tilt systems for utility-scale and distributed generation customers. The addressable market size data predominantly focuses on solar trackers.

Global Solar Tracker Market

The global solar tracker market demonstrates significant growth, with varying projections across different reports:

• The market was valued between approximately USD 7.01 billion and USD 10.32 billion in 2024.
• It is projected to reach approximately USD 22.87 billion by 2029, USD 25.24 billion by 2032, and between USD 32.43 billion and USD 71.81 billion by 2033-2034. One report projects a higher value of USD 254.07 billion by 2033.
• The Compound Annual Growth Rate (CAGR) for the global solar tracker market is generally estimated to be between 14.0% and 26.2% over various forecast periods.

North America Solar Tracker Market

North America is a significant region for the solar tracker market:

• The market in North America was valued between approximately USD 1.554 billion and USD 4.48 billion in 2023.
• Projections for the North American market vary, with estimates ranging from USD 3.65 billion by 2030 to as high as USD 66.51 billion by 2030. The U.S. solar tracker market alone is predicted to be worth around USD 15.43 billion by 2034.
• The CAGR for the North America solar tracker market is estimated to be between 13% and 21.93% over various forecast periods.
• North America's share of the global solar tracker market has been reported to be around 30% in 2024, and 56.85% in 2023, although one report cited a 73% revenue share in 2024.

Specific addressable market sizes for Array Technologies' fixed-tilt systems, separate from solar trackers, were not identified in the provided information.

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Array Technologies (ARRY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, including the successful adoption of new products, strategic acquisitions, capitalizing on domestic content incentives, and the expansion of its project pipeline.

Here are 3-5 expected drivers of future revenue growth:

1. Growth of Recently Launched Products and Services: Array Technologies is experiencing significant traction with its newer product offerings, OmniTrack, SkyLink, and Hail XP. These recently launched products represented approximately 40% of the company's order book in Q3 2025, a substantial increase from just 7% in Q1 2024. This rapid adoption is a testament to the market's acceptance of Array's innovative solutions. Additionally, the company has seen accelerated deployments of its SmarTrack software, including Hail Alert response, backtracking, and diffuse, with active installations now exceeding its entire historical installed base.
2. Strategic Acquisition and Integration of APA Solar: The acquisition of APA Solar in August 2025 is a notable driver of revenue growth. APA contributed approximately $17 million to Array's Q3 2025 revenues and is expected to add around $50 million to the full-year 2025 revenue. The integration of APA Solar is progressing as planned, with Array leveraging its scale and customer relationships to drive procurement synergies and unlock new growth channels, particularly in larger utility-scale project opportunities across engineered foundations and fixed-tilt systems.
3. Increased Market Share and Domestic Content Advantage: Array Technologies has demonstrated strong market share recovery and significant volume growth. In Q3 2025, the company reported a 70% increase in revenue year-over-year, driven by a 56% increase in volume. A key factor contributing to this is Array's ability to offer 100% domestic content trackers, which allows customers to qualify for benefits under the Inflation Reduction Act (IRA). This strategic advantage is particularly important in the U.S. market, where increasing demand for renewable energy, partly fueled by AI data center growth and manufacturing onshoring, is driving energy needs.
4. Expansion of Project Pipeline and Forthcoming Integrated Solutions: The company's commercial momentum is also reflected in its expanding early-stage project pipeline, which achieved double-digit expansion year-to-date in 2025. Array ended Q3 2025 with a robust order book of $1.9 billion, indicating strong future demand. Looking ahead, Array is co-developing a suite of integrated tracker and foundation solutions, with these innovative offerings expected to be available to customers in the second half of 2026, further expanding their product portfolio and market opportunities.

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Share Repurchases

• In June 2025, Array Technologies repurchased $100 million in aggregate principal amount of its 1.00% Convertible Senior Notes due 2028 for approximately $78.3 million in cash. This action was part of a broader strategy to strengthen the company's capital structure and provides protection against share dilution.

Share Issuance

• In June 2025, Array Technologies closed an upsized offering of $345 million in 2.875% convertible senior notes due July 2031, with net proceeds of approximately $334.1 million.
• In October 2020, Array Technologies completed its initial public offering (IPO), raising $1.05 billion. The company itself issued 7 million shares, while a significant portion (47.625 million shares) was sold by a parent entity, from which Array did not receive proceeds.

Inbound Investments

• Array Technologies completed an Initial Public Offering (IPO) in October 2020, raising $1.05 billion from public investors.

Outbound Investments

• Array Technologies completed the acquisition of APA Solar in August 2025, a strategic move to provide solutions for foundations, trackers, and fixed structures. Net cash used for investing activities in Q3 2025 was $170 million, primarily driven by the APA acquisition and investment in a new manufacturing facility.
• In 2022, Array Technologies acquired STI Norland, a European manufacturer of solar trackers, which expanded Array's product portfolio and global footprint, particularly in markets like Brazil.

Capital Expenditures

• Capital expenditures for 2025 are expected to be approximately $20 million, primarily focused on project timing at the new Albuquerque facility.
• Net cash used for investing activities in Q1 2025 was $2.4 million, mainly for the investment in the new Albuquerque manufacturing facility.