Revenue growth remains highly erratic, characterized by a 26.1% year-over-year decline in 2026Q1 and gross margins that fluctuated from a low of 4.9% in 2025Q4 to 28.2% in 2026Q1.
| Sales/Revenue | 1.21B | 1.28B | 915.81M | 1.58B | 1.64B | 853.32M | 872.66M | 647.9M | 290.78M |
| Revenue Growth % | 13.19% | 40.22% | -41.91% | -3.72% | 91.9% | -2.22% | 34.69% | 122.81% | - |
| Cost of Goods Sold | 928.31M | 1.01B | 618.13M | 1.16B | 1.42B | 785.02M | 669.86M | 497.14M | 279.23M |
| COGS % of Revenue | - | 78.79% | 67.5% | 73.64% | 87.01% | 92% | 76.76% | 76.73% | 96.03% |
| Gross Profit | 276.88M | 272.35M | 297.68M | 415.55M | 212.72M | 68.3M | 202.8M | 150.76M | 11.55M |
| Gross Margin % | 22.97% | 21.21% | 32.5% | 26.36% | 12.99% | 8% | 23.24% | 23.27% | 3.97% |
| Gross Profit Growth % | - | -8.51% | -28.37% | 95.35% | 211.44% | -66.32% | 34.52% | 1204.73% | - |
| Operating Expenses | 222.11M | 188.01M | 524.68M | 201.43M | 230.85M | 93.04M | 107.59M | 67.35M | 73.59M |
| OpEx % of Revenue | - | 14.64% | 57.29% | 12.78% | 14.1% | 10.9% | 12.33% | 10.4% | 25.31% |
| Selling, General & Admin | 205.07M | 198.61M | 160.57M | 159.53M | 150.78M | 80.97M | 55.63M | 41.21M | 46.88M |
| SG&A % of Revenue | - | 15.47% | 17.53% | 10.12% | 9.21% | 9.49% | 6.38% | 6.36% | 16.12% |
| Research & Development | 5M | 18.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.46% | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -29.3M | 364.12M | 41.89M | 80.07M | 12.07M | 51.95M | 26.14M | -447K |
| Operating Income | 54.77M | 84.34M | -227M | 214.12M | -18.13M | -24.74M | 95.21M | 83.41M | -61.21M |
| Operating Margin % | 4.54% | 6.57% | -24.79% | 13.58% | -1.11% | -2.9% | 10.91% | 12.87% | -21.05% |
| Operating Income Growth % | - | 137.15% | -206.02% | 1280.85% | 26.71% | -125.99% | 14.15% | 236.28% | - |
| EBITDA | 94.75M | 131.63M | -174.23M | 268.95M | 82.93M | 1.21M | 122.69M | 110.72M | -32.8M |
| EBITDA Margin % | 7.86% | 10.25% | -19.02% | 17.06% | 5.06% | 0.14% | 14.06% | 17.09% | -11.28% |
| EBITDA Growth % | 157.82% | 175.55% | -164.78% | 224.33% | 6781.83% | -99.02% | 10.8% | 437.6% | - |
| D&A (Non-Cash Add-back) | 39.99M | 47.29M | 52.78M | 54.83M | 101.06M | 25.95M | 27.47M | 27.32M | 28.41M |
| EBIT | -33.2M | -1.89M | -215.75M | 221.39M | 31.74M | -25.44M | 121.65M | 83.38M | -61.65M |
| Net Interest Income | -10.76M | -15.48M | -18.05M | -35.9M | -33.51M | -35.48M | -15.13M | -18.8M | -19.04M |
| Interest Income | 10.92M | 11.85M | 16.78M | 8.33M | 3.18M | 0 | 0 | 0 | 0 |
| Interest Expense | 13.73M | 27.33M | 34.83M | 44.23M | 36.69M | 35.48M | 15.13M | 18.8M | 19.04M |
| Other Income/Expense | -103.14M | -113.56M | -23.57M | -36.97M | 13.18M | -36.38M | -17.43M | -18.83M | -19.49M |
| Pretax Income | -48.37M | -29.22M | -250.58M | 177.16M | -4.95M | -61.12M | 77.78M | 64.58M | -80.7M |
| Pretax Margin % | -4.01% | -2.28% | -27.36% | 11.24% | -0.3% | -7.16% | 8.91% | 9.97% | -27.75% |
| Income Tax | 18.61M | 23.02M | -10.18M | 39.92M | -9.38M | -10.72M | 18.7M | 24.83M | -19.93M |
| Effective Tax Rate % | -38.48% | -78.78% | 4.06% | 22.53% | 189.5% | 17.54% | 24.05% | 38.46% | 24.7% |
| Net Income | -66.98M | -52.23M | -240.39M | 137.24M | 4.43M | -50.4M | 59.07M | 39.74M | -60.76M |
| Net Margin % | -5.56% | -4.07% | -26.25% | 8.71% | 0.27% | -5.91% | 6.77% | 6.13% | -20.9% |
| Net Income Growth % | 70.34% | 78.27% | -275.16% | 2996.57% | 108.79% | -185.32% | 48.63% | 165.41% | - |
| Net Income (Continuing) | -66.98M | -52.23M | -240.39M | 137.24M | 4.43M | -50.4M | 59.07M | 39.74M | -60.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.44 | -0.73 | -1.95 | 0.56 | -0.29 | -0.51 | 0.47 | 0.31 | -0.48 |
| EPS Growth % | 54.75% | 62.56% | -448.21% | 293.1% | 43.14% | -208.51% | 51.61% | 164.58% | - |
| EPS (Basic) | - | -0.73 | -1.95 | 0.57 | -0.29 | -0.51 | 0.47 | 0.31 | -0.48 |
| Diluted Shares Outstanding | 152.96M | 152.54M | 151.75M | 152.02M | 149.82M | 129.98M | 126.99M | 126.99M | 126.99M |
| Basic Shares Outstanding | 152.96M | 152.54M | 151.75M | 150.94M | 149.82M | 129.98M | 126.99M | 126.99M | 126.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Project-based revenue volatility
As reported in recent financial statements, ARRY's revenue trajectory remains highly inconsistent, characterized by a 26.1% year-over-year decline in 2026Q1 following a period of significant volatility, suggesting that the company's project-based model is heavily susceptible to the timing of utility-scale solar installation completions.
The erratic top-line performance appears to be a function of the company's reliance on large-scale infrastructure tenders rather than recurring revenue streams. Investors should monitor whether the recent deceleration reflects a structural shift in demand or merely the inherent lumpiness of project-based revenue recognition.
Based on the provided income statement data, ARRY's gross margin has fluctuated significantly, reaching a low of 4.9% in 2025Q4 before recovering to 28.2% in 2026Q1, which highlights the company's sensitivity to raw material costs and the execution risks associated with fixed-price project contracts.
The wide variance in gross profitability suggests that the company struggles to consistently pass through input cost spikes, such as steel and logistics, to its customers. This margin instability warrants further investigation into the company's hedging strategies and its ability to leverage domestic manufacturing credits effectively.
According to the quarterly income statement, ARRY's operating income has demonstrated extreme sensitivity to revenue shifts, with operating margins swinging from -57.3% in 2024Q3 to 12.8% in 2025Q2, indicating that the company's fixed cost base remains a significant burden during periods of lower project volume.
The high SG&A expenses relative to gross profit suggest that the company maintains a substantial fixed cost structure to support its engineering and sales operations. This lack of operating leverage implies that profitability is highly dependent on achieving specific revenue thresholds to cover its overhead.
As indicated by the historical data, ARRY's net income has been frequently distorted by large, non-recurring charges, such as the significant losses reported in 2024Q4 and 2025Q4, which suggest that GAAP earnings may not accurately reflect the underlying operational performance of the core tracker business.
The frequent swings between profitability and deep net losses appear to be driven by non-operating items or accounting adjustments rather than purely operational factors. Investors should exercise caution when evaluating EPS, as these periodic impairments obscure the company's true ability to generate sustainable bottom-line growth.
Based on the reported figures, the persistent volatility in net margins and the reliance on project-based revenue suggest that ARRY's business model may face structural challenges, particularly if competitive pressures or grid interconnection bottlenecks continue to limit the company's ability to scale profitably over the long term.
Short-term margin improvements may be masking deeper issues related to the company's high variable cost structure and its vulnerability to regulatory changes. The market may be overestimating the potential for software-driven margin expansion while underestimating the ongoing risks associated with its centralized hardware architecture.
Quick answers to the most common questions about buying ARRY stock.
For fiscal year 2025, Array Technologies, Inc. (ARRY) reported total revenue of $1.28B. This represents a 341.6% increase compared to $290.8M in 2018.
Array Technologies, Inc. (ARRY) reported a net loss of $52.2M for the fiscal year ending 2025.
Array Technologies, Inc. (ARRY) reported an operating income of $84.3M, resulting in an operating profit margin of 6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Array Technologies, Inc. (ARRY) generated $272.4M in gross profit for the year, representing a gross profit margin of 21.2%. This demonstrates the company's core pricing power and production efficiency.