Array Technologies, Inc. (ARRY): Business Model Canvas [Dec-2025 Updated]

You're looking at Array Technologies, Inc. to see how they are translating their market position into real dollars, and the recent shift post-APA Solar acquisition is key. Honestly, they are moving beyond just selling single-axis trackers; they are now integrating foundations and software to directly lower the Levelized Cost of Energy (LCOE) for major utility developers. This strategy is supported by serious numbers, with their full-year 2025 revenue guidance projected between $1.25 billion and $1.28 billion, targeting an Adjusted EBITDA of $185 million to $195 million. Below, we map out the nine essential blocks of their business model-from their patented technology to how they are managing steel costs while chasing those domestic manufacturing incentives-so you can see the mechanics behind the forecast.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Array Technologies, Inc.'s (ARRY) ability to deliver on its utility-scale commitments, which is all about who they work with to source materials and secure future work. Honestly, in this business, your partners are as critical as your own engineering.

Strategic suppliers for steel and aluminum components

Array Technologies, Inc. relies heavily on strategic sourcing to maintain its competitive edge, especially with the focus on domestic content under the Inflation Reduction Act (IRA). The company achieved a major milestone by being able to provide customers with quotes for its 100% domestic content trackers under Table I of the IRA as of the first half of 2025, signaling strong domestic supply chain alignment. This commitment to supply chain resilience is key to minimizing geopolitical uncertainty impacts, including tariffs.

A prime example of a key material partnership is the multi-year supply arrangement with South Korean steelmaker POSCO for its proprietary PosMAC® material, an alloy-coated corrosion-resistant steel. POSCO works with a Korean local fabricator to convert these products into components for Array Technologies, Inc.'s global project sites. This partnership was specifically noted to help Array Technologies, Inc. reduce trucking mileage to U.S. West Coast project sites, bringing greater flexibility to the supply chain. While specific dollar amounts for all steel and aluminum contracts aren't public, the strategic nature of this relationship is clear.

APA Solar (recently acquired foundation and fixed-tilt solutions provider)

The acquisition of Ohio-based APA Solar, completed on August 14, 2025, fundamentally changed Array Technologies, Inc.'s partnership structure by bringing foundation solutions in-house. The enterprise value for this deal was $179 million, excluding 45X tax credits. APA Solar, which will continue to operate as a strategic business unit, reported approximately $129 million in revenue and $25 million in EBITDA the prior year (excluding 45X credits). For the third quarter of 2025, APA contributed revenue of $16.9 million. This integration is expected to expand Array Technologies, Inc.'s addressable market by nearly 40%, allowing the company to offer a fully integrated tracker and foundation system.

Global logistics and shipping providers for diversified supply chain

Array Technologies, Inc. explicitly relies on a diversified global supply chain to support its worldwide deployment of solar energy projects. While specific logistics providers aren't named in recent filings, the strategy involves using global partners to ensure reliable delivery, as evidenced by the POSCO deal which aimed to reduce trucking mileage to U.S. West Coast sites. The company's operational focus in 2025 included actions to produce an improved quality, higher-margin orderbook, which necessitates tight coordination with shipping partners to manage costs and timelines. The ability to serve customers across North America and beyond depends on these established shipping lanes.

Independent engineering firms for project validation

Project validation through independent engineering firms is an implicit but critical partnership element for utility-scale developers. Array Technologies, Inc.'s systems are engineered to withstand the harshest weather conditions, and their high-quality trackers, software, and services are designed to maximize energy production over the entire project lifecycle. Securing long-term contracts with Tier 1 IPPs requires that Array Technologies, Inc. can satisfy rigorous third-party technical due diligence, which relies on established relationships with reputable engineering consultants to verify performance and reliability claims across different soil conditions. If onboarding takes 14+ days, churn risk rises.

Key Tier 1 Independent Power Producers (IPPs) and developers for long-term project pipelines

The strength of Array Technologies, Inc.'s future revenue is locked in its orderbook, which reflects deep trust and expanding partnerships with developers and IPPs. At the end of 2024, the total executed contracts and awarded orders stood at $2.0 billion. This figure was $2.0 billion again at March 31, 2025, and then slightly decreased to over $1.8 billion by June 30, 2025, following strategic descoping of low-margin projects. By September 30, 2025, the orderbook was reported at $1.9 billion (excluding APA). The CEO noted gaining meaningful traction with Independent Power Producers across Europe, the Middle East, and Asia, where strong contracting momentum was observed in Q1 2025. The full-year 2025 revenue guidance is now projected to be between $1.25 billion and $1.28 billion, which incorporates the momentum from these developer relationships.

Here's a quick look at the key partnership-related financial metrics as of late 2025:

The company is definitely leaning into vertical integration with the APA deal to control more of the project scope. Finance: draft 13-week cash view by Friday.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Key Activities

You're looking at the core engine of Array Technologies, Inc. (ARRY) operations as of late 2025. These are the things they absolutely must execute well to hit those updated 2025 targets.

Design and engineering of single-axis solar trackers (e.g., OmniTrack, DuraTrack)

Array Technologies, Inc. focuses its design activity on maximizing energy production through their tracker systems. The market acceptance of newer designs is showing up in the order book. As of the second quarter of 2025, the newer product lines, specifically OmniTrack™ and SkyLink™, represented more than 35% of the total orderbook. This shows a clear shift in engineering focus toward these platforms. For context, at the end of 2024, the OmniTrack™ product alone accounted for over 20% of the global orderbook. The DuraTrack® system is also a key design element, confirmed by its offering with 100% domestic content starting in the third quarter of 2025.

Here's a look at the product mix impact on the backlog:

Manufacturing and onshoring of components to qualify for IRA 45X credits

A major operational push has been onshoring to capture the benefits of the Inflation Reduction Act (IRA) Section 45X Advanced Manufacturing Production Credit. Array Technologies, Inc. had a commitment to provide customers with 100% domestic content trackers by mid-2025. They are now offering DuraTrack and OmniTrack trackers with 100% domestic content, with deliveries slated to start in the third quarter of 2025. The financial benefit of this activity is clear in the margins; for instance, the second quarter of 2025 adjusted gross margin of 27.8% included a 130 basis points (bps) increase directly attributable to Section 45X benefits. This manufacturing focus is critical for the updated full-year 2025 revenue guidance of $1.25 billion to $1.28 billion.

Global supply chain management and cost optimization

Managing the flow of materials globally while optimizing costs is a constant activity. The strategic acquisition of APA Solar in August 2025 is a key supply chain and portfolio management action, as it adds foundation solutions to the offering. This acquisition contributed revenue of $16.9 million in the third quarter of 2025 alone. Cost optimization is also reflected in cash flow management. For the third quarter of 2025, the company reported net cash generated from operations of $27 million, while the investing cash flow used was $170 million, largely due to the APA Solar purchase. The company finished Q2 2025 with a strong Free Cash Flow of $37.2 million, up significantly from $1.8 million in Q2 2024, showing improved working capital management.

Project execution, field services, and commissioning support

This is where the booked orders turn into realized revenue. Array Technologies, Inc. saw significant execution success in the first three quarters of 2025, with year-to-date volume up 74%. The third quarter of 2025 revenue hit $393.5 million, which was a 70% increase year-over-year, driven by a 56% increase in units shipped in that quarter. The total backlog, representing future execution, was substantial. Total executed contracts and awarded orders stood at $1.9 billion as of September 30, 2025, excluding the APA Solar contribution. The company is definitely focused on delivering on these commitments to secure future revenue streams.

Key execution metrics for the first nine months of 2025:

• Year-to-date revenue growth (YoY): 65%
• Q3 2025 Revenue: $393.5 million
• Q3 2025 Volume Growth (YoY): 56%
• Total Executed Orders (as of 9/30/2025): $1.9 billion

Research and Development (R&D) for next-generation integrated solutions

Array Technologies, Inc. continually devotes resources to R&D to enhance system performance and reduce the cost of ownership. The strategy involves developing next-generation tracker technology and integrated solutions. The company explicitly stated plans to launch new integrated tracker, foundation, and software solutions in 2026, building on momentum from 2025. While specific 2025 R&D expense figures aren't immediately available in the latest reports, the focus is on developing features that differentiate them from competitors, such as the Hail XP product launched in May 2025. The engineering process uses a stringent phase gate review to ensure R&D programs meet stated objectives from inception to deployment. Finance: draft 13-week cash view by Friday.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Key Resources

You're looking at the core assets Array Technologies, Inc. (ARRY) relies on to execute its business strategy as of late 2025. These aren't just line items; they are the engine room of their value creation.

Patented solar tracking technology and software platforms

Array Technologies, Inc. builds its offering on proprietary intellectual property that enhances energy capture and operational resilience. The newer innovations are quickly becoming a significant part of the forward pipeline.

The SkyLink tracker system, for example, is an evolution, building upon the proven capabilities of the DuraTrack and OmniTrack platforms. SkyLink itself incorporates several key patented features:

• Patented passive wind-stow technology.
• PV string-powered brushless DC motors with an IP67 rating.
• Eight linked-row architecture for site flexibility.

The impact of these newer, patented systems is measurable in the current backlog.

This technology suite is designed to handle tough environments, with features like the SmarTrack Automated Snow Response and Hail Alert Response, ensuring trackers stow correctly without relying on batteries.

$1.9 billion executed contract and awarded order book (as of Q3 2025)

The backlog conversion is a primary indicator of near-term revenue visibility and customer commitment. You see a substantial pipeline of committed work as of the third quarter of 2025.

Here's the quick math on the order book size:

• Total executed contracts and awarded orders at September 30, 2025, stood at $1.9 billion.
• This $1.9 billion figure specifically excludes the backlog from the recently acquired APA Solar.
• For comparison, the order book was $2.0 billion at March 31, 2025.

The company is focused on converting this volume, with S&P Global Ratings assuming this large backlog will translate to revenue growth in 2025.

Domestic manufacturing facilities and global supply chain network

Array Technologies, Inc. has heavily invested in its domestic footprint, partly to capitalize on incentives like the Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit.

The physical assets and network backbone include:

• A new $50+ million manufacturing campus in Bernalillo County, New Mexico, spanning 216,000-square-feet.
• This new facility is projected to create over 300 new jobs in the near term.
• The company has other manufacturing facilities in New Mexico (the original one being 65,000 square feet) and Arizona.
• International manufacturing bases are located in Brazil, South Africa, and Spain.

The supply chain strategy is built for agility, managing costs amid tariff volatility. The President and COO reported managing exposure by leveraging domestic sourcing and USMCA derivative rules, reducing tariff exposure to less than 14%.

Intellectual property for DuraTrack, OmniTrack, and SkyLink products

The intellectual property is embodied in the product lines themselves, which are continuously enhanced. The IP portfolio is what allows the company to offer differentiated performance, especially in extreme weather.

The IP is directly tied to the core value propositions:

• DuraTrack and OmniTrack are the established platforms being enhanced.
• SkyLink IP includes the battery-less control system and the Zigbee wireless communication protocol, which follows a defense-in-depth approach recommended by the U.S. Department of Homeland Security for cybersecurity.

The company is already working on product co-development with APA, with new solutions expected in the second half of 2026, showing ongoing IP development.

Bankability and strong market credibility with Tier 1 customers

Credibility in utility-scale solar means being bankable-a status Tier 1 customers look for to ensure long-term project viability. Array Technologies, Inc. is positioned as a reliable partner.

Financial health metrics reflect this standing, even with expected volatility:

• S&P Global Ratings forecasts adjusted leverage to remain high, at about 6.3x, but expects adjusted EBITDA interest coverage to be in the mid- to high-2x area through 2025.
• The company reported strong traction with Independent Power Producers across Europe, the Middle East, and Asia.

Tier 1 status, generally defined by strong financial health and large-scale production, signals manufacturer reliability important for investors and developers seeking warranty support.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Value Propositions

You're looking at Array Technologies, Inc. (ARRY) value proposition as of late 2025, and the story is one of execution and integration, especially following the APA Solar acquisition.

Maximized energy yield via passive-stow, single-axis solar trackers

Array Technologies, Inc. delivers higher energy capture through its tracking technology. The CEO noted in the Q3 2025 call that their ability to generate more energy with their passive stow system and improved ground coverage ratio is a key advantage. This focus on performance is backed by technology ready for future power densities; for instance, their 2000-Volt (2kV) capability completed full evaluation in April 2025, which directly helps increase power density on site.

The value here is tangible performance improvement, which translates directly to higher energy output for utility-scale assets.

Lower Levelized Cost of Energy (LCOE) for utility-scale projects

Maximizing yield and optimizing layout directly attacks the Levelized Cost of Energy (LCOE). Array Technologies, Inc.'s DuraTrack® and OmniTrack™ systems are verified by Intertek as compatible with 2,000-volt (2kV) solar module-wired systems under UL 3703 and UL 2703 standards. This compatibility helps reduce electrical losses and lower material costs, which are key levers for LCOE reduction. Furthermore, the long-row design of both trackers supports layout optimization, which is a crucial factor in lowering LCOE on utility-scale projects.

Integrated solutions: tracker, foundation, and software (post-APA acquisition)

The acquisition of APA Solar, which closed in August 2025, fundamentally changed the value proposition by creating a more comprehensive offering. The deal had an enterprise value of approximately $179 million. This move expands Array Technologies, Inc.'s addressable market by nearly 40%. The integration allows Array Technologies, Inc. to offer a single, domestically manufactured solution that bundles the tracker with the foundation, specifically targeting difficult geotechnical sites.

Here's a look at the component parts that now form the integrated offering:

The total executed contracts and awarded orders for Array Technologies, Inc. stood at $1.9 billion as of September 30, 2025, excluding APA revenue, showing strong commercial momentum heading into the integrated model.

Product durability and reliability in harsh weather conditions

Array Technologies, Inc. emphasizes that its high-quality solar trackers, software platforms, and field services are engineered to withstand the harshest weather conditions. This focus on long-term operational reliability is a core competitive advantage cited by management. The SmarTrack & Hail Alert Response system, for example, has seen installations surpass 5 GW since 2023, indicating successful deployment and performance validation across various operational environments.

Ease and speed of installation with fewer components

The integration of APA's foundation solutions is specifically designed to simplify deployment. The integrated tracker + foundation system addresses challenging soil conditions-such as hard, mixed, and frost heave soils-and critically, it does not require specialized equipment to install. This directly addresses the ease and speed of installation by streamlining the Balance of System (BOS) components required on site. Furthermore, the 2kV compatibility mentioned earlier helps lower BOS costs overall.

Finance: review the Q4 2025 working capital impact from the $1.9 billion Q3 orderbook by next Tuesday.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Customer Relationships

You're looking at how Array Technologies, Inc. (ARRY) manages its relationships with its core B2B customers-the utility-scale solar project developers, Engineering, Procurement, and Construction firms (EPCs), and Independent Power Producers (IPPs). This isn't a retail model; it's about deep, project-based engagement.

The company's structure supports this with a dedicated direct sales team and technical support tailored for these large entities. This focus is evident in the order book composition. As of the third quarter of 2025, Array Technologies reported total executed contracts and awarded orders of $1.9 billion, excluding the recent APA Solar acquisition. This backlog underpins the ongoing relationship-building efforts.

The emphasis on high-touch relationships with large IPPs and developers is a key driver of recent growth. Array Technologies noted strong contracting momentum, gaining meaningful traction with IPPs across Europe, the Middle East, and Asia as of Q1 2025. Furthermore, management has been actively improving order book quality by increasing direct engagement with these Tier 1 customers. About half of the current order book represents business with these utilities, developers, and IPPs, which helps secure a more predictable revenue stream.

Here's a quick look at how the customer segments have been performing based on recent data:

The customer-centric approach covers the entire project lifecycle, which is critical for long-term partnerships in utility-scale solar. Array Technologies designs, delivers, commissions, trains, and supports solar energy deployment globally. Their high-quality solar trackers, software platforms, and field services are engineered to maximize energy production and deliver value to customers for the entire lifecycle of a project.

To manage input cost volatility, Array Technologies has structured contracts to mitigate risks, which directly impacts the customer relationship through cost-sharing. The company aims to pass approximately three-quarters of increased commodity and tariff costs to its customers. This strategy is deployed while the company works to reduce its own exposure; currently, less than 20% of a typical bill of materials is exposed to tariffs. If onboarding takes 14+ days, churn risk rises, so speed here is important.

Finance: draft 13-week cash view by Friday.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Channels

Array Technologies, Inc. (ARRY) serves utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. The core business centers on the sale of ground-mounting systems, specifically their single-axis solar trackers.

The company's full-year 2025 revenue guidance is projected to be in the range of $1.25 billion to $1.28 billion. Trailing twelve-month (TTM) revenue as of September 30, 2025, reached $1.33 billion.

The company's strategy includes leveraging its domestic manufacturing and a diversified global supply chain.

Direct sales force targeting utility-scale project developers

The sales approach targets customers who construct, develop, and operate solar PV sites. The order book, standing at $1.9 billion excluding APA, shows over 95% from domestic business.

Engineering, Procurement, and Construction (EPC) firms as primary sales route

The acquisition of APA Solar, a provider of foundations and fixed-tilt systems, is integrated into the sales strategy, with APA contributing approximately $50 million to the full-year 2025 revenue guidance. APA contributed $16.9 million in revenue during Q3 2025. The integration is noted to be benefiting APA with momentum in larger utility-scale project opportunities across engineered foundations and fixed tilt systems.

International sales offices and distribution for global reach

Array Technologies, Inc. relies on a diversified global supply chain to support its deployment around the world. The supply chain strategy utilizes both domestic and international suppliers.

• Number of International Suppliers: 100
• Number of Domestic Suppliers: Over 50
• Reported Headwind: Delayed international projects contributed to adjusted gross margin guidance being lowered to 27% to 28% for the full year 2025.

Investor Relations (IR) for market communication and bankability

Investor Relations communication is managed through direct contact and participation in industry events. The Investor Relations contact phone number is 505-437-0010.

Management team participation in investor events during late 2025 included:

• Jefferies Fireside Chat: Kevin Hostetler, CEO, November 19, 2025, Virtual
• UBS Global Technology and AI Conference: H. Keith Jennings, CFO and Investor Relations, December 3-4, 2025, Scottsdale, Arizona
• Citi's 2025 Natural Resources Conference: H. Keith Jennings, CFO, August 14, 2025, Las Vegas
• Barclays 39th Annual Energy-Power Conference: CEO and CFO, September 2, 2025, New York
• RE+ Conference: Senior management team attendance, September 8-11, 2025, Las Vegas, booth # V9233

The company's Investor Relations site is located at http://ir.arraytechinc.com.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Customer Segments

Array Technologies, Inc. serves customers who construct, develop, and operate solar PV sites, operating primarily within a business-to-business framework.

Utility-scale solar project developers and owners (primary focus)

This segment is the core focus for Array Technologies, Inc., as their solutions are engineered for large-scale solar power plants, which typically rely on grid-connected applications where power is sold under a power purchase agreement or into an organized electric market. The company is on track to deliver 100% domestic content solar trackers by the first half of 2025.

Independent Power Producers (IPPs)

Independent Power Producers are showing increasing demand. Array Technologies reported an 18% sequential growth in contracting in Q1 2025, with significant traction among IPPs across Europe, the Middle East, and Asia. The company also reported a 15% revenue increase from IPPs in Q3 2024. Management noted a multiyear, multi-gigawatt portfolio win with an independent power producer in Q4.

Engineering, Procurement, and Construction (EPC) firms

EPC firms remain a critical customer group responsible for the design, procurement, and construction of solar power plants. In 2024, sales to EPCs represented approximately 55% of Array Technologies' revenue. This is down from 69% of revenue that EPCs accounted for in 2023.

Distributed generation customers (secondary/APA segment)

Array Technologies, Inc. also provides products and services to distributed generation customers. The company recently integrated APA Solar (APA), which is a provider of foundations, fixed-tilt, and solar racking solutions. The acquisition of APA is expected to contribute approximately $50 million to the full-year 2025 revenue guidance. For the third quarter ending September 30, 2025, APA contributed revenue of $16.9 million.

You can see the key customer segment financial contributions below:

The customer base relies on specific product capabilities, which Array Technologies, Inc. is enhancing:

• OmniTrack, Skylink, and Hail XP now account for nearly 40% of the order book.
• Total executed contracts and awarded orders, excluding APA, were valued at $1.9 billion at the close of Q1.
• Total executed contracts and awarded orders, excluding APA, were valued at $1.9 billion as of September 30, 2025.
• The company had total liquidity over $365 million at the close of Q3 2025.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Cost Structure

You're looking at the core expenses Array Technologies, Inc. (ARRY) faces to deliver its solar tracking solutions, which is where the rubber meets the road for profitability. The cost structure is heavily influenced by raw material markets and manufacturing footprint decisions.

Cost of Goods Sold (CoGS) dominated by steel and aluminum commodity prices is the biggest variable here. Honestly, the price swings in these key metals directly hit the bottom line. We saw steel prices peak at over 35% higher since January of the reporting year, which definitely pressured gross margins. To manage this, Array Technologies Inc. has been proactively executing a supply chain strategy, focusing on cost optimization and flexibility amid dynamic global tariffs. They reported that 70%-75% of their contracts allow for direct tariff pass-through, which is a critical mechanism for cost recovery.

Manufacturing costs, including domestic onshoring expenses, are part of the strategy to build resilience. The company supports its agility with a network of over 50 domestic and 100 international suppliers. Leveraging domestic sourcing is a key action taken to minimize exposure to international trade risks, like the Section 232 tariffs on steel and aluminum that doubled rates on certain goods.

Here's a quick view of the key projected 2025 cost and expenditure figures Array Technologies, Inc. is guiding toward:

The projection for Adjusted Selling, General, and Administrative (SG&A) is set in the range of $160-$165 million for the full year 2025. This covers the overhead of running the business, from sales teams to corporate functions.

Regarding Research and Development (R&D) investment, while Array Technologies, Inc. is actively launching new integrated tracker, foundation, and software solutions, a specific, standalone projected dollar amount for the full-year 2025 R&D investment was not explicitly provided in the latest guidance summaries. However, product innovation is clearly a cost driver, with new solutions like OmniTrack and SkyLink already accounting for nearly 40% of the order book at one point.

Finally, the Capital Expenditures (CapEx) forecast for 2025 is set at approximately $20 million. This spending is directed toward maintaining and improving the asset base needed to support the growing order book and operational needs, including investments related to the recent APA acquisition and facility upgrades.

• Cost driver: Steel prices peaking over 35% since January.
• Cost mitigation: Tariff pass-through on 70%-75% of contracts.
• Supply chain: Utilizing over 50 domestic suppliers.
• Fixed Cost Projection: Adjusted SG&A expected to be between $160 million and $165 million.
• Investment in Assets: CapEx forecast at $20 million for 2025.

Array Technologies, Inc. (ARRY) - Canvas Business Model: Revenue Streams

You're looking at Array Technologies, Inc.'s revenue streams as of late 2025, and honestly, it's a story of core strength bolstered by strategic expansion. The primary engine for Array Technologies, Inc. revenue remains the sale of single-axis solar tracking systems. These systems are what Array Technologies, Inc. is known for, designed to maximize energy production for utility-scale solar projects. That core business is clearly driving volume, evidenced by the 70% year-over-year revenue growth reported in the third quarter of 2025, which hit $393.5 million.

The big shift this year is the integration of APA Solar, which immediately diversifies the top line. This acquisition brings in sales of fixed-tilt and foundation solutions, expanding Array Technologies, Inc.'s addressable market by nearly 40%. For the full year 2025, management has raised the revenue guidance to a range of $1.25 billion to $1.28 billion. What this estimate hides is the fact that this guidance now includes approximately $50 million expected from the APA business for the full year, though APA contributed $16.9 million to the Q3 2025 revenue alone.

We also need to account for the less visible, but important, revenue from the service and software platform revenue for project optimization. While the search results don't give a precise dollar figure for this segment, we know that new products like OmniTrack, Skylink, and Hail XP-which likely incorporate software and advanced features-already account for nearly 40% of the current order book. This suggests that recurring or high-value software/service components are becoming a more material part of the overall revenue picture, even if the bulk comes from hardware sales. The total order book, excluding APA, stood at a very healthy $1.9 billion as of September 30, 2025, giving Array Technologies, Inc. excellent forward visibility.

Here's the quick math on the full-year 2025 financial outlook, which you'll want to keep front-of-mind for your valuation models. The profitability expectation is solid, too, with Adjusted EBITDA forecast to be $185 million to $195 million for 2025. Remember that this is a forward-looking statement, and margin stability post-acquisition is what analysts are watching closely. Defintely keep an eye on the gross margin trends as the APA integration matures.

Here is a snapshot of the key financial figures guiding the 2025 revenue expectations:

You can see the revenue streams are clearly segmented by product type and strategic initiative:

• Sale of single-axis solar tracking systems (core driver).
• Sales of fixed-tilt and foundation solutions (from APA acquisition).
• Revenue tied to new product adoption (OmniTrack, Skylink, Hail XP).
• Service and software platform revenue (for project optimization).

Finance: draft 13-week cash view by Friday.