Array Technologies, Inc. (ARRY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução da energia renovável, as tecnologias de Arry (ARRY) surgem como uma força transformadora, revolucionando a tecnologia de rastreamento solar com seu inovador modelo de negócios. Ao integrar perfeitamente hardware de ponta, software sofisticado e parcerias estratégicas, a empresa se posicionou como um facilitador crítico de soluções de energia solar mais eficientes e econômicas. Sua abordagem única não apenas aprimora o desempenho do painel solar, mas também reduz o custo nivelado de energia, tornando a geração sustentável de energia mais acessível e economicamente viável para projetos em escala de utilidade, instalações comerciais e investidores de energia renovável em todo o mundo.

Array Technologies, Inc. (ARRY) - Modelo de negócios: Parcerias -chave

Fabricantes de painel solar e fornecedores

A Array Technologies colabora com os principais fabricantes de painéis solares em todo o mundo. A partir de 2023, suas principais parcerias de fornecedores de painel incluem:

Fabricante	Volume anual de oferta	Duração da parceria
Primeiro solar	450 MW	5 anos
Solar canadense	350 MW	3 anos
Jinkosolar	300 MW	4 anos

Desenvolvedores e instaladores de projetos solares

As principais parcerias estratégicas incluem:

• Recursos Energéticos da Nextera
• Renováveis ​​Cypress Creek
• EDP ​​Renováveis
• Primeiro Desenvolvimento Solar

Investidores e financiadores de energia renovável

Parcerias financeiras a partir do quarto trimestre 2023:

Instituição financeira	Valor do investimento	Tipo de investimento
Goldman Sachs	US $ 75 milhões	Financiamento do projeto
BlackRock	US $ 50 milhões	Investimento em ações

Instituições de pesquisa e parceiros de tecnologia

• Laboratório Nacional de Energia Renovável (NREL)
• Instituto de Tecnologia de Massachusetts (MIT)
• Centro de Pesquisa Solar da Universidade de Stanford

Empresas de EPC (engenharia, compras e construção)

Empresa EPC	Valor de colaboração do projeto	Foco geográfico
Sunrun	US $ 120 milhões	América do Norte
Energia renovável de Swinerton	US $ 95 milhões	Estados Unidos

Array Technologies, Inc. (ARRY) - Modelo de negócios: Atividades -chave

Design e engenharia do sistema de rastreamento solar

A Array Technologies investiu US $ 16,7 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia possui 49 patentes relacionadas à tecnologia de rastreamento solar a partir de 2023.

Métricas de engenharia	2022-2023 dados
Despesas de P&D	US $ 16,7 milhões
Total de patentes	49 patentes ativas
Tamanho da equipe de engenharia	172 Profissionais de Engenharia

Fabricação de hardware de rastreamento solar

Capacidade anual de fabricação de 6,5 gigawatts de sistemas de rastreamento solar. Instalações de produção localizadas em Albuquerque, Novo México.

• Capacidade de fabricação: 6,5 GW anualmente
• Instalação de produção primária: Albuquerque, NM
• Total de funcionários de manufatura: 483

Desenvolvimento de software para otimização de rastreamento solar

A equipe dedicada de desenvolvimento de software focada na otimização da tecnologia de rastreamento solar do Duratrack®.

Métricas de desenvolvimento de software	2023 Estatísticas
Equipe de desenvolvimento de software	64 engenheiros de software
Investimento de software	US $ 4,3 milhões anualmente

Pesquisa e desenvolvimento de tecnologia solar

Investimento contínuo em tecnologias avançadas de rastreamento solar e inovação.

• Orçamento anual de P&D: US $ 16,7 milhões
• Áreas de foco: eficiência, durabilidade e desempenho de rastreamento solar
• Taxa de melhoria da tecnologia: 3-5% anualmente

Vendas globais e expansão de mercado

Presença operacional nas regiões da América do Norte, Europa e Ásia-Pacífico.

Métricas de expansão do mercado	2022-2023 dados
Total de mercados	12 países
Tamanho da equipe de vendas	87 profissionais de vendas
Receita internacional	38% da receita total

Array Technologies, Inc. (ARRY) - Modelo de negócios: Recursos -chave

Tecnologia de rastreamento solar proprietário

As tecnologias de matriz são mantidas 46 patentes ativas Relacionado à tecnologia de rastreamento solar a partir de 2023. O sistema de rastreamento solar Duratrack® HZ V3 da empresa representa seu principal recurso tecnológico.

Categoria de patentes	Número de patentes
Mecanismos de rastreamento solar	28
Projeto estrutural	12
Sistemas de controle	6

Instalações de fabricação

Tecnologias de Array opera um Instalação de fabricação de 140.000 pés quadrados Localizado em Albuquerque, Novo México. A instalação tem uma capacidade de produção anual de aproximadamente 5 gigawatts de sistemas de rastreamento solar.

Propriedade intelectual e patentes

• Portfólio de patentes totais: 46 patentes ativas
• Proteção de patentes: Estados Unidos, Mercados Internacionais
• Investimento de patentes: aproximadamente US $ 3,2 milhões Em despesas anuais de P&D

Engenharia e experiência técnica

A partir do quarto trimestre 2023, as tecnologias de array empregam Aproximadamente 750 profissionais técnicos e de engenharia. A força de trabalho inclui especialistas em engenharia solar, engenheiros mecânicos e especialistas em desenvolvimento de software.

Categoria profissional	Número de funcionários
Engenheiros solares	280
Engenheiros mecânicos	210
Engenheiros de software	160
Outros profissionais técnicos	100

Capacidades de pesquisa e desenvolvimento

Tecnologias de Array investidas US $ 22,4 milhões em pesquisa e desenvolvimento durante o ano fiscal de 2023, representando 4.7% de sua receita total.

• Áreas de foco em P&D:
  • Otimização de rastreamento solar
  • Sistemas de controle avançado
  • Inovações em ciências materiais

Array Technologies, Inc. (ARRY) - Modelo de negócios: proposições de valor

Aumento da eficiência energética solar através de sistemas avançados de rastreamento

A Array Technologies fornece soluções de rastreamento solar com as seguintes métricas de eficiência:

Rastreando o desempenho do sistema	Melhoria de eficiência
Rastreamento solar de eixo único	25-35% de aumento de rendimento energético
Duratrack HZ V3 Sistema	Até 3-5% de geração de energia adicional em comparação com sistemas de inclinação fixa

Custo de energia nivelado reduzido (LCOE) para projetos solares

Métricas de redução de custos para projetos solares usando sistemas de rastreamento da Array Technologies:

• Redução de LCOE de 5-10% em comparação com soluções de montagem solar tradicionais
• Menores custos de manutenção devido ao design simplificado
• Despesas reduzidas de equilíbrio de sistema (BOS)

Soluções inovadoras e confiáveis ​​de rastreamento solar

Recurso de tecnologia	Especificação de desempenho
Precisão de rastreamento	± 0,5 graus precisão
Tempo médio entre falhas (MTBF)	> 20 anos
Resistência ao vento	Operacional até 120 mph

Desempenho aprimorado do painel solar e geração de energia

Características de aprimoramento de desempenho:

• Otimização máxima de rastreamento de ponto de energia (MPPT)
• Algoritmos de rastreamento adaptativo
• Aumento da produção anual de energia em 20 a 30%

Tecnologia sustentável e ambientalmente amigável

Métrica de sustentabilidade	Impacto ambiental
Redução da pegada de carbono	Até 40% menor em comparação aos sistemas de inclinação fixa
Materiais recicláveis	85% dos componentes do sistema de rastreamento recicláveis
Eficiência de fabricação	Resíduos de material reduzido em 15%

Array Technologies, Inc. (Arry) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

No quarto trimestre 2023, a Array Technologies mantém uma equipe de vendas dedicada de 87 profissionais de vendas diretas focadas em soluções de sistema de rastreamento solar.

Métrica da equipe de vendas	Valor
Total de representantes de vendas diretas	87
Comprimento médio do ciclo de vendas	6-9 meses
Cobertura geográfica	América do Norte, Europa, Regiões APAC

Suporte técnico e atendimento ao cliente

A Array Technologies fornece suporte técnico abrangente com uma equipe dedicada de 42 especialistas em suporte técnico.

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta: 2,5 horas
• Recursos de suporte em vários idiomas

Parcerias de projeto de longo prazo

A empresa mantém parcerias estratégicas com 64 desenvolvedores de projetos solares em escala de utilidade a partir de 2024.

Categoria de parceria	Número de parceiros
Desenvolvedores em escala de utilidade	64
Duração média da parceria	3-5 anos

Recursos e documentação online

A Array Technologies oferece infraestrutura abrangente de suporte digital.

• Base de conhecimento on -line com 412 documentos técnicos
• Manuais de produtos digitais
• Série de treinamento de webinars

Suporte de treinamento e implementação

A empresa fornece programas de treinamento especializados para profissionais de instalação solar.

Métricas do Programa de Treinamento	Valor
Sessões anuais de treinamento	78
Total de profissionais treinados (2023)	1,246
Formatos de treinamento	Online e pessoalmente

Array Technologies, Inc. (Arry) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Array Technologies mantém uma equipe de vendas direta dedicada de aproximadamente 87 profissionais de vendas direcionados a desenvolvedores de projetos solares em escala de utilidades e empresas de engenharia.

Métrica do canal de vendas	Valor
Total de representantes de vendas diretas	87
Cobertura geográfica	Estados Unidos, Canadá, México
Comprimento médio do ciclo de vendas	6-9 meses

Feiras de comércio da indústria solar e conferências

A Array Technologies participa de eventos importantes do setor para mostrar a tecnologia de rastreamento solar.

• Solar Power International (SPI)
• Re+ Conferência
• Expo de Energia Limpa da América do Norte

Plataformas e site online

O canal digital da empresa gera aproximadamente 42% das consultas iniciais dos clientes por meio de seu site www.arraytechinc.com.

Métrica de canal digital	Valor
Visitantes mensais do site	58,000
Taxa de conversão de consulta on -line	3.7%

Distribuidores de energia renovável

A Array Technologies trabalha com 17 distribuidores primários de equipamentos de energia renovável em toda a América do Norte.

Parcerias e referências estratégicas

A empresa mantém parcerias estratégicas com 23 empresas de engenharia, compras e construção (EPC) especializadas em projetos solares em escala de utilidade.

Métrica de Parceria	Valor
Total de parceiros estratégicos	23
Taxa de conversão de referência	27%

Array Technologies, Inc. (ARRY) - Modelo de negócios: segmentos de clientes

Desenvolvedores de projetos solares em escala de utilidade

A Array Technologies serve desenvolvedores de projetos solares em escala de utilidade com características específicas de mercado:

Métrica do segmento de mercado	Valor
Tamanho total do mercado endereçável	US $ 14,2 bilhões em 2023
Taxa de crescimento anual projetada	12,3% a 2028
Participação de mercado estimada	27,5% em segmento em escala de utilidade

Instaladores solares comerciais e industriais

Principais características do mercado comercial de instalação solar:

• Valor de mercado total: US $ 8,7 bilhões em 2023
• Crescimento anual da instalação projetada: 9,6%
• Receita do segmento -alvo: US $ 235 milhões

Produtores de energia independentes

Detalhes do segmento de mercado para produtores de energia independentes:

Métrica de segmento	Valor
Tamanho total do mercado	US $ 22,4 bilhões
Investimento anual	US $ 3,6 bilhões em infraestrutura solar
Penetração do mercado de Arry	18.7%

Projetos solares governamentais e municipais

Cenário de investimento solar do governo:

• Investimento solar federal: US $ 12,3 bilhões em 2023
• Orçamento do Projeto Solar Municipal: US $ 4,5 bilhões
• Receita do segmento do governo Arry: US $ 167 milhões

Investidores de energia renovável em larga escala

Métricas de investimento em energia renovável:

Categoria de investimento	Valor
Investimento renovável global total	US $ 495 bilhões em 2023
Investimento de infraestrutura solar	US $ 186 bilhões
Receita do segmento de investidores Arry	US $ 289 milhões

Array Technologies, Inc. (ARRY) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

Para o ano fiscal de 2023, a Array Technologies relatou custos totais de fabricação de US $ 479,6 milhões. A quebra das despesas de produção da empresa inclui:

Categoria de custo	Valor ($ m)
Custos de material direto	312.4
Custos diretos de mão -de -obra	87.2
Manufatura de sobrecarga	80.0

Investimentos de pesquisa e desenvolvimento

A Array Technologies investiu US $ 47,3 milhões em P&D durante 2023, representando 4,8% da receita total.

• Desenvolvimento de tecnologia de rastreamento solar
• Inovação de produtos
• Pesquisa de otimização de desempenho

Custos de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 62,5 milhões, o que representa 6,3% da receita total da empresa.

Categoria de despesa de marketing	Valor ($ m)
Marketing digital	18.7
Participação na feira	12.3
Compensação da equipe de vendas	31.5

Cadeia de suprimentos e logística

Os custos da cadeia de suprimentos e logística para 2023 foram de US $ 93,2 milhões, incluindo:

• Despesas de transporte
• Gerenciamento de inventário
• Armazenamento

Pessoal e sobrecarga operacional

O pessoal total e a sobrecarga operacional para 2023 atingiram US $ 114,6 milhões.

Categoria de sobrecarga	Valor ($ m)
Salários dos funcionários	82.3
Benefícios e seguro	22.1
Despesas administrativas	10.2

Array Technologies, Inc. (ARRY) - Modelo de negócios: fluxos de receita

Vendas de hardware do sistema de rastreamento solar

Para o ano fiscal de 2023, a Array Technologies relatou receita total de US $ 602,4 milhões. As vendas de hardware representaram a fonte de receita primária, com as vendas da unidade de rastreador solar atingindo aproximadamente 5,4 GW de remessas.

Categoria de produto	Receita (2023)	Unidades enviadas
Sistemas de rastreamento solar	US $ 442,8 milhões	5.4 GW

Soluções de software e monitoramento

A Array Technologies oferece plataformas avançadas de software para otimização de desempenho de rastreamento solar. O segmento de receita de software gerou aproximadamente US $ 45,3 milhões em 2023.

• Software de monitoramento Duratrack HZ V3
• Soluções de rastreamento de desempenho remoto
• Análise de Manutenção Preditiva

Serviços de instalação baseados em projetos

Os serviços de instalação contribuíram com US $ 84,6 milhões para a receita total da empresa em 2023, representando 14% da receita comercial total.

Contratos de manutenção e suporte

Os contratos anuais de manutenção e apoio geraram US $ 29,7 milhões em receita recorrente para 2023.

Tipo de contrato	Receita anual
Manutenção padrão	US $ 19,2 milhões
Suporte premium	US $ 10,5 milhões

Licenciamento da tecnologia de rastreamento

Os contratos de licenciamento de tecnologia contribuíram com US $ 12,5 milhões para os fluxos de receita da empresa em 2023.

• Algoritmo de rastreamento proprietário licenciamento
• Compartilhamento de tecnologia baseado em patentes
• Acordos internacionais de licenciamento

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:

Component Area	Key Product/Offering	Relevant 2025 Metric/Data Point
Tracker Technology	OmniTrack™, DuraTrack®	Newer products like OmniTrack represented 40% of the orderbook as of Q3 2025
Foundation Solutions	Engineered Foundations (from APA)	APA generated approximately $129 million of revenue in 2024
Software/Services	SmarTrack, Hail Alert Response	SmarTrack & Hail Alert Response installations surpassed 5 GW since 2023
Synergy Expectation	Accretion to Adjusted EPS	Expected to be high-single-digit percentage accretive to Adjusted EPS in year one before synergies

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:

Customer Segment	Key Metric/Data Point	Reference Period/Context
EPCs	69% of sales	2023 Data
Independent Power Producers (IPPs)	Revenue increased by 15%	Q3 2024 vs Q3 2023
Tier 1 Customers (Utilities, Developers, IPPs)	Represent about half of the order book	As of late 2025
Overall Contracting Growth	18% sequential growth	Q1 2025

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.

Metric	Value (2025)	Context
Full Year 2025 Revenue Guidance Range	$1.25 billion to $1.28 billion	Full Year 2025 Projection
TTM Revenue (as of Sep 30, 2025)	$1.33 Billion USD	Trailing Twelve Months
Q3 2025 Revenue	$393.5 million	Third Quarter Financial Result
Q3 2025 Volume Growth (YoY)	56%	Year-over-Year Unit Shipment Increase
Total Executed Contracts/Awarded Orders (excl. APA)	$1.9 billion	As of September 30, 2025
Domestic Business Share of Order Book	Over 95%	Percentage of Order Book

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:

Customer Segment / Metric	Financial/Statistical Data Point	Period / Context
EPC Firms Revenue Share	55%	Year Ended December 31, 2024
EPC Firms Revenue Share	69%	2023
Independent Power Producers (IPPs) Revenue Increase	15%	Q3 2024
APA Solar (APA) Revenue Contribution	$16.9 million	Q3 2025
APA Solar (APA) Expected Full-Year Revenue	Approx. $50 million	Full Year 2025 Guidance
Total Executed Contracts and Awarded Orders (Excluding APA)	$1.9 billion	As of September 30, 2025

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:

Cost/Expenditure Category	Projected 2025 Financial Amount
Adjusted Selling, General, and Administrative (SG&A)	$160-$165 million
Capital Expenditures (CapEx) Forecast	$20 million

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:

Metric	Full Year 2025 Guidance	Q3 2025 Actual
Revenue	$1.25 billion to $1.28 billion	$393.5 million
Adjusted EBITDA	$185 million to $195 million	$72.2 million
APA Revenue Contribution (FY)	Approx. $50 million	$16.9 million (Q3 Actual)
Total Executed Orders (Excl. APA)	N/A	$1.9 billion

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.