0001820721-25-000085 | 10-Q | XBRL Viewer

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Liability Related to Estimated Contingent Consideration

The following table summarizes the activity related to the estimated TRA liability (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Beginning balance	$	7,707	$	8,201	$	9,061	$	10,363
Payments	—		—		(1,204)		(1,427)
Fair value adjustment	150		503		—		(232)
Ending balance	$	7,857	$	8,704	$	7,857	$	8,704

Organization and Business (Details) - segment	6 Months Ended	36 Months Ended
Organization and Business (Details) - segment	Jun. 30, 2025	Dec. 31, 2024	Jan. 11, 2022
Business Combination, Contingent Consideration [Line Items]
Number of reportable segments	2	2
Number of operating segments	2	2
STI
Business Combination, Contingent Consideration [Line Items]
Percentage of share capital acquired (as a percent)			100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	June 30, 2025		December 31, 2024
Land	N/A	$	1,650	$	1,585
Buildings and land improvements	15-39	10,871		9,108
Manufacturing equipment	7	29,002		27,853
Furniture, fixtures and equipment	5-7	5,370		4,287
Vehicles	5	627		603
Hardware	3-5	3,946		3,603
Construction in progress	N/A	9,789		3,948
Total		61,255		50,987
Less: accumulated depreciation		(26,174)		(24,765)
Property, plant and equipment, net		$	35,081	$	26,222

Goodwill and Other Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by operating segment during the six months ended June 30, 2025, consisted of the following (in thousands):


	Array Legacy Operations		STI Operations		Total
Beginning balance	$	69,727	$	90,462	$	160,189
Foreign currency translation	—		12,419		12,419

Ending balance (1)	$	69,727	$	102,881	$	172,608

(1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million. Goodwill attributable to STI Operations is net of cumulative impairments of $236.0 million.

Schedule of Finite-Lived Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	June 30, 2025		December 31, 2024
Amortizable:
Developed technology	14	$	203,800	$	203,800
Computer software	3	15,906		15,826
Customer relationships	10	191,480		179,166
Backlog	1	19,195		16,877
Trade name	20	17,193		15,117
Total amortizable intangibles		447,574		430,786
Accumulated amortization:
Developed technology		130,740		123,462
Computer software		14,836		14,552
Customer relationships		115,774		102,541
Backlog		19,195		16,877
Trade name		2,983		2,245
Total accumulated amortization		283,528		259,677
Total amortizable intangibles, net		164,046		171,109

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	174,346	$	181,409

Schedule of Indefinite-Lived Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	June 30, 2025		December 31, 2024
Amortizable:
Developed technology	14	$	203,800	$	203,800
Computer software	3	15,906		15,826
Customer relationships	10	191,480		179,166
Backlog	1	19,195		16,877
Trade name	20	17,193		15,117
Total amortizable intangibles		447,574		430,786
Accumulated amortization:
Developed technology		130,740		123,462
Computer software		14,836		14,552
Customer relationships		115,774		102,541
Backlog		19,195		16,877
Trade name		2,983		2,245
Total accumulated amortization		283,528		259,677
Total amortizable intangibles, net		164,046		171,109

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	174,346	$	181,409

Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets

Estimated future amortization expense of intangible assets as of June 30, 2025, is as follows (in thousands):


	Amount
Remainder of 2025	$	18,032
2026	30,577
2027	25,614
2028	25,614
2029	25,614
Thereafter	38,595
	$	164,046

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash paid for interest	$	9,370	$	6,519	$	16,191	$	17,819
Cash paid for income taxes	19,379		16,599		17,588		17,001

Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	1,746		1,101		1,746		1,101
Preferred Series A dividends and accretion	14,789		13,750		29,232		27,252

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net income	$ 60,008	$ 27,863
Adjustments to reconcile net income to cash provided by operating activities:
Provision for bad debts	1,910	1,696
Deferred tax benefit	(246)	(3,501)
Depreciation and amortization	12,188	19,456
Amortization of developed technology	7,279	7,279
Amortization of debt discount and issuance costs	3,457	3,101
Gain on extinguishment of debts, net	(14,207)	0
Equity-based compensation	6,696	4,836
Change in fair value of contingent consideration	0	(232)
Warranty provision	5,336	(61)
Inventory reserve	2,682	1,227
Loss on disposal of fixed assets	10	0
Changes in working capital, net	(54,331)	(10,205)
Net cash provided by operating activities	30,782	51,459
Investing activities
Purchase of property, plant and equipment	(8,983)	(4,527)
Retirement/disposal of property, plant and equipment	0	39
Net cash used in investing activities	(8,983)	(4,488)
Financing activities
Proceeds from issuance of other debt	57,064	12,684
Proceeds from issuance of convertible notes	345,000	0
Premium paid on capped call	(35,087)	0
Fees paid on issuance of convertible notes	(10,434)	0
Repayments of other debt	(54,754)	(12,671)
Repayments of term loan facility	(233,875)	(2,150)
Repayments of convertible notes	(78,363)	0
Contingent consideration payments	(1,204)	(1,427)
Other financing	(1,123)	(580)
Net cash used in financing activities	(12,776)	(4,144)
Effect of exchange rate changes on cash and cash equivalent balances	5,606	(9,587)
Net change in cash and cash equivalents and restricted cash	14,629	33,240
Cash and cash equivalents, and restricted cash beginning of period	364,141	249,080
Cash and cash equivalents and restricted cash, end of period	$ 378,770	$ 282,320

Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	43,262	$	25,698	$	60,008	$	27,863
Less: preferred dividends and accretion	14,788		13,749		29,231		27,251
Net income to common shareholders	$	28,474	$	11,949	$	30,777	$	612
Basic:
Weighted average shares	152,584		151,797		152,331		151,574
Income per share	$	0.19	$	0.08	$	0.20	$	—
Diluted:
Effect of restricted stock and performance awards	484		410		627		596
Weighted average shares	153,068		152,207		152,958		152,170
Income per share	$	0.19	$	0.08	$	0.20	$	—

Potentially dilutive common shares issuable pursuant to equity-based awards of 1,467,345 and 1,242,226 were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2025, respectively, as their effect would have been antidilutive. For the three and six months ended June 30, 2024, shares of 479,623 and 473,074 were also excluded for the same reason.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the six months ended June 30, 2025 and 2024, as the average market price of the Company’s common stock did not exceed the applicable conversion price during those periods.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company follows guidance under ASC Topic 740-270 Income Taxes, which requires that an estimated annual effective tax rate is applied to year-to-date ordinary income (loss). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. The Company recorded Income tax expense of $13.6 million and $7.8 million for the three months ended June 30, 2025 and 2024, respectively, and an expense of $20.2 million and $9.1 million for the six months ended June 30, 2025 and 2024, respectively. The income tax expense for the three and six months ended June 30, 2025 was favorably impacted by tax credits recorded during the periods. Additionally, tax expense of $0.1 million and $1.2 million related to equity-based compensation was recorded discretely for the three and six months ended June 30, 2025, respectively. The income tax expense for the three and six months ended June 30, 2024 was impacted by higher profits in non-US jurisdictions. Additionally, tax expense of $0.1 million and $0.5 million related to equity-based compensation was recorded discretely for the three and six months ended June 30, 2024. The OBBB, as defined in Note 2, extended key provisions of the 2017 Tax Cuts and Jobs Act, including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating the income tax impact of OBBB on the Company’s future consolidated financial statements. As of June 30, 2025 and 2024, the balance of reserves for uncertain tax positions was $0.7 million and zero, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Redeemable Perpetual Preferred Stock	6 Months Ended
Redeemable Perpetual Preferred Stock	Jun. 30, 2025
Temporary Equity Disclosure [Abstract]
Redeemable Perpetual Preferred Stock	Redeemable Perpetual Preferred Stock Series A Redeemable Perpetual Preferred Stock The Company entered into a Securities Purchase Agreement, dated August 10, 2021, pursuant to which the Company issued 400,000 shares of its Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”) and 9,000,000 shares of the Company’s common stock for an aggregate purchase price of approximately $395.4 million (the “Initial Closing”). The Series A Shares have no maturity date. The Company has classified the Series A Shares as temporary equity and is accreting the carrying amount to its full redemption amount from the date of issuance to the earliest redemption date, which is August 10, 2026, using the effective interest method. Such accretion totaled $7.4 million and $6.8 million for the three months ended June 30, 2025 and 2024, respectively, and $14.6 million and $13.5 million for the six months ended June 30, 2025 and 2024, respectively. Dividends On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Shares either in (i) cash at the then-applicable Cash Regular Dividend Rate (as defined below), (ii) through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate (each as defined below) of 6.25%, or (iii) a combination thereof. Following the fifth anniversary of the Initial Closing, dividends on the Series A Shares are payable only in cash. To the extent the Company does not declare such dividends and pay in cash following the fifth anniversary of the Initial Closing, the dividends accrue to the Liquidation Preference (“Default Accrued Dividends”) at the then-applicable Cash Regular Dividend Rate plus 200 basis points. In the event there are Default Accrued Dividends outstanding for six consecutive quarters, the Company, at the option of the holders of the Series A Shares, will pay 100% of the amount of Default Accrued Dividends by delivering to such holder a number of shares of the Company’s common stock equal to the quotient of (i) the amount of Default Accrued Dividends divided by (ii) 95% of the 30-day volume-weighted average share price of the Company’s common stock. The “Cash Regular Dividend Rate” of the Series A Shares means (i) initially, 5.75% per annum on the Liquidation Preference and (ii) increased by (a) 50 basis points on each of the fifth, sixth and seventh anniversaries of the Initial Closing and (b) 100 basis points on each of the eighth, ninth and tenth anniversaries of the Initial Closing. The “Accrued Regular Dividend Rate” on the Series A Shares means 6.25% per annum on the Liquidation Preference. As used herein, “Liquidation Preference” means, with respect to the Series A Shares, the initial liquidation preference of $1,000 per share, plus accrued dividends of such share at the time of the determination. During the three months ended June 30, 2025 and 2024, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25%, totaling $7.4 million and $6.9 million, respectively. During the six months ended June 30, 2025 and 2024, such dividends totaled $14.6 million and $13.8 million, respectively. As of June 30, 2025 and December 31, 2024, total accrued and unpaid dividends were $75.5 million and $60.9 million, respectively. The Series A Shares have similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, the discount on Series A Shares is considered an unstated dividend cost that is amortized over the period preceding commencement of the perpetual dividend using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the Series A Shares by a corresponding amount. Accordingly, the discount is amortized over five years using the effective yield method.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Income Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	43,262	$	25,698	$	60,008	$	27,863
Less: preferred dividends and accretion	14,788		13,749		29,231		27,251
Net income to common shareholders	$	28,474	$	11,949	$	30,777	$	612
Basic:
Weighted average shares	152,584		151,797		152,331		151,574
Income per share	$	0.19	$	0.08	$	0.20	$	—
Diluted:
Effect of restricted stock and performance awards	484		410		627		596
Weighted average shares	153,068		152,207		152,958		152,170
Income per share	$	0.19	$	0.08	$	0.20	$	—

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Surety Bond
Business Combination, Contingent Consideration [Line Items]
Contractual obligation			$ 248,500
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration [Line Items]
Contingent consideration	$ 8,201	$ 8,201	$ 7,857	$ 7,707	$ 9,061	$ 8,704	$ 10,363
Tax receivable agreement, payment term			125 days
Commercial Supplier Settlement
Business Combination, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party	4,000	4,000
Litigation settlement, amount awarded from other party, one-time cash payment	2,600
Litigation settlement, amount awarded from other party, vendor credit	$ 1,400
Cost of revenue \| Commercial Supplier Settlement
Business Combination, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party		$ 4,000

Redeemable Perpetual Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jan. 07, 2022	Aug. 10, 2021	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)			475,517		475,517		460,920
Percentage of variable weighted average price of temporary equity (as a percent)	95.00%
Preferred cumulative dividends plus accretion			$ 14,788	$ 13,750	$ 29,231	$ 27,252
Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, accretion of interest			7,400	6,800	14,600	13,500
Initial liquidation preference (in dollars per share)	$ 1,000
Preferred cumulative dividends plus accretion			7,400	$ 6,900	14,600	$ 13,800
Dividends payable			$ 75,500		$ 75,500		$ 60,900
Temporary equity, amortization of discount, period	5 years
Series A Redeemable Perpetual Preferred Shares \| S 2022 Q3 Dividends
Class of Stock [Line Items]
Dividend rate, percentage (as a percent)			6.25%	6.25%	6.25%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividends
Class of Stock [Line Items]
Dividend rate, percentage (as a percent)	5.75%
Temporary equity dividend rate spread (as a percent)	2.00%
Percent of the amount of default accrued dividends to be paid (as a percent)	100.00%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividends \| Fifth, Sixth, and Seventh Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread (as a percent)	0.50%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividends \| Eighth, Ninth, and Tenth Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread (as a percent)	1.00%
Securities Purchase Agreement
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock		$ 395,400
Securities Purchase Agreement \| Common Stock
Class of Stock [Line Items]
Stock issued (in shares)		9,000,000
Securities Purchase Agreement \| Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)		400,000

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands):


	June 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Notes	$	320,002	$	256,792	$	417,525	$	311,525
2031 Convertible Notes	334,580		341,443		—		—

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Statement of Comprehensive Income [Abstract]

Net income

$ 43,262

$ 25,698

$ 60,008

$ 27,863

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]

Foreign currency translation

^[1]

21,439

(43,768)

36,716

(63,010)

Comprehensive income (loss)

$ 64,701

$ (18,070)

$ 96,724

$ (35,147)

[1]	There are no tax effects on foreign currency adjustments.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Debt - Narrative (Details)							3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Jun. 27, 2025 USD ($) $ / shares shares	May 01, 2025 USD ($)	Dec. 09, 2021 USD ($)	Dec. 09, 2021 USD ($)	Dec. 03, 2021 USD ($)	Oct. 14, 2020 USD ($)	Jun. 30, 2025 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) day $ / shares shares	Jun. 30, 2024 USD ($)	Jun. 26, 2025 $ / shares	Dec. 31, 2024 USD ($)
Short-Term Debt [Line Items]
First lien secured leverage ratio, maximum		7.10
First lien secured leverage ratio, minimum		5.50
Repayments of other debt									$ 233,875,000	$ 2,150,000
Debt							$ 709,325,000		709,325,000			$ 692,917,000
Unamortized discount and issuance costs							15,477,000		15,477,000			15,633,000
Gain on extinguishment of debts, net							14,207,000	$ 0	14,207,000	0
Proceeds from issuance of convertible notes									345,000,000	0
Fees paid on issuance of convertible notes									10,434,000	$ 0
2028 Convertible notes
Short-Term Debt [Line Items]
Debt							325,000,000		325,000,000			425,000,000
Carrying Value							320,002,000		320,002,000			417,525,000
2031 Convertible notes
Short-Term Debt [Line Items]
Debt							345,000,000		345,000,000			0
Carrying Value							334,580,000		334,580,000			0
Deferred income tax asset	$ 8,600,000
Total secured credit facility
Short-Term Debt [Line Items]
Debt							0		0			233,875,000
Convertible Senior Notes due 2031
Short-Term Debt [Line Items]
Debt conversion, converted instrument, shares issued (in shares) \| shares	42,500,000
Fees paid on issuance of convertible notes	$ 35,100,000
Derivatives, exercise price (in dollars per share) \| $ / shares	$ 8.12
Derivatives, cap price (in dollars per share) \| $ / shares	$ 12.74										$ 8.12
Convertible Senior Notes due 2031 \| 2028 Convertible notes
Short-Term Debt [Line Items]
Unamortized discount and issuance costs							10,400,000		10,400,000
Gain on extinguishment of debts, net	$ 5,900,000
Bridge loan facility aggregate principal amount	$ 345,000,000
Stated interest rate (as a percent)	2.875%
Proceeds from issuance of convertible notes	$ 78,400,000
2028 Convertible notes							345,000,000.0		345,000,000.0
Carrying Value							334,600,000		$ 334,600,000
Convertible Senior Notes due 2031 \| 2028 Convertible notes \| Conversion Period One
Short-Term Debt [Line Items]
Fundamental change repurchase (as a percent)									100.00%
Convertible Senior Notes due 2031 \| 2028 Convertible notes \| Common Stock
Short-Term Debt [Line Items]
Conversion of stock, shares converted per dollar (in shares) \| shares									123.1262
Convertible notes payable							$ 1,000		$ 1,000
Convertible note, conversion price (in dollar per share) \| $ / shares							$ 8.12		$ 8.12
Convertible Senior Notes due 2031 \| Convertible Notes Payable
Short-Term Debt [Line Items]
Redemption price (as a percent)									100.00%
Subject to redemption							$ 100,000,000		$ 100,000,000
Convertible Senior Notes due 2031 \| Convertible Notes Payable \| Conversion Period One
Short-Term Debt [Line Items]
Trading days \| day									20
Consecutive trading days \| day									30
Conversion price (as a percent)									130.00%
Convertible Senior Notes due 2031 \| Convertible Notes Payable \| Conversion Period Two
Short-Term Debt [Line Items]
Trading days \| day									5
Consecutive trading days \| day									10
Conversion price (as a percent)									98.00%
Convertible Senior Notes due 2028
Short-Term Debt [Line Items]
Debt conversion, converted instrument, shares issued (in shares) \| shares	17,800,000
Fees paid on issuance of convertible notes	$ 52,900,000
Derivatives, exercise price (in dollars per share) \| $ / shares	$ 23.86
Derivatives, cap price (in dollars per share) \| $ / shares	$ 36.02
Convertible Senior Notes due 2028 \| 2028 Convertible notes
Short-Term Debt [Line Items]
Unamortized discount and issuance costs							$ 5,000,000.0		$ 5,000,000.0			7,500,000
Gain on extinguishment of debts, net	$ 20,100,000
Bridge loan facility aggregate principal amount	334,600,000		$ 425,000,000	$ 425,000,000	$ 425,000,000
Stated interest rate (as a percent)			1.00%	1.00%	1.00%
Proceeds from issuance of convertible notes			$ 413,300,000	$ 48,600,000	$ 364,700,000
Debt instrument, interest rate, effective percentage discount (as a percent)			2.75%	2.75%	2.75%
Debt instrument, annual interest rate (as a percent)							1.00%		1.00%
Repurchase of debt	100,000,000.0
2028 Convertible notes	$ 98,500,000						$ 325,000,000.0		$ 325,000,000.0			425,000,000
Carrying Value							320,000,000.0		$ 320,000,000.0			417,500,000
Convertible Senior Notes due 2028 \| 2028 Convertible notes \| Common Stock
Short-Term Debt [Line Items]
Conversion of stock, shares converted per dollar (in shares) \| shares									41.9054
Convertible notes payable							$ 1,000		$ 1,000
Convertible note, conversion price (in dollar per share) \| $ / shares							$ 23.86		$ 23.86
Debt conversion, converted instrument, shares issued (in shares) \| shares									10,100,000
Convertible Senior Notes due 2028, $375 Million \| 2028 Convertible notes
Short-Term Debt [Line Items]
Bridge loan facility aggregate principal amount					$ 375,000,000
Convertible Senior Notes due 2028, $50 Million \| 2028 Convertible notes
Short-Term Debt [Line Items]
Bridge loan facility aggregate principal amount			$ 50,000,000	$ 50,000,000
Term loan facility
Short-Term Debt [Line Items]
Debt instrument term						7 years
Debt												233,900,000
Unamortized discount and issuance costs												7,900,000
Term loan facility \| Total secured credit facility
Short-Term Debt [Line Items]
Maximum borrowing capacity						$ 575,000,000
Revolving credit facility
Short-Term Debt [Line Items]
Maximum borrowing capacity							$ 166,000,000		$ 166,000,000			200,000,000
Debt instrument term						5 years
Debt							0		0			0
Available borrowing capacity							133,700,000		$ 133,700,000			172,000,000.0
Revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Short-Term Debt [Line Items]
Revolving loan applicable margin (as a percent)									3.25%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR) Plus 1%
Short-Term Debt [Line Items]
Debt instrument term									1 month
Revolving loan applicable margin (as a percent)									2.25%
Revolving loan applicable margin, floor (as a percent)									1.00%
Revolving credit facility \| Total secured credit facility
Short-Term Debt [Line Items]
Maximum borrowing capacity						$ 200,000,000
Repayments of other debt		$ 166,000,000
Standby Letters of Credit
Short-Term Debt [Line Items]
Letters of credit outstanding							$ 32,300,000		$ 32,300,000			$ 28,000,000.0

Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s total debt (in thousands):


	June 30, 2025		December 31, 2024
Senior Secured Credit Facility:
Term loan facility	$	—	$	233,875
Revolving credit facility	—		—
Total secured credit facility	—		233,875

2028 Convertible notes	325,000		425,000
2031 Convertible notes	345,000		—
Other debt	39,325		34,042
Total principal	709,325		692,917
Unamortized discount and issuance costs, total	(15,477)		(15,633)
Current portion of debt	(36,257)		(30,714)
Total long-term debt, net of current portion	$	657,591	$	646,570

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021, on February 26, 2021 and again on March 2, 2023 (the “Third Amendment”).

On May 1, 2025, Array Tech, Inc. and ATI Investment Sub, Inc., both wholly owned subsidiaries of the Company, entered into an amendment (the “Fourth Amendment”) to the Credit Agreement. The Fourth Amendment, among other things, (i) refinanced the Revolving Credit Facility with new revolving commitments and loans thereunder and (ii) revised the Consolidated First Lien Secured Leverage Ratio as applicable under Section 7.09 (Financial Covenant) of the Credit Agreement from 7.10:1.00 to 5.50:1.00.

As amended by the Fourth Amendment, the Revolving Credit Facility has total commitments of $166 million and a maturity date of October 14, 2028. The Company was in compliance with all applicable covenants under the Credit Agreement as of June 30, 2025.

Term Loan Facility

At December 31, 2024, the outstanding balance on the Term Loan Facility was $233.9 million, presented in the accompanying condensed consolidated balance sheets net of debt discount and issuance costs of $7.9 million. During the second quarter of 2025, the Company repaid in full the remaining balance of the Term Loan Facility using proceeds from the issuance of the 2031 Convertible Notes (as defined below). As a result, the Term Loan Facility was fully extinguished and no longer outstanding as of June 30, 2025. The $5.9 million in unamortized debt discount and issuance costs were written off in connection with the extinguishment and recorded in Gain on extinguishment of debts, net.

Revolving Credit Facility

The Company had no outstanding balance under the Revolving Credit Facility at both June 30, 2025 and December 31, 2024. At June 30, 2025 and December 31, 2024 the Company had $32.3 million and $28.0 million, respectively, in standby letters of credit, and $133.7 million and $172.0 million, respectively, available to withdraw against total commitments under the Revolving Credit Facility of $166.0 million and $200.0 million, respectively. The Revolving Credit Facility incurs interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (as defined in the Credit Agreement) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate (each as defined in the Credit Agreement), one half of 1.00% above the Federal Funds Rate (as defined in the Credit Agreement) or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%.

Convertible Notes

On December 3, 2021 and December 9, 2021, the Company completed a $425 million private offering ($375 million and $50 million, respectively), of its 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”), resulting in net proceeds of $413.3 million ($364.7 million and $48.6 million, respectively), after deducting the original issue discount of 2.75% but before deducting initial purchasers’ discounts and offering expenses. The 2028 Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee. The 2028 Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. Interest is payable semiannually in arrears at a rate of 1.00% per year on June 1 and December 1 of each year, beginning on June 1, 2022.

On June 27, 2025, the Company issued aggregate principal amount of $345 million of its 2.875% Convertible Senior Notes due 2031 (the “2031 Convertible Notes” and, together with the 2028 Convertible Notes, the “Convertible Notes”) in a private placement. The Company incurred $10.4 million of initial purchasers’ discounts and offering expenses, resulting in net proceeds of $334.6 million. The 2031 Convertible Notes were issued pursuant to an indenture, dated June 27, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “2031 Indenture”). The 2031 Convertible Notes are senior unsecured obligations of the Company and will mature on July 1, 2031, unless earlier converted, redeemed, or repurchased. Interest is payable semiannually in arrears at a rate of 2.875% per year on January 1 and July 1 of each year, beginning on January 1, 2026.

The Company used approximately $78.4 million of the proceeds from the 2031 Convertible Notes to repurchase $100.0 million aggregate principal amount of the 2028 Convertible Notes. The repurchased 2028 Convertible Notes had a net carrying value of $98.5 million, inclusive of unamortized debt discount, resulting in a gain on extinguishment of debt of approximately $20.1 million. This gain is recorded in Gain on extinguishment of debts, net in the Company’s condensed consolidated statements of operations.

As of June 30, 2025 and December 31, 2024, the principal balance of the 2028 Convertible Notes was $325.0 million and $425.0 million, respectively, with unamortized discount and issuance costs of $5.0 million and $7.5 million, respectively, for a net carrying amount of $320.0 million and $417.5 million, respectively. As of June 30, 2025, the principal balance of the 2031 Convertible Notes was $345.0 million with unamortized issuance costs of $10.4 million, for a net carrying amount of $334.6 million.

Neither the 2028 Convertible Notes nor the 2031 Convertible Notes were convertible during the three and six months ended June 30, 2025, and none have been converted to date. As the average market price of the

Company’s common stock has not exceeded the applicable conversion prices, there was no dilutive impact from either series of Convertible Notes for the three and six months ended June 30, 2025.

Redemption

At any time prior to the close of business on the business day immediately preceding April 1, 2031, the 2031 Convertible Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2025 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price then in effect on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2031 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the 2031 Convertible Notes on each such trading day; (3) if the Company calls such 2031 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the 2031 Convertible Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events as described in the Indenture. On or after April 1, 2031, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2031 Convertible Notes may convert all or any portion of their 2031 Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion of the 2031 Convertible Notes, the Company will pay cash up to the aggregate principal amount of the 2031 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2031 Convertible Notes being converted.

The Company may redeem (an “Optional Redemption”) for cash all or any portion of the 2031 Convertible Notes, at its option, on or after July 6, 2029, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2031 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems less than all the outstanding 2031 Convertible Notes, at least $100 million aggregate principal amount of 2031 Convertible Notes must be outstanding and not subject to redemption as of the date of the relevant notice of redemption. No sinking fund is provided for the 2031 Convertible Notes.

The conversion rate for the 2028 Convertible Notes was initially, and remains currently, 41.9054 shares of the Company’s common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $23.86 per share, or 10.1 million shares of common stock. The conversion rate for the 2031 Convertible Notes was initially 123.1262 shares per $1,000 principal amount, equivalent to a conversion price of approximately $8.12 per share of common stock. The conversion rate for the Convertible Notes is subject to adjustment under certain circumstances in accordance with the terms of each of the Indentures. In addition, following certain corporate events that occur prior to the maturity date of the 2031 Convertible Notes or if the Company delivers a notice of redemption in respect of the 2031 Convertible Notes, the Company will, under

certain circumstances, increase the conversion rate of the 2031 Convertible Notes for a holder who elects to convert its 2031 Convertible Notes (or any portion thereof) in connection with such a corporate event or convert its 2031 Convertible Notes called (or deemed called) for redemption during the related Redemption Period (as defined in the 2031 Indenture), as the case may be.

If the Company undergoes a Fundamental Change (as defined in the 2031 Indenture), holders may require, subject to certain conditions and exceptions, the Company to repurchase for cash all or any portion of their 2031 Convertible Notes at a Fundamental Change Repurchase Price (as defined in the Indenture) equal to 100% of the principal amount of the 2031 Convertible Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the Fundamental Change Repurchase Date (as defined in the 2031 Indenture).

The Indenture includes customary covenants and sets forth certain events of default after which the 2031 Convertible Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company or certain of its subsidiaries after which the 2031 Convertible Notes become automatically due and payable.

Capped Calls

In connection with the issuances of the Convertible Notes, the Company entered into separate capped call transactions with certain financial institutions. The capped calls are designed to reduce potential dilution to the Company’s common stockholders upon conversion of the related series of Convertible Notes and/or offset any cash payments the Company may be required to make in excess of the principal amount of the 2028 Convertible Notes or 2031 Convertible Notes, as applicable.

In connection with the issuance of the 2028 Convertible Notes, the Company paid $52.9 million to enter into capped calls (the “2028 Capped Calls”). These instruments cover approximately 17.8 million shares of common stock, with an initial strike price of $23.86 and a cap price of $36.02 per share, subject to customary anti-dilution adjustments. These instruments are scheduled to expire on December 1, 2028. In connection with the early extinguishment of a portion of the 2028 Convertible Notes, none of the 2028 Capped Calls were settled, and the Company has not unwound, terminated, or otherwise adjusted any portion of these instruments.

In connection with the issuance of the 2031 Convertible Notes, the Company paid $35.1 million to enter into the capped calls (the “2031 Capped Calls”). These instruments cover approximately 42.5 million shares of common stock, with an initial strike price of $8.12 and a cap price of $12.74 per share, subject to anti-dilution adjustments. These instruments are scheduled to expire on July 1, 2031. The net effect of the 2031 Capped Calls raises the conversion price on the 2031 Convertible Notes from $8.12 to $12.74. However, the 2031 Capped Calls are separate transactions from the 2031 Convertible Notes and do not affect the terms of the 2031 Convertible Notes nor the rights of the note holders. Upon conversion of the 2031 Convertible Notes, the 2031 Capped Calls are expected to reduce potential dilution by delivering shares of the Company’s common stock (or, at the Company’s election and subject to certain conditions, the cash equivalent value) to the Company.

Together, the 2028 Capped Calls and the 2031 Capped Calls are collectively referred to herein as the “Capped Calls”. At issuance of each of the Capped Calls, the Company concluded that the Capped Calls met the criteria for equity classification because they are indexed to the Company’s common stock and the Company has

discretion to settle the Capped Calls in shares or cash. As a result, the amount paid for the Capped Calls was recorded as a reduction to Additional paid-in capital.

The Company made a tax election to integrate the 2031 Convertible Notes and the 2031 Capped Calls. The accounting impact of this tax election makes the 2031 Capped Calls deductible as original issue discount interest for tax purposes over the term of the note, and as a result, the Company established a Deferred income tax asset of $8.6 million at inception, with an offsetting adjustment to Additional paid-in capital on the consolidated balance sheets as of June 30, 2025.

If the Convertible Notes are converted, the number of shares to be issued by the Company would be effectively partially offset by the shares of common stock received by the Company under the Capped Calls, thereby mitigating dilution. The Capped Calls are subject to termination or adjustment upon the occurrence of certain events, including mergers, tender offers, nationalization, insolvency, delisting of the Company’s common stock, events of default, changes in law, failure to deliver, stock splits, combinations, dividends, repurchases, or early conversion of the Convertible Notes.

Other Debt

Other debt consists of the debt obligations of STI Operations (“Other Debt”). Interest rates on Other Debt are based on SOFR or EURIBOR plus a spread and range from 2.4% to 6.1% annually. Of the $39.3 million carrying value of the Other Debt balance as of June 30, 2025, $19.4 million is denominated in Euros and $19.9 million is denominated in U.S. dollar. These debt obligations mature between 2025 and 2027.

At June 30, 2025, STI Operations had three notes payable with a carrying value of $19.1 million outstanding, which resulted from reverse factoring arrangements with a bank. The notes payable mature within a year from issuance and are included in the carrying value of Other Debt of $39.3 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2025

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash paid for interest	$	9,370	$	6,519	$	16,191	$	17,819
Cash paid for income taxes	19,379		16,599		17,588		17,001

Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	1,746		1,101		1,746		1,101
Preferred Series A dividends and accretion	14,789		13,750		29,232		27,252

Equity-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

2020 Equity Incentive Plan

On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. The 2020 Plan authorized 6,683,919 new shares, subject to adjustments pursuant to the 2020 Plan.

Restricted Stock Units

Pursuant to the 2020 Plan, the Company grants time-based restricted stock units (“RSUs”) to employees and members of the Company’s board of directors. The fair value of the RSUs is determined using the market value of the Company’s common stock on the grant date and is recognized on a straight-line basis over the vesting term of the awards.

RSU activity under the 2020 Plan during the six months ended June 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	2,648,161	$	10.97
Shares granted	2,668,649	6.11
Shares vested	(751,244)	12.53
Shares forfeited	(210,060)	10.49
Outstanding non-vested, June 30, 2025	4,355,506	$	7.74

Performance Stock Units

The Company has granted performance-based restricted stock units (“PSUs”) to certain employees. The PSUs cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return compared to a certain index which modifies the number of PSUs that vest. The PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates, and the assigned fair value on grant date is recognized on a straight-line basis over the vesting term of the awards. The probability of the awards meeting the performance related vested conditions is not included in the grant date fair value, but rather is estimated quarterly and the expense recognition is trued- up accordingly upon any probability to vest revision.

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the six months ended June 30, 2025 and 2024:


	2025		2024
Volatility	76	%	79	%
Risk-free interest rate	4.04	%	4.62	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the six months ended June 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	924,241	$	12.76
Shares granted	659,773	6.55
Shares vested	—	—
Shares forfeited	(17,859)	14.19
Outstanding non-vested, June 30, 2025	1,566,155	$	9.46

For three months ended June 30, 2025 and 2024, the Company recognized $3.9 million and $0.8 million, respectively, in equity-based compensation costs. For six months ended June 30, 2025 and 2024, the Company recognized $6.7 million and $4.8 million, respectively, in equity-based compensation costs. These amounts include equity-based compensation related to RSUs, PSUs, and the Company’s Employee Stock Purchase Plan (“ESPP”). The ESPP, approved by the Compensation Committee in December 2021, allows employees to purchase shares at a 15% discount off the lower of the stock price at the beginning or ending of each six months offering period through payroll deductions. The plan is considered compensatory in nature and the Company began recording equity-based compensation expense in 2022.

At June 30, 2025, the Company had $30.1 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over 2.2 years and 2.5 years, respectively.

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt	$ 709,325	$ 692,917
Unamortized discount and issuance costs, total	(15,477)	(15,633)
Current portion of debt	(36,257)	(30,714)
Total long-term debt, net of current portion	657,591	646,570
Total secured credit facility
Debt Instrument [Line Items]
Debt	0	233,875
Term loan facility \| Total secured credit facility
Debt Instrument [Line Items]
Debt	0	233,875
Revolving credit facility \| Total secured credit facility
Debt Instrument [Line Items]
Debt	0	0
2028 Convertible notes
Debt Instrument [Line Items]
Debt	325,000	425,000
2031 Convertible notes
Debt Instrument [Line Items]
Debt	345,000	0
Other debt
Debt Instrument [Line Items]
Debt	$ 39,325	$ 34,042

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Array Technologies, Inc. (the “Company”) is a leading global provider of solar tracking technology products, software, and services for utility-scale solar energy projects and distributed generation customers, who construct, develop and operate solar PV sites, and is headquartered in Albuquerque, New Mexico. On January 11, 2022, the Company acquired 100% of the share capital of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as a business combination. Upon completion of the STI Acquisition, the Company began operating as two reportable operating segments: the Array legacy operating segment (“Array Legacy Operations”) and the acquired operating segment (“STI Operations”) pertaining to STI.

Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
2028 Convertible notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	$ 320,002	$ 417,525
Fair Value	256,792	311,525
2031 Convertible notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	334,580	0
Fair Value	$ 341,443	$ 0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Jun. 30, 2025 USD ($)
Fair Value Disclosures [Abstract]
Other debt	$ 39.3

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2025
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The accompanying unaudited condensed consolidated financial statements in this Quarterly Report have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Array’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of results for the interim periods reported have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Array Technologies, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Inflation Reduction Act Vendor Rebates	Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.” The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service revenue on the condensed consolidated statements of operations. For vendor rebates related to past purchases that are owed to the Company upon execution of the agreement, the Company defers recognition of this portion of the rebate and recognizes the amounts as a reduction to cost of product and service revenue as future purchases occur.
Inflation Reduction Act 45X Credits	Inflation Reduction Act 45X Credits The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to production costs. The tax credit is recorded as a reduction to the Income tax payable on the condensed consolidated balance sheets dated June 30, 2025 and December 31, 2024. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBB”). The OBBB extended key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating the income tax impact of OBBB on the Company’s future consolidated financial statements.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. The Company does not amortize goodwill but instead tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Such triggering events potentially warranting an annual or interim goodwill impairment assessment include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained decreases in the Company’s stock price or market capitalization. Goodwill is assessed for impairment using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using an income approach based on discounted cash flows. The fair value determined under the income approach is then compared to guideline publicly-traded companies (“GPC”) market place EBITDA multiples to corroborate the fair value of the reporting unit determined under the income approach.
Long-Lived Assets	Long-Lived Assets In testing long-lived assets and goodwill for impairment, the Company first tests its long-lived assets for impairment, and then tests the goodwill of a reporting unit that includes the long-lived assets covered under the long-lived asset test for impairment. If an asset group includes only a portion of a reporting unit, the carrying amount of goodwill is not included in the asset group. The carrying values are adjusted, if necessary, for the result of each impairment test prior to performing the next test. When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to be generated from the underlying asset group and the cash flows resulting from the asset grouping’s eventual disposition. If the projections indicate that the underlying asset grouping is not expected to be recoverable, the estimated fair value of the asset group is determined. An impairment loss is recognized based on the difference between the carrying value of the asset group and its estimated fair value. The loss is allocated to the long-lived assets.
Revenue Recognition	Revenue Recognition A majority of our revenue is recognized over time as work progresses, and for single performance obligations, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations.
Research and Development	Research and Development The Company incurs research and development costs while researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ending December 31, 2025, with early adoption permitted. The Company will adopt this reporting standard with its annual report on Form 10-K for 2025 and expects no material impacts upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total	$ 61,255	$ 50,987
Less: accumulated depreciation	(26,174)	(24,765)
Property, plant and equipment, net	35,081	26,222
Land
Property, Plant and Equipment [Line Items]
Total	1,650	1,585
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Total	$ 10,871	9,108
Buildings and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	15 years
Buildings and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Total	$ 29,002	27,853
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total	$ 5,370	4,287
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Total	$ 627	603
Hardware
Property, Plant and Equipment [Line Items]
Total	$ 3,946	3,603
Hardware \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Hardware \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 9,789	$ 3,948

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 377,271	$ 362,992
Restricted cash	1,499	1,149
Accounts receivable, net of allowance of $6,821 and $4,848, respectively	367,175	275,838
Inventories, net	177,966	200,818
Prepaid expenses and other	114,543	157,927
Total current assets	1,038,454	998,724
Property, plant and equipment, net	35,081	26,222
Goodwill	172,608	160,189
Other intangible assets, net	174,346	181,409
Deferred income tax assets	25,166	17,754
Other assets	96,503	41,701
Total assets	1,542,158	1,425,999
Current liabilities
Accounts payable	161,248	172,368
Accrued expenses and other	101,578	91,183
Income tax payable	4,982	5,227
Deferred revenue	151,758	119,775
Current portion of contingent consideration	2,563	1,193
Current portion of warranty liability	2,369	2,063
Current portion of debt	36,257	30,714
Other current liabilities	7,580	15,291
Total current liabilities	468,335	437,814
Deferred income tax liabilities	22,775	21,398
Contingent consideration, net of current portion	5,294	7,868
Warranty liability, net of current portion	5,606	4,830
Long-term debt, net of current portion	657,591	646,570
Other long-term liabilities	17,262	18,684
Total liabilities	1,176,863	1,137,164
Commitments and contingencies (Note 11)
Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 475,517 and 460,920 shares issued as of June 30, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates	436,162	406,931
Stockholders’ equity
Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates	0	0
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 152,660,615 and 151,951,652 shares issued at respective dates	151	151
Additional paid-in capital	248,285	297,780
Accumulated deficit	(310,616)	(370,624)
Accumulated other comprehensive loss	(8,687)	(45,403)
Total stockholders’ equity	(70,867)	(118,096)
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity	$ 1,542,158	$ 1,425,999

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 3.9	$ 0.8	$ 6.7	$ 4.8
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Unrecognized compensation costs	30.1		$ 30.1
Unrecognized compensation costs, period of recognition			2 years 6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 30.1		$ 30.1
Unrecognized compensation costs, period of recognition			2 years 2 months 12 days
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)					6,683,919
Vesting period			6 months
Employees to purchase shares as percent			15.00%

Equity-Based Compensation - Schedule of RSU/PSU Activity (Details)	6 Months Ended
	Jun. 30, 2025 $ / shares shares
RSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) \| shares	2,648,161
Shares granted (in shares) \| shares	2,668,649
Shares vested (in shares) \| shares	(751,244)
Shares forfeited (in shares) \| shares	(210,060)
Outstanding non-vested, ending balance (in shares) \| shares	4,355,506
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 10.97
Shares granted, weighted average grand date fair value (in dollars per share) \| $ / shares	6.11
Shares vested, weighted average grand date fair value (in dollars per share) \| $ / shares	12.53
Shares forfeited, weighted average grand date fair value (in dollars per share) \| $ / shares	10.49
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 7.74
PSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) \| shares	924,241
Shares granted (in shares) \| shares	659,773
Shares vested (in shares) \| shares	0
Shares forfeited (in shares) \| shares	(17,859)
Outstanding non-vested, ending balance (in shares) \| shares	1,566,155
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 12.76
Shares granted, weighted average grand date fair value (in dollars per share) \| $ / shares	6.55
Shares vested, weighted average grand date fair value (in dollars per share) \| $ / shares	0
Shares forfeited, weighted average grand date fair value (in dollars per share) \| $ / shares	14.19
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 9.46

Equity-Based Compensation - Schedule of Assumptions (Details) - PSUs	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	76.00%	79.00%
Risk-free interest rate	4.04%	4.62%
Dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s disaggregated revenues (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Over-time revenue	$	322,545	$	209,598	$	584,167	$	333,934
Point in time revenue	39,698		46,168		80,439		75,235
Total revenue	$	362,243	$	255,766	$	664,606	$	409,169

Contract assets consisting of unbilled receivables are recorded within Accounts receivable, net on the condensed consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Unbilled receivables	$	110,435	$	94,045

Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands):


	June 30, 2025		December 31, 2024
Deferred revenue	$	151,758	$	119,775

Condensed Consolidated Balance Sheet Details

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Condensed Consolidated Balance Sheet Details

Inventories, net

Inventories, net consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Raw materials	$	57,594	$	60,588
Finished goods	120,372		140,230
Total Inventories, net	$	177,966	$	200,818

The Company values inventory using the moving average cost method that approximates the first-in, first-out method (“FIFO”). As of June 30, 2025, inventory valued using moving average cost and FIFO was $139.6 million and $38.3 million, respectively. As of December 31, 2024, inventory valued using moving average cost and FIFO, was $154.4 million and $46.4 million, respectively.

Prepaid expenses and other current assets

The following table shows the components of Prepaid expenses and other current assets (in thousands):


	June 30, 2025		December 31, 2024
IRA vendor rebates	$	69,906	$	115,458
Prepaid taxes	25,305		14,650
Other	19,332		27,819
Total Prepaid expenses and other current assets	$	114,543	$	157,927

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.1	$ 1.1	$ 2.2	$ 2.0
Depreciation allocated to cost of revenue	0.6	0.4	1.2	0.9
Depreciation included in depreciation and amortization	$ 0.5	$ 0.7	$ 1.0	$ 1.1

Condensed Consolidated Balance Sheet Details - Schedule of Current Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 57,594	$ 60,588
Finished goods	120,372	140,230
Total Inventories, net	$ 177,966	$ 200,818

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 160,189
Foreign currency translation	12,419
Goodwill, ending balance	172,608
Array Legacy Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	69,727
Foreign currency translation	0
Goodwill, ending balance	69,727
Accumulated impairment	51,900
STI Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	90,462
Foreign currency translation	12,419
Goodwill, ending balance	102,881
Accumulated impairment	$ 236,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Current Inventory, Net

Inventories, net consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Raw materials	$	57,594	$	60,588
Finished goods	120,372		140,230
Total Inventories, net	$	177,966	$	200,818

Schedule of Components of Prepaid Expenses and Other Current Assets

The following table shows the components of Prepaid expenses and other current assets (in thousands):


	June 30, 2025		December 31, 2024
IRA vendor rebates	$	69,906	$	115,458
Prepaid taxes	25,305		14,650
Other	19,332		27,819
Total Prepaid expenses and other current assets	$	114,543	$	157,927

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	1,467,345	479,623	1,242,226	473,074
2028 Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)			0	0

Segment Reporting - Narrative (Details) - segment	6 Months Ended	36 Months Ended
Segment Reporting - Narrative (Details) - segment	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of operating segments	2	2
Number of reportable segments	2	2

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2025	Aug. 04, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-39613
Entity Registrant Name	ARRAY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2747826
Entity Address, Address Line One	3901 Midway Place NE
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87109
City Area Code	(505)
Local Phone Number	881-7567
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	ARRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		152,724,774
Entity Central Index Key	0001820721
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders' Equity (unaudited) - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Temporary equity, beginning balance (in shares) at Dec. 31, 2023

432

Temporary equity, beginning balance at Dec. 31, 2023

$ 351,260

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 27,252

Temporary equity, ending balance (in shares) at Jun. 30, 2024

446

Temporary equity, ending balance at Jun. 30, 2024

$ 378,512

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023

151,242

Stockholders' equity, beginning balance at Dec. 31, 2023

259,248

$ 151

$ 344,517

$ (130,230)

$ 44,810

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

608

Vesting of restricted stock units

Employee purchase plan (in shares)

Employee purchase plan

497

Equity-based compensation

4,339

Tax withholding related to vesting of equity-based compensation

(1,722)

Preferred cumulative dividends plus accretion

(27,252)

Net income

27,863

Foreign currency translation

(63,010)

^[1]

(63,010)

Stockholders' equity, ending balance (in shares) at Jun. 30, 2024

151,875

Stockholders' equity, ending balance at Jun. 30, 2024

$ 199,963

$ 151

320,379

(102,367)

(18,200)

Temporary equity, beginning balance (in shares) at Mar. 31, 2024

439

Temporary equity, beginning balance at Mar. 31, 2024

$ 364,762

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 13,750

Temporary equity, ending balance (in shares) at Jun. 30, 2024

446

Temporary equity, ending balance at Jun. 30, 2024

$ 378,512

Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024

151,727

Stockholders' equity, beginning balance at Mar. 31, 2024

231,224

$ 151

333,570

(128,065)

25,568

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

148

Vesting of restricted stock units

Employee purchase plan (in shares)

Employee purchase plan

134

Equity-based compensation

425

Preferred cumulative dividends plus accretion

(13,750)

Net income

25,698

Foreign currency translation

(43,768)

^[1]

(43,768)

Stockholders' equity, ending balance (in shares) at Jun. 30, 2024

151,875

Stockholders' equity, ending balance at Jun. 30, 2024

$ 199,963

$ 151

320,379

(102,367)

(18,200)

Temporary equity, beginning balance (in shares) at Dec. 31, 2024

460

Temporary equity, beginning balance at Dec. 31, 2024

$ 406,931

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 29,231

Temporary equity, ending balance (in shares) at Jun. 30, 2025

476

Temporary equity, ending balance at Jun. 30, 2025

$ 436,162

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2024

151,952

Stockholders' equity, beginning balance at Dec. 31, 2024

(118,096)

$ 151

297,780

(370,624)

(45,403)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

666

Vesting of restricted stock units

Employee purchase plan (in shares)

Employee purchase plan

303

Equity-based compensation

6,615

Tax withholding related to vesting of equity-based compensation

(493)

Purchase of 2031 Capped Calls, net of tax effect

(26,689)

Preferred cumulative dividends plus accretion

(29,231)

Net income

60,008

Foreign currency translation

36,716

^[1]

36,716

Stockholders' equity, ending balance (in shares) at Jun. 30, 2025

152,661

Stockholders' equity, ending balance at Jun. 30, 2025

$ (70,867)

$ 151

248,285

(310,616)

(8,687)

Temporary equity, beginning balance (in shares) at Mar. 31, 2025

468

Temporary equity, beginning balance at Mar. 31, 2025

$ 421,374

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 14,788

Temporary equity, ending balance (in shares) at Jun. 30, 2025

476

Temporary equity, ending balance at Jun. 30, 2025

$ 436,162

Stockholders' equity, beginning balance (in shares) at Mar. 31, 2025

152,513

Stockholders' equity, beginning balance at Mar. 31, 2025

(97,774)

$ 151

286,079

(353,878)

(30,126)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

148

Vesting of restricted stock units

Employee purchase plan (in shares)

Employee purchase plan

Equity-based compensation

3,817

Tax withholding related to vesting of equity-based compensation

(215)

Purchase of 2031 Capped Calls, net of tax effect

(26,689)

Preferred cumulative dividends plus accretion

(14,788)

Net income

43,262

Foreign currency translation

21,439

^[1]

21,439

Stockholders' equity, ending balance (in shares) at Jun. 30, 2025

152,661

Stockholders' equity, ending balance at Jun. 30, 2025

$ (70,867)

$ 151

$ 248,285

$ (310,616)

$ (8,687)

[1]	There are no tax effects on foreign currency adjustments.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 362,243	$ 255,766	$ 664,606	$ 409,169
Unbilled receivables	110,435		110,435		$ 94,045
Deferred revenue	151,758		151,758		$ 119,775
Over-time revenue
Disaggregation of Revenue [Line Items]
Total revenue	322,545	209,598	584,167	333,934
Point in time revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 39,698	$ 46,168	$ 80,439	$ 75,235

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Presentation The accompanying unaudited condensed consolidated financial statements in this Quarterly Report have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Array’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of results for the interim periods reported have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. Principles of Consolidation The condensed consolidated financial statements include the accounts of Array Technologies, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.” The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service revenue on the condensed consolidated statements of operations. For vendor rebates related to past purchases that are owed to the Company upon execution of the agreement, the Company defers recognition of this portion of the rebate and recognizes the amounts as a reduction to cost of product and service revenue as future purchases occur. As of June 30, 2025, the Company had an outstanding Vendor Rebate receivable of $69.9 million and $55.7 million included in Prepaid expenses and other and Other assets, respectively. As of December 31, 2024 the Company had an outstanding Vendor Rebate receivable of $115.5 million and zero, included in Prepaid expenses and other and Other assets, respectively. Inflation Reduction Act 45X Credits The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to production costs. The tax credit is recorded as a reduction to the Income tax payable on the condensed consolidated balance sheets dated June 30, 2025 and December 31, 2024. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBB”). The OBBB extended key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating the income tax impact of OBBB on the Company’s future consolidated financial statements. Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. The Company does not amortize goodwill but instead tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Such triggering events potentially warranting an annual or interim goodwill impairment assessment include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained decreases in the Company’s stock price or market capitalization. Goodwill is assessed for impairment using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using an income approach based on discounted cash flows. The fair value determined under the income approach is then compared to guideline publicly-traded companies (“GPC”) market place EBITDA multiples to corroborate the fair value of the reporting unit determined under the income approach. The Company has not identified any indicators of impairment that would require the Company to test its goodwill for impairment as of June 30, 2025. Equity Investment On November 6, 2024, Array invested $3.0 million through a Simple Agreement for Future Equity (“SAFE”) with a technology company. On June 2, 2025, the SAFE investment converted into 182,669 preferred shares of the company at the predetermined price. Array will invest up to $2.0 million in future SAFEs contingent upon the achievement of defined milestones by the technology company. The initial investment of $3.0 million was recorded as an equity investment at cost and is included within Other assets on the condensed consolidated balance sheet. The investment will be carried at cost and remeasured to fair value if impaired or if there are observable transaction prices. The conversion did not result in the recognition of a gain or loss. Long-Lived Assets In testing long-lived assets and goodwill for impairment, the Company first tests its long-lived assets for impairment, and then tests the goodwill of a reporting unit that includes the long-lived assets covered under the long-lived asset test for impairment. If an asset group includes only a portion of a reporting unit, the carrying amount of goodwill is not included in the asset group. The carrying values are adjusted, if necessary, for the result of each impairment test prior to performing the next test. When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to be generated from the underlying asset group and the cash flows resulting from the asset grouping’s eventual disposition. If the projections indicate that the underlying asset grouping is not expected to be recoverable, the estimated fair value of the asset group is determined. An impairment loss is recognized based on the difference between the carrying value of the asset group and its estimated fair value. The loss is allocated to the long-lived assets. The Company has not identified indicators of impairment that would require the Company to test its long-lived assets for impairment as of June 30, 2025. Revenue Recognition A majority of our revenue is recognized over time as work progresses, and for single performance obligations, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations. Research and Development The Company incurs research and development costs while researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production. Research and development expense was $2.5 million and $1.8 million during the three months ended June 30, 2025 and 2024, respectively, and $4.9 million and $3.7 million during the six months ended June 30, 2025 and 2024, respectively. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ending December 31, 2025, with early adoption permitted. The Company will adopt this reporting standard with its annual report on Form 10-K for 2025 and expects no material impacts upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 6,821	$ 4,848
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	500,000	500,000
Temporary equity, shares issued (in shares)	475,517	460,920
Temporary equity, liquidation preference	$ 493,100	$ 493,100
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,500,000	4,500,000
Preferred Stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	152,660,615	151,951,652

Condensed Consolidated Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Average cost inventory amount	$ 139.6	$ 154.4
FIFO inventory amount	$ 38.3	$ 46.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - Schedule of Liability Related To Estimated Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Payments			$ (1,204)	$ (1,427)
Fair value adjustment	$ 150	$ 503	0	(232)
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	7,707	8,201	9,061	10,363
Payments	0	0	(1,204)	(1,427)
Fair value adjustment	150	503	0	(232)
Ending balance	$ 7,857	$ 8,704	$ 7,857	$ 8,704

Goodwill and Other Intangible Assets, Net - Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 18,032
2026	30,577
2027	25,614
2028	25,614
2029	25,614
Thereafter	38,595
Total amortizable intangibles, net	$ 164,046	$ 171,109

Goodwill and Other Intangible Assets, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill

Changes in the carrying amount of goodwill by operating segment during the six months ended June 30, 2025, consisted of the following (in thousands):


	Array Legacy Operations		STI Operations		Total
Beginning balance	$	69,727	$	90,462	$	160,189
Foreign currency translation	—		12,419		12,419

Ending balance (1)	$	69,727	$	102,881	$	172,608

(1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million. Goodwill attributable to STI Operations is net of cumulative impairments of $236.0 million.

The Company tests goodwill for impairment annually or more frequently if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. There were no indicators of impairment as of June 30, 2025.

Long Lived Assets

The Company assesses long-lived assets classified as “held and used,” including property, plant and equipment, lease assets and intangible assets for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable.

As of June 30, 2025, no events or circumstances were noted that would indicate the carrying amount of any of Array Legacy’s Operations or STI Operations assets may not be recoverable.

Other Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	June 30, 2025		December 31, 2024
Amortizable:
Developed technology	14	$	203,800	$	203,800
Computer software	3	15,906		15,826
Customer relationships	10	191,480		179,166
Backlog	1	19,195		16,877
Trade name	20	17,193		15,117
Total amortizable intangibles		447,574		430,786
Accumulated amortization:
Developed technology		130,740		123,462
Computer software		14,836		14,552
Customer relationships		115,774		102,541
Backlog		19,195		16,877
Trade name		2,983		2,245
Total accumulated amortization		283,528		259,677
Total amortizable intangibles, net		164,046		171,109

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	174,346	$	181,409

Amortization expense related to intangible assets was $8.7 million and $11.8 million for the three months ended June 30, 2025 and 2024, respectively, of which $3.6 million was included in Amortization of developed technology, a component of cost of revenue, in both periods and $5.1 million and $8.1 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Amortization expense related to intangible assets was $17.3 million and $24.7 million for the six months ended June 30, 2025 and 2024, respectively, of which $7.3 million was included in Amortization of developed technology, a component of cost of revenue, in both periods and $10.0 million and $17.4 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Estimated future amortization expense of intangible assets as of June 30, 2025, is as follows (in thousands):


	Amount
Remainder of 2025	$	18,032
2026	30,577
2027	25,614
2028	25,614
2029	25,614
Thereafter	38,595
	$	164,046

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the financial results by segment during the periods presented (in thousands):


	Three months ended June 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	291,886	$	70,357	$	362,243
Less:
Product cost (1)	193,620		53,215		246,835
Amortization of developed technology	3,640		—		3,640
Depreciation	578		34		612
Other costs (2)	10,043		3,989		14,032
Gross profit	84,005		13,119		97,124

Total operating expenses	—		—		(50,748)
Total other income, net	—		—		10,503
Income before income taxes					$	56,879

Segment assets	1,090,094		452,064		1,542,158
Capital expenditures	6,497		134		6,631
Depreciation and amortization	7,024		2,872		9,896
Interest income	3,600		200		3,800
Interest expense	8,021		747		8,768


	Three months ended June 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	185,160	$	70,606	$	255,766
Less:
Product cost (1)	97,575		60,634		158,209
Amortization of developed technology	3,640		—		3,640
Depreciation	368		27		395
Other costs (2)	6,271		1,298		7,569
Gross profit	77,306		8,647		85,953

Total operating expenses	—		—		(46,351)
Total other expense, net	—		—		(6,094)
Income before income taxes					$	33,508

Segment assets	879,073		772,449		1,651,522
Capital expenditures	1,091		1,040		2,131
Depreciation and amortization	6,413		6,558		12,971
Interest income	3,587		1,195		4,782
Interest expense	8,205		409		8,614


	Six months ended June 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	505,100	$	159,506	$	664,606
Less:
Product cost (1)	326,960		129,973		456,933
Amortization of developed technology	7,279		—		7,279
Depreciation	1,128		67		1,195
Other costs (2)	20,047		5,600		25,647
Gross profit	149,686		23,866		173,552

Total operating expenses	—		—		(99,892)
Total other income, net	—		—		6,499
Income before income taxes					$	80,159

Segment assets	1,090,094		452,064		1,542,158
Capital expenditures	8,711		272		8,983
Depreciation and amortization	13,925		5,542		19,467
Interest income	6,647		472		7,119
Interest expense	15,543		1,260		16,803


	Six months ended June 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	299,541	$	109,628	$	409,169
Less:
Product cost (1)	154,154		90,786		244,940
Amortization of developed technology	7,279		—		7,279
Depreciation	878		51		929
Other costs (2)	10,838		4,140		14,978
Gross profit	126,392		14,651		141,043

Total operating expenses	—		—		(93,027)
Total other expense, net	—		—		(11,039)
Income before income taxes					$	36,977

Segment assets	879,073		772,449		1,651,522
Capital expenditures	3,297		1,230		4,527
Depreciation and amortization	13,525		13,210		26,735
Interest income	5,401		3,061		8,462
Interest expense	16,400		1,154		17,554

(1) Includes 45X benefits realized.

(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the three months ended June 30, 2025 and 2024 for Array Legacy Operations was $9.9 million and $6.2 million, respectively. Outbound freight for the six months ended June 30, 2025 and 2024 for Array Legacy Operations was $19.8 million and $10.6 million, respectively.

Debt - Other Debt Narrative (Details) $ in Millions	Jun. 30, 2025 USD ($) note
Other debt
Short-Term Debt [Line Items]
Number of STI notes payable \| note	3
STI
Short-Term Debt [Line Items]
Other long-term debt	$ 39.3
STI \| Euros
Short-Term Debt [Line Items]
Other long-term debt	19.4
STI \| United States of America, Dollars
Short-Term Debt [Line Items]
Other long-term debt	19.9
STI \| Other debt
Short-Term Debt [Line Items]
Letters of credit outstanding	$ 19.1
Minimum \| STI \| Other debt
Short-Term Debt [Line Items]
Stated interest rate (as a percent)	2.40%
Maximum \| STI \| Other debt
Short-Term Debt [Line Items]
Stated interest rate (as a percent)	6.10%

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

RSU activity under the 2020 Plan during the six months ended June 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	2,648,161	$	10.97
Shares granted	2,668,649	6.11
Shares vested	(751,244)	12.53
Shares forfeited	(210,060)	10.49
Outstanding non-vested, June 30, 2025	4,355,506	$	7.74

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the six months ended June 30, 2025 and 2024:


	2025		2024
Volatility	76	%	79	%
Risk-free interest rate	4.04	%	4.62	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the six months ended June 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	924,241	$	12.76
Shares granted	659,773	6.55
Shares vested	—	—
Shares forfeited	(17,859)	14.19
Outstanding non-vested, June 30, 2025	1,566,155	$	9.46

Condensed Consolidated Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
IRA vendor rebates	$ 69,906	$ 115,458
Prepaid taxes	25,305	14,650
Other	19,332	27,819
Total Prepaid expenses and other current assets	$ 114,543	$ 157,927

Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s total debt (in thousands):


	June 30, 2025		December 31, 2024
Senior Secured Credit Facility:
Term loan facility	$	—	$	233,875
Revolving credit facility	—		—
Total secured credit facility	—		233,875

2028 Convertible notes	325,000		425,000
2031 Convertible notes	345,000		—
Other debt	39,325		34,042
Total principal	709,325		692,917
Unamortized discount and issuance costs, total	(15,477)		(15,633)
Current portion of debt	(36,257)		(30,714)
Total long-term debt, net of current portion	$	657,591	$	646,570

Revenue

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company disaggregates its revenue from contracts with customers by sales recorded over time and sales recorded at a point in time. The following table presents the Company’s disaggregated revenues (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Over-time revenue	$	322,545	$	209,598	$	584,167	$	333,934
Point in time revenue	39,698		46,168		80,439		75,235
Total revenue	$	362,243	$	255,766	$	664,606	$	409,169

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables ("contract assets”), and deferred revenue (“contract liabilities”) on the condensed consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses, in accordance

with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. For certain customer contracts, billing can occur in advance of shipment, resulting in contract liabilities. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets and the corresponding amounts recorded in Revenue relate to fluctuations in the timing and volume of billings.


	June 30, 2025		December 31, 2024
Unbilled receivables	$	110,435	$	94,045

The Company also receives advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities. The changes in contract liabilities, recorded within Deferred revenue, relate to advanced orders and payments received by the Company.

Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands):


	June 30, 2025		December 31, 2024
Deferred revenue	$	151,758	$	119,775

During the six months ended June 30, 2025, the Company converted $86.2 million in Deferred revenue to Revenue, which represented 72% of the prior year’s Deferred revenue balance. Included in Deferred revenue as of December 31, 2024 are cash advances for signed contracts that begin several months subsequent to receiving the advance. In addition, Deferred revenue includes paid extended warranty, which can be recognized upon expiration of the warranty.

Bill-and-Hold Arrangements

Revenue recognized for the Company’s federal investment tax credit (“ITC”) contracts and standalone system component sales is recorded at a point in time and recognized when obligations under the terms of the contract with the Company’s customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is typically upon delivery to the customer in line with shipping terms.

In certain situations, the Company recognizes revenue under a bill-and-hold arrangement with its customers. An example of such a situation is when customers purchase material prior to the start of construction of a solar project in order to meet the Five Percent Safe Harbor test to qualify for the ITC. Because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in its custody. All bill-and-hold inventory is bundled or palletized in the Company’s warehouses, separately identified as not belonging to the Company and ready for immediate transport to the customer project upon request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer.

The Company did not recognize any revenue from bill-and-hold arrangements during the six months ended June 30, 2025. During the six months ended June 30, 2024, the Company recognized $1.9 million in revenue from one customer under such arrangements.

Remaining Performance Obligations

As of June 30, 2025, the Company had $644.5 million of remaining performance obligations. The Company expects to recognize revenue on 97% of these performance obligations in the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands):


	June 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Notes	$	320,002	$	256,792	$	417,525	$	311,525
2031 Convertible Notes	334,580		341,443		—		—

The fair value of the Convertible Notes is estimated using Level 2 inputs, as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

The fair value of the Term Loan Facility and Other Debt is estimated using Level 2 inputs. The carrying values of the Term Loan Facility outstanding under the Senior Secured Credit Facility recorded in the condensed consolidated balance sheets approximate fair value due to the variable nature of the interest rates.

Other Debt with an aggregate carrying value of $39.3 million, consists of variable and fixed rate obligations. Due to the relative short-term maturity of the fixed rate obligations, the Company believes the carrying value approximates fair value. The carrying value of the variable rate obligations approximates fair value due to the variable nature of the interest rates.

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	June 30, 2025		December 31, 2024
Land	N/A	$	1,650	$	1,585
Buildings and land improvements	15-39	10,871		9,108
Manufacturing equipment	7	29,002		27,853
Furniture, fixtures and equipment	5-7	5,370		4,287
Vehicles	5	627		603
Hardware	3-5	3,946		3,603
Construction in progress	N/A	9,789		3,948
Total		61,255		50,987
Less: accumulated depreciation		(26,174)		(24,765)
Property, plant and equipment, net		$	35,081	$	26,222

Depreciation expense was $1.1 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, of which $0.6 million and $0.4 million, respectively, was included in Cost of product and service revenue and $0.5 million and $0.7 million, respectively, was included in Depreciation and amortization on the accompanying condensed consolidated statements of operations.

Depreciation expense was $2.2 million and $2.0 million for the six months ended June 30, 2025 and 2024, respectively, of which $1.2 million and $0.9 million, respectively, was included in Cost of product and service revenue and $1.0 million and $1.1 million, respectively, was included in Depreciation and amortization on the accompanying condensed consolidated statements of operations.

Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

ASC 280 Segment Reporting establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM is the Chief Executive Officer of the Company.

The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the project’s desired power output. The Company provides the solar tracking system components, which include standard and nonstandard parts. The Company delivers the fully functioning tracker systems for the project sites and provides commissioning services. Although the solar array may use different components and technology depending on the geography and type of system, the Company conducts its operations in the United States (“U.S.”) and internationally, primarily in Spain and Brazil, and is expanding into other international markets through STI Operations.

The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems in the U.S., and STI Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems outside of the U.S.

The Company’s CODM assesses the performance of each operating segment by using gross profit. This measure is also predominantly used in the annual budget and forecasting process. The CODM primarily uses the annual operating plan and the monthly financial results for Array Legacy Operations and STI Operations when making decisions about the allocation of operating and capital resources to each segment.

The following tables summarize the financial results by segment during the periods presented (in thousands):


	Three months ended June 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	291,886	$	70,357	$	362,243
Less:
Product cost (1)	193,620		53,215		246,835
Amortization of developed technology	3,640		—		3,640
Depreciation	578		34		612
Other costs (2)	10,043		3,989		14,032
Gross profit	84,005		13,119		97,124

Total operating expenses	—		—		(50,748)
Total other income, net	—		—		10,503
Income before income taxes					$	56,879

Segment assets	1,090,094		452,064		1,542,158
Capital expenditures	6,497		134		6,631
Depreciation and amortization	7,024		2,872		9,896
Interest income	3,600		200		3,800
Interest expense	8,021		747		8,768


	Three months ended June 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	185,160	$	70,606	$	255,766
Less:
Product cost (1)	97,575		60,634		158,209
Amortization of developed technology	3,640		—		3,640
Depreciation	368		27		395
Other costs (2)	6,271		1,298		7,569
Gross profit	77,306		8,647		85,953

Total operating expenses	—		—		(46,351)
Total other expense, net	—		—		(6,094)
Income before income taxes					$	33,508

Segment assets	879,073		772,449		1,651,522
Capital expenditures	1,091		1,040		2,131
Depreciation and amortization	6,413		6,558		12,971
Interest income	3,587		1,195		4,782
Interest expense	8,205		409		8,614


	Six months ended June 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	505,100	$	159,506	$	664,606
Less:
Product cost (1)	326,960		129,973		456,933
Amortization of developed technology	7,279		—		7,279
Depreciation	1,128		67		1,195
Other costs (2)	20,047		5,600		25,647
Gross profit	149,686		23,866		173,552

Total operating expenses	—		—		(99,892)
Total other income, net	—		—		6,499
Income before income taxes					$	80,159

Segment assets	1,090,094		452,064		1,542,158
Capital expenditures	8,711		272		8,983
Depreciation and amortization	13,925		5,542		19,467
Interest income	6,647		472		7,119
Interest expense	15,543		1,260		16,803


	Six months ended June 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	299,541	$	109,628	$	409,169
Less:
Product cost (1)	154,154		90,786		244,940
Amortization of developed technology	7,279		—		7,279
Depreciation	878		51		929
Other costs (2)	10,838		4,140		14,978
Gross profit	126,392		14,651		141,043

Total operating expenses	—		—		(93,027)
Total other expense, net	—		—		(11,039)
Income before income taxes					$	36,977

Segment assets	879,073		772,449		1,651,522
Capital expenditures	3,297		1,230		4,527
Depreciation and amortization	13,525		13,210		26,735
Interest income	5,401		3,061		8,462
Interest expense	16,400		1,154		17,554

(1) Includes 45X benefits realized.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 447,574	$ 430,786
Finite-lived intangible assets, accumulated amortization	283,528	259,677
Total amortizable intangibles, net	164,046	171,109
Total other intangible assets, net	174,346	181,409
Trade name
Finite-Lived Intangible Assets [Line Items]
Trade name	$ 10,300	10,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	14 years
Finite-lived intangible assets, gross	$ 203,800	203,800
Finite-lived intangible assets, accumulated amortization	$ 130,740	123,462
Computer software
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	3 years
Finite-lived intangible assets, gross	$ 15,906	15,826
Finite-lived intangible assets, accumulated amortization	$ 14,836	14,552
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	10 years
Finite-lived intangible assets, gross	$ 191,480	179,166
Finite-lived intangible assets, accumulated amortization	$ 115,774	102,541
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	1 year
Finite-lived intangible assets, gross	$ 19,195	16,877
Finite-lived intangible assets, accumulated amortization	$ 19,195	16,877
Trade name
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	20 years
Finite-lived intangible assets, gross	$ 17,193	15,117
Finite-lived intangible assets, accumulated amortization	$ 2,983	$ 2,245

Revenue- Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Revenue- Narrative (Details) $ in Thousands	Jun. 30, 2025 USD ($) customer	Jun. 30, 2024 USD ($) customer	Jun. 30, 2025 USD ($) customer	Jun. 30, 2024 USD ($) customer
Disaggregation of Revenue [Line Items]
Deferred revenue recognized			$ 86,200
Percentage of deferred revenue recognized			72.00%
Revenue	$ 362,243	$ 255,766	$ 664,606	$ 409,169
Revenue, bill and hold performance obligation, number of customers \| customer	1	1	1	1
Remaining performance obligation	$ 644,500		$ 644,500
Percentage of performance obligation to be recognized	97.00%		97.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, period	12 months		12 months
One Customer
Disaggregation of Revenue [Line Items]
Revenue			$ 0	$ 1,900

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 13,617	$ 7,810	$ 20,151	$ 9,114
Tax expense (benefit) related to equity-based compensation	$ 100	$ 100	1,200	500
Reserves for uncertain tax positions			$ 700	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 4
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+ Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 9,370	$ 6,519	$ 16,191	$ 17,819
Cash paid for income taxes	19,379	16,599	17,588	17,001
Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	1,746	1,101	1,746	1,101
Preferred Series A dividends and accretion	$ 14,789	$ 13,750	$ 29,232	$ 27,252

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Segment revenue	$ 362,243	$ 255,766	$ 664,606	$ 409,169
Product cost	246,835	158,209	456,933	244,940
Amortization of developed technology	3,640	3,640	7,279	7,279
Depreciation	612	395	1,195	929
Other costs	14,032	7,569	25,647	14,978
Gross profit	97,124	85,953	173,552	141,043
Total operating expenses	(50,748)	(46,351)	(99,892)	(93,027)
Total other income (expense), net	10,503	(6,094)	6,499	(11,039)
Income before income taxes	56,879	33,508	80,159	36,977
Segment assets	1,542,158	1,651,522	1,542,158	1,651,522
Capital expenditures	6,631	2,131	8,983	4,527
Depreciation and amortization	9,896	12,971	19,467	26,735
Interest income	3,800	4,782	7,119	8,462
Interest expense	8,768	8,614	16,803	17,554
Array Legacy Operations
Segment Reporting Information [Line Items]
Segment revenue	291,886	185,160	505,100	299,541
Product cost	193,620	97,575	326,960	154,154
Amortization of developed technology	3,640	3,640	7,279	7,279
Depreciation	578	368	1,128	878
Other costs	10,043	6,271	20,047	10,838
Gross profit	84,005	77,306	149,686	126,392
Total operating expenses	0	0	0	0
Total other income (expense), net	0	0	0	0
Segment assets	1,090,094	879,073	1,090,094	879,073
Capital expenditures	6,497	1,091	8,711	3,297
Depreciation and amortization	7,024	6,413	13,925	13,525
Interest income	3,600	3,587	6,647	5,401
Interest expense	8,021	8,205	15,543	16,400
Outbound freight	9,900	6,200	19,800	10,600
STI Operations
Segment Reporting Information [Line Items]
Segment revenue	70,357	70,606	159,506	109,628
Product cost	53,215	60,634	129,973	90,786
Amortization of developed technology	0	0	0	0
Depreciation	34	27	67	51
Other costs	3,989	1,298	5,600	4,140
Gross profit	13,119	8,647	23,866	14,651
Total operating expenses	0	0	0	0
Total other income (expense), net	0	0	0	0
Segment assets	452,064	772,449	452,064	772,449
Capital expenditures	134	1,040	272	1,230
Depreciation and amortization	2,872	6,558	5,542	13,210
Interest income	200	1,195	472	3,061
Interest expense	$ 747	$ 409	$ 1,260	$ 1,154

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

The Company, in the normal course of business, is subject to claims and litigation. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss.

On May 14, 2021, a putative class action (the “Plymouth Action”) was filed in the U.S. District Court for the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule

10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended (the “Securities Act”). The complaint alleges misstatements and/or omissions in the Company’s registration statements and prospectuses related to the Company’s October 2020 initial public offering, the Company’s December 2020 offering, and the Company’s March 2021 offering during the putative class period of October 14, 2020 through May 11, 2021. A consolidated amended class action complaint was filed on December 7, 2021 with additional allegations regarding misstatements and/or omissions in: (1) in the Company’s Annual Report on Form 10-K and associated press release announcing results for the fourth quarter and full fiscal year 2020; and (2) in the Company’s November 5, 2020 and March 9, 2021 earnings calls.

On June 30, 2021, a substantially similar second putative class action was filed in the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Act, which was consolidated with the Plymouth Action.

All Defendants in the Plymouth Action, including the Company, moved to dismiss the consolidated amended complaint. On May 19, 2023, the court granted the Company’s motion to dismiss and, on July 5, 2023, denied a request from the Plymouth Action plaintiffs for leave to amend the consolidated amended complaint and dismissed the Plymouth Action in its entirety with prejudice.

On August 4, 2023, the lead plaintiffs filed a notice of appeal of the court’s dismissal of the consolidated amended complaint to the U.S. Court of Appeals for the Second Circuit. After full briefing, the court of appeals heard oral argument on June 26, 2024 and the case is still pending decision by the court.

On July 16, 2021, a verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Exchange Act for misleading proxy statements, (2) breach of fiduciary duty, (3) unjust enrichment, (4) abuse of control, (5) gross mismanagement, (6) corporate waste, (7) aiding and abetting breach of fiduciary duty, and (8) contribution under sections 10(b) and 21D of the Exchange Act.

On July 30, 2021, a second verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Exchange Act for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty.

On August 24, 2021, the Southern District of New York derivative actions were consolidated, and the court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action.

On August 3, 2022, a verified derivative complaint was filed in the Court of Chancery of the State of Delaware against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty and (2) unjust enrichment.

On August 11, 2022, a second verified derivative complaint was filed with the Court of Chancery against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty; (2) aiding and abetting breaches of fiduciary duty; (3) waste of corporate assets; (4) unjust enrichment; (5) insider selling; and (6) aiding and abetting insider selling.

On September 2, 2022, the derivative cases with the Court of Chancery were consolidated and the court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action.

The Company continues to believe the claims alleged in the actions are without merit and intends to continue to vigorously defend its position in these matters. The Company has not recorded any material loss contingency in the condensed consolidated balance sheets as of June 30, 2025.

The Company is party to various other legal proceedings, claims, governmental and/or regulatory inspections, inquiries and investigations arising out of the ordinary course of its business. The Company believes that there are no other proceedings or claims pending against it, the ultimate resolution of which could have a material adverse effect on its financial condition or results of operations. In all cases, at each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies (ASC 450). Legal costs are expensed as incurred. It is possible that future results for any particular quarter or annual period may be materially affected by changes in our assumption or the effectiveness of the Company’s strategies relating to these proceedings.

Commercial Supplier Settlement

During March 2024, the Company reached a settlement with one of its vendors, in which the Company received $4.0 million in the form of a one-time $2.6 million cash payment due immediately, and $1.4 million in credits with the vendor which could be applied by the Company to future orders from the respective vendor. If the Company does not utilize all of the credits by January 2026, it will receive a one-time cash payment from the vendor for the remaining unused credit balance. During the first quarter of 2024, the Company recognized a $4.0 million reduction to cost of revenue on the condensed consolidated statements of operations and had a receivable of $4.0 million included in Prepaid and other expenses, net on the condensed consolidated balance sheets. Subsequent to December 31, 2024, the Company has collected the remaining outstanding amount.

Contingent Consideration

Tax Receivable Agreement

Concurrent with the Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC on July 8, 2016, the Company’s operating subsidiary, Array Tech, Inc. (f/k/a Array Technologies, Inc.), entered into a tax receivable agreement (the “TRA”) with the former majority shareholder of Array Tech, Inc. The TRA is valued based on the future expected payments under the agreement. The TRA provides for the payment by Array Tech, Inc., to the former owners for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Array Tech, Inc., from the use of certain deductions generated by the increase in the tax value of the developed technology. The TRA is accounted for as contingent consideration and subsequent changes in fair value of the contingent liability are recognized in contingent consideration on the condensed consolidated statements of operations. As of June 30, 2025 and December 31, 2024, the fair value of the TRA was $7.9 million and $9.1 million, respectively.

Estimating the amount of payments that may be made under the TRA is by nature imprecise. The significant fair value inputs used to estimate the future expected TRA payments to the former owners include the timing of tax payments, a discount rate, book income projections, timing of expected adjustments to calculate taxable income and the projected rate of use for attributes defined in the TRA.

Payments made under the TRA consider tax positions taken by the Company and are due within 125 days following the filing of the Company’s U.S. federal and state income tax returns under procedures described in the agreement. The current portion of the TRA liability is based on tax returns. The TRA will continue until all tax benefit payments have been made or the Company elects early termination under the terms described in the TRA.

The following table summarizes the activity related to the estimated TRA liability (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Beginning balance	$	7,707	$	8,201	$	9,061	$	10,363
Payments	—		—		(1,204)		(1,427)
Fair value adjustment	150		503		—		(232)
Ending balance	$	7,857	$	8,704	$	7,857	$	8,704

The TRA liability requires significant judgment and is classified as Level 3 in the fair value hierarchy.

Surety Bonds

As of June 30, 2025, the Company posted surety bonds in the total amount of $248.5 million. The Company is required to provide surety bonds to various parties as required for certain transactions initiated during the ordinary course of business to guarantee the Company’s performance in accordance with contractual or legal obligations. These off-balance sheet arrangements do not adversely impact the Company’s liquidity or capital resources.

Summary of Significant Accounting Policies (Details) - USD ($)			3 Months Ended		6 Months Ended
	Jun. 02, 2025	Nov. 06, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Reclassification [Line Items]
Vendor rebates, outstanding			$ 69,906,000		$ 69,906,000		$ 115,458,000
Research and development expense			2,500,000	$ 1,800,000	4,900,000	$ 3,700,000
Goodwill impairment					0
Impairment of long lived assets					0
Simple Agreement Of Future Equity (SAFE) Agreement
Reclassification [Line Items]
Investment in equity securities		$ 3,000,000
Contingent payment upon milestone achievements		2,000,000
Equity method investments		$ 3,000,000
Simple Agreement Of Future Equity (SAFE) Agreement \| Preferred Stock
Reclassification [Line Items]
Converted into preferred shares (in shares)	182,669
Prepaid Expenses and Other Current Assets
Reclassification [Line Items]
Vendor rebates, outstanding			69,900,000		69,900,000		115,500,000
Other Assets
Reclassification [Line Items]
Vendor rebates, outstanding			$ 55,700,000		$ 55,700,000		$ 0

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangible assets	$ 8,700	$ 11,800	$ 17,300	$ 24,700
Amortization of developed technology	3,640	3,640	7,279	7,279
Depreciation and amortization	5,644	8,877	10,993	18,504
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of developed technology		3,600	7,300	7,300
Depreciation and amortization	$ 5,100	$ 8,100	$ 10,000	$ 17,400

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Net income	$ 43,262	$ 25,698	$ 60,008	$ 27,863
Less: preferred dividends and accretion	14,788	13,749	29,231	27,251
Net income to common shareholders basic	28,474	11,949	30,777	612
Net income to common shareholders, diluted	$ 28,474	$ 11,949	$ 30,777	$ 612
Basic:
Weighted average shares (in shares)	152,584	151,797	152,331	151,574
Income per share (in dollars per share)	$ 0.19	$ 0.08	$ 0.20	$ 0
Diluted:
Effect of restricted stock and performance awards (in shares)	484	410	627	596
Weighted average shares (in shares)	153,068	152,207	152,958	152,170
Income per share (in dollars per share)	$ 0.19	$ 0.08	$ 0.20	$ 0

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenue	$ 362,243	$ 255,766	$ 664,606	$ 409,169
Cost of revenue
Cost of product and service revenue	261,479	166,173	483,775	260,847
Amortization of developed technology	3,640	3,640	7,279	7,279
Total cost of revenue	265,119	169,813	491,054	268,126
Gross profit	97,124	85,953	173,552	141,043
Operating expenses
General and administrative	44,954	36,971	88,899	74,755
Change in fair value of contingent consideration	150	503	0	(232)
Depreciation and amortization	5,644	8,877	10,993	18,504
Total operating expenses	50,748	46,351	99,892	93,027
Income from operations	46,376	39,602	73,660	48,016
Interest income	3,800	4,782	7,119	8,462
Interest expense	(8,768)	(8,614)	(16,803)	(17,554)
Foreign currency gain (loss), net	1,343	(468)	2,032	(967)
Gain on extinguishment of debts, net	14,207	0	14,207	0
Other expense, net	(79)	(1,794)	(56)	(980)
Total other income (expense), net	10,503	(6,094)	6,499	(11,039)
Income before income tax expense	56,879	33,508	80,159	36,977
Income tax expense	13,617	7,810	20,151	9,114
Net income	43,262	25,698	60,008	27,863
Preferred dividends and accretion	14,788	13,749	29,231	27,251
Net income to common shareholders basic	28,474	11,949	30,777	612
Net income to common shareholders, diluted	$ 28,474	$ 11,949	$ 30,777	$ 612
Income per common share
Basic (in dollars per share)	$ 0.19	$ 0.08	$ 0.20	$ 0
Diluted (in dollars per share)	$ 0.19	$ 0.08	$ 0.20	$ 0
Weighted average number of common shares outstanding
Basic (in shares)	152,584	151,797	152,331	151,574
Diluted (in shares)	153,068	152,207	152,958	152,170