0001820721-26-000008 | 10-K | XBRL Viewer

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Debt - Schedule of Aggregate Future Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 10,315
2027	2,487
2028	325,000
2029	0
2030	0
Thereafter	345,000
Total carrying value of debt	$ 682,802	$ 692,917

Related Party Transactions (Details) $ in Thousands	12 Months Ended
Related Party Transactions (Details) $ in Thousands	Dec. 31, 2025 USD ($) facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2024
Related Party Transaction [Line Items]
Lease renewal period				10 years
Related Party
Related Party Transaction [Line Items]
Number of manufacturing facilities \| facility	5
Fixed operating lease costs to non-related parties \| $	$ 1,152	$ 0	$ 0

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

Debt - Convertible Debt Narrative (Details)					12 Months Ended
Debt - Convertible Debt Narrative (Details)	Jun. 27, 2025 USD ($) $ / shares shares	Dec. 09, 2021 USD ($)	Dec. 09, 2021 USD ($)	Dec. 03, 2021 USD ($)	Dec. 31, 2025 USD ($) day $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Jun. 26, 2025 $ / shares
Short-term Debt [Line Items]
Proceeds from issuance of convertible notes					$ 345,000,000	$ 0	$ 0
Unamortized issuance costs					13,823,000	15,633,000
Gain on debt refinancing					$ 14,207,000	$ 0	$ 0
Equity compensation anti-dilutive securities (in shares) \| shares					5,833,255	3,572,402	2,362,982
Payments of debt issuance costs					$ 10,434,000	$ 0	$ 0
Deferred tax assets					$ 80,267,000	$ 42,255,000
Convertible Debt
Short-term Debt [Line Items]
Equity compensation anti-dilutive securities (in shares) \| shares					0	0	0
2028 Convertible notes
Short-term Debt [Line Items]
Deferred tax assets	$ 10,800,000
2031 Convertible notes
Short-term Debt [Line Items]
Deferred tax assets	$ 8,600,000
Convertible Senior Notes due 2028
Short-term Debt [Line Items]
Debt conversion, converted Instrument, shares issued (in shares) \| shares	17,800,000
Payments of debt issuance costs	$ 52,900,000
Derivatives, exercise price (in dollars per share) \| $ / shares	$ 23.86
Derivative, cap price (in dollars per share) \| $ / shares	$ 36.02
Convertible Senior Notes due 2028 \| Convertible Debt
Short-term Debt [Line Items]
Proceeds from issuance of convertible notes		$ 48,600,000	$ 413,300,000	$ 364,700,000
Convertible note, interest rate, effective percentage discount		2.75%	2.75%	2.75%
Convertible note, annual interest rate					1.00%
Extinguishment of debt	$ 100,000,000.0
Convertible debt	98,500,000
Gain on debt refinancing	20,100,000
Effective Interest Rate		1.00%	1.00%	1.00%	2.10%
Equity compensation anti-dilutive securities (in shares) \| shares					0
Convertible Senior Notes due 2028 \| Convertible Debt \| Common Stock
Short-term Debt [Line Items]
Convertible notes payable					$ 1,000
Conversion of stock, shares converted per dollar (in shares) \| shares					41.9054
Convertible note, conversion price (in dollar per share) \| $ / shares					$ 23.86
Debt conversion, converted Instrument, shares issued (in shares) \| shares					10,100,000
Convertible Senior Notes Due 2031 And 2028 \| Convertible Debt
Short-term Debt [Line Items]
Proceeds from issuance of convertible notes	334,600,000
Unamortized issuance costs	$ 10,400,000
Convertible Senior Notes Due 2031
Short-term Debt [Line Items]
Debt conversion, converted Instrument, shares issued (in shares) \| shares	42,500,000
Payments of debt issuance costs	$ 35,100,000
Derivatives, exercise price (in dollars per share) \| $ / shares	$ 8.12
Derivative, cap price (in dollars per share) \| $ / shares	$ 12.74							$ 8.12
Convertible Senior Notes Due 2031 \| Convertible Debt
Short-term Debt [Line Items]
Proceeds from issuance of convertible notes	$ 78,400,000
Stated interest rate (as a percent)	2.875%
Gain on debt refinancing					$ 5,900,000
Effective Interest Rate					3.40%
Convertible Senior Notes Due 2031 \| Convertible Debt \| Common Stock
Short-term Debt [Line Items]
Convertible notes payable					$ 1,000
Conversion of stock, shares converted per dollar (in shares) \| shares					123.1262
Convertible note, conversion price (in dollar per share) \| $ / shares					$ 8.12
Convertible Senior Notes Due 2031 \| Convertible Debt \| Conversion Period One
Short-term Debt [Line Items]
Conversion price percentage, fundamental change repurchase					100.00%
Convertible Senior Notes Due 2031 \| Convertible Notes Payable
Short-term Debt [Line Items]
Redemption price, percentage					100.00%
Face amount not subject to redemption					$ 100,000,000
Convertible Senior Notes Due 2031 \| Convertible Notes Payable \| Conversion Period One
Short-term Debt [Line Items]
Convertible note, trading days (in days) \| day					20
Convertible note, consecutive trading days (in days) \| day					30
Threshold percentage of stock price trigger					130.00%
Convertible Senior Notes Due 2031 \| Convertible Notes Payable \| Conversion Period Two
Short-term Debt [Line Items]
Convertible note, trading days (in days) \| day					5
Convertible note, consecutive trading days (in days) \| day					10
Threshold percentage of stock price trigger					98.00%
Convertible notes payable					$ 1,000

Supplemental Cash Flows (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Year Ended December 31,
	2025		2024		2023
Cash paid for interest	$	16,056	$	38,655	$	43,949

Cash paid for income taxes
U.S. Federal	18,994		22,166		21,570
U.S. State	3,067		2,006		4,564
Spain	970		1,491		1,104
Other countries	301		2,303		18,704
Total	23,332		27,966		45,942

Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	2,791		422		1,546
Contingent consideration	19,038		—		—
Preferred Series A dividends and accretion	$	59,797	$	55,670	$	51,691

Commitments and Contingencies - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 14, 2025 USD ($) day shares	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Combination, Contingent Consideration [Line Items]
Total			$ 317,261
Surety Bond
Business Combination, Contingent Consideration [Line Items]
Total			215,500
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration [Line Items]
Contingent consideration			$ 8,252	$ 9,061	$ 10,363
Tax receivable agreement, payment term			125 days
Array \| Earnout Consideration
Business Combination, Contingent Consideration [Line Items]
Contingent consideration			$ 19,038	0
APA
Business Combination, Contingent Consideration [Line Items]
Financial performance targets	3 years
Earnout consideration (in shares) \| shares	4,686,530
Purchase price consideration	$ 40,000
Convertible note, trading days (in days) \| day	10
Earnout consideration earned	$ 90,000
Commercial Supplier Settlement
Business Combination, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party		$ 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
Commercial Supplier Settlement \| Cost of Product and Revenue
Business Combination, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party				4,000
Commercial Supplier Settlement \| Prepaid and Other Expenses
Business Combination, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party				$ 400

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net (loss) income	$ (52,235,000)	$ (240,394,000)	$ 137,240,000
Adjustments to net (loss) income:
Goodwill impairment	102,560,000	236,000,000	0
Impairment of long-lived assets	0	91,904,000	0
Provision for credit losses	912,000	2,058,000	2,527,000
Deferred tax expense (benefit)	3,195,000	(37,650,000)	(8,862,000)
Depreciation and amortization	29,768,000	38,221,000	40,268,000
Amortization of developed technology and backlog	17,520,000	14,558,000	14,558,000
Amortization of debt discount and issuance costs	5,216,000	6,087,000	10,570,000
Gain on extinguishment of debt, net	(14,207,000)	0	0
Gain on debt refinancing	0	0	(457,000)
Equity-based compensation	15,571,000	10,349,000	14,540,000
Change in fair value of contingent consideration	177,000	125,000	2,964,000
Warranty provision	17,273,000	3,163,000	4,666,000
Inventory Valuation Reserves	3,515,000	2,923,000	6,431,000
Inventory reserve	29,516,000	0	0
Other non-cash	(2,032,000)	0	0
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	31,008,000	41,423,000	92,800,000
Inventories	52,852,000	(44,787,000)	66,743,000
Income tax receivables	(6,849,000)	(4,112,000)	9,000
Prepaid expenses and other	(25,844,000)	(69,708,000)	(10,840,000)
Accounts payable	(35,868,000)	58,180,000	(37,654,000)
Accrued expenses and other	(54,136,000)	(436,000)	5,325,000
Income tax payable	(540,000)	(863,000)	1,936,000
Lease liabilities	2,202,000	(8,624,000)	1,177,000
Deferred revenue	489,000	55,563,000	(111,986,000)
Other operating assets and liabilities	(18,278,000)	0	0
Net cash provided by operating activities	101,785,000	153,980,000	231,955,000
Investing activities:
Purchase of property, plant and equipment	(21,972,000)	(7,305,000)	(16,989,000)
Acquisition, net of cash acquired	(164,916,000)	0	0
Retirement/disposal of property, plant and equipment	0	34,000	168,000
Cash payments for the acquisition of right-of-use assets	0	(11,276,000)	0
Investment in securities	(1,000,000)	(3,000,000)	0
Sale of equity investment	0	11,975,000	0
Net cash used in investing activities	(187,888,000)	(9,572,000)	(16,821,000)
Financing activities:
Proceeds from issuance of other debt	151,151,000	93,059,000	63,311,000
Proceeds from issuance of convertible notes	345,000,000	0	0
Premium paid on capped call	(35,087,000)	0	0
Fees paid on issuance of convertible notes	(10,434,000)	0	0
Repayments of other debt	(174,392,000)	(97,424,000)	(88,063,000)
Repayments of term loan facility	(233,875,000)	(4,300,000)	(74,300,000)
Repayments of convertible notes	(78,363,000)	0	0
Contingent consideration payments	(1,204,000)	(1,427,000)	(1,200,000)
Other financing	(849,000)	(1,752,000)	(1,509,000)
Net cash used in financing activities	(38,053,000)	(11,844,000)	(101,761,000)
Effect of exchange rate changes on cash and cash equivalent balances	5,999,000	(17,503,000)	1,806,000
Net change in cash and cash equivalents	(118,157,000)	115,061,000	115,179,000
Cash and cash equivalents and restricted cash, beginning of period	364,141,000	249,080,000	133,901,000
Cash and cash equivalents and restricted cash, end of period	$ 245,984,000	$ 364,141,000	$ 249,080,000

Goodwill, Long-Lived Assets, and Other Intangible Assets - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Aug. 14, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 135,173,000	$ 135,173,000	$ 160,189,000	$ 435,591,000
Goodwill impairment			102,560,000	236,000,000	0
Long-lived assets impairment		29,500,000		91,900,000	0
Amortization expense related to intangible assets			41,200,000	48,400,000	52,200,000
Amortization of developed technology and backlog			17,520,000	14,558,000	14,558,000
Depreciation and amortization			26,199,000	36,086,000	38,928,000
Customer-Related Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Long-lived assets impairment				83,000,000.0
Trade name
Finite-Lived Intangible Assets [Line Items]
Long-lived assets impairment				7,300,000
Property, Plant and Equipment
Finite-Lived Intangible Assets [Line Items]
Long-lived assets impairment				1,600,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of developed technology and backlog			17,500,000	14,600,000	14,600,000
Depreciation and amortization			23,700,000	33,800,000	37,600,000
STI Operations
Finite-Lived Intangible Assets [Line Items]
Goodwill		0	0	90,462,000	365,864,000
Goodwill impairment			102,560,000	236,000,000
Long-lived assets impairment				91,900,000
Amortization of developed technology and backlog			0	0	$ 0
STI Operations \| GDC
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment			102,600,000	$ 236,000,000.0
Changes in goodwill fair value		123,900,000	123,900,000
APA
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 72,911,000	$ 65,446,000	$ 65,446,000
Amortization expense related to intangible assets	$ 6,400,000

Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 105,078	$ 113,045	$ 136,498
Foreign	(134,295)	(363,621)	40,659
(Loss) income before income tax expense (benefit)	$ (29,217)	$ (250,576)	$ 177,157

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Consolidated Balance Sheets Details

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Consolidated Balance Sheets Details

Inventories, net

Inventories consist of the following (in thousands):


	December 31,
	2025		2024
Raw materials	$	47,613	$	60,588
Work in process	2,195		—
Finished goods	100,566		140,230
Total	$	150,374	$	200,818

The Company values inventory using costing methods that approximate first-in, first-out (“FIFO”).

During the fourth quarter of 2025, the Company approved a plan to phase out a version of the H250 product that was not compatible with SmarTrack® in order to focus on a SmarTrack®-compatible version introduced in 2024. In connection with this decision, the Company evaluated the recoverability of the remaining H250 inventory and determined that its carrying amount exceeded its estimated net realizable value. Accordingly, the Company recorded an inventory valuation charge of $29.5 million during the year ended December 31, 2025. This charge is included within the STI Operations reporting unit and is recorded within Inventory valuation charge in the consolidated statements of operations.

Prepaid expenses and other current assets

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


	December 31,
	2025		2024
IRA vendor rebates	$	152,036	$	115,458
Prepaid taxes	27,319		14,650
Other	21,753		27,819
Total prepaid expenses and other current assets	$	201,108	$	157,927

Contingent consideration

The following table shows the components of contingent consideration (in thousands):


	December 31,
	2025		2024
Current portion of contingent consideration
TRA	$	2,757	$	1,193
Earnout Consideration	11,794		—
Total current portion of contingent consideration	$	14,551	$	1,193

Contingent consideration, net of current portion
TRA	$	5,495	$	7,868
Earnout Consideration	7,244		—
Total contingent consideration, net of current portion	$	12,739	$	7,868

Accrued Expenses and Other

Accrued expenses and other consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued payables	$	12,332	$	46,043
Accrued payroll expenses	17,135		13,068
Accrued interest	5,564		692

Non-income taxes payable	1,853		4,019
Other	17,405		27,361
Accrued expenses and other	$	54,289	$	91,183

During the fourth quarter of 2025, the Company approved a plan to resize certain aspects of its international operations to better align its cost structure with future business needs. As a result, the Company recognized severance expenses of $1.2 million during the year ended December 31, 2025, in accordance with respective statutory requirements. These charges are included within the STI Operations reporting unit and are recorded within General and administrative expenses in the consolidated statements of operations.

The Company’s severance liabilities totaled $1.2 million as of December 31, 2025 and are included in Accrued expenses and other in the Company’s consolidated balance sheets. The Company expects the reorganization to be substantially complete in 2026.

Consolidated Balance Sheets Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
IRA vendor rebates	$ 152,036	$ 115,458
Prepaid taxes	27,319	14,650
Other	21,753	27,819
Total prepaid expenses and other current assets	$ 201,108	$ 157,927

Earnings per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

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


	Year Ended December 31,
	2025		2024		2023
Net (loss) income	$	(52,235)	$	(240,394)	$	137,240
Preferred dividends and accretion	59,797		55,670		51,691
Net (loss) income to common shareholders	(112,032)		(296,064)		85,549

Basic:
Weighted average common shares outstanding	152,537		151,754		150,942
(Loss) income per share	$	(0.73)	$	(1.95)	$	0.57

Diluted:
Weighted average common shares outstanding	152,537		151,754		150,942
Effect of Restricted Stock and Performance Awards	—		—		1,080
Weighted average dilutive shares	152,537		151,754		152,022
(Loss) income per share	$	(0.73)	$	(1.95)	$	0.56

Since the Company was in a loss position for the years ended December 31, 2025 and 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. As such, 5,833,255 and 3,572,402 shares of common stock equivalents were excluded from the calculation of diluted net loss per share during the years ended December 31, 2025 and 2024, as they had an antidilutive effect.

Potentially dilutive common shares issuable pursuant to equity-based awards of 2,362,982, were excluded from the computation of diluted earnings per share for the year ended December 31, 2023, as their effect would have been antidilutive.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2025, 2024 and 2023, as the sustained market price of the Company’s common stock has not exceeded the conversion thresholds since inception.

Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 58,225	$ 26,222
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	51,452	20,058
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	3,129	2,967
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	156	13
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	384	471
Remainder
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 3,104	$ 2,713

Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (52,235)	$ (240,394)	$ 137,240
Preferred dividends and accretion	59,797	55,670	51,691
Net (loss) income to common shareholders, basic	(112,032)	(296,064)	85,549
Net (loss) income to common shareholders, diluted	$ (112,032)	$ (296,064)	$ 85,549
Basic:
Weighted average common shares outstanding (in shares)	152,537	151,754	150,942
(Loss) income per share (in dollars per share)	$ (0.73)	$ (1.95)	$ 0.57
Diluted:
Effect of Restricted Stock and Performance Awards (in shares)	0	0	1,080
Weighted average dilutive shares (in shares)	152,537	151,754	152,022
(Loss) income per share (in dollars per share)	$ (0.73)	$ (1.95)	$ 0.56

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 6.1	$ 4.4	$ 2.6
Depreciation allocated to cost of revenue	3.6	2.1	1.3
Depreciation included in depreciation and amortization	$ 2.5	$ 2.3	$ 1.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
U.S.	$	105,078	$	113,045	$	136,498
Foreign	(134,295)		(363,621)		40,659
Income (loss) before provision for income taxes	$	(29,217)	$	(250,576)	$	177,157

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes charged to operations consists of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current expense (benefit):
U.S. Federal	$	15,364	$	21,686	$	26,592
U.S. State	4,741		2,707		5,678
Spain	(536)		986		1,507
Other Countries	254		2,089		15,002
	19,823		27,468		48,779
Deferred expense (benefit):
U.S. Federal	4,615		(1,361)		942
U.S. State	(778)		(406)		(327)
Spain	(617)		(2,849)		(2,989)
Other Countries	(25)		(33,034)		(6,488)
	3,195		(37,650)		(8,862)
Total income tax expense (benefit)	$	23,018	$	(10,182)	$	39,917

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Bad debts	$	782	$	143
Inventories	5,404		5,439
Accrued warranties	7,720		4,753
Accrued compensation	818		496
Net operating loss	16,124		4,247
Equity-based compensation	4,026		2,769
Lease liabilities	24,110		4,982
Premium on capped call	13,197		7,777
Capitalized R&D expenses	(391)		6,405
Other	8,477		5,244
Deferred tax assets	80,267		42,255
Valuation allowance	(22,020)		(11,181)
Deferred tax assets, net	58,247		31,074
Deferred tax liabilities:
Property, plant, and equipment	(7,050)		(2,349)
Intangible assets	(25,275)		(28,450)
ROU assets	(24,090)		(3,919)
Deferred tax liabilities	(56,415)		(34,718)
Deferred tax asset (liability), net	$	1,832	$	(3,644)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense computed at the federal statutory rate to the actual income tax expense at the Company’s effective rate is as follows (in thousands):


	Year Ended December 31,
	2025		%		2024		%		2023		%
Adjusted pre-tax book (loss) income	$	(29,217)			$	(250,576)			$	177,157
Federal statutory tax rate	(6,136)		21.0	%	(52,621)		21.0	%	37,204		21.0	%
State and local income taxes	2,968		(10.2)	%	1,732		(0.7)	%	4,150		2.3	%
Foreign tax effects	17,047		(58.4)	%	35,929		(14.3)	%	(2,650)		(1.5)	%
Brazil	(3,567)		12.2	%	35,831		(14.3)	%	3,420		1.9	%
Tax rate differential	(3,894)		13.3	%	(14,311)		5.7	%	3,143		1.8	%
Non-deductible goodwill	—		—	%	49,560		(19.8)	%	—		—	%
Non-deductible expenses	327		(1.1)	%	582		(0.2)	%	277		0.2	%
South Africa	(437)		1.5	%	(53)		—	%	(148)		(0.1)	%
Spain	21,204		(72.6)	%	975		(0.4)	%	(5,438)		(3.1)	%
Non-deductible goodwill	21,538		(73.7)	%	—		—	%	—		—	%
Other	(334)		1.1	%	975		(0.4)	%	(5,438)		(3.1)	%
All others	(153)		0.5	%	(824)		0.3	%	(484)		(0.3)	%
Valuation allowances	9,660		(33.1)	%	7,760		(3.1)	%	911		0.5	%
Brazil	10,183		(34.9)	%	7,760		(3.1)	%	911		0.5	%
South Africa	(523)		1.8	%	—		—	%	—		—	%
R&D credits	(816)		2.8	%	(3,623)		1.5	%	(407)		(0.2)	%
Uncertain tax positions	122		(0.4)	%	714		(0.3)	%	—		—	%
Non-taxable or non-deductible items	668		(2.3)	%	(9)		—	%	377		0.2	%
Investment tax credits included in Cost of product and service revenue	(1,812)		6.2	%	(931)		0.4	%	—		—	%
Compensation	1,508		(5.2)	%	945		(0.4)	%	(414)		(0.2)	%
Contingent consideration	761		(2.6)	%	26		—	%	622		0.3	%
Non-deductible expenses	211		(0.7)	%	(49)		—	%	169		0.1	%
Other adjustments	(495)		1.7	%	(64)		—	%	332		0.2	%
Total	$	23,018	(78.8)	%	$	(10,182)	4.1	%	$	39,917	22.5	%

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the unrecognized tax benefits included within Other long-term liabilities in the consolidated statements of operations is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits – January 1	$	714	$	—	$	—
Gross increases – tax positions in prior period	—		533		—
Gross decreases – tax positions in prior period	—		—		—
Gross increases – tax positions in current period	122		181		—
Settlement	—		—		—
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits – December 31	$	836	$	714	$	—

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance Leases:
Amortization of finance lease assets	$ 450	$ 0	$ 0
Interest obligation under finance leases	687	0	0
Finance Leases Cost Total	1,137	0	0
Operating Leases:
Variable operating lease costs to non-related parties	1,931	1,838	1,501
Short-term lease costs	57	48	86
Total lease costs	11,714	10,148	9,775
Non-Related Party
Operating Leases:
Fixed operating lease costs to non-related parties	8,574	8,262	8,188
Related Party
Operating Leases:
Fixed operating lease costs to non-related parties	$ 1,152	$ 0	$ 0

Leases - Schedule of Right of Use Assets Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lease assets
Finance lease ROU assets	$ 48,791	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease assets
Operating lease ROU assets	$ 48,297	$ 16,384
Operating lease, right-of-use asset, statement of financial position	Lease assets	Lease assets
Lease assets	$ 97,088	$ 16,384
Current portion of lease liabilities
Finance lease liabilities, current portion	$ 188	0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of lease liabilities
Operating lease liabilities, current portion	$ 7,474	$ 5,600
Operating lease, liability, current, statement of financial position	Current portion of lease liabilities	Current portion of lease liabilities
Current portion of lease liabilities	$ 7,662	$ 5,600
Lease liabilities, net of current portion
Finance lease liabilities, long-term portion	$ 42,264	0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities, net of current portion
Operating lease liabilities, long-term portion	$ 47,288	$ 15,128
Operating lease, liability, noncurrent, statement of financial position	Lease Liabilities, net of current portion	Lease Liabilities, net of current portion
Lease Liabilities, net of current portion	$ 89,552	$ 15,128
Related Party
Lease assets
Operating lease ROU assets	26,419	0
Current portion of lease liabilities
Operating lease liabilities, current portion	592	0
Lease liabilities, net of current portion
Operating lease liabilities, long-term portion	$ 26,050	$ 0

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Notes	$	320,733	$	299,796	$	417,525	$	311,525
2031 Convertible Notes	335,444		501,006		—		—

Acquisition - Schedule of Business Acquisitions Purchase Price Consideration (Details) - APA $ in Thousands	Aug. 14, 2025 USD ($)
Business Combination [Line Items]
Cash consideration paid	$ 166,135
Earn-out	19,256
Purchase consideration	$ 185,391

- 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

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

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	5,833,255	3,572,402	2,362,982
Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	0	0	0

Acquisition

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition

On August 14, 2025 (the “Closing Date”), the Company, through its indirect wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the APA Acquisition, pursuant to the terms of the equity purchase agreement, dated as of June 17, 2025, by and among the Company, Buyer, APA, SunHoldings, LLC, an Ohio limited liability company (“Seller”), and the guarantors party thereto (as amended, the “Purchase Agreement”). The cash consideration paid was approximately $166.1 million. The Purchase Agreement also includes an earnout provision estimated to have a fair value of approximately $19.3 million as of the Closing Date (the “Earnout Consideration”), under which the Seller may receive shares of Company common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending on September 30, 2028. As a result, the purchase consideration approximates $185.4 million. Subject to the terms and conditions set forth in the Purchase Agreement, the Company has also agreed to pay aggregate deferred consideration of approximately $40.0 million payable in three installments over a two-year period based on service within five business days after the first and second anniversaries from the Closing Date and as set forth below (the “Deferred Consideration”). Each of the Earnout Consideration and Deferred Consideration are described in more detail below. The Company is currently finalizing the valuation of the acquired assets and liabilities and assessing the related accounting impacts.

The purchase consideration to acquire APA consisted of the following:


Cash consideration paid	166,135
Earn-out	19,256
Purchase consideration	$	185,391

Earnout Consideration

The Purchase Agreement includes an earnout provision pursuant to which Seller may be granted shares of the Company’s common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending September 30, 2028. The maximum number of shares payable as Earnout Consideration is 4,686,530 shares of common stock, which was determined by dividing $40 million by the volume weighted average price of the Company’s common stock for the 10 trading days immediately following the Closing Date. The number of shares payable will be subject to reduction if the cumulative value of the Earnout Consideration earned (measured on each date such shares

are issued) exceeds $90 million. The Purchase Agreement provides that, to the extent the issuance of any Earnout Consideration or Deferred Consideration Shares would require stockholder approval under Nasdaq Listing Rule 5635(a), the Company will pay cash in lieu of issuing such shares, unless such stockholder approval has been obtained. The principal Seller continues to assume the managerial responsibilities of APA.

The Earnout Consideration is accounted for as contingent consideration, and the fair value is estimated each reporting period. As of the Closing Date, the Earnout Consideration was estimated to have a fair value of approximately $19.3 million using a Monte-Carlo simulation method. Changes in fair value of the contingent liability are recognized in Change in fair value of contingent consideration in the consolidated statements of operations. Estimating the amount of payments that may be made under the Earnout Consideration is by nature imprecise. The significant fair value inputs used to estimate the future expected Earnout Consideration payments to Seller include a discount rate, earnings forecasts, and actual and estimated future volatility in the Company’s stock price.

Deferred Consideration Installments

The Deferred Consideration which will be payable to Seller in three installments (each, a “Deferred Consideration Installment”): (i) within five business days after the first anniversary of the Closing Date, an amount equal to 50% of the Deferred Consideration; (ii) on December 31, 2026, an amount equal to (A) 50% of the Deferred Consideration multiplied by (B) the proportion of the two-year period from the Closing Date to the second anniversary of the Closing Date that has elapsed as of December 31, 2026; and (iii) within five business days after the second anniversary of the Closing Date, an amount equal to the remaining balance of the Deferred Consideration. As more fully described in the Purchase Agreement, the Deferred Consideration Installments are subject to reduction if certain equity holders of Seller cease to be employees of the Company under certain circumstances. Each Deferred Consideration Installment will, at the Company’s election, be paid: (i) in cash; (ii) through the issuance of shares of Company common stock, par value $0.001 per share, valued at the closing price on the trading day immediately preceding the applicable Deferred Consideration Anniversary (if any such shares are issued, the “Deferred Consideration Shares”); or (iii) by any combination of the foregoing. As the Deferred Consideration Installments are tied to future service to the Company, they are considered compensatory and not included in purchase consideration.

Purchase Price Allocation

The APA Acquisition was accounted for as a business combination applying ASC 805. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the expected synergies of the combined entities that are expected to be realized from the APA Acquisition. The goodwill is deductible for tax purposes.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Closing Date (in thousands):


Preliminary fair value of net assets acquired and liabilities assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	1,219	$	—	$	1,219
Accounts receivable	29,043		81		29,124
Inventories	25,467		(331)		25,136
Prepaid expenses and other	466		—		466
Property, plant and equipment	14,256		—		14,256
Other intangible assets	80,800		7,200		88,000
Other assets	27,050		194		27,244
Total assets acquired	$	178,301	$	7,144	$	185,445

Accounts payable	12,540		—		12,540
Deferred revenue	22,121		208		22,329
Other liabilities	4,079		59		4,138
Other long-term liabilities	26,330		163		26,493
Total liabilities assumed	$	65,070	$	430	$	65,500

Preliminary fair value of net assets acquired	113,231		6,714		119,945
Preliminary allocation to goodwill	$	72,911	$	(7,465)	$	65,446

The amounts recorded as of December 31, 2025 are preliminary, as the Company is finalizing working capital, post-closing, and other customary adjustments. These preliminary estimates are subject to change within the measurement period (defined as the twelve months following the Closing Date) and related accounting adjustments may be materially different, as the Company obtains additional information on these matters and as additional information is made known during the post-acquisition measurement period. As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. There were no measurement period adjustments materially impacting earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date.

The preliminary purchase price allocation includes $88.0 million of acquired identifiable intangible assets as follows:


	Estimated Fair Value (in USD)		Estimated Weighted Average Useful Life in Years
(in thousands, except useful lives)
Developed technology	$	22,000	5
Computer software and other	13,000		5
Customer relationships	39,500		5-9
Backlog	3,500		1
Trade name	10,000		10
Total	$	88,000

The preliminary fair value of the identifiable intangible assets has been estimated using the Multi-Period Excess Earnings Method (Customer relationships and Backlog), Relief from Royalty Method (Trade name), and Replacement Cost Method (Developed technology and Computer software and other). The intangible assets are being amortized over their estimated useful lives on a straight-line basis that reflects the economic benefit of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the APA Acquisition. Direct transaction costs incurred related to the APA Acquisition were $9.4 million and are included in General and administrative expenses in the consolidated statements of operations.

Included in the Company’s consolidated statements of operations from the Closing Date of August 14, 2025 through December 31, 2025 are revenue of $50.0 million and an operating loss of $6.3 million, inclusive of $7.5 million of expenses related to the Deferred Consideration and $6.4 million of amortization expense related to identified intangible assets.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information presents the combined results of operations of the Company and APA as if the acquisition had occurred on January 1, 2024, after giving effect to certain unaudited pro forma adjustments. The unaudited pro forma adjustments reflected herein include only those adjustments that are directly attributable to the APA Acquisition and factually supportable. The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the APA Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the APA Acquisition been consummated on January 1, 2024. These results are prepared in accordance with U.S. GAAP (in thousands):


	Year Ended December 31,
	2025		2024
Revenue	$	1,363,762	$	1,045,103
Net loss	57,487		254,957

Pro forma adjustments(1)	$	17,790	$	39,989

(1) Pro forma adjustments represent re-casting of transaction costs and incremental expenses, net of estimated taxes, resulting from the APA Acquisition, including Deferred Consideration expense, intangible asset amortization, and the impacts of lease re-measurements and increases to the fair value of inventories and property, plant and equipment.

- Definition

The entire disclosure for business combination.

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+ Details

Acquisition (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions Purchase Price Consideration

The purchase consideration to acquire APA consisted of the following:


Cash consideration paid	166,135
Earn-out	19,256
Purchase consideration	$	185,391

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Closing Date (in thousands):


Preliminary fair value of net assets acquired and liabilities assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	1,219	$	—	$	1,219
Accounts receivable	29,043		81		29,124
Inventories	25,467		(331)		25,136
Prepaid expenses and other	466		—		466
Property, plant and equipment	14,256		—		14,256
Other intangible assets	80,800		7,200		88,000
Other assets	27,050		194		27,244
Total assets acquired	$	178,301	$	7,144	$	185,445

Accounts payable	12,540		—		12,540
Deferred revenue	22,121		208		22,329
Other liabilities	4,079		59		4,138
Other long-term liabilities	26,330		163		26,493
Total liabilities assumed	$	65,070	$	430	$	65,500

Preliminary fair value of net assets acquired	113,231		6,714		119,945
Preliminary allocation to goodwill	$	72,911	$	(7,465)	$	65,446

Schedule of Purchase Price Allocation

The preliminary purchase price allocation includes $88.0 million of acquired identifiable intangible assets as follows:


	Estimated Fair Value (in USD)		Estimated Weighted Average Useful Life in Years
(in thousands, except useful lives)
Developed technology	$	22,000	5
Computer software and other	13,000		5
Customer relationships	39,500		5-9
Backlog	3,500		1
Trade name	10,000		10
Total	$	88,000

Schedule of Business Acquisition, Pro Forma Information

The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the APA Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the APA Acquisition been consummated on January 1, 2024. These results are prepared in accordance with U.S. GAAP (in thousands):


	Year Ended December 31,
	2025		2024
Revenue	$	1,363,762	$	1,045,103
Net loss	57,487		254,957

Pro forma adjustments(1)	$	17,790	$	39,989

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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


	December 31,
	2025		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	12,802		34,042
Total principal	682,802		692,917
Unamortized discount and issuance costs, total	(13,823)		(15,633)
Current portion of debt	(10,315)		(30,714)
Total long-term debt, net of current portion	$	658,664	$	646,570

Schedule of Interest expense

Interest expense related to the Term Loan Facility was as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Contractual interest expense	$	8,970		$	20,623		$	24,503
Amortization of debt discount and issuance costs	2,025			3,588			7,859
Total interest expense	$	10,995		$	24,211		$	32,362

Effective Interest Rate	—		%	9.55		%	10.15		%

Interest expense related to the Convertible Notes was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Contractual interest expense	$	8,796	$	4,250	$	4,250
Amortization of debt discount and issuance costs	2,544		1,893		1,880
Total interest expense	$	11,340	$	6,143	$	6,130

Schedule of Convertible Debt

The net carrying amount of the Convertible Notes was as follows (in thousands):


	December 31, 2025				December 31, 2024
	2028 Convertible Notes		2031 Convertible Notes		2028 Convertible Notes		2031 Convertible Notes
Principal	$	325,000	$	345,000	$	425,000	$	—
Unamortized issuance costs	(4,267)		(9,556)		(7,475)		—
Net carrying amount	$	320,733	$	335,444	$	417,525	$	—

Schedule of Maturities of Debt

Aggregate future debt maturities are as follows (in thousands):


	Amount
2026	$	10,315
2027	2,487
2028	325,000
2029	—
2030	—
Thereafter	345,000
	$	682,802

Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
2028 Convertible notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	$ 320,733	$ 417,525
Fair Value	299,796	311,525
2031 Convertible notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	335,444	0
Fair Value	$ 501,006	$ 0

- Definition

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

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+ Details

- 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

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,284,141	$ 915,807	$ 1,576,551
Over-time revenue
Disaggregation of Revenue [Line Items]
Total revenue	1,088,827	744,346	1,417,217
Point in time revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 195,314	$ 171,461	$ 159,334

- 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

Equity-Based Compensation and Other Benefit Plans - Schedule of RSUs and PSUs Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
RSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) \| shares	2,648,161
Shares granted (in shares) \| shares	3,049,243
Shares vested (in shares) \| shares	(816,680)
Shares forfeited (in shares) \| shares	(558,347)
Outstanding non-vested, ending balance (in shares) \| shares	4,322,377
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	6.36
Shares vested, weighted average grand date fair value (in dollars per share) \| $ / shares	12.73
Shares forfeited, weighted average grand date fair value (in dollars per share) \| $ / shares	9.47
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 7.58
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	(73,166)
Outstanding non-vested, ending balance (in shares) \| shares	1,510,848
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	9.53
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	12.10
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 11.22

Subsequent Events (Details) - Revolving credit facility - USD ($) $ in Thousands	Feb. 18, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 166,000	$ 200,000
Subsequent event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 370,000

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The 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 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.
Business Combinations	Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 Business Combinations (“ASC 805”). The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives, and market multiples, amongst other items.
Foreign Currency Translation	Foreign Currency Translation The Company’s foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period-end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period-end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed insured amounts, but we have experienced no losses associated with these amounts to date. At December 31, 2025 and 2024, restricted cash represents cash deposited with a financial institution by one of our foreign subsidiaries that was restricted for the issuance of certain surety bonds.
Accounts Receivable	Accounts Receivable The Company’s accounts receivable are due primarily from customers across the U.S. and internationally. Credit is extended in the normal course of business based on evaluation of a customer’s financial condition and, generally, collateral is not required. Trade receivables consist of uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated credit losses through an estimate of expected credit losses valuation account. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from the asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable and unbilled accounts receivable based primarily on our collection history and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. In evaluating the level of established reserves, management makes judgments regarding the customers’ ability to make required payments, economic events, and other factors. As the financial conditions of these customers change, circumstances develop, or additional information becomes available, adjustments to the valuation account may be required. When deemed uncollectible, the receivable is charged against the valuation account for credit losses or directly written off. Unbilled receivables represent temporary timing differences between shipments made and billing milestones achieved and are recorded in the accounts receivable balances. Such amounts have not been billed due to pending commercial criteria, such as billing on a specified date of the month or upon completion of mega-watt deliveries. Unbilled receivables are invoiced once the underlying commercial criteria have been met and we expect payment within 30 to 60 days.
Inventories	Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost or estimated net realizable value using costing methods that approximate first-in, first-out (“FIFO”). Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which extend the life of an asset are capitalized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred. A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and net sales proceeds received. A gain or loss on an asset disposal is recognized in the period that the sale occurs.
Leases	Leases The Company determines if an arrangement contains a lease at inception by determining if it conveys the right to control the use of an identified asset in exchange for consideration. At the same time, the Company also assesses whether the lease should be classified as an operating lease or a finance lease, depending on the specific terms of each lease. Lease right-of-use assets (“ROU assets”) and associated lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments. Certain lease agreements may include one or more options to extend or terminate a lease if it is reasonably certain that the Company will exercise such options. ROU assets also include any initial direct costs and prepayments less lease incentives. Because most of the Company’s leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease expense is recognized on a straight-line basis over the lease term. ROU assets and the corresponding lease liabilities are included in Lease assets, Current portion of lease liabilities, and Lease liabilities, net of current portion in our consolidated balance sheets.
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 groupings 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 of the group on pro-rata basis using the relative carrying amounts of the asset groups long-lived assets.
Goodwill and Indefinite-Lived Intangible Asset	Goodwill and Indefinite-Lived Intangible Asset 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 or 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. During the years ended December 31, 2025 and 2024, the Company identified certain indicators of impairment on various dates, and as a result, performed goodwill impairment tests, which resulted in impairments of goodwill totaling $102.6 million and $236.0 million, respectively. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. There was no impairment of goodwill for the years ended December 31, 2023. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition associated with the Array Legacy Operations reporting unit. The Company performs an annual impairment test on its Trade name indefinite-lived intangible asset, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year. There were no indicators of impairment associated with this Trade name.
Amortizable and Other Intangible Assets	Amortizable and Other Intangible Assets The Company amortizes identifiable finite lived intangible assets consisting of developed technology, computer software, customer relationships, contractual backlog and the STI and APA trade names on a straight-line basis over the assets’ estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized, over their estimated useful lives.
Debt Discount and Issuance Costs	Debt Discount and Issuance Costs Debt discount and issuance costs incurred to issue debt are deferred and amortized using the effective interest method as a component of interest expense over the life of the related debt agreement.
Revenue Recognition	Revenue Recognition In accordance with ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenues from the sale of solar tracking systems, parts, installation services, extended warranties on solar tracker system components and software licenses. The Company determines its revenue recognition through the following steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations within the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations within the contract; and (v) recognition of revenue when, or as the performance obligation has been satisfied. In assessing the recognition of revenue, the Company also evaluates whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time or over time. Performance Obligations The Company’s contracts for specific solar tracker system projects with customers are predominantly accounted for as a single performance obligation, because the Company is integrating the solar tracking system components and related services as part of a single project. The Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract, which is principally as tracker system components are delivered to the designated project site. The Company sources the component parts from third party manufacturers, it obtains control and receives title of such parts before transferring them to the customer because the Company is responsible for fulfillment to its customer. The Company’s engineering services and professional services are interdependent with the component parts whereby the parts form an input into a combined output for which it is the principal, and the Company could redirect the parts before they are transferred to the customer if needed. The customer owns the work-in-process over the course of the project and the Company’s performance enhances a customer-controlled asset, resulting in the recognition of the performance obligation over time. In contracts with a single performance obligation, the Company’s obligation is satisfied over-time as control is transferred to the customer by measuring the progress toward complete satisfaction of the performance obligation using an input (i.e., the “cost-to-cost”) method. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The costs of materials and hardware components are recognized as incurred, which is typically upon delivery to the customer site or upon transfer of control while in transit. For contracts with customers that result in multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. These contracts include contracts for the sale of components, contracts with installation services, solar tracker systems sold with an extended warranty, and contracts that include the sale of software and maintenance. For all years presented, the transaction price associated with extended warranties and the sale of software and maintenance was not material. The Company generally uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts related to the sale of components as opposed to contracts to provide an integrated solar tracker project, the Company’s obligation to the customer is to deliver components that are used by the customer to create a tracker system and does not include engineering or other professional services or the obligation to provide such services in the future. Under these arrangements, each component is a distinct performance obligation, and often the components are delivered in batches at different points in time. The Company estimates the standalone selling price (“SSP”) of each component performance obligation based on a cost-plus margin approach. Revenue allocated to a component is recognized at the point in time that control of the component transfers to the customer, which is usually upon delivery to the customer’s site. Contracts are often modified through change orders to account for changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as separate performance obligations but rather as a modification of the existing contract and performance obligation. Bill and Hold Arrangements In certain situations, the Company recognizes revenue under bill-and-hold arrangements with its customers. In all bill-and-hold arrangements, 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 our custody. The material is bundled or palletized in the Company’s warehouses, identified separately as belonging to the respective customer and is ready for immediate transport to the customer project upon customer 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. Contract Estimates A majority of our revenue is recognized over time as work progresses, and for a single performance obligation, 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. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled accounts receivable for goods or services delivered but not invoiced, and deferred revenue (contract liabilities) in the 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. Billing sometimes occurs subsequent to revenue recognition, resulting in unbilled accounts receivable. The changes in unbilled accounts receivable and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings for the Company’s revenue recognized over-time. Practical Expedients and Exemptions The Company has elected to adopt certain practical expedients and exemptions as allowed under ASC 606, such as: (i) recording sales commissions as incurred because the amortization period is less than one year; (ii) not adjusting for the effects of significant financing components when the contract term is less than one year; (iii) excluding collected sales tax amounts from the calculation of revenue; and (iv) accounting for the costs of shipping and handling activities that are incurred after the customer obtains control of the product as fulfillment costs rather than a separate service provided to the customer for which consideration would need to be allocated. 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”) in the 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.
Research and Development	Research and Development The Company incurs research and development (“R&D”) costs during its process of researching and developing new products and significant enhancements to existing products. R&D costs consist primarily of personnel-related costs associated with our team of internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred.
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 section 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The 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 in the 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 Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to Cost of product and service revenue in the consolidated statements of operations. The tax credit is included as an offset in Income tax payable in the consolidated balance sheets dated December 31, 2025.
Warranty Obligations	Warranty Obligations The Company offers a multi-year assurance type warranty for its products against manufacturer defects and does not contain service elements. For these assurance type warranties, a provision for estimated future costs related to warranty expense is recorded when they are probable and reasonably estimable, which is typically when products are delivered. This provision is based on historical information on the nature, frequency and average cost of claims for each product line. When little or no experience exists for a recently-introduced product line, the estimate is based on comparable product lines. These estimates are re-evaluated on an ongoing basis using best-available information and revisions to estimates are made as necessary. Claims estimated to be payable in the following year are classified as current liabilities and those payable beyond one year are classified as long-term liabilities.
Advertising Expenses	Advertising Expenses The cost of advertising, marketing and media is expensed as incurred.
Income Taxes	Income Taxes The Company provides for income taxes based on the provisions of ASC Topic 740 Income Taxes (“ASC 740”), which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax rates in effect at the date of the consolidated financial statements. A valuation allowance is provided to reduce deferred income tax assets if it is more likely than not that all, or some portion, of such deferred tax assets will not be recognized. Provision for estimated income taxes is based upon elements of income and expense reported in the consolidated statements of operations. The Company also files certain corporate state income tax returns. Generally, the Company is subject to examination by U.S. federal, state and non-U.S. income tax authorities. The current provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company determines whether uncertain tax positions are more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to unrecognized tax benefits within Interest expense and Other expenses, respectively, in the consolidated statements of operations. The Company's liabilities for unrecognized tax benefits are reflected in Other long-term liabilities in the consolidated balance sheet.
Equity-Based Compensation	Equity-Based Compensation The Company recognizes equity-based compensation expense based on the equity award’s grant date fair value. The determination of the fair value of equity awards issued to employees of the Company is based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Company values equity awards with a market condition using a Monte Carlo simulation model. The Company accounts for forfeitures as they occur. The grant date fair value of each unit is amortized on a straight-line basis over the requisite service period.
Temporary Equity	Temporary Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. The Series A Redeemable Perpetual Preferred Stock of the Company, par value $0.001 per share (the “Series A Shares”) issued in connection with the Series A Purchase Agreement, as described in Note 11 – Redeemable Perpetual Preferred Stock, are classified as temporary equity in the accompanying consolidated financial statements. The Company elected the accreted redemption value method under which it accretes changes in redemption value over the period from the date of issuance of the Series A Shares to the earliest costless redemption date (the fifth anniversary) using the effective interest method. Such adjustments are included in Preferred cumulative dividends plus accretion and commitment fees on the Company’s consolidated statements of changes in redeemable perpetual preferred stock and stockholders’ equity (deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP.
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”), is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options, unvested restricted stock, or convertible debt, were exercised and converted into shares. The convertible debt is not currently convertible. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive.
Credit Concentration	Credit Concentration Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to cash balances.
Fair Value	Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities. The fair values of the Company’s cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable approximate their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The Company follows the provisions of ASC Topic 820 Fair Value Measurement for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company, this applies to certain nonfinancial assets and liabilities acquired in business combinations and measurement of goodwill impairment and non-amortizable intangibles and is thereby measured at fair value, which was determined by the Company with the assistance of third-party valuation specialists.
Restructuring	Restructuring The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420 Exit or Disposal Cost Obligations ("ASC 420" ) and ASC Topic 712 Compensation - Nonretirement Postemployment Benefits ("ASC 712" ). The Company accrues a liability for termination benefits under ASC 712 when it is probable that a liability has been incurred and the amount can be reasonably estimated and under ASC 420 when the termination benefits are communicated. In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued in the consolidated balance sheets.
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, 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. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses, which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new guidance in the first quarter of fiscal year 2026 and does not expect a material impact on its consolidated financial statements upon adoption. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software, which updates the accounting for internal-use software by removing project stage references and introduces a new capitalization threshold based on management authorization and project completion probability. The guidance requires evaluation of significant development uncertainty, including novel functionality and unresolved performance requirements. ASU 2025-06 also requires website-specific development costs to be evaluated under the same framework as other internal-use software and clarifies that capitalized internal-use software costs are subject to the property, plant and equipment disclosure requirements under ASC Topic 360 Property, Plant, and Equipment. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on its financial statement disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which provides clarity and navigability of interim reporting requirements, requiring the entities to provide interim financial statements and notes in accordance with U.S. GAAP and added a comprehensive list of interim disclosures required by U.S. GAAP. The new standard is effective for the Company beginning in fiscal year 2029 with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statement disclosures. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes: 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 Company adopted ASU 2023-09 during the year ended December 31, 2025, with retrospective application.

Income Taxes - Narrative (Details)	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 27, 2025 USD ($)	Dec. 31, 2022 USD ($)	Dec. 09, 2021 USD ($)	Dec. 03, 2021 USD ($)
Income Tax Examination [Line Items]
Goodwill impairment		$ 102,560,000	$ 236,000,000	$ 0
Long-lived assets impairment	$ 29,500,000		91,900,000	0
Long-lived assets impairment		9,500,000	7,200,000
Tax deductible original issue discount amount		35,100,000
Deferred tax asset	8,600,000	8,600,000
Valuation allowance	22,020,000	22,020,000	11,181,000
Unrecognized tax benefits	836,000	$ 836,000	714,000	0		$ 0
Effective tax rate		0.0085
Cost of product and service revenue		$ 938,552,000	603,572,000	1,146,442,000
Manufacturing Production Credits, 45X
Income Tax Examination [Line Items]
Cost of product and service revenue		8,600,000	$ 4,400,000	$ 0
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	6,800,000	6,800,000
Foreign Tax Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 43,400,000	$ 43,400,000
Convertible Senior Notes Due 2031 \| Convertible Debt
Income Tax Examination [Line Items]
Debt instrument, face amount					$ 345,000,000
Stated interest rate (as a percent)					2.875%
Effective percentage	3.40%	3.40%
Convertible Senior Notes due 2028 \| Convertible Debt
Income Tax Examination [Line Items]
Debt instrument, face amount							$ 425,000,000	$ 425,000,000
Effective percentage	2.10%	2.10%					1.00%	1.00%
Convertible Senior Notes due 2028, $375 Million \| Convertible Debt
Income Tax Examination [Line Items]
Debt instrument, face amount								$ 375,000,000
Convertible Senior Notes due 2028, $50 Million \| Convertible Debt
Income Tax Examination [Line Items]
Debt instrument, face amount							$ 50,000,000

Acquisition - Schedule of Business Acquisition, Pro Forma Information (Details) - APA - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Revenue	$ 1,363,762	$ 1,045,103
Net loss	57,487	254,957
Pro forma adjustments	$ 17,790	$ 39,989

- 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

Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) - 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, 2022

406

Temporary equity, beginning balance at Dec. 31, 2022

$ 299,570

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion and commitment fees (in shares)

Preferred cumulative dividends plus accretion and commitment fees

$ 51,690

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

432

Temporary equity, ending balance at Dec. 31, 2023

$ 351,260

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022

150,513

Stockholders' equity, beginning balance at Dec. 31, 2022

124,281

$ 150

$ 383,176

$ (267,470)

$ 8,425

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

Vesting of restricted stock units (in shares)

686

Vesting of restricted stock units

$ 1

Employee purchase plan (in shares)

Employee purchase plan

147

Equity-based compensation

15,454

Tax withholding related to vesting of equity-based compensation

(1,061)

Preferred cumulative dividends plus accretion

(53,199)

Net income (loss)

137,240

Foreign currency translation

36,385

^[1]

36,385

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

151,242

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

$ 259,248

$ 151

344,517

(130,230)

44,810

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion and commitment fees (in shares)

Preferred cumulative dividends plus accretion and commitment fees

$ 55,671

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

460

Temporary equity, ending balance at Dec. 31, 2024

$ 406,931

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

Vesting of restricted stock units (in shares)

648

Employee purchase plan (in shares)

Employee purchase plan

1,701

Equity-based compensation

8,985

Tax withholding related to vesting of equity-based compensation

(1,752)

Preferred cumulative dividends plus accretion

(55,671)

Net income (loss)

(240,394)

Foreign currency translation

(90,213)

^[1]

(90,213)

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

151,952

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

$ (118,096)

$ 151

297,780

(370,624)

(45,403)

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion and commitment fees (in shares)

Preferred cumulative dividends plus accretion and commitment fees

$ 59,797

Temporary equity, ending balance (in shares) at Dec. 31, 2025

490

Temporary equity, ending balance at Dec. 31, 2025

$ 466,728

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

Vesting of restricted stock units (in shares)

725

Vesting of restricted stock units

$ 1

Employee purchase plan (in shares)

103

Employee purchase plan

732

Equity-based compensation

15,361

Tax withholding related to vesting of equity-based compensation

(539)

Purchase of 2031 Capped Calls, net of tax effect

(26,689)

Preferred cumulative dividends plus accretion

(59,797)

Net income (loss)

(52,235)

Foreign currency translation

34,922

^[1]

34,922

Stockholders' equity, ending balance (in shares) at Dec. 31, 2025

152,780

Stockholders' equity, ending balance at Dec. 31, 2025

$ (206,340)

$ 152

$ 226,848

$ (422,859)

$ (10,481)

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consists of the following (in thousands):


	December 31,
	2025		2024		2023
Accounts receivable	$	277,823	$	280,686	$	335,976
Less: allowance for credit losses	(6,245)		(4,848)		(3,824)
Accounts receivable, net	$	271,578	$	275,838	$	332,152

Schedule of Allowance for Credit Loss

The following is the activity of the allowance for credit losses on accounts receivable which includes trade accounts receivable and unbilled accounts receivable (in thousands):


	December 31,
	2025		2024		2023
Beginning balance	$	(4,848)	$	(3,824)	$	(1,888)
Provision for credit losses	(2,685)		(1,855)		(2,871)
Collected	60		92		916
Written-off	1,228		739		19
Ending balance	$	(6,245)	$	(4,848)	$	(3,824)

Commitments and Contingencies - Schedule of Liability Related to Estimated Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Fair value adjustment	$ 177	$ 125	$ 2,964
Payments	(1,204)	(1,427)	(1,200)
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	9,061	10,363
IRS Settlement		(1,427)
Fair value adjustment	395	125
Payments	(1,204)
Ending balance	8,252	9,061	$ 10,363
Array \| Earnout Consideration
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	0
Fair value adjustment	(218)
Payments	0
Additions	19,256
Ending balance	$ 19,038	$ 0

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, balance	$ 682,802	$ 692,917
Unamortized discount and issuance costs, total	(13,823)	(15,633)
Current portion of debt	(10,315)	(30,714)
Total long-term debt, net of current portion	658,664	646,570
Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt, balance	0	233,875
Term loan facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt, balance	0	233,875
Revolving credit facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt, balance	0	0
2028 Convertible notes
Debt Instrument [Line Items]
Long-term debt, balance	325,000	425,000
2031 Convertible notes
Debt Instrument [Line Items]
Long-term debt, balance	345,000	0
Other debt
Debt Instrument [Line Items]
Long-term debt, balance	$ 12,802	$ 34,042

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 1,284,141,000	$ 915,807,000	$ 1,576,551,000
Cost of revenue:
Cost of product and service revenue	938,552,000	603,572,000	1,146,442,000
Inventory valuation charge	29,516,000	0	0
Amortization of developed technology and backlog	17,520,000	14,558,000	14,558,000
Total cost of revenue	985,588,000	618,130,000	1,161,000,000
Gross profit	298,553,000	297,677,000	415,551,000
Operating expenses:
General and administrative	198,612,000	160,567,000	159,535,000
Change in fair value of contingent consideration	177,000	125,000	2,964,000
Depreciation and amortization	26,199,000	36,086,000	38,928,000
Long-lived assets impairment	0	91,904,000	0
Goodwill impairment	102,560,000	236,000,000	0
Total operating expenses	327,548,000	524,682,000	201,427,000
(Loss) income from operations	(28,995,000)	(227,005,000)	214,124,000
Interest income	11,852,000	16,777,000	8,330,000
Interest expense	(27,331,000)	(34,825,000)	(44,229,000)
Foreign currency gain (loss), net	2,042,000	(4,515,000)	(53,000)
Gain on extinguishment of debt, net	14,207,000	0	0
Other expense, net	(992,000)	(1,008,000)	(1,015,000)
Total other expense	(222,000)	(23,571,000)	(36,967,000)
(Loss) income before income tax expense (benefit)	(29,217,000)	(250,576,000)	177,157,000
Income tax expense (benefit)	23,018,000	(10,182,000)	39,917,000
Net (loss) income	(52,235,000)	(240,394,000)	137,240,000
Preferred dividends and accretion	59,797,000	55,670,000	51,691,000
Net (loss) income to common shareholders, basic	(112,032,000)	(296,064,000)	85,549,000
Net (loss) income to common shareholders, diluted	$ (112,032,000)	$ (296,064,000)	$ 85,549,000
(Loss) income per common share
Basic (in dollars per share)	$ (0.73)	$ (1.95)	$ 0.57
Diluted (in dollars per share)	$ (0.73)	$ (1.95)	$ 0.56
Weighted average common shares outstanding
Basic (in shares)	152,537	151,754	150,942
Diluted (in shares)	152,537	151,754	152,022

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 18, 2026, Array Tech, Inc. (f/k/a Array Technologies, Inc.) (the “Borrower”), a New Mexico corporation and wholly-owned subsidiary of the Company, entered into that certain Amendment No. 5 to Credit Agreement (the “Fifth Amendment”), by and among the Borrower, the Company’s wholly-owned subsidiary ATI Investment Sub, Inc., as holdings (“Holdings”), Goldman Sachs Bank USA, as administrative agent and collateral agent (“Goldman Sachs”), and the Lenders (as defined in the Fifth Amendment), to the Credit Agreement. The Fifth Amendment: (i) increases the revolving credit facility commitments under the original Credit Agreement from $166,000,000 to $370,000,000; (ii) extends the maturity of the revolving credit facility from October 14, 2028 to February 18, 2031; (iii) removes the credit spread adjustment with respect to Term SOFR (as defined in the Credit Agreement); and (iv) expands the number of currencies under which the Borrower can request revolving credit loans and letters of credit.

Debt - Schedule of Interest expense (Details) - Term loan facility - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 8,970	$ 20,623	$ 24,503
Amortization of debt discount and issuance costs	2,025	3,588	7,859
Total interest expense	$ 10,995	$ 24,211	$ 32,362
Effective Interest Rate	0.00%	9.55%	10.15%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Accrued Warranty Reserve

12 Months Ended

Dec. 31, 2025

Guarantees and Product Warranties [Abstract]

Accrued Warranty Reserve

The following table presents changes in the accrued warranty reserve balances (in thousands):


	December 31,
	2025		2024
Beginning balance	$	6,893	$	6,162
Provision for warranties issued, net of expirations	17,273		3,163
Payments	(9,915)		(2,432)
Assumed through acquisition and other	2,059		—
Ending balance	$	16,310	$	6,893

Leases - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 7,454	$ 7,042	$ 7,911
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition	$ 81,611	$ 849	$ 10,562

Goodwill, Long-Lived Assets, and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 160,189,000	$ 435,591,000
Acquisition	65,446,000
Foreign currency translation	12,098,000	(39,402,000)
Impairment charge	(102,560,000)	(236,000,000)	$ 0
Goodwill, ending balance	135,173,000	160,189,000	435,591,000
Array U.S. Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	69,727,000	69,727,000
Acquisition	65,446,000
Foreign currency translation	0	0
Impairment charge	0	0
Goodwill, ending balance	135,173,000	69,727,000	69,727,000
Accumulated impairment	51,900,000
STI Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	90,462,000	365,864,000
Acquisition	0
Foreign currency translation	12,098,000	(39,402,000)
Impairment charge	(102,560,000)	(236,000,000)
Goodwill, ending balance	0	$ 90,462,000	$ 365,864,000
Accumulated impairment	$ 338,600,000

- 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.

+ References

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

- Definition

Amount of impairment loss from 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.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Right of Use Assets Lease Liabilities

The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):


	December 31,
	2025		2024
Lease assets
Finance lease ROU assets	$	48,791	$	—
Operating lease ROU assets, including $26,419 and $0, respectively, from leases with related parties	48,297		16,384
Lease assets	$	97,088	$	16,384

Current portion of lease liabilities
Finance lease liabilities, current portion	$	188	$	—
Operating lease liabilities, current portion, including $592 and $0, respectively, from leases with related parties	7,474		5,600
Current portion of lease liabilities	$	7,662	$	5,600

Lease liabilities, net of current portion
Finance lease liabilities, long-term portion	$	42,264	$	—
Operating lease liabilities, long-term portion, including $26,050 and $0, respectively, from leases with related parties	47,288		15,128
Lease Liabilities, net of current portion	$	89,552	$	15,128

Schedule of Lease Expenses

The components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Finance Leases:
Amortization of finance lease assets	$	450	$	—	$	—
Interest obligation under finance leases	687		—		—
Total lease costs	$	1,137	$	—	$	—

Operating Leases:
Fixed operating lease costs to non-related parties	$	8,574	$	8,262	$	8,188
Fixed operating lease costs to related parties	1,152		—		—
Variable operating lease costs to non-related parties	1,931		1,838		1,501
Short-term lease costs	57		48		86
Total lease costs	$	11,714	$	10,148	$	9,775

Other information pertaining to leases consists of the following:


	Year Ended December 31,
	2025		2024		2023
Weighted average remaining lease-term
Finance leases	23.3 years		n/a		n/a
Operating leases	9.8 years		6.0 years		5.7 years
Weighted average discount rate
Finance leases	7.8	%	—	%	—	%
Operating leases	7.5	%	8.3	%	7.9	%

Supplemental cash flow and other information related to leases are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023

Operating cash flows from operating leases	7,454		7,042		7,911

Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition	$	81,611	$	849	$	10,562

Schedule of Future Minimum Operating Lease Payments Maturity

Future minimum lease payments as of December 31, 2025, are as follows (in thousands):


			Operating Leases
	Finance Leases		Related Party		Non-Related Party		Total Operating		Total
2026	$	2,452	$	2,451	$	8,370	$	10,821	$	13,273
2027	3,067		2,525		6,762		9,287		12,354
2028	3,173		2,601		5,410		8,011		11,184
2029	3,284		2,679		3,359		6,038		9,322
2030	3,399		2,759		3,480		6,239		9,638
Thereafter	87,783		31,316		7,884		39,200		126,983
Total lease payments	103,158		44,331		35,265		79,596		182,754
Less: Imputed lease interest	(60,706)		(17,689)		(7,145)		(24,834)		(85,540)
Total lease liabilities	$	42,452	$	26,642	$	28,120	$	54,762	$	97,214

Schedule of Future Minimum Finance Lease Payments Maturity

Future minimum lease payments as of December 31, 2025, are as follows (in thousands):


			Operating Leases
	Finance Leases		Related Party		Non-Related Party		Total Operating		Total
2026	$	2,452	$	2,451	$	8,370	$	10,821	$	13,273
2027	3,067		2,525		6,762		9,287		12,354
2028	3,173		2,601		5,410		8,011		11,184
2029	3,284		2,679		3,359		6,038		9,322
2030	3,399		2,759		3,480		6,239		9,638
Thereafter	87,783		31,316		7,884		39,200		126,983
Total lease payments	103,158		44,331		35,265		79,596		182,754
Less: Imputed lease interest	(60,706)		(17,689)		(7,145)		(24,834)		(85,540)
Total lease liabilities	$	42,452	$	26,642	$	28,120	$	54,762	$	97,214

Equity-Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 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 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	3,049,243	$	6.36
Shares vested	(816,680)	$	12.73
Shares forfeited	(558,347)	$	9.47
Outstanding non-vested, December 31, 2025	4,322,377	$	7.58

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the years ended December 31, 2025 and 2024:


	2025		2024
Volatility	82	%	79	%
Risk-free interest rate	3.44	%	4.62	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
PSUs
Outstanding non-vested, December 31, 2024	924,241	$	12.76
Shares granted (1)	659,773	$	9.53
Shares vested	—	$	—
Shares forfeited	(73,166)	$	12.10
Outstanding non-vested, December 31, 2025	1,510,848	$	11.22

(1) Number of PSUs granted is based on the attainment level of performance metric(s), by key executive officers and employees of the Company, estimated to be probable at the grant date. The actual number of shares to be issued will depend on the relative attainment of the performance metrics.

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finance Leases
2026	$ 2,452
2027	3,067
2028	3,173
2029	3,284
2030	3,399
Thereafter	87,783
Total lease payments	103,158
Less: Imputed lease interest	(60,706)
Total lease liabilities	42,452
Operating Leases
2026	10,821
2027	9,287
2028	8,011
2029	6,038
2030	6,239
Thereafter	39,200
Total lease payments	79,596
Less: Imputed lease interest	(24,834)
Total lease liabilities	54,762
Total
2026	13,273
2027	12,354
2028	11,184
2029	9,322
2030	9,638
Thereafter	126,983
Total lease payments	182,754
Less: Imputed lease interest	(85,540)
Total lease liabilities	97,214
Related Party
Operating Leases
2026	2,451
2027	2,525
2028	2,601
2029	2,679
2030	2,759
Thereafter	31,316
Total lease payments	44,331
Less: Imputed lease interest	(17,689)
Total lease liabilities	26,642
Non-Related Party
Operating Leases
2026	8,370
2027	6,762
2028	5,410
2029	3,359
2030	3,480
Thereafter	7,884
Total lease payments	35,265
Less: Imputed lease interest	(7,145)
Total lease liabilities	$ 28,120

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 244,388	$ 362,992
Restricted cash	1,596	1,149
Accounts receivable, net	271,578	275,838
Inventories, net	150,374	200,818
Prepaid expenses and other	201,108	157,927
Total current assets	869,044	998,724
Property, plant and equipment, net	58,225	26,222
Lease assets	97,088	16,384
Goodwill	135,173	160,189
Other intangible assets, net	238,579	181,409
Deferred income tax assets	23,965	17,754
Other assets	29,718	25,317
Total assets	1,451,792	1,425,999
Current liabilities
Accounts payable	143,994	172,368
Accrued expenses and other	54,289	91,183
Income tax payable	4,687	5,227
Deferred revenue	128,433	119,775
Current portion of contingent consideration	14,551	1,193
Current portion of warranty liability	10,844	2,063
Current portion of lease liabilities	7,662	5,600
Current portion of debt	10,315	30,714
Other current liabilities	2,237	9,691
Total current liabilities	377,012	437,814
Deferred income tax liabilities	22,133	21,398
Contingent consideration, net of current portion	12,739	7,868
Warranty liability, net of current portion	5,466	4,830
Lease liabilities, net of current portion	89,552	15,128
Long-term debt, net of current portion	658,664	646,570
Other long-term liabilities	25,838	3,556
Total liabilities	1,191,404	1,137,164
Commitments and contingencies (Note 15)
Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 490,829 and 460,920 issued, respectively; liquidation preference of $493.1 million at both dates	466,728	406,931
Stockholders’ equity
Preferred stock $0.001 par value - 4,500,000 shares authorized; none issued at respective dates	0	0
Common stock $0.001 par value - 1,000,000,000 shares authorized; 152,779,614 and 151,951,652 shares issued at respective dates	152	151
Additional paid-in capital	226,848	297,780
Accumulated deficit	(422,859)	(370,624)
Accumulated other comprehensive loss	(10,481)	(45,403)
Total stockholders’ equity	(206,340)	(118,096)
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity	$ 1,451,792	$ 1,425,999

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

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


	December 31,
	2025		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	12,802		34,042
Total principal	682,802		692,917
Unamortized discount and issuance costs, total	(13,823)		(15,633)
Current portion of debt	(10,315)		(30,714)
Total long-term debt, net of current portion	$	658,664	$	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 seven-year term loan facility (the “Term Loan Facility”); and (ii) a $200 million senior secured five-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, February 26, 2021, March 2, 2023, and May 1, 2025 (the “Fourth Amendment”). The Fourth Amendment, among other things: (y) refinanced the Revolving Credit Facility with new revolving commitments and loans thereunder, reducing the total commitments to $166 million and extending the maturity date to October 14, 2028; and (z) 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.

Term Loan Facility

At December 31, 2024, the outstanding balance on the Term Loan Facility was $233.9 million, presented in the accompanying 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 December 31, 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 debt, net during the year ended December 31, 2025.

Interest expense related to the Term Loan Facility was as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Contractual interest expense	$	8,970		$	20,623		$	24,503
Amortization of debt discount and issuance costs	2,025			3,588			7,859
Total interest expense	$	10,995		$	24,211		$	32,362

Effective Interest Rate	—		%	9.55		%	10.15		%

The discount and issuance costs associated with the Term Loan Facility were amortized over the life of the debt using the effective interest rate method.

Revolving Credit Facility

The Company had no outstanding balance under the revolving credit facility at both December 31, 2025 and 2024. At December 31, 2025 and 2024, the Company had $28.1 million and $28.0 million, respectively, in standby letters of credit and $137.9 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%. There is no scheduled amortization under the Revolving Credit Facility and loans under the Revolving Credit Facility may be voluntarily prepaid in whole, or in part, in each case without premium or penalty.

Restrictive Covenants and Other Matters

The Revolving Credit Facility includes a springing financial maintenance covenant that is tested on the last day of each fiscal quarter if the outstanding loans and certain other credit extensions under the Revolving Credit Facility exceed 35% of the aggregate amount of commitments thereunder, subject to customary exclusions and conditions. If the financial maintenance covenant is triggered, the first lien net leverage ratio will be tested for compliance not to exceed 5.50:1.00. As of December 31, 2025, the Company was in compliance with all the required covenants.

The Senior Secured Credit Facility also contains affirmative and negative covenants customary for financings of this type, including covenants that restrict our incurrence of indebtedness and liens, dispositions, investments, acquisitions, restricted payments, and transactions with affiliates. The Senior Secured Credit Facility also includes customary events of default, including the occurrence of a change of control. In addition, the Senior Secured Credit Facility generally restricts the cash payment of dividends on the Company’s capital stock, subject to certain exceptions such as payment of dividends on designated preferred stock issued after the closing date.

Guarantees and Security

The obligations under the Senior Secured Credit Facility are guaranteed by ATI Investment Sub, Inc., a wholly owned subsidiary of the Company, and its wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries. The obligations under the Senior Secured Credit Facility are secured by a first priority security interest in substantially all of the future property and assets of the guarantor and the borrower, Array Tech, Inc. (f/k/a Array Technologies, Inc.), including accounts receivable, inventory, equipment, general intangibles, intellectual property, investment property, other personal property, material owned real property, cash and proceeds of the foregoing.

Convertible Debt

On December 3, 2021 and December 9, 2021, the Company issued 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 the 2031 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 debt, net in the consolidated statements of operations during the year ended December 31, 2025.

The discount and issuance costs associated with the 2028 Convertible Notes and the 2031 Convertible notes are amortized over the life of the debt using the effective interest rate of 2.1% and 3.4%, respectively, as of December 31, 2025.

The net carrying amount of the Convertible Notes was as follows (in thousands):


	December 31, 2025				December 31, 2024
	2028 Convertible Notes		2031 Convertible Notes		2028 Convertible Notes		2031 Convertible Notes
Principal	$	325,000	$	345,000	$	425,000	$	—
Unamortized issuance costs	(4,267)		(9,556)		(7,475)		—
Net carrying amount	$	320,733	$	335,444	$	417,525	$	—

Interest expense related to the Convertible Notes was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Contractual interest expense	$	8,796	$	4,250	$	4,250
Amortization of debt discount and issuance costs	2,544		1,893		1,880
Total interest expense	$	11,340	$	6,143	$	6,130

Neither the 2028 Convertible Notes nor the 2031 Convertible Notes were convertible during the year ended December 31, 2025, and none have been converted to date. As the sustained market price of the Company’s common stock has not exceeded the conversion thresholds since inception, there was no dilutive impact to earnings per share for the year ended December 31, 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. The Company can also elect to receive the equivalent value of cash in lieu of shares

of common stock upon settlement, except in certain circumstances. These instruments are scheduled to expire on December 1, 2028 and terminate upon the occurrence of certain extraordinary events such as a merger, tender offer, nationalization, insolvency, delisting, event of default, a change in law, failure to deliver, an announcement of certain of these events, or an early conversion of the 2028 Convertible Notes. 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 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. The Company can also elect to receive the equivalent value of cash in lieu of shares of common stock upon settlement, except in certain circumstances. These instruments are scheduled to expire on July 1, 2031 and terminate upon the occurrence of certain extraordinary events such as a merger, tender offer, nationalization, insolvency, delisting, event of default, a change in law, failure to deliver, an announcement of certain of these events, or an early conversion of the 2031 Convertible Notes. 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 tax elections to integrate the 2028 Convertible Notes and the 2028 Capped Calls, and the 2031 Convertible Notes and the 2031 Capped Calls. The accounting impact of these tax elections makes the 2028 Capped Calls and the 2031 Capped Calls deductible as original issue discount interest for tax purposes over the term of the respective notes. As a result, the Company recognized Deferred income tax assets of $10.8 million and $8.6 million at inception for the 2028 Capped Calls and the 2031 Capped Calls, respectively, with corresponding offsets recorded to Additional paid-in capital in the consolidated balance sheets.

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 range from 2.47% to 3.03% annually. As of December 31, 2025, the entire $12.8 million aggregate carrying value of these debt obligations were denominated in Euros. These debt obligations mature between 2026 and 2027.

Aggregate Debt Maturities

Aggregate future debt maturities are as follows (in thousands):


	Amount
2026	$	10,315
2027	2,487
2028	325,000
2029	—
2030	—
Thereafter	345,000
	$	682,802

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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 7: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In connection with the acquisition of APA, the Company has five lease agreements with related parties owned by certain members of APA's management team. Expenses related to these operating lease agreements are allocated based on usage to Cost of product and service revenue and General and administrative expenses in the consolidated statements of operations. Total costs related to these operating lease agreements were $1.2 million for the year ended December 31, 2025. See Note 18 – Leases for discussion of these related-party lease arrangements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable

Accounts Receivable, net

Accounts receivable consists of the following (in thousands):


	December 31,
	2025		2024		2023
Accounts receivable	$	277,823	$	280,686	$	335,976
Less: allowance for credit losses	(6,245)		(4,848)		(3,824)
Accounts receivable, net	$	271,578	$	275,838	$	332,152

Included in accounts receivable are amounts retained by project owners that represent funds withheld by our customers until the products are installed by a third-party, arranged by the customer, and the project is declared operational. Such retention amounts were $60.7 million, $17.4 million, and $24.0 million as of December 31, 2025, 2024, and 2023, respectively. All retention amounts outstanding as of December 31, 2025, are collectible within the next 12 months.

The following is the activity of the allowance for credit losses on accounts receivable which includes trade accounts receivable and unbilled accounts receivable (in thousands):


	December 31,
	2025		2024		2023
Beginning balance	$	(4,848)	$	(3,824)	$	(1,888)
Provision for credit losses	(2,685)		(1,855)		(2,871)
Collected	60		92		916
Written-off	1,228		739		19
Ending balance	$	(6,245)	$	(4,848)	$	(3,824)

Debt - Schedule of Interest expense related to Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 8,796	$ 4,250	$ 4,250
Amortization of debt discount and issuance costs	2,544	1,893	1,880
Total interest expense	$ 11,340	$ 6,143	$ 6,130

- 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

Revenue

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025		2024		2023
Over-time revenue	$	1,088,827	$	744,346	$	1,417,217
Point in time revenue	195,314		171,461		159,334
Total revenue	$	1,284,141	$	915,807	$	1,576,551

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”) in the 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.

Contract assets consisting of unbilled receivables are recorded within Accounts receivable, net on the consolidated balance sheets on a contract-by-contract basis at the end of the reporting period. Unbilled receivables totaled $92.8 million and $94.0 million as of December 31, 2025 and 2024, respectively.

The Company also receives advances or deposits from its customers prior to the recognition of revenue, resulting in contract liabilities. The changes in contract liabilities (i.e., deferred revenue) relate to advanced orders and payments received by the Company. Contract liabilities, consisting of deferred revenue recorded on a contract‑by‑contract basis, totaled $128.4 million and $119.8 million as of December 31, 2025 and 2024, respectively, for the current portion, and are presented within Deferred revenue on the consolidated balance sheets. The long‑term portion of deferred revenue was $16.8 million as of December 31, 2025 and is presented within Other long‑term liabilities. The Company had no long‑term deferred revenue balance as of December 31, 2024.

During the years ended December 31, 2025 and 2024, the Company converted $95.7 million and $42.4 million of deferred revenue to revenue, respectively, which represented 80% and 64% of the prior years’ deferred revenue balance.

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 year ended December 31, 2025. During the years ended December 31, 2024 and 2023, the Company recognized $1.9 million, and $38.8 million, respectively, from one and three customers, respectively, that also contained bill-and-hold obligations.

Remaining Performance Obligations

As of December 31, 2025, the Company had $593.7 million of remaining performance obligations. The Company expects to recognize revenue on 87% 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
-SubTopic 10
-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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-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
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-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

Acquisition - Schedule of Purchase Price Allocation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Customer relationships
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	7 years 7 months 6 days
Backlog
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	1 year
Trade name
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	10 years
APA
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 88,000
APA \| Developed technology
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 22,000
Estimated Weighted Average Useful Life in Years	5 years
APA \| Computer software and other
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 13,000
Estimated Weighted Average Useful Life in Years	5 years
APA \| Computer software and other \| Minimum
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	5 years
APA \| Computer software and other \| Maximum
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	9 years
APA \| Customer relationships
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 39,500
APA \| Backlog
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 3,500
Estimated Weighted Average Useful Life in Years	1 year
APA \| Trade name
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 10,000
Estimated Weighted Average Useful Life in Years	10 years

Goodwill, Long-Lived Assets, and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Long-Lived Assets, and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by operating segment during the year ended December 31, 2025, consisted of the following (in thousands):


	Array Legacy Operations(1)		STI Operations(2)		Total
Balance, December 31, 2023	$	69,727	$	365,864	$	435,591
Foreign currency translation	—		(39,402)		(39,402)
Impairment charge	—		(236,000)		(236,000)
Balance, December 31, 2024	$	69,727	$	90,462	$	160,189
Acquisition	65,446		—		65,446
Foreign currency translation	—		12,098		12,098
Impairment charge	—		(102,560)		(102,560)
Balance, December 31, 2025	$	135,173	$	—	$	135,173

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

(2) Goodwill attributable to STI Operations is net of cumulative impairments of $338.6 million

As discussed in Note 3 - Acquisition, on the Closing Date, the Company acquired APA. A preliminary goodwill balance of $65.4 million was recognized for the excess of the consideration transferred over the net assets acquired. Goodwill resulting from this transaction has been allocated to the Array Legacy Operations reporting unit.

The Company performs its annual goodwill impairment test, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year, and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired.

During the fourth quarter of 2025, the Company updated the long-term projections for its reporting units as part of its annual goodwill impairment testing process. These projections reflect local market conditions, expected market share, strategic changes, and other key assumptions. For STI Operations, the updated projections incorporated the Company’s fourth-quarter 2025 decision to phase out a version of the H250 product that was not compatible with SmarTrack® and to focus instead on the SmarTrack®-compatible version introduced in 2024. The projections also reflected management’s intent to begin selling and distributing the Company’s flagship tracker, DuraTrack®, through STI in the future. These changes, together with local market conditions experienced during the fourth quarter of 2025, significantly reduced projected cash flows and indicated potential impairment related to the Company’s STI Operations reporting unit as of December 31, 2025. Although the Company did not identify indicators of impairment related to the Company’s Array Legacy Operations reporting unit as of December 31, 2025, Management, with the assistance of a third-party valuation specialist, elected to perform quantitative goodwill impairment tests of both the Array Legacy Operations and STI Operations reporting units as of December 31, 2025.

During the third and fourth quarters of 2024, the Company experienced a sustained decline in its stock price, which hit a 52-week low during the third quarter of 2024 and again during the fourth quarter of 2024, resulting in a decrease in market capitalization. In addition, the Company updated its long-term projections for the Company’s reporting units during the third and fourth quarter of 2024, and evaluated the execution risk associated with the Company’s projections and the local market conditions. As a result, the Company identified indicators of impairment related to the Company’s reporting units as of September 30, 2024 and December 31, 2024, respectively. Management, with the assistance of a third-party valuation specialist, performed quantitative goodwill impairment tests of the Array Legacy Operations and STI Operations reporting units as of September 30, 2024 and December 31, 2024.

The fair value of the Array Legacy Operations and STI Operations reporting units were determined using the income approach and then compared to the GPC marketplace EBITDA multiples to corroborate the fair value of the reporting unit. As a result of these tests, the Company recorded impairments to goodwill totaling $102.6 million and $236.0 million during years ended December 31, 2025 and 2024, respectively, related to STI Operations reporting unit. The fair value of the STI Operations reporting unit was estimated to be $123.9 million as of December 31, 2025.

Subsequent to recording the impairments of goodwill, the Company reconciled the overall market capitalization of the Company, within a reasonable range, to the sum of the estimated fair values of both of the Company’s reporting units. The estimated fair value of the Array Legacy Operations reporting unit was significantly higher than the carrying balance of the reporting unit at each testing date.

The significant assumptions used in determining the fair value of the STI Operations reporting unit primarily relate to the revenue growth rate, the forecasted EBITDA margin, and the selected discount rate used in the

discounted cash flow model under the income approach. Under the GPC method, the selection of EBITDA multiple to be used requires significant judgment.

Long-Lived Assets

As discussed above, there were indicators of impairment, which Management considered to be triggering events requiring the long-lived assets associated with the asset groups within the STI Operations reporting unit to be tested for impairment (which includes the amortizable intangible assets) as of the same dates that the goodwill was tested for impairment.

The Company reviewed the carrying value of its intangible assets for each of the asset groups within the STI Operations reporting unit as of December 31, 2025, and concluded that such amounts continued to be recoverable as the sum of the undiscounted cash flows exceeded the carrying balances.

As of December 31, 2024, the sum of the future undiscounted cash flows was less than the carrying balance for one of the asset groups within the STI Operations reporting unit, indicating that the carrying amount of the asset group was not recoverable as of December 31, 2024. As a result, with the assistance of a third-party valuation specialist, management estimated the fair value of the asset group, which was less than the carrying value of the asset group. The fair value of the asset group was determined using the income approach and then compared to GPC marketplace EBITDA multiples to corroborate the fair value of the reporting unit. An impairment loss of $91.9 million was recognized based on the difference between the carrying value of the asset group and its estimated fair value. The Company impaired $83.0 million of customer relationships, $7.3 million of trade names, and $1.6 million of plant and equipment.

The loss was allocated to the long-lived assets of the group on a pro-rata basis using the relative carrying amounts of those assets. In determining the fair value of the asset group, the Company performed a DCF analysis using the income approach. The significant assumptions used in determining the fair value of the asset group are similar to the significant assumptions used in determining the fair value the Company’s reporting units.

As of December 31, 2025 and 2024, no additional events or circumstances were noted that would indicate the carrying amount of any of the asset groups within the Array Legacy Operations or STI Operations reporting units may not be recoverable.

Other Intangible Assets

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


		December 31,
	Estimated Useful Life (Years)	2025		2024
Amortizable:
Developed technology	5-14	$	225,800	$	203,800
Computer software and other	3-5	29,285		15,826
Customer relationships	5-10	230,660		179,166
Backlog	1	22,635		16,877
Trade name	10-20	27,139		15,117
Total amortizable intangibles		535,519		430,786
Accumulated amortization:
Developed technology		139,669		123,462
Computer software and other		16,046		14,552
Customer relationships		127,301		102,541
Backlog		20,447		16,877
Trade name		3,777		2,245
Total accumulated amortization		307,240		259,677
Total amortizable intangibles, net		228,279		171,109

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

Total other intangible assets, net		$	238,579	$	181,409

Intangible assets acquired as a result of the APA Acquisition during the year ended December 31, 2025, and their respective weighted-average amortization periods are as follows:


	Amount		Weighted-Average Amortization Period (Years)
Developed technology	$	22,000	5.0
Computer software and other	13,000		5.0
Customer relationships	39,500		7.6
Backlog	3,500		1.0
Trade name	10,000		10.0
	$	88,000

Amortization expense related to intangible assets was $41.2 million, $48.4 million and $52.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, of which $17.5 million, $14.6 million and $14.6 million was included in Amortization of developed technology and backlog, a component of cost of

revenue and $23.7 million, $33.8 million and $37.6 million, respectively, was included in Depreciation and amortization in the consolidated statements of operations.

The following table presents estimated future annual amortization expense (in thousands):


	Amount
2026	$	46,966
2027	39,337
2028	39,129
2029	39,129
2030	28,561
Thereafter	35,157
	$	228,279

Goodwill, Long-Lived Assets, and Other Intangible Assets - Schedule of Intangible Assets Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 88,000
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 22,000
Weighted-Average Amortization Period (Years)	5 years
Computer software and other
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 13,000
Weighted-Average Amortization Period (Years)	5 years
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 39,500
Weighted-Average Amortization Period (Years)	7 years 7 months 6 days
Backlog
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 3,500
Weighted-Average Amortization Period (Years)	1 year
Trade name
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 10,000
Weighted-Average Amortization Period (Years)	10 years

Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands		5 Months Ended	12 Months Ended
	Aug. 14, 2025 USD ($) installment day $ / shares shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001
Amortization of intangible assets			$ 41,200	$ 48,400	$ 52,200
APA
Business Combination [Line Items]
Cash consideration paid	$ 166,135
Earn-out	$ 19,256
Financial performance targets	3 years
Total consideration transferred	$ 185,391
Purchase price consideration	$ 40,000
Number of installments \| installment	3
Earnout consideration (in shares) \| shares	4,686,530
Convertible note, trading days (in days) \| day	10
Earnout consideration earned	$ 90,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Other intangible assets	$ 80,800	$ 88,000	$ 88,000
Direct transaction costs	9,400
Pro forma information, revenue of acquiree since acquisition date, actual		50,000
Pro forma information, net loss of acquiree since acquisition date, actual		$ 6,300
Expenses to the deferred consideration	7,500
Amortization of intangible assets	$ 6,400
APA \| After First and Second Anniversary
Business Combination [Line Items]
Number of installments \| installment	3
Contingent consideration, payment period	2 years
Threshold trading days \| day	5
APA \| After First Anniversary
Business Combination [Line Items]
Threshold trading days \| day	5
Deferred consideration percent	50.00%
APA \| Second Anniversary
Business Combination [Line Items]
Contingent consideration, payment period	2 years
Deferred consideration percent	50.00%
APA \| After Second Anniversary
Business Combination [Line Items]
Threshold trading days \| day	5

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
U.S.	$	105,078	$	113,045	$	136,498
Foreign	(134,295)		(363,621)		40,659
Income (loss) before provision for income taxes	$	(29,217)	$	(250,576)	$	177,157

The provision for income taxes charged to operations consists of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current expense (benefit):
U.S. Federal	$	15,364	$	21,686	$	26,592
U.S. State	4,741		2,707		5,678
Spain	(536)		986		1,507
Other Countries	254		2,089		15,002
	19,823		27,468		48,779
Deferred expense (benefit):
U.S. Federal	4,615		(1,361)		942
U.S. State	(778)		(406)		(327)
Spain	(617)		(2,849)		(2,989)
Other Countries	(25)		(33,034)		(6,488)
	3,195		(37,650)		(8,862)
Total income tax expense (benefit)	$	23,018	$	(10,182)	$	39,917

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Bad debts	$	782	$	143
Inventories	5,404		5,439
Accrued warranties	7,720		4,753
Accrued compensation	818		496
Net operating loss	16,124		4,247
Equity-based compensation	4,026		2,769
Lease liabilities	24,110		4,982
Premium on capped call	13,197		7,777
Capitalized R&D expenses	(391)		6,405
Other	8,477		5,244
Deferred tax assets	80,267		42,255
Valuation allowance	(22,020)		(11,181)
Deferred tax assets, net	58,247		31,074
Deferred tax liabilities:
Property, plant, and equipment	(7,050)		(2,349)
Intangible assets	(25,275)		(28,450)
ROU assets	(24,090)		(3,919)
Deferred tax liabilities	(56,415)		(34,718)
Deferred tax asset (liability), net	$	1,832	$	(3,644)

A reconciliation of income tax expense computed at the federal statutory rate to the actual income tax expense at the Company’s effective rate is as follows (in thousands):


	Year Ended December 31,
	2025		%		2024		%		2023		%
Adjusted pre-tax book (loss) income	$	(29,217)			$	(250,576)			$	177,157
Federal statutory tax rate	(6,136)		21.0	%	(52,621)		21.0	%	37,204		21.0	%
State and local income taxes	2,968		(10.2)	%	1,732		(0.7)	%	4,150		2.3	%
Foreign tax effects	17,047		(58.4)	%	35,929		(14.3)	%	(2,650)		(1.5)	%
Brazil	(3,567)		12.2	%	35,831		(14.3)	%	3,420		1.9	%
Tax rate differential	(3,894)		13.3	%	(14,311)		5.7	%	3,143		1.8	%
Non-deductible goodwill	—		—	%	49,560		(19.8)	%	—		—	%
Non-deductible expenses	327		(1.1)	%	582		(0.2)	%	277		0.2	%
South Africa	(437)		1.5	%	(53)		—	%	(148)		(0.1)	%
Spain	21,204		(72.6)	%	975		(0.4)	%	(5,438)		(3.1)	%
Non-deductible goodwill	21,538		(73.7)	%	—		—	%	—		—	%
Other	(334)		1.1	%	975		(0.4)	%	(5,438)		(3.1)	%
All others	(153)		0.5	%	(824)		0.3	%	(484)		(0.3)	%
Valuation allowances	9,660		(33.1)	%	7,760		(3.1)	%	911		0.5	%
Brazil	10,183		(34.9)	%	7,760		(3.1)	%	911		0.5	%
South Africa	(523)		1.8	%	—		—	%	—		—	%
R&D credits	(816)		2.8	%	(3,623)		1.5	%	(407)		(0.2)	%
Uncertain tax positions	122		(0.4)	%	714		(0.3)	%	—		—	%
Non-taxable or non-deductible items	668		(2.3)	%	(9)		—	%	377		0.2	%
Investment tax credits included in Cost of product and service revenue	(1,812)		6.2	%	(931)		0.4	%	—		—	%
Compensation	1,508		(5.2)	%	945		(0.4)	%	(414)		(0.2)	%
Contingent consideration	761		(2.6)	%	26		—	%	622		0.3	%
Non-deductible expenses	211		(0.7)	%	(49)		—	%	169		0.1	%
Other adjustments	(495)		1.7	%	(64)		—	%	332		0.2	%
Total	$	23,018	(78.8)	%	$	(10,182)	4.1	%	$	39,917	22.5	%

During the years ended December 31, 2025 and 2024, the Company recorded impairment charges of $102.6 million and $236.0 million, respectively, related to goodwill. During the fourth quarter of 2025, the Company also recorded an inventory valuation charge of $29.5 million related to the phase-out of the H250 product line that was not compatible with SmarTrack® to focus on a SmarTrack®-compatible version introduced in 2024. During 2024, the Company recorded an impairment of $91.9 million related to long-lived assets.

The goodwill impairment charges are non-deductible for income tax purposes, resulting in permanent differences. The inventory valuation charge and the long-lived assets impairment resulted in taxable and deductible temporary differences, which were offset by a corresponding change in the valuation allowance against deferred tax assets of $9.5 million and $7.2 million for the years ended December 31, 2025 and 2024, respectively. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information.

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”). In connection with the offering, the Company entered into capped call transactions, as discussed in Note 10 – Debt. For U.S. federal income tax purposes, the Company made an election under Treasury Regulation section §1.1275-6 to integrate the 2031 Convertible Notes and the capped call. As a result of this election, the Company recognized tax deductible original issue discount (“OID”) of approximately $35.1 million, which is being amortized over the life of the term of the notes. The cost of the call premium was recorded as a reduction to Additional paid-in capital. Because the premium is deductible for tax purposes but recorded in equity for book purposes, a taxable temporary difference exists. Accordingly, the Company recorded a deferred tax asset (“DTA”) of $8.6 million related to this difference, with the initial recognition recorded to APIC for the tax effect of the OID. The DTA will be reduced annually as the tax amortization of the premium/OID is recognized. A similar DTA was recorded during 2021 in connection with the completion of the $425 million private offering ($375 million and $50 million, respectively), of the Company’s 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”).

As of December 31, 2025, the Company has federal income tax net operating loss (“NOL”) carryforwards of approximately $6.8 million, fully offset by a valuation allowance and immaterial state income tax NOL carryforwards. The Company also has approximately $43.4 million of foreign NOL carryforwards offset by a valuation allowance.

Realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate type and in the appropriate jurisdictions. In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. It is not more likely than not that deferred tax assets from certain U.S. Federal, state and foreign operations would be realized due to type and location of future earnings. As a result, the Company has a valuation allowance of $22.0 million and $11.2 million for the years ended December 31, 2025 and 2024.

ASC 740 addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. In accordance with ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company’s assessments of its tax positions in accordance with ASC 740 did not result in changes that had a material impact on results of operations, financial condition or liquidity. As of December 31, 2025, 2024 and 2023, the Company had unrecognized income tax benefits of $0.8 million, $0.7 million and zero, respectively, of which the entirety would reduce our income tax provision, if recognized within the next twelve months. The Company does not expect any significant changes to the unrecognized tax benefits within the next twelve months.

A reconciliation of the unrecognized tax benefits included within Other long-term liabilities in the consolidated statements of operations is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits – January 1	$	714	$	—	$	—
Gross increases – tax positions in prior period	—		533		—
Gross decreases – tax positions in prior period	—		—		—
Gross increases – tax positions in current period	122		181		—
Settlement	—		—		—
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits – December 31	$	836	$	714	$	—

The Company files income tax returns in the U.S. federal jurisdiction, in multiple U.S. states, as well as in non-U.S. jurisdictions. Through global expansion and the acquisition of STI, the Company has a significant presence in Spain and Brazil. The Company and its subsidiaries are routinely examined by various U.S. and non-U.S. taxing authorities. The Company is not subject to U.S. federal, state and non-U.S. income tax examinations by tax authorities for years before 2021. There are currently no income tax audits in any material jurisdictions.

During 2025, the Company’s state tax liability increased due to the APA Acquisition, which added new combined and separate state filing requirements and expanded the Company’s presence in existing states. In addition, the Company experienced higher sales in certain states independent of the APA Acquisition. Collectively, these factors resulted in an increase in the Company’s state effective tax rate of approximately 0.85%.

The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and future foreign investments. Repatriation of funds could result in an adjustment to the tax liability for foreign withholding taxes, foreign and/or state income taxes and the impact of foreign currency movements. At December 31, 2025, management believed that sufficient liquidity was available in the U.S. The Company may consider repatriating certain funds from its non-U.S. subsidiaries that are not needed to finance local operations; however, any repatriation activities are not expected to result in a significant incremental tax liability to the Company.

The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two), with certain aspects of Pillar Two effective January 1, 2024 and other aspects effective January 1, 2025. Certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. Due to the effective tax rates in which the Company operates, the Company meets certain safe harbor tests. As a result, there was no tax impact of Pillar Two for the years ended December 31, 2025 and 2024.

The Company accounts for the 45X Credit under IAS 20 as a reduction to Cost of product and service revenue with a corresponding reduction to Income tax payable. The reduction to Cost of product and service revenue of $8.6 million for the year ended December 31, 2025, from the 45X Credit related to parts manufactured by the Company, is excluded from Federal and state income taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Redeemable Perpetual Preferred Stock (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jan. 07, 2022 $ / shares	Aug. 10, 2021 USD ($) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Aug. 11, 2021 USD ($) vote $ / shares
Class of Stock [Line Items]
Temporary equity, shares issued (in shares) \| shares			490,829	460,920
Percentage of variable weighted average price of temporary equity	95.00%
Terms of variable weighted average price of temporary equity	30 days
Percentage of initial liquidation preference						130.00%
Temporary equity, redemption amount						$ 200.0
Securities Purchase Agreement
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock		$ 395.4
Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, accretion of interest			$ 29.9	$ 27.5	$ 25.3
Initial liquidation preference (in dollars per share) \| $ / shares	$ 1,000					$ 1,000
Payments of dividends			29.9
Accrued and unpaid dividends			$ 90.8
Temporary equity, amortization of discount, period	5 years
Number of votes per temporary equity share \| vote						1
Series A Redeemable Perpetual Preferred Shares \| S 2022 Q3 Dividend
Class of Stock [Line Items]
Dividend rate, percentage			6.25%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividend
Class of Stock [Line Items]
Dividend rate, percentage	5.75%
Temporary equity dividend rate spread	2.00%
Percent of the amount of default accrued dividends to be paid	100.00%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividend \| Fifth, Sixth, and Seventh Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread	0.50%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividend \| Eighth, Ninth, and Tenth Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread	1.00%
Series A Redeemable Perpetual Preferred Shares \| Securities Purchase Agreement
Class of Stock [Line Items]
Temporary equity, shares issued (in shares) \| shares		400,000
Common Stock \| Securities Purchase Agreement
Class of Stock [Line Items]
Stock issued (in shares) \| shares		9,000,000

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended December 31,
	2025		2024		2023
Over-time revenue	$	1,088,827	$	744,346	$	1,417,217
Point in time revenue	195,314		171,461		159,334
Total revenue	$	1,284,141	$	915,807	$	1,576,551

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current expense (benefit):
U.S. Federal	$ 15,364	$ 21,686	$ 26,592
U.S. State	4,741	2,707	5,678
Current expense (benefit)	19,823	27,468	48,779
Deferred expense (benefit):
U.S. Federal	4,615	(1,361)	942
U.S. State	(778)	(406)	(327)
Deferred expense (benefit)	3,195	(37,650)	(8,862)
Total income tax expense (benefit)	23,018	(10,182)	39,917
Spain
Current expense (benefit):
Foreign	(536)	986	1,507
Deferred expense (benefit):
Foreign	(617)	(2,849)	(2,989)
Other countries
Current expense (benefit):
Foreign	254	2,089	15,002
Deferred expense (benefit):
Foreign	$ (25)	$ (33,034)	$ (6,488)

Segment and Geographic Information - Narrative (Details) - segment	12 Months Ended	48 Months Ended
	Dec. 31, 2025	Dec. 31, 2025
Segment Reporting [Abstract]
Number of operating segments	2	2
Number of reportable segments	2	2

Redeemable Perpetual Preferred Stock	12 Months Ended
Redeemable Perpetual Preferred Stock	Dec. 31, 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 (the “Series A 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 “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 using the effective interest method. Such accretion totaled $29.9 million, $27.5 million and $25.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. At issuance, the Company evaluated the accounting for the instruments issued pursuant to the Series A Purchase Agreement and determined the Series A Shares and common stock issued in the Closing are freestanding instruments that are classified in equity. Dividends On or prior to the fifth anniversary of the 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 of 6.25% (the “Permitted Accrued Dividends,”); or (iii) a combination thereof. Following the fifth anniversary of the Closing, dividends 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 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: (A) the amount of Default Accrued Dividends divided by (B) 95% of the 30-day VWAP of the Company’s common stock (“Non-Cash Dividend”). 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 Closing and (B) 100 basis points on each of the eighth, ninth and tenth anniversaries of the 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 any accrued dividends of such share as the time of the determination. During the year ended December 31, 2025, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25% totaling $29.9 million. As of December 31, 2025 total accrued and unpaid dividends were $90.8 million. 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. Ranking and Liquidation Preference The Series A Shares rank senior to the Company’s common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company (a “Liquidation”). Upon a Liquidation, each of Series A Redeemable Share would be entitled to receive an amount per share (the “Liquidation, Redemption or Repurchase Amount”) equal to the greater of: (i) the Liquidation Preference of such share, plus all accrued and unpaid dividends (including any Accrued Dividends) thereon; and (ii) an amount in cash equal to the sum of (a) 130.0% of the Initial Liquidation Preference (as defined below) of such share, minus (b) the cumulative amount of cash dividends paid in respect of such share prior to such payment. As used herein, “Liquidation Preference” means, with respect to any of the Series A Shares, the initial liquidation preference of $1,000 per share (the “Initial Liquidation Preference”) plus any Accrued Dividends of such share as of the time of determination. Redemption Rights The Company may redeem all or any portion of the Series A Shares (in increments of not less than $200 million, based on the Liquidation Preference of the Series A Shares to be redeemed at such time or such lesser amount to the extent the Company chooses to redeem all of the outstanding shares of Series A Shares) for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. Upon a “Fundamental Change” (involving a change of control, bankruptcy, insolvency or liquidation of the Company as further described in the Certificate of Designations), each Holder shall have the right to require the Company to redeem all or any part of the Holder’s Series A Shares for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. Voting Rights Each Holder of Series A Shares will have one vote per share on any matter on which Holders of Series A Shares are entitled to vote separately as a class (as described below), whether at a meeting or by written consent. The Holders of Series A Shares do not otherwise have any voting rights.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Notes	$	320,733	$	299,796	$	417,525	$	311,525
2031 Convertible Notes	335,444		501,006		—		—

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

Other Debt with an aggregate carrying value of $12.8 million, consists of variable rate obligations. The carrying value of these variable rate obligations approximates fair value due to the variable nature of the interest rates.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company accounts for its leases under ASC Topic 842 Leases. The Company has both operating and finance leases for certain assets. The Company has elected to apply the short-term measurement and recognition exemption, under which the right-of-use (“ROU”) assets and lease liabilities are not recognized for short-term leases.

The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):


	December 31,
	2025		2024
Lease assets
Finance lease ROU assets	$	48,791	$	—
Operating lease ROU assets, including $26,419 and $0, respectively, from leases with related parties	48,297		16,384
Lease assets	$	97,088	$	16,384

Current portion of lease liabilities
Finance lease liabilities, current portion	$	188	$	—
Operating lease liabilities, current portion, including $592 and $0, respectively, from leases with related parties	7,474		5,600
Current portion of lease liabilities	$	7,662	$	5,600

Lease liabilities, net of current portion
Finance lease liabilities, long-term portion	$	42,264	$	—
Operating lease liabilities, long-term portion, including $26,050 and $0, respectively, from leases with related parties	47,288		15,128
Lease Liabilities, net of current portion	$	89,552	$	15,128

The components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Finance Leases:
Amortization of finance lease assets	$	450	$	—	$	—
Interest obligation under finance leases	687		—		—
Total lease costs	$	1,137	$	—	$	—

Operating Leases:
Fixed operating lease costs to non-related parties	$	8,574	$	8,262	$	8,188
Fixed operating lease costs to related parties	1,152		—		—
Variable operating lease costs to non-related parties	1,931		1,838		1,501
Short-term lease costs	57		48		86
Total lease costs	$	11,714	$	10,148	$	9,775

Future minimum lease payments as of December 31, 2025, are as follows (in thousands):


			Operating Leases
	Finance Leases		Related Party		Non-Related Party		Total Operating		Total
2026	$	2,452	$	2,451	$	8,370	$	10,821	$	13,273
2027	3,067		2,525		6,762		9,287		12,354
2028	3,173		2,601		5,410		8,011		11,184
2029	3,284		2,679		3,359		6,038		9,322
2030	3,399		2,759		3,480		6,239		9,638
Thereafter	87,783		31,316		7,884		39,200		126,983
Total lease payments	103,158		44,331		35,265		79,596		182,754
Less: Imputed lease interest	(60,706)		(17,689)		(7,145)		(24,834)		(85,540)
Total lease liabilities	$	42,452	$	26,642	$	28,120	$	54,762	$	97,214

Other information pertaining to leases consists of the following:


	Year Ended December 31,
	2025		2024		2023
Weighted average remaining lease-term
Finance leases	23.3 years		n/a		n/a
Operating leases	9.8 years		6.0 years		5.7 years
Weighted average discount rate
Finance leases	7.8	%	—	%	—	%
Operating leases	7.5	%	8.3	%	7.9	%

Supplemental cash flow and other information related to leases are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023

Operating cash flows from operating leases	7,454		7,042		7,911

Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition	$	81,611	$	849	$	10,562

In May 2024, the Company entered into a triple net lease (“NNN term lease”) with GDC Sunshine LLC (“Lessor”) for 13 1/2 years (162 full calendar months) for a new manufacturing and office facility in Bernalillo County, New Mexico (the “County”). The NNN term lease agreement allows for an extension of one consecutive period of 10 years. The new facility that is mixed use and built for general purposes will be approximately 216,000 square feet when constructed.

The Company took control of the facility in the fourth quarter of 2025, at which point the NNN term lease commenced and will be accounted for as a finance lease. Future minimum lease payments under the NNN term lease, assuming the Company executes the renewal option, are estimated to be $103.2 million, payable over the expected lease term beginning with the commencement date.

In connection with this NNN term lease and the Company’s planned acquisition of machinery and equipment related to the new facility, the Lessor and the Company entered into a series of transactions with the County related to a tax abatement plan. These transactions had no net impact to the consolidated financial statements of the Company. The tax abatement plan provides for the effective elimination of 75% of the real property taxes and 100% of the personal property taxes payable to the County by the Company and the Lessor during the term of the NNN term lease, and the abatement of 100% of the sales and use taxes that would be incurred by the Company and the Lessor related to the purchase and use of machinery and equipment.

Leases

The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):


	December 31,
	2025		2024
Lease assets
Finance lease ROU assets	$	48,791	$	—
Operating lease ROU assets, including $26,419 and $0, respectively, from leases with related parties	48,297		16,384
Lease assets	$	97,088	$	16,384

Current portion of lease liabilities
Finance lease liabilities, current portion	$	188	$	—
Operating lease liabilities, current portion, including $592 and $0, respectively, from leases with related parties	7,474		5,600
Current portion of lease liabilities	$	7,662	$	5,600

Lease liabilities, net of current portion
Finance lease liabilities, long-term portion	$	42,264	$	—
Operating lease liabilities, long-term portion, including $26,050 and $0, respectively, from leases with related parties	47,288		15,128
Lease Liabilities, net of current portion	$	89,552	$	15,128

The components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Finance Leases:
Amortization of finance lease assets	$	450	$	—	$	—
Interest obligation under finance leases	687		—		—
Total lease costs	$	1,137	$	—	$	—

Operating Leases:
Fixed operating lease costs to non-related parties	$	8,574	$	8,262	$	8,188
Fixed operating lease costs to related parties	1,152		—		—
Variable operating lease costs to non-related parties	1,931		1,838		1,501
Short-term lease costs	57		48		86
Total lease costs	$	11,714	$	10,148	$	9,775

Future minimum lease payments as of December 31, 2025, are as follows (in thousands):


			Operating Leases
	Finance Leases		Related Party		Non-Related Party		Total Operating		Total
2026	$	2,452	$	2,451	$	8,370	$	10,821	$	13,273
2027	3,067		2,525		6,762		9,287		12,354
2028	3,173		2,601		5,410		8,011		11,184
2029	3,284		2,679		3,359		6,038		9,322
2030	3,399		2,759		3,480		6,239		9,638
Thereafter	87,783		31,316		7,884		39,200		126,983
Total lease payments	103,158		44,331		35,265		79,596		182,754
Less: Imputed lease interest	(60,706)		(17,689)		(7,145)		(24,834)		(85,540)
Total lease liabilities	$	42,452	$	26,642	$	28,120	$	54,762	$	97,214

Other information pertaining to leases consists of the following:


	Year Ended December 31,
	2025		2024		2023
Weighted average remaining lease-term
Finance leases	23.3 years		n/a		n/a
Operating leases	9.8 years		6.0 years		5.7 years
Weighted average discount rate
Finance leases	7.8	%	—	%	—	%
Operating leases	7.5	%	8.3	%	7.9	%

Supplemental cash flow and other information related to leases are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023

Operating cash flows from operating leases	7,454		7,042		7,911

Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition	$	81,611	$	849	$	10,562

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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


	Year ended December 31, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	1,070,478	$	213,663	$	1,284,141
Less:
Product cost(1)	704,429		177,833		882,262
Inventory valuation charge	—		29,516		29,516
Amortization of developed technology and backlog	17,520		—		17,520

Depreciation	3,569		—		3,569
Other costs(2)	44,968		7,753		52,721
Gross profit	$	299,992	$	(1,439)	$	298,553

Total operating expenses	—		—		(327,548)
Total other expense, net	—		—		(222)
Loss before income taxes					$	(29,217)

Segment assets	1,235,937		215,855		1,451,792
Capital expenditures	21,077		895		21,972
Depreciation and amortization	35,846		11,442		47,288
Interest income	10,912		940		11,852
Interest expense	24,996		2,335		27,331


	Year ended December 31, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	661,629	$	254,178	$	915,807
Less:
Product cost(1)	353,034		225,517		578,551
Amortization of developed technology and backlog	14,558		—		14,558

Depreciation	2,045		90		2,135
Other costs(2)	21,961		925		22,886
Gross profit	$	270,031	$	27,646	$	297,677

Total operating expenses	—		—		(524,682)
Total other expense, net	—		—		(23,571)
Loss before income taxes					$	(250,576)

Segment assets	1,018,487		407,512		1,425,999
Capital expenditures	6,423		882		7,305
Depreciation and amortization	27,303		25,476		52,779
Interest income	12,767		4,010		16,777
Interest expense	32,516		2,309		34,825


	Year ended December 31, 2023
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	1,172,827	$	403,724	$	1,576,551
Less:
Product cost(1)	805,174		305,778		1,110,952
Amortization of developed technology and backlog	14,558		—		14,558

Depreciation(3)	1,348		—		1,348
Other costs(2)(3)	34,142		—		34,142
Gross profit	$	317,605	$	97,946	$	415,551

Total operating expenses	—		—		(201,427)
Total other expense, net	—		—		(36,967)
Income before income taxes					$	177,157

Segment assets	868,697		838,044		1,706,741
Capital expenditures	15,748		1,241		16,989
Depreciation and amortization	26,840		27,986		54,826
Interest income	3,985		4,345		8,330
Interest expense	40,982		3,247		44,229

(1) Includes 45X benefits realized in the amount of $173.6 million, $137.8 million, and $9.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the years ended December 31, 2025, 2024 and 2023 for Array Legacy Operations was $43.8 million, $21.6 million, and $33.5 million, respectively.

(3) Depreciation and Other for STI Operations for the year ended December 31, 2023 is immaterial and included within Product cost.

Schedule of Revenue from External Customers by Geographic Areas

The following table presents revenues by geographic region, based on the customers project location (in thousands):


	Year Ended December 31,
	2025		2024		2023
U.S.	$	1,041,372	$	643,481	$	1,166,160
Spain	141,047		83,742		99,160
Brazil	60,716		135,102		257,872
Australia	23,779		8,708		20,842
Remainder	17,227		44,774		32,517
Total revenue	$	1,284,141	$	915,807	$	1,576,551

Schedule of Long-Lived Assets by Geographic Areas

The following table presents property, plant and equipment, net by geographic region at the end of the period (in thousands):


	December 31,
	2025		2024
U.S.	$	51,452	$	20,058
Spain	3,129		2,967
Brazil	156		13
Australia	384		471
Remainder	3,104		2,713
Total property, plant and equipment, net	$	58,225	$	26,222

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 88,545	$ 50,987
Less: accumulated depreciation	(30,320)	(24,765)
Property, plant and equipment, net	58,225	26,222
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,674	1,585
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 12,482	9,108
Buildings and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	15 years
Buildings and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	7 years
Property, plant, and equipment, gross	$ 43,650	27,853
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 6,088	4,287
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	5 years
Property, plant, and equipment, gross	$ 1,287	603
Hardware
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 5,186	3,603
Hardware \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	3 years
Hardware \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (Years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 18,178	$ 3,948

Consolidated Balance Sheets Details - Schedule of Components of Contingent Consideration Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Current portion of contingent consideration	$ 14,551	$ 1,193
Contingent consideration, net of current portion	12,739	7,868
TRA
Business Combination [Line Items]
Current portion of contingent consideration	2,757	1,193
Contingent consideration, net of current portion	5,495	7,868
Earnout Consideration
Business Combination [Line Items]
Current portion of contingent consideration	11,794	0
Contingent consideration, net of current portion	$ 7,244	$ 0

- 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

Goodwill, Long-Lived Assets, and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 535,519	$ 430,786
Finite-lived intangible assets, accumulated amortization	307,240	259,677
Total amortizable intangibles, net	228,279	171,109
Total other intangible assets, net	238,579	181,409
Trade name
Finite-Lived Intangible Assets [Line Items]
Trade name	10,300	10,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	225,800	203,800
Finite-lived intangible assets, accumulated amortization	$ 139,669	123,462
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	14 years
Computer software and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 29,285	15,826
Finite-lived intangible assets, accumulated amortization	$ 16,046	14,552
Computer software and other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	3 years
Computer software and other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	5 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 230,660	179,166
Finite-lived intangible assets, accumulated amortization	$ 127,301	102,541
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	10 years
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	1 year
Finite-lived intangible assets, gross	$ 22,635	16,877
Finite-lived intangible assets, accumulated amortization	20,447	16,877
Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	27,139	15,117
Finite-lived intangible assets, accumulated amortization	$ 3,777	$ 2,245
Trade name \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	10 years
Trade name \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	20 years

Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
Supplemental Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Cash paid for interest	$ 16,056	$ 38,655	$ 43,949
Cash paid for income taxes
U.S. Federal	18,994	22,166	21,570
U.S. State	3,067	2,006	4,564
Total	23,332	27,966	45,942
Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	2,791	422	1,546
Contingent consideration	19,038	0	0
Preferred Series A dividends and accretion	59,797	55,670	51,691
Spain
Cash paid for income taxes
Foreign	970	1,491	1,104
Other countries
Cash paid for income taxes
Foreign	$ 301	$ 2,303	$ 18,704

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Amounts retained by project owners under contracts	$ 60.7	$ 17.4	$ 24.0

Goodwill, Long-Lived Assets, and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by operating segment during the year ended December 31, 2025, consisted of the following (in thousands):


	Array Legacy Operations(1)		STI Operations(2)		Total
Balance, December 31, 2023	$	69,727	$	365,864	$	435,591
Foreign currency translation	—		(39,402)		(39,402)
Impairment charge	—		(236,000)		(236,000)
Balance, December 31, 2024	$	69,727	$	90,462	$	160,189
Acquisition	65,446		—		65,446
Foreign currency translation	—		12,098		12,098
Impairment charge	—		(102,560)		(102,560)
Balance, December 31, 2025	$	135,173	$	—	$	135,173

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

(2) Goodwill attributable to STI Operations is net of cumulative impairments of $338.6 million

Schedule of Finite-lived Intangible Assets

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


		December 31,
	Estimated Useful Life (Years)	2025		2024
Amortizable:
Developed technology	5-14	$	225,800	$	203,800
Computer software and other	3-5	29,285		15,826
Customer relationships	5-10	230,660		179,166
Backlog	1	22,635		16,877
Trade name	10-20	27,139		15,117
Total amortizable intangibles		535,519		430,786
Accumulated amortization:
Developed technology		139,669		123,462
Computer software and other		16,046		14,552
Customer relationships		127,301		102,541
Backlog		20,447		16,877
Trade name		3,777		2,245
Total accumulated amortization		307,240		259,677
Total amortizable intangibles, net		228,279		171,109

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

Total other intangible assets, net		$	238,579	$	181,409

Schedule of Indefinite-lived Intangible Assets

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


		December 31,
	Estimated Useful Life (Years)	2025		2024
Amortizable:
Developed technology	5-14	$	225,800	$	203,800
Computer software and other	3-5	29,285		15,826
Customer relationships	5-10	230,660		179,166
Backlog	1	22,635		16,877
Trade name	10-20	27,139		15,117
Total amortizable intangibles		535,519		430,786
Accumulated amortization:
Developed technology		139,669		123,462
Computer software and other		16,046		14,552
Customer relationships		127,301		102,541
Backlog		20,447		16,877
Trade name		3,777		2,245
Total accumulated amortization		307,240		259,677
Total amortizable intangibles, net		228,279		171,109

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

Total other intangible assets, net		$	238,579	$	181,409

Schedule of Intangible Assets Acquired

Intangible assets acquired as a result of the APA Acquisition during the year ended December 31, 2025, and their respective weighted-average amortization periods are as follows:


	Amount		Weighted-Average Amortization Period (Years)
Developed technology	$	22,000	5.0
Computer software and other	13,000		5.0
Customer relationships	39,500		7.6
Backlog	3,500		1.0
Trade name	10,000		10.0
	$	88,000

Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets

The following table presents estimated future annual amortization expense (in thousands):


	Amount
2026	$	46,966
2027	39,337
2028	39,129
2029	39,129
2030	28,561
Thereafter	35,157
	$	228,279

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Consolidated Balance Sheets Details - Schedule of Accrued Expenses And Other (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued payables	$ 12,332	$ 46,043
Accrued payroll expenses	17,135	13,068
Accrued interest	5,564	692
Non-income taxes payable	1,853	4,019
Other	17,405	27,361
Accrued expenses and other	$ 54,289	$ 91,183

Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal	$ 682,802	$ 692,917
Unamortized issuance costs	(13,823)	(15,633)
2028 Convertible notes \| Convertible Debt
Debt Instrument [Line Items]
Principal	325,000	425,000
Unamortized issuance costs	(4,267)	(7,475)
Net carrying amount	320,733	417,525
2031 Convertible notes \| Convertible Debt
Debt Instrument [Line Items]
Principal	345,000	0
Unamortized issuance costs	(9,556)	0
Net carrying amount	$ 335,444	$ 0

- 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

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor firm ID	34
Auditor name	Deloitte & Touche LLP
Auditor location	Tempe, Arizona

Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

ASC Topic 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 projects 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 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 and delivery of solar arrays in the United States, and STI Operations consists primarily of amounts earned from the design and delivery of solar arrays outside of the United States. APA is a component of the Array Legacy Operations reportable segment.

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):


	Year ended December 31, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	1,070,478	$	213,663	$	1,284,141
Less:
Product cost(1)	704,429		177,833		882,262
Inventory valuation charge	—		29,516		29,516
Amortization of developed technology and backlog	17,520		—		17,520

Depreciation	3,569		—		3,569
Other costs(2)	44,968		7,753		52,721
Gross profit	$	299,992	$	(1,439)	$	298,553

Total operating expenses	—		—		(327,548)
Total other expense, net	—		—		(222)
Loss before income taxes					$	(29,217)

Segment assets	1,235,937		215,855		1,451,792
Capital expenditures	21,077		895		21,972
Depreciation and amortization	35,846		11,442		47,288
Interest income	10,912		940		11,852
Interest expense	24,996		2,335		27,331


	Year ended December 31, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	661,629	$	254,178	$	915,807
Less:
Product cost(1)	353,034		225,517		578,551
Amortization of developed technology and backlog	14,558		—		14,558

Depreciation	2,045		90		2,135
Other costs(2)	21,961		925		22,886
Gross profit	$	270,031	$	27,646	$	297,677

Total operating expenses	—		—		(524,682)
Total other expense, net	—		—		(23,571)
Loss before income taxes					$	(250,576)

Segment assets	1,018,487		407,512		1,425,999
Capital expenditures	6,423		882		7,305
Depreciation and amortization	27,303		25,476		52,779
Interest income	12,767		4,010		16,777
Interest expense	32,516		2,309		34,825


	Year ended December 31, 2023
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	1,172,827	$	403,724	$	1,576,551
Less:
Product cost(1)	805,174		305,778		1,110,952
Amortization of developed technology and backlog	14,558		—		14,558

Depreciation(3)	1,348		—		1,348
Other costs(2)(3)	34,142		—		34,142
Gross profit	$	317,605	$	97,946	$	415,551

Total operating expenses	—		—		(201,427)
Total other expense, net	—		—		(36,967)
Income before income taxes					$	177,157

Segment assets	868,697		838,044		1,706,741
Capital expenditures	15,748		1,241		16,989
Depreciation and amortization	26,840		27,986		54,826
Interest income	3,985		4,345		8,330
Interest expense	40,982		3,247		44,229

(1) Includes 45X benefits realized in the amount of $173.6 million, $137.8 million, and $9.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(3) Depreciation and Other for STI Operations for the year ended December 31, 2023 is immaterial and included within Product cost.

The following table presents revenues by geographic region, based on the customers project location (in thousands):


	Year Ended December 31,
	2025		2024		2023
U.S.	$	1,041,372	$	643,481	$	1,166,160
Spain	141,047		83,742		99,160
Brazil	60,716		135,102		257,872
Australia	23,779		8,708		20,842
Remainder	17,227		44,774		32,517
Total revenue	$	1,284,141	$	915,807	$	1,576,551

The following table presents property, plant and equipment, net by geographic region at the end of the period (in thousands):


	December 31,
	2025		2024
U.S.	$	51,452	$	20,058
Spain	3,129		2,967
Brazil	156		13
Australia	384		471
Remainder	3,104		2,713
Total property, plant and equipment, net	$	58,225	$	26,222

- 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.

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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Presentation The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Principles of Consolidation The 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 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. Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 Business Combinations (“ASC 805”). The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives, and market multiples, amongst other items. Foreign Currency Translation The Company’s foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period-end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period-end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed insured amounts, but we have experienced no losses associated with these amounts to date. At December 31, 2025 and 2024, restricted cash represents cash deposited with a financial institution by one of our foreign subsidiaries that was restricted for the issuance of certain surety bonds. Accounts Receivable The Company’s accounts receivable are due primarily from customers across the U.S. and internationally. Credit is extended in the normal course of business based on evaluation of a customer’s financial condition and, generally, collateral is not required. Trade receivables consist of uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated credit losses through an estimate of expected credit losses valuation account. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from the asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable and unbilled accounts receivable based primarily on our collection history and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. In evaluating the level of established reserves, management makes judgments regarding the customers’ ability to make required payments, economic events, and other factors. As the financial conditions of these customers change, circumstances develop, or additional information becomes available, adjustments to the valuation account may be required. When deemed uncollectible, the receivable is charged against the valuation account for credit losses or directly written off. Unbilled receivables represent temporary timing differences between shipments made and billing milestones achieved and are recorded in the accounts receivable balances. Such amounts have not been billed due to pending commercial criteria, such as billing on a specified date of the month or upon completion of mega-watt deliveries. Unbilled receivables are invoiced once the underlying commercial criteria have been met and we expect payment within 30 to 60 days. Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost or estimated net realizable value using costing methods that approximate first-in, first-out (“FIFO”). Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which extend the life of an asset are capitalized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred. A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and net sales proceeds received. A gain or loss on an asset disposal is recognized in the period that the sale occurs. Equity Investment On November 6, 2024, Array invested $3.0 million through a Simple Agreement of Future Equity (“SAFE”) with a technology company. On June 2, 2025, the SAFE investment converted into 182,669 preferred shares of the technology company at the predetermined price. The conversion did not result in the recognition of a gain or loss. In the fourth quarter of 2025, the same technology company achieved certain defined milestones, upon which Array invested an additional $1.0 million in accordance with the terms and conditions of the original SAFE. In the first quarter of 2026, the Company expects to execute an additional SAFE governing the terms and conditions of the incremental investment. Array’s initial investment of $3.0 million is recorded as an equity investment at cost and is included within Other assets in the 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 additional investment of $1.0 million is recorded at cost and is included within Prepaid expenses and other on the consolidate balance sheet. Array may invest up to $1.0 million in additional future SAFEs, contingent upon the technology company’s achievement of defined milestones. As of December 31, 2025, no additional commitments have been recognized, and no impairment indicators have been identified. Leases The Company determines if an arrangement contains a lease at inception by determining if it conveys the right to control the use of an identified asset in exchange for consideration. At the same time, the Company also assesses whether the lease should be classified as an operating lease or a finance lease, depending on the specific terms of each lease. Lease right-of-use assets (“ROU assets”) and associated lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments. Certain lease agreements may include one or more options to extend or terminate a lease if it is reasonably certain that the Company will exercise such options. ROU assets also include any initial direct costs and prepayments less lease incentives. Because most of the Company’s leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease expense is recognized on a straight-line basis over the lease term. ROU assets and the corresponding lease liabilities are included in Lease assets, Current portion of lease liabilities, and Lease liabilities, net of current portion in our consolidated balance sheets. 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 groupings 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 of the group on pro-rata basis using the relative carrying amounts of the asset groups long-lived assets. During the years ended December 31, 2025 and 2024, the Company identified certain indicators of impairment related to its long-lived assets, and as a result, tested certain asset groups for impairment, which resulted in an impairment of long-lived assets of $91.9 million during 2024. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. There was no impairment of long-lived assets for the year ended December 31, 2025 and 2023. Goodwill and Indefinite-Lived Intangible Asset 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 or 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. During the years ended December 31, 2025 and 2024, the Company identified certain indicators of impairment on various dates, and as a result, performed goodwill impairment tests, which resulted in impairments of goodwill totaling $102.6 million and $236.0 million, respectively. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. There was no impairment of goodwill for the years ended December 31, 2023. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition associated with the Array Legacy Operations reporting unit. The Company performs an annual impairment test on its Trade name indefinite-lived intangible asset, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year. There were no indicators of impairment associated with this Trade name. Divestiture of Investment in Equity Securities In June 2024, we divested 100% of our equity investment in preferred stock of a private company we purchased in 2021. We received $12.0 million in proceeds for the divestiture in July 2024. No gain or loss resulted from this transaction. Amortizable and Other Intangible Assets The Company amortizes identifiable finite lived intangible assets consisting of developed technology, computer software, customer relationships, contractual backlog and the STI and APA trade names on a straight-line basis over the assets’ estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized, over their estimated useful lives. Debt Discount and Issuance Costs Debt discount and issuance costs incurred to issue debt are deferred and amortized using the effective interest method as a component of interest expense over the life of the related debt agreement. Amortization expense of debt discount and deferred issuance costs was $5.2 million, $6.1 million and $10.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue Recognition In accordance with ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenues from the sale of solar tracking systems, parts, installation services, extended warranties on solar tracker system components and software licenses. The Company determines its revenue recognition through the following steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations within the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations within the contract; and (v) recognition of revenue when, or as the performance obligation has been satisfied. In assessing the recognition of revenue, the Company also evaluates whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time or over time. Performance Obligations The Company’s contracts for specific solar tracker system projects with customers are predominantly accounted for as a single performance obligation, because the Company is integrating the solar tracking system components and related services as part of a single project. The Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract, which is principally as tracker system components are delivered to the designated project site. The Company sources the component parts from third party manufacturers, it obtains control and receives title of such parts before transferring them to the customer because the Company is responsible for fulfillment to its customer. The Company’s engineering services and professional services are interdependent with the component parts whereby the parts form an input into a combined output for which it is the principal, and the Company could redirect the parts before they are transferred to the customer if needed. The customer owns the work-in-process over the course of the project and the Company’s performance enhances a customer-controlled asset, resulting in the recognition of the performance obligation over time. In contracts with a single performance obligation, the Company’s obligation is satisfied over-time as control is transferred to the customer by measuring the progress toward complete satisfaction of the performance obligation using an input (i.e., the “cost-to-cost”) method. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The costs of materials and hardware components are recognized as incurred, which is typically upon delivery to the customer site or upon transfer of control while in transit. For contracts with customers that result in multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. These contracts include contracts for the sale of components, contracts with installation services, solar tracker systems sold with an extended warranty, and contracts that include the sale of software and maintenance. For all years presented, the transaction price associated with extended warranties and the sale of software and maintenance was not material. The Company generally uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts related to the sale of components as opposed to contracts to provide an integrated solar tracker project, the Company’s obligation to the customer is to deliver components that are used by the customer to create a tracker system and does not include engineering or other professional services or the obligation to provide such services in the future. Under these arrangements, each component is a distinct performance obligation, and often the components are delivered in batches at different points in time. The Company estimates the standalone selling price (“SSP”) of each component performance obligation based on a cost-plus margin approach. Revenue allocated to a component is recognized at the point in time that control of the component transfers to the customer, which is usually upon delivery to the customer’s site. Contracts are often modified through change orders to account for changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as separate performance obligations but rather as a modification of the existing contract and performance obligation. Bill and Hold Arrangements In certain situations, the Company recognizes revenue under bill-and-hold arrangements with its customers. In all bill-and-hold arrangements, 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 our custody. The material is bundled or palletized in the Company’s warehouses, identified separately as belonging to the respective customer and is ready for immediate transport to the customer project upon customer 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. Contract Estimates A majority of our revenue is recognized over time as work progresses, and for a single performance obligation, 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. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled accounts receivable for goods or services delivered but not invoiced, and deferred revenue (contract liabilities) in the 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. Billing sometimes occurs subsequent to revenue recognition, resulting in unbilled accounts receivable. The changes in unbilled accounts receivable and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings for the Company’s revenue recognized over-time. Practical Expedients and Exemptions The Company has elected to adopt certain practical expedients and exemptions as allowed under ASC 606, such as: (i) recording sales commissions as incurred because the amortization period is less than one year; (ii) not adjusting for the effects of significant financing components when the contract term is less than one year; (iii) excluding collected sales tax amounts from the calculation of revenue; and (iv) accounting for the costs of shipping and handling activities that are incurred after the customer obtains control of the product as fulfillment costs rather than a separate service provided to the customer for which consideration would need to be allocated. Research and Development The Company incurs research and development (“R&D”) costs during its process of researching and developing new products and significant enhancements to existing products. R&D costs consist primarily of personnel-related costs associated with our team of internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred. R&D expense was $9.9 million, $6.7 million and $8.5 million during the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded within General and administrative expenses in the consolidated statements of operations. 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 section 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The 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 in the 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. At December 31, 2025 and December 31, 2024, the Company had deferred zero and $8.0 million, respectively, of vendor rebates related to rebates due at contract signing for past purchases, which are included in Other current liabilities in the consolidated balance sheet. During the years ended December 31, 2025 and 2024, the Company recorded reductions to Cost of product and service revenue in the consolidated statements of operations of approximately $165.0 million and $133.3 million, respectively, of which approximately $8.0 million and $38.6 million, respectively, related to the recognition of deferred rebates that were deferred upon contract signing during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2023, the Company recorded a reduction to Cost of product and service revenue in the consolidated statements of operations in the amount of $9.3 million. As of December 31, 2025, the Company had outstanding Vendor Rebates receivable of $152.0 million and $10.9 million included in Prepaid expenses and other and Other assets, respectively. As of December 31, 2024, the Company had outstanding Vendor Rebate receivables 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 Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to Cost of product and service revenue in the consolidated statements of operations. The tax credit is included as an offset in Income tax payable in the consolidated balance sheets dated December 31, 2025. During the fiscal years ended December 31, 2025, 2024 and 2023, the Company earned 45X Credits for the manufacturing of certain components, which were sold and resulted in reductions of $8.6 million, $4.4 million and zero, respectively, to Cost of product and service revenue in the consolidated statements of operations. Warranty Obligations The Company offers a multi-year assurance type warranty for its products against manufacturer defects and does not contain service elements. For these assurance type warranties, a provision for estimated future costs related to warranty expense is recorded when they are probable and reasonably estimable, which is typically when products are delivered. This provision is based on historical information on the nature, frequency and average cost of claims for each product line. When little or no experience exists for a recently-introduced product line, the estimate is based on comparable product lines. These estimates are re-evaluated on an ongoing basis using best-available information and revisions to estimates are made as necessary. Claims estimated to be payable in the following year are classified as current liabilities and those payable beyond one year are classified as long-term liabilities. Advertising Expenses The cost of advertising, marketing and media is expensed as incurred. For the years ended December 31, 2025, 2024 and 2023 advertising expenses totaled $3.6 million, $3.3 million and $2.7 million, respectively, and are recorded within General and administrative expenses in the consolidated statements of operations. Income Taxes The Company provides for income taxes based on the provisions of ASC Topic 740 Income Taxes (“ASC 740”), which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax rates in effect at the date of the consolidated financial statements. A valuation allowance is provided to reduce deferred income tax assets if it is more likely than not that all, or some portion, of such deferred tax assets will not be recognized. Provision for estimated income taxes is based upon elements of income and expense reported in the consolidated statements of operations. The Company also files certain corporate state income tax returns. Generally, the Company is subject to examination by U.S. federal, state and non-U.S. income tax authorities. The current provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company determines whether uncertain tax positions are more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to unrecognized tax benefits within Interest expense and Other expenses, respectively, in the consolidated statements of operations. The Company's liabilities for unrecognized tax benefits are reflected in Other long-term liabilities in the consolidated balance sheet. Equity-Based Compensation The Company recognizes equity-based compensation expense based on the equity award’s grant date fair value. The determination of the fair value of equity awards issued to employees of the Company is based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Company values equity awards with a market condition using a Monte Carlo simulation model. The Company accounts for forfeitures as they occur. The grant date fair value of each unit is amortized on a straight-line basis over the requisite service period. Temporary Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. The Series A Redeemable Perpetual Preferred Stock of the Company, par value $0.001 per share (the “Series A Shares”) issued in connection with the Series A Purchase Agreement, as described in Note 11 – Redeemable Perpetual Preferred Stock, are classified as temporary equity in the accompanying consolidated financial statements. The Company elected the accreted redemption value method under which it accretes changes in redemption value over the period from the date of issuance of the Series A Shares to the earliest costless redemption date (the fifth anniversary) using the effective interest method. Such adjustments are included in Preferred cumulative dividends plus accretion and commitment fees on the Company’s consolidated statements of changes in redeemable perpetual preferred stock and stockholders’ equity (deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP. Earnings per Share Basic earnings per share (“EPS”), is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options, unvested restricted stock, or convertible debt, were exercised and converted into shares. The convertible debt is not currently convertible. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive. Credit Concentration Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to cash balances. Our customer base consists primarily of solar developers, independent power producers, utilities and engineering, procurement and construction firms. We do not require collateral on our accounts receivable. At December 31, 2025, our largest customer and five largest customers accounted for approximately 13.4% and 29.8%, respectively, of total accounts receivable. At December 31, 2024, our largest and five largest customers constituted approximately 9.0% and 31.0%, respectively, of total accounts receivable. During the year ended December 31, 2025, our two largest customers accounted for approximately 13.7% and 12.2%, respectively, of total revenue. During the year ended December 31, 2024, our two largest customers accounted for approximately 15.6% and 11.9%, respectively, of total revenue. During the year ended December 31, 2023, our largest customer accounted for approximately 13.4% of total revenue. Further, our accounts receivable are from companies within the solar industry and, as such, we are exposed to normal industry credit risk. We continually evaluate our reserves for potential credit losses and establish reserves for such losses. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities. The fair values of the Company’s cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable approximate their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. The Company follows the provisions of ASC Topic 820 Fair Value Measurement for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company, this applies to certain nonfinancial assets and liabilities acquired in business combinations and measurement of goodwill impairment and non-amortizable intangibles and is thereby measured at fair value, which was determined by the Company with the assistance of third-party valuation specialists. Restructuring The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420 Exit or Disposal Cost Obligations ("ASC 420" ) and ASC Topic 712 Compensation - Nonretirement Postemployment Benefits ("ASC 712" ). The Company accrues a liability for termination benefits under ASC 712 when it is probable that a liability has been incurred and the amount can be reasonably estimated and under ASC 420 when the termination benefits are communicated. In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued in the consolidated balance sheets. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, 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. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses, which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new guidance in the first quarter of fiscal year 2026 and does not expect a material impact on its consolidated financial statements upon adoption. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software, which updates the accounting for internal-use software by removing project stage references and introduces a new capitalization threshold based on management authorization and project completion probability. The guidance requires evaluation of significant development uncertainty, including novel functionality and unresolved performance requirements. ASU 2025-06 also requires website-specific development costs to be evaluated under the same framework as other internal-use software and clarifies that capitalized internal-use software costs are subject to the property, plant and equipment disclosure requirements under ASC Topic 360 Property, Plant, and Equipment. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on its financial statement disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which provides clarity and navigability of interim reporting requirements, requiring the entities to provide interim financial statements and notes in accordance with U.S. GAAP and added a comprehensive list of interim disclosures required by U.S. GAAP. The new standard is effective for the Company beginning in fiscal year 2029 with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statement disclosures. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes: 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 Company adopted ASU 2023-09 during the year ended December 31, 2025, with retrospective application.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Adjusted pre-tax book (loss) income	$ (29,217)	$ (250,576)	$ 177,157
Amount
Federal statutory tax rate	(6,136)	(52,621)	37,204
State and local income taxes	2,968	1,732	4,150
Foreign tax effects	17,047	35,929	(2,650)
R&D credits	(816)	(3,623)	(407)
Uncertain tax positions	122	714	0
Non-taxable or non-deductible items	668	(9)	377
Investment tax credits included in Cost of product and service revenue	(1,812)	(931)	0
Compensation	1,508	945	(414)
Contingent consideration	761	26	622
Other adjustments	(495)	(64)	332
Total income tax expense (benefit)	$ 23,018	$ (10,182)	$ 39,917
%
Federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes	(10.20%)	(0.70%)	2.30%
Foreign tax effects	(58.40%)	(14.30%)
R&D credits	2.80%	1.50%	(0.20%)
Uncertain tax positions	(0.40%)	(0.30%)	0.00%
Non-taxable or non-deductible items	(2.30%)	0.00%	0.20%
Investment tax credits included in Cost of product and service revenue	6.20%	0.40%	0.00%
Compensation	(5.20%)	(0.40%)	(0.20%)
Contingent consideration	(2.60%)	0.00%	0.30%
Other adjustments	1.70%	0.00%	0.20%
Total	(78.80%)	4.10%	22.50%
Foreign Tax Jurisdiction
Amount
Valuation allowances	$ 9,660	$ 7,760	$ 911
%
Foreign tax effects			(1.50%)
Valuation allowances	(33.10%)	(3.10%)	0.50%
Brazil
Amount
Foreign tax effects	$ (3,567)	$ 35,831	$ 3,420
Tax rate differential, Brazil	(3,894)	(14,311)	3,143
Non-deductible goodwill	0	49,560	0
Non-deductible expenses	327	582	277
Valuation allowances	$ 10,183	$ 7,760	$ 911
%
Foreign tax effects	12.20%	(14.30%)	1.90%
Tax rate differential	13.30%	5.70%	1.80%
Non-deductible goodwill	0.00%	(19.80%)	0.00%
Non-deductible expenses	(1.10%)	(0.20%)	0.20%
Valuation allowances	(34.90%)	(3.10%)	0.50%
South Africa
Amount
Foreign tax effects	$ (437)	$ (53)	$ (148)
Valuation allowances	$ (523)	$ 0	$ 0
%
Foreign tax effects	1.50%	0.00%	(0.10%)
Valuation allowances	1.80%	0.00%	0.00%
Spain
Amount
Foreign tax effects	$ 21,204	$ 975	$ (5,438)
Non-deductible goodwill	21,538	0	0
Non-deductible expenses	$ (334)	$ 975	$ (5,438)
%
Foreign tax effects	(72.60%)	(0.40%)	(3.10%)
Non-deductible goodwill	(73.70%)	0.00%	0.00%
Non-deductible expenses	1.10%	(0.40%)	(3.10%)
Other countries
Amount
Foreign tax effects	$ (153)	$ (824)	$ (484)
%
Foreign tax effects	0.50%	0.30%	(0.30%)
U.S.
Amount
Non-deductible expenses	$ 211	$ (49)	$ 169
%
Non-deductible expenses	(0.70%)	0.00%	0.10%

Commitments and Contingencies - Schedule of Commitments to Settle Contractual Obligations (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Purchase obligations
Total	$ 316,261
Less than 1 year	184,963
1 - 3 years	131,298
3 - 5 years	0
More than 5 years	0
Other obligations
Total	1,000
Less than 1 year	0
1 - 3 years	1,000
3 - 5 years	0
More than 5 years	0
Total
Total	317,261
Less than 1 year	184,963
1 - 3 years	132,298
3 - 5 years	0
More than 5 years	$ 0

Common and Preferred Stock	12 Months Ended
Common and Preferred Stock	Dec. 31, 2025
Equity [Abstract]
Common and Preferred Stock	Common and Preferred Stock Common Stock Each holder of the Company’s common stock shall be entitled to one vote for each share of common stock held as of the applicable record date on any matter that is submitted to a vote or for the consent of the stockholders of the Company. The holders of the Company’s common stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the Company’s board of directors, subject to the preferences applicable to holders of preferred stock. In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Company, all assets of the Corporation of whatever kind available for distribution to the holders of the Company’s common stock shall be divided among and paid ratably to the holders of common stock, subject to the preferences applicable to holders of preferred stock. Preferred Stock Preferred stock may be issued from time to time by the Company for such consideration as may be fixed by the Company’s board of directors. The board of directors is authorized to provide for one or more series of preferred stock and to fix the designation of such series, the voting rights, preferences and relative, participating, optional and other special rights, and the qualifications, limitations or restrictions thereof, of such series of preferred stock and the number of shares of such series, as may be permitted under the General Corporation Law of the State of Delaware. The powers, preferences and relative, participating, optional and other special rights of, and the qualifications, limitations or restrictions thereof, of each series of preferred stock, if any, may differ from those of any and all other series at any time outstanding.

- Definition

The entire disclosure for equity.

+ References

+ Details

Segment and Geographic Information - Schedule of Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,284,141	$ 915,807	$ 1,576,551
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,041,372	643,481	1,166,160
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	141,047	83,742	99,160
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	60,716	135,102	257,872
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	23,779	8,708	20,842
Remainder
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 17,227	$ 44,774	$ 32,517

- Definition

+ References

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-Section 50
-Paragraph 30
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
STI
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Other debt	$ 12.8

Equity-Based Compensation and Other Benefit Plans - Schedule of Assumptions (Details) - PSUs	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	82.00%	79.00%
Risk-free interest rate	3.44%	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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


		December 31,
	Estimated Useful Life (Years)	2025		2024
Land	N/A	$	1,674	$	1,585
Buildings and land improvements	15-39	12,482		9,108
Manufacturing equipment	7	43,650		27,853
Furniture, fixtures and equipment	5-7	6,088		4,287
Vehicles	5	1,287		603
Hardware	3-5	5,186		3,603
Construction in progress	N/A	18,178		3,948
Total		88,545		50,987
Less: accumulated depreciation		(30,320)		(24,765)
Property, plant and equipment, net		$	58,225	$	26,222

Summary of Significant Accounting Policies (Details)			1 Months Ended	3 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 02, 2025 shares	Nov. 06, 2024 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) option intangibleAsset $ / shares	Dec. 31, 2025 USD ($) option intangibleAsset $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Investment in equity securities					$ 1,000,000	$ 3,000,000	$ 0
Contingent payment upon milestone achievements				$ 1,000,000	$ 1,000,000
Lessee, operating lease, number of options to extend or terminate (or more) \| option				1	1
Long-lived assets impairment				$ 29,500,000		91,900,000	0
Goodwill impairment					$ 102,560,000	236,000,000	0
Number of indefinite lived intangible asset acquired \| intangibleAsset				1	1
Divested, percentage									1
Proceeds from sale of equity securities			$ 12,000,000.0		$ 0	11,975,000	0
Gain (loss) from equity investment					0
Amortization of debt discount and issuance costs					5,216,000	6,087,000	10,570,000
Research and development expense					9,900,000	6,700,000	8,500,000
Vendor rebates, deferred consideration, current				$ 0	0	8,000,000.0	38,600,000
Vendor rebates				165,000,000.0	165,000,000.0	133,300,000
Vendor rebates, outstanding				$ 152,036,000	152,036,000	115,458,000
Cost of product and service revenue					938,552,000	603,572,000	1,146,442,000
Advertising expenses					$ 3,600,000	$ 3,300,000	2,700,000
Temporary equity, par value (in dollars per share) \| $ / shares				$ 0.001	$ 0.001	$ 0.001
Cost of product and service revenue					$ (985,588,000)	$ (618,130,000)	$ (1,161,000,000)
Revision of Prior Period, Reclassification, Adjustment
Disaggregation of Revenue [Line Items]
Cost of product and service revenue						1,000,000.0		$ 1,000,000.0
Revision of Prior Period, Reclassification, Adjustment \| Brazilian Imposto sobre Circulação de Mercadorias e Serviços
Disaggregation of Revenue [Line Items]
Tax rate differential						$ 1,000,000.0		$ 1,000,000.0
Largest Customer \| Trade Accounts Receivable \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage					13.40%	9.00%
Five Largest Customers \| Trade Accounts Receivable \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage					29.80%	31.00%
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage					13.70%	15.60%	13.40%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage					12.20%	11.90%
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Vendor rebates, outstanding				$ 152,000,000.0	$ 152,000,000.0	$ 115,500,000
Other Assets
Disaggregation of Revenue [Line Items]
Vendor rebates, outstanding				$ 10,900,000	10,900,000	0
Manufacturing Production Credits, 45X
Disaggregation of Revenue [Line Items]
Product cost					173,600,000	137,800,000	$ 9,300,000
Cost of product and service revenue					$ 8,600,000	$ 4,400,000	$ 0
Series A Redeemable Perpetual Preferred Stock
Disaggregation of Revenue [Line Items]
Temporary equity, par value (in dollars per share) \| $ / shares				$ 0.001	$ 0.001
Simple Agreement Of Future Equity (SAFE) Agreement
Disaggregation of Revenue [Line Items]
Investment in equity securities		$ 3,000,000.0		$ 1,000,000.0
Contingent payment upon milestone achievements		$ 1,000,000.0
Simple Agreement Of Future Equity (SAFE) Agreement \| Preferred Stock
Disaggregation of Revenue [Line Items]
Number of shares converted (in shares) \| shares	182,669
Minimum
Disaggregation of Revenue [Line Items]
Payment receivable expected threshold period				30 days	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment receivable expected threshold period				60 days	60 days

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our commercial success depends on developing, implementing, and maintaining robust cybersecurity measures to safeguard our information technology systems and protect the confidentiality, integrity and availability of our data. Accordingly, we have adopted processes designed to identify, assess and mange material risks from cybersecurity threats. Managing Material Risks & Integrated Enterprise Risk Management We continue to strategically integrate cybersecurity risk management into our broader enterprise risk management program to promote a company-wide culture of cybersecurity risk management. Our enterprise risk management project team is working closely with our IT department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs while building out a framework to monitor those risks and integrate objectives into our broader strategic plan. Engaging Third Parties on Risk Management Given the complexity and evolving nature of cybersecurity threats, we have engaged a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating, testing, and improving our risk management systems. These partnerships enable us to leverage specialized knowledge and insights and includes regular evaluations, threat assessments, and consultation on security enhancements. Overseeing Third Party Risk The need to govern third party business partners poses significant challenges, and as a result we have implemented processes to oversee and manage these risks. Our procedures contemplate conducting security assessments of all third-party software vendors that are proportional to the risks present, ideally before or soon after engagement, and periodically thereafter, in order to mitigate risks related to data breaches or other cybersecurity incidents originating from third parties. Risks from Cybersecurity Threats We are not aware of any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that have materially affected, or are reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we cannot assure that our business strategy, results of operations and financial condition will not be materially affected in the future by cybersecurity risks or future cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We continue to strategically integrate cybersecurity risk management into our broader enterprise risk management program to promote a company-wide culture of cybersecurity risk management. Our enterprise risk management project team is working closely with our IT department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs while building out a framework to monitor those risks and integrate objectives into our broader strategic plan.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors is aware of the critical nature of managing risks associated with cybersecurity threats. In recognition of the significance of these threats to our operational integrity and shareholder confidence, our board of directors has established oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats. Board of Directors Oversight The Nominating and Corporate Governance Committee of our board of directors bears primary responsibility for the oversight of cybersecurity risks. The Nominating and Corporate Governance Committee was briefed on cybersecurity risks and any material cybersecurity incidents four times in 2025 by our Chief Information Officer and our Chief Financial Officer, as further described below. The Nominating and Corporate Governance Committee is composed of directors equipped with diverse skills needed to oversee the difference facets of cybersecurity risks effectively, including risk management, public company leadership, innovation and technology, corporate governance and finance. Management’s Role Managing Risk The Chief Information Officer and the Chief Financial Officer are responsible for updating the Nominating and Corporate Governance Committee on cybersecurity risks and our mitigation strategies. They provide regular updates to the Nominating and Corporate Governance Committee, as well as comprehensive briefings at least once per year and appropriate briefings during any potentially material cybersecurity incident. These briefings encompass a broad range of topics, including: •results of internal assessments and evaluations by third parties; •the current cybersecurity landscape and emerging threats; •the status of ongoing cybersecurity initiatives and strategies; •incident reports and lessons learned from any cybersecurity events; and •compliance with regulatory requirements and industry standards. In addition to regular scheduled meetings, the Nominating and Corporate Governance Committee, our Chief Information Officer and our Chief Financial Officer maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive periodic updates on significant developments in the cybersecurity landscape to support proactive and responsive board oversight. The Nominating and Corporate Governance Committee actively participates in strategic decisions related to cybersecurity, reviewing and offering guidance on major initiatives and any potentially material cybersecurity incident. This involvement ensures that cybersecurity considerations are integrated into our broader strategic objectives. Risk Management Personnel Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our Chief Information Officer. Our Chief Information Officer has managed cybersecurity and information security at Array for the past six years and has over 15 years of total experience as an information technology executive for publicly listed companies. Our Chief Information Officer holds B.S. degrees in finance and computer science from Arizona State University as well as a M.B.A. from Western International University. He manages a team with over 40 years of combined experience in cybersecurity. Our Chief Information Officer reports to our Chief Financial Officer, and both are responsible for updating the Chief Executive Officer, the Nominating & Corporate Governance Committee, and our board of directors on cybersecurity issues. Ongoing Education and Monitoring The Chief Information Officer leads our cybersecurity team, which remains current with the latest developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing education is crucial for the effective prevention, detection, mitigation and remediation of cybersecurity threats and incidents. The Chief Information Officer implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system evaluations, including penetration testing, to identify potential vulnerabilities. In the event of a cybersecurity incident, we are equipped with a well-defined incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents. Reporting to the Board of Directors The Chief Information Officer regularly informs the Chief Financial Officer and Chief Executive Officer of all significant aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential significant risks facing the Company. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Nominating and Corporate Governance Committee of our board of directors and, in certain cases, the board itself, ensuring that they have comprehensive oversight and can provide guidance on any potentially material cybersecurity incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Nominating and Corporate Governance Committee of our board of directors bears primary responsibility for the oversight of cybersecurity risks. The Nominating and Corporate Governance Committee was briefed on cybersecurity risks and any material cybersecurity incidents four times in 2025 by our Chief Information Officer and our Chief Financial Officer, as further described below. The Nominating and Corporate Governance Committee is composed of directors equipped with diverse skills needed to oversee the difference facets of cybersecurity risks effectively, including risk management, public company leadership, innovation and technology, corporate governance and finance.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In addition to regular scheduled meetings, the Nominating and Corporate Governance Committee, our Chief Information Officer and our Chief Financial Officer maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive periodic updates on significant developments in the cybersecurity landscape to support proactive and responsive board oversight.
Cybersecurity Risk Role of Management [Text Block]	The Chief Information Officer and the Chief Financial Officer are responsible for updating the Nominating and Corporate Governance Committee on cybersecurity risks and our mitigation strategies. They provide regular updates to the Nominating and Corporate Governance Committee, as well as comprehensive briefings at least once per year and appropriate briefings during any potentially material cybersecurity incident. These briefings encompass a broad range of topics, including: •results of internal assessments and evaluations by third parties; •the current cybersecurity landscape and emerging threats; •the status of ongoing cybersecurity initiatives and strategies; •incident reports and lessons learned from any cybersecurity events; and •compliance with regulatory requirements and industry standards. In addition to regular scheduled meetings, the Nominating and Corporate Governance Committee, our Chief Information Officer and our Chief Financial Officer maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive periodic updates on significant developments in the cybersecurity landscape to support proactive and responsive board oversight. The Nominating and Corporate Governance Committee actively participates in strategic decisions related to cybersecurity, reviewing and offering guidance on major initiatives and any potentially material cybersecurity incident. This involvement ensures that cybersecurity considerations are integrated into our broader strategic objectives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Nominating and Corporate Governance Committee of our board of directors bears primary responsibility for the oversight of cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our Chief Information Officer. Our Chief Information Officer has managed cybersecurity and information security at Array for the past six years and has over 15 years of total experience as an information technology executive for publicly listed companies. Our Chief Information Officer holds B.S. degrees in finance and computer science from Arizona State University as well as a M.B.A. from Western International University. He manages a team with over 40 years of combined experience in cybersecurity. Our Chief Information Officer reports to our Chief Financial Officer, and both are responsible for updating the Chief Executive Officer, the Nominating & Corporate Governance Committee, and our board of directors on cybersecurity issues.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Chief Information Officer and the Chief Financial Officer are responsible for updating the Nominating and Corporate Governance Committee on cybersecurity risks and our mitigation strategies. They provide regular updates to the Nominating and Corporate Governance Committee, as well as comprehensive briefings at least once per year and appropriate briefings during any potentially material cybersecurity incident. These briefings encompass a broad range of topics, including: •results of internal assessments and evaluations by third parties; •the current cybersecurity landscape and emerging threats; •the status of ongoing cybersecurity initiatives and strategies; •incident reports and lessons learned from any cybersecurity events; and •compliance with regulatory requirements and industry standards. In addition to regular scheduled meetings, the Nominating and Corporate Governance Committee, our Chief Information Officer and our Chief Financial Officer maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive periodic updates on significant developments in the cybersecurity landscape to support proactive and responsive board oversight. The Nominating and Corporate Governance Committee actively participates in strategic decisions related to cybersecurity, reviewing and offering guidance on major initiatives and any potentially material cybersecurity incident. This involvement ensures that cybersecurity considerations are integrated into our broader strategic objectives.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	May 31, 2024 ft²
Leases [Abstract]
Term of contract		162 months
Lease renewal period		10 years
Leased property area \| ft²		216
Total lease payments \| $	$ 103,158
Effective elimination interest rate		0.75
Tax payable, interest rate		1
Sales, interest rate		1

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


		December 31,
	Estimated Useful Life (Years)	2025		2024
Land	N/A	$	1,674	$	1,585
Buildings and land improvements	15-39	12,482		9,108
Manufacturing equipment	7	43,650		27,853
Furniture, fixtures and equipment	5-7	6,088		4,287
Vehicles	5	1,287		603
Hardware	3-5	5,186		3,603
Construction in progress	N/A	18,178		3,948
Total		88,545		50,987
Less: accumulated depreciation		(30,320)		(24,765)
Property, plant and equipment, net		$	58,225	$	26,222

Depreciation expense was $6.1 million, $4.4 million and $2.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, of which $3.6 million, $2.1 million and $1.3 million, respectively, was included in Cost of product and service revenue and $2.5 million, $2.3 million and $1.3 million, respectively, was included in Depreciation and amortization in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023.

Accounts Receivable - Schedule of Activity of Credit Losses On Accounts Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (4,848)	$ (3,824)	$ (1,888)
Provision for credit losses	(2,685)	(1,855)	(2,871)
Collected	60	92	916
Written-off	1,228	739	19
Ending balance	$ (6,245)	$ (4,848)	$ (3,824)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Liability Related to Estimated Contingent Consideration

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


	TRA Liability
Balance, December 31, 2023	$	10,363
IRS Settlement	(1,427)
Fair value adjustment	125
Balance, December 31, 2024	9,061
Payments	(1,204)
Fair value adjustment	395
Balance, December 31, 2025	$	8,252

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


	Earnout Consideration Liability
Balance, December 31, 2024	$	—
Additions	19,256
Payments	—
Fair value adjustment	(218)
Balance, December 31, 2025	$	19,038

Schedule of Commitments to Settle Contractual Obligations

The following table summarizes our commitments to settle contractual obligations as of December 31, 2025 (in thousands):


	Payments due by period
	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Purchase obligations(1)	316,261		184,963		131,298		—		—
Other obligations(2)	1,000		—		1,000		—		—
Total	$	317,261	$	184,963	$	132,298	$	—	$	—

(1) Purchase obligations primarily relate to commitments with certain suppliers under firm purchase orders or supply agreements to purchase raw materials or parts.

(2) Other obligations represent a commitment of the Company to invest an additional $1.0 million in future SAFEs with a technology company upon the achievement of defined milestones.

Goodwill, Long-Lived Assets, and Other Intangible Assets - Schedule of Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 46,966
2027	39,337
2028	39,129
2029	39,129
2030	28,561
Thereafter	35,157
Total amortizable intangibles, net	$ 228,279	$ 171,109

Segment and Geographic Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Segment revenue	$ 1,284,141	$ 915,807	$ 1,576,551
Product cost	882,262	578,551	1,110,952
Inventory valuation charge	29,516	0	0
Amortization of developed technology and backlog	17,520	14,558	14,558
Depreciation	3,569	2,135	1,348
Other costs	52,721	22,886	34,142
Gross profit	298,553	297,677	415,551
Total operating expenses	(327,548)	(524,682)	(201,427)
Total other expense	(222)	(23,571)	(36,967)
Income (loss) before income taxes	(29,217)	(250,576)	177,157
Segment assets	1,451,792	1,425,999	1,706,741
Capital expenditures	21,972	7,305	16,989
Depreciation and amortization	47,288	52,779	54,826
Interest income	11,852	16,777	8,330
Interest expense	27,331	34,825	44,229
Manufacturing Production Credits, 45X
Segment Reporting Information [Line Items]
Product cost includes 45X benefits realized	173,600	137,800	9,300
Array Legacy Operations
Segment Reporting Information [Line Items]
Segment revenue	1,070,478	661,629	1,172,827
Product cost	704,429	353,034	805,174
Inventory valuation charge	0
Amortization of developed technology and backlog	17,520	14,558	14,558
Depreciation	3,569	2,045	1,348
Other costs	44,968	21,961	34,142
Gross profit	299,992	270,031	317,605
Total operating expenses	0	0	0
Total other expense	0	0	0
Segment assets	1,235,937	1,018,487	868,697
Capital expenditures	21,077	6,423	15,748
Depreciation and amortization	35,846	27,303	26,840
Interest income	10,912	12,767	3,985
Interest expense	24,996	32,516	40,982
Outbound freight	43,800	21,600	33,500
STI Operations
Segment Reporting Information [Line Items]
Segment revenue	213,663	254,178	403,724
Product cost	177,833	225,517	305,778
Inventory valuation charge	29,516
Amortization of developed technology and backlog	0	0	0
Depreciation	0	90	0
Other costs	7,753	925	0
Gross profit	(1,439)	27,646	97,946
Total operating expenses	0	0	0
Total other expense	0	0	0
Segment assets	215,855	407,512	838,044
Capital expenditures	895	882	1,241
Depreciation and amortization	11,442	25,476	27,986
Interest income	940	4,010	4,345
Interest expense	$ 2,335	$ 2,309	$ 3,247

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
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)	490,829	460,920
Temporary equity, liquidation preference	$ 493.1	$ 493.1
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)	152,779,614	151,951,652

Revenue - Narrative (Details)	12 Months Ended
Revenue - Narrative (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 92,800,000	$ 94,000,000.0
Deferred revenue	128,433,000	119,775,000
Contract with Customer, Liability, Noncurrent	16,800,000	0
Deferred revenue recognized	$ 95,700,000	$ 42,400,000
Percentage of deferred revenue recognized	80.00%	64.00%
Revenue, bill and hold performance obligation, amount	$ 0	$ 1,900,000	$ 38,800,000
Revenue, bill and hold performance obligation, number of customers \| customer		1	3
Remaining performance obligation	$ 593,700,000
Percentage of performance obligation to be recognized	87.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, period	12 months

Debt - Senior Secured Credit Facility Narrative (Details)			12 Months Ended
	May 01, 2025 USD ($)	Oct. 14, 2020 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Short-term Debt [Line Items]
Repayment of long term line of credit			$ 233,875,000	$ 4,300,000	$ 74,300,000
First lien secured leverage ratio, maximum	7.10
First lien secured leverage ratio, minimum	5.50
Long-term debt, balance			682,802,000	692,917,000
Unamortized discount and issuance costs, total			(13,823,000)	(15,633,000)
Gain on debt refinancing			14,207,000	0	$ 0
Senior Secured Credit Facility
Short-term Debt [Line Items]
Long-term debt, balance			0	233,875,000
Convertible Senior Notes Due 2031 \| Convertible Debt
Short-term Debt [Line Items]
Gain on debt refinancing			5,900,000
Term loan facility \| Senior Secured Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 575,000,000
Debt instrument term		7 years
Long-term debt, balance				233,900,000
Unamortized discount and issuance costs, total				(7,900,000)
Revolving credit facility
Short-term Debt [Line Items]
Maximum borrowing capacity			$ 166,000,000	200,000,000.0
Revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Short-term Debt [Line Items]
Revolving loan applicable margin			3.25%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR) Plus Half of 1%
Short-term Debt [Line Items]
Revolving loan applicable margin, floor			0.005%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR) Plus 1%
Short-term Debt [Line Items]
Debt instrument term			1 month
Revolving loan applicable margin			2.25%
Revolving loan applicable margin, floor			1.00%
Revolving credit facility \| Senior Secured Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 200,000,000
Debt instrument term		5 years
Repayment of long term line of credit	$ 166,000,000
Long-term debt, balance			$ 0	0
Available borrowing capacity			137,900,000	172,000,000.0
Springing financial maintenance covenant		35.00%
Standby letters of credit \| Senior Secured Credit Facility
Short-term Debt [Line Items]
Letters of credit outstanding			$ 28,100,000	$ 28,000,000.0

Consolidated Balance Sheets Details - Schedule of Current Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 47,613	$ 60,588
Work in process	2,195	0
Finished goods	100,566	140,230
Inventories, net	$ 150,374	$ 200,818

Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits – January 1	$ 714,000	$ 0	$ 0
Gross increases – tax positions in prior period	0	533,000	0
Gross decreases – tax positions in prior period	0	0	0
Gross increases – tax positions in current period	122,000	181,000	0
Settlement	0	0	0
Lapse of statute of limitations	0	0	0
Unrecognized tax benefits – December 31	$ 836,000	$ 714,000	$ 0

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Year Ended December 31,
	2025		2024		2023
Net (loss) income	$	(52,235)	$	(240,394)	$	137,240
Preferred dividends and accretion	59,797		55,670		51,691
Net (loss) income to common shareholders	(112,032)		(296,064)		85,549

Basic:
Weighted average common shares outstanding	152,537		151,754		150,942
(Loss) income per share	$	(0.73)	$	(1.95)	$	0.57

Diluted:
Weighted average common shares outstanding	152,537		151,754		150,942
Effect of Restricted Stock and Performance Awards	—		—		1,080
Weighted average dilutive shares	152,537		151,754		152,022
(Loss) income per share	$	(0.73)	$	(1.95)	$	0.56

Leases - Schedule of Weighted-Average Remaining Lease-Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted average remaining lease-term
Finance leases	23 years 3 months 18 days
Operating leases	9 years 9 months 18 days	6 years	5 years 8 months 12 days
Weighted average discount rate
Finance leases	7.80%	0.00%	0.00%
Operating leases	7.50%	8.30%	7.90%

Accrued Warranty Reserve (Tables)

12 Months Ended

Dec. 31, 2025

Guarantees and Product Warranties [Abstract]

Schedule of Accrued Warranty Reserve

The following table presents changes in the accrued warranty reserve balances (in thousands):


	December 31,
	2025		2024
Beginning balance	$	6,893	$	6,162
Provision for warranties issued, net of expirations	17,273		3,163
Payments	(9,915)		(2,432)
Assumed through acquisition and other	2,059		—
Ending balance	$	16,310	$	6,893

Organization and Business (Details) - segment	12 Months Ended	48 Months Ended
Organization and Business (Details) - segment	Dec. 31, 2025	Dec. 31, 2025	Aug. 14, 2025	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				100.00%
APA
Business Combination, Contingent Consideration [Line Items]
Percentage of share capital acquired			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

Consolidated Balance Sheets Details (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Current Inventory, Net

Inventories consist of the following (in thousands):


	December 31,
	2025		2024
Raw materials	$	47,613	$	60,588
Work in process	2,195		—
Finished goods	100,566		140,230
Total	$	150,374	$	200,818

Schedule of Components of Prepaid Expenses and Other Current Assets and Other Assets

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


	December 31,
	2025		2024
IRA vendor rebates	$	152,036	$	115,458
Prepaid taxes	27,319		14,650
Other	21,753		27,819
Total prepaid expenses and other current assets	$	201,108	$	157,927

Schedule of Components of Contingent Consideration Liabilities

The following table shows the components of contingent consideration (in thousands):


	December 31,
	2025		2024
Current portion of contingent consideration
TRA	$	2,757	$	1,193
Earnout Consideration	11,794		—
Total current portion of contingent consideration	$	14,551	$	1,193

Contingent consideration, net of current portion
TRA	$	5,495	$	7,868
Earnout Consideration	7,244		—
Total contingent consideration, net of current portion	$	12,739	$	7,868

Schedule of Accrued Expenses And Other

Accrued expenses and other consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued payables	$	12,332	$	46,043
Accrued payroll expenses	17,135		13,068
Accrued interest	5,564		692

Non-income taxes payable	1,853		4,019
Other	17,405		27,361
Accrued expenses and other	$	54,289	$	91,183

Debt - Other Debt Narrative (Details) - STI $ in Millions	Dec. 31, 2025 USD ($)
Short-term Debt [Line Items]
Other debt	$ 12.8
Minimum \| Other debt
Short-term Debt [Line Items]
Stated interest rate (as a percent)	2.47%
Maximum \| Other debt
Short-term Debt [Line Items]
Stated interest rate (as a percent)	3.03%

Supplemental Cash Flows

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flows


	Year Ended December 31,
	2025		2024		2023
Cash paid for interest	$	16,056	$	38,655	$	43,949

Cash paid for income taxes
U.S. Federal	18,994		22,166		21,570
U.S. State	3,067		2,006		4,564
Spain	970		1,491		1,104
Other countries	301		2,303		18,704
Total	23,332		27,966		45,942

Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	2,791		422		1,546
Contingent consideration	19,038		—		—
Preferred Series A dividends and accretion	$	59,797	$	55,670	$	51,691

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Bad debts	$ 782	$ 143
Inventories	5,404	5,439
Accrued warranties	7,720	4,753
Accrued compensation	818	496
Net operating loss	16,124	4,247
Equity-based compensation	4,026	2,769
Lease liabilities	24,110	4,982
Premium on capped call	13,197	7,777
Capitalized R&D expenses	(391)	6,405
Other	8,477	5,244
Deferred tax assets	80,267	42,255
Valuation allowance	(22,020)	(11,181)
Deferred tax assets, net	58,247	31,074
Deferred tax liabilities:
Property, plant, and equipment	(7,050)	(2,349)
Intangible assets	(25,275)	(28,450)
ROU assets	(24,090)	(3,919)
Deferred tax liabilities	(56,415)	(34,718)
Deferred tax asset (liability), net	$ 1,832
Deferred tax asset (liability), net		$ (3,644)

Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 6,893	$ 6,162
Provision for warranties issued, net of expirations	17,273	3,163
Payments	(9,915)	(2,432)
Assumed through acquisition and other	2,059	0
Ending balance	$ 16,310	$ 6,893

Consolidated Balance Sheets Details - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory valuation charge	$ 29,516	$ 0	$ 0
Severance expenses	$ 1,200

Equity-Based Compensation and Other Benefit Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation and Other Benefit Plans

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 restricted stock units (“RSUs”) to employees and board of director members. The fair value of the RSUs is determined using the market value of common stock on the grant date.

RSU activity under the 2020 Plan 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	3,049,243	$	6.36
Shares vested	(816,680)	$	12.73
Shares forfeited	(558,347)	$	9.47
Outstanding non-vested, December 31, 2025	4,322,377	$	7.58

Performance Stock Units

The Company has granted performance-based restricted stock units (“PSUs”) to certain employees. The PSUs generally 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. 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.

PSU awards that were awarded during 2025 do not yet have a grant date because not all of the performance criteria is known at inception. These awarded shares have been included in Shares granted in the table below. Until the grant date is established, these awards are remeasured at fair value each reporting period using a Monte Carlo simulation, and the associated expense is recognized and trued up quarterly based on the updated fair value and estimated probability of vesting.

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the years ended December 31, 2025 and 2024:


	2025		2024
Volatility	82	%	79	%
Risk-free interest rate	3.44	%	4.62	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
PSUs
Outstanding non-vested, December 31, 2024	924,241	$	12.76
Shares granted (1)	659,773	$	9.53
Shares vested	—	$	—
Shares forfeited	(73,166)	$	12.10
Outstanding non-vested, December 31, 2025	1,510,848	$	11.22

The aggregate fair value of RSUs and PSUs that vested during the years ended December 31, 2025, 2024 and 2023 was $5.4 million, $9.5 million and $15.9 million, respectively, which represented the market value of our common stock on the date that the RSUs or PSUs vested.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized $15.6 million, $10.3 million and $14.6 million, respectively, in equity-based compensation, which is included in General and administrative expense in the consolidated statements of operations. These amounts include equity-based compensation related to RSUs, PSUs, and the Company’s Employee Stock Purchase Plan.

At December 31, 2025, the Company had $27.6 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over a weighted average of 1.9 years and 2.2 years, respectively.

Employee Stock Purchase Plan

The Company’s Compensation Committee approved the Employee Stock Purchase Plan (“ESPP”) in December 2021. The Plan allows employees to purchase shares at a 15% discount off the lower of the stock price at the beginning or ending of the six months window through payroll deductions. The plan is considered compensatory in nature and the Company recorded equity-based compensation expense on the plan beginning in 2022. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $0.2 million, $0.2 million, and $0.1 million, respectively, in equity-based compensation related to the Employee Stock Purchase Plan.

Deferred Compensation Plan

On May 21, 2024, the Human Capital Committee (the “Committee”) of the Board of Directors (the “Board”) of Array Technologies, Inc. adopted the Array Tech, Inc. Deferred Compensation Plan (the “Plan”). The Plan is a non-qualified deferred compensation plan intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Participation in the Plan is voluntary and is currently available to U.S. employees of the Company and its subsidiaries at the level of Vice President and above. Deferred compensation plan liabilities at December 31, 2025 were immaterial.

401(k) Plan

We have a defined contribution plan (“401(k) Plan”) which allows eligible employees to contribute up to 75% of their compensation up to the Internal Revenue Service maximum. We match each employee’s deferrals (contributions) at 100% for the first 3% and 50% of the fourth and fifth percentages of compensation and may make additional contributions at our discretion. Employees are immediately vested in the contributions made by us. Our contributions to the 401(k) Plan were $2.1 million, $2.0 million, and $1.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are recorded in cost of revenue and general and administrative expense. We have made no discretionary contributions to the 401(k) Plan to date.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net (loss) income

$ (52,235)

$ (240,394)

$ 137,240

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

Foreign currency translation

^[1]

34,922

(90,213)

36,385

Comprehensive (loss) income

$ (17,313)

$ (330,607)

$ 173,625

[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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Common and Preferred Stock (Details)	Dec. 31, 2025 vote
Equity [Abstract]
Number of votes per common share	1

Acquisition - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Aug. 14, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Preliminary allocation to goodwill	$ 135,173	$ 135,173		$ 160,189	$ 435,591
APA
Business Combination [Line Items]
Cash and cash equivalents	1,219	1,219	$ 1,219
Accounts receivable	29,124	29,124	29,043
Accounts receivable measurement adjustment	81
Inventories	25,136	25,136	25,467
Inventories measurement adjustment	(331)
Prepaid expenses and other	466	466	466
Property, plant and equipment	14,256	14,256	14,256
Other intangible assets	88,000	88,000	80,800
Other intangible assets measurement adjustment	7,200
Other assets	27,244	27,244	27,050
Other assets measurement adjustment	194
Total assets acquired	185,445	185,445	178,301
Total assets acquired measurement adjustment	7,144
Accounts payable	12,540	12,540	12,540
Deferred revenue	22,329	22,329	22,121
Deferred revenue measurement adjustment	208
Other liabilities	4,138	4,138	4,079
Other liabilities measurement adjustment	59
Other long-term liabilities	26,493	26,493	26,330
Other long-term liabilities measurement adjustment	163
Total liabilities assumed	65,500	65,500	65,070
Total liabilities assumed measurement adjustment	430
Preliminary fair value of net assets acquired	119,945	119,945	113,231
Preliminary fair value of net assets acquired measurement adjustment	6,714
Preliminary allocation to goodwill	$ 65,446	65,446	$ 72,911
Preliminary allocation to goodwill measurement adjustment		$ (7,465)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 277,823	$ 280,686	$ 335,976
Less: allowance for credit losses	(6,245)	(4,848)	(3,824)
Accounts receivable, net	$ 271,578	$ 275,838	$ 332,152

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 707,055,499
Entity Common Stock Shares Outstanding		152,848,992
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission (“SEC”) subsequent to the date hereof pursuant to Regulation 14A in connection with the registrant’s 2026 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K. We intend to file such proxy statement with the SEC not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001820721
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Array Technologies, Inc. (the “Company”), formerly ATI Intermediate Holdings, LLC, is a Delaware corporation formed in December 2018 as a wholly owned subsidiary of ATI Investment Parent, LLC (“Former Parent”). On October 14, 2020, the Company converted from a Delaware limited liability company to a Delaware corporation and changed the Company’s name to Array Technologies, Inc. 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 newly acquired operating segment (“STI Operations”) pertaining to STI. On August 14, 2025, the Company acquired 100% of the issued and outstanding equity interests of APA Solar, LLC (“APA”), the terms of which are discussed in Note 3 – Acquisition (the “APA Acquisition”). APA designs, engineers and manufactures solar racking, mounting and foundation systems, and the integration of such systems into the Company’s business model through the APA Acquisition supports the Company’s strategic expansion in the solar energy market and expands its operational footprint. APA is currently reported within the Array Legacy Operations segment. Headquartered in Albuquerque, New Mexico, the Company is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop and operate solar PV sites.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

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.

Plymouth Class Action

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. The plaintiffs in the consolidated action seek an award of damages and the interest thereon, any injunctive relief the court deems just and proper, and reasonable costs of bringing the litigation, including attorneys’ fees.

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.

Derivative Complaints

Southern District of New York

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. The derivative plaintiff in this action seeks: declaratory relief; an award of compensatory damages to the Company, with interest; restitution from the defendants; an order directing the Company to reform its corporate governance and internal procedures; and the costs and disbursements of the action, including attorneys’ fees.

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. The derivative plaintiff in this action seeks the same relief sought in the verified derivative complaint filed in the Southern District of New York on July 16, 2021.

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.

Delaware Court of Chancery

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. The derivative plaintiff in this action seeks: an award of compensatory damages in favor of the Company; restitution from the defendants and disgorgement of profits, benefits, and other compensation obtained by the defendants; an order directing the Company to reform its corporate governance and internal procedures; equitable or injunctive relief as permitted by law and equity; and the costs and disbursements of the action, including attorneys’ fees.

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. The derivative plaintiff in this action seeks: declaratory relief; an award of compensatory damages in favor of the Company; disgorgement of profits obtained from certain sales of Company stock by certain of the defendants; establishment of a constructive trust over certain amounts obtained by certain of the defendants; and the costs and disbursements of the action, including attorneys’ fees.

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 consolidated balance sheets as of December 31, 2025.

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 can 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 year ended December 31, 2024 the Company recognized a $4.0 million reduction to Cost of product and service revenue in the consolidated statements of operations from the settlement, and had a receivable of $0.4 million included in Prepaid and other expenses, net in the consolidated balance sheet. The Company has collected the remaining outstanding amount as of December 31, 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 Topic 450 Contingencies. 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.

Contingent Consideration

Tax Receivable Agreement

Concurrent with the Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC on July 8, 2016, Array Tech, Inc. entered into a TRA with the former majority shareholder of the Company. 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 the Company, 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 changes in the fair value of the TRA are recognized in earnings. As of December 31, 2025 and 2024, the fair value of the TRA was $8.3 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 our estimated TRA obligation (in thousands):


	TRA Liability
Balance, December 31, 2023	$	10,363
IRS Settlement	(1,427)
Fair value adjustment	125
Balance, December 31, 2024	9,061
Payments	(1,204)
Fair value adjustment	395
Balance, December 31, 2025	$	8,252

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

Earnout Consideration

As discussed in Note 3 – Acquisition, the Purchase Agreement includes an earnout provision pursuant to which Seller may be granted shares of the Company’s common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending September 30, 2028 (the “Earnout Consideration”). The maximum number of shares payable as Earnout Consideration is 4,686,530 shares of common stock, which was determined by dividing $40 million by

the volume weighted average price of the Company’s common stock for the 10 trading days immediately following the Closing Date. The number of shares payable will be subject to reduction if the cumulative value of the Earnout Consideration earned (measured on each date such shares are issued) exceeds $90 million. The Purchase Agreement provides that, to the extent the issuance of any Earnout Consideration or Deferred Consideration Shares would require stockholder approval under Nasdaq Listing Rule 5635(a), the Company will pay cash in lieu of issuing such shares, unless such stockholder approval has been obtained. The principal Seller continues to assume the managerial responsibilities of APA.

The Earnout Consideration is accounted for as contingent consideration, and the fair value is estimated each reporting period. As of December 31, 2025, the Earnout Consideration was estimated to have a fair value of approximately $19.0 million using a Monte-Carlo simulation method. Changes in fair value of the contingent liability are recognized in Change in fair value of contingent consideration in the consolidated statements of operations. Estimating the amount of payments that may be made under the Earnout Consideration is by nature imprecise. The significant fair value inputs used to estimate the future expected Earnout Consideration payments to Seller include a discount rate, earnings forecasts, and actual and estimated future volatility in the Company’s stock price.

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


	Earnout Consideration Liability
Balance, December 31, 2024	$	—
Additions	19,256
Payments	—
Fair value adjustment	(218)
Balance, December 31, 2025	$	19,038

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

Surety Bond

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. As of December 31, 2025, the Company had surety bonds outstanding in the amount of $215.5 million.

Contractual Obligations and Commitments

The following table summarizes our commitments to settle contractual obligations as of December 31, 2025 (in thousands):


	Payments due by period
	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Purchase obligations(1)	316,261		184,963		131,298		—		—
Other obligations(2)	1,000		—		1,000		—		—
Total	$	317,261	$	184,963	$	132,298	$	—	$	—

(1) Purchase obligations primarily relate to commitments with certain suppliers under firm purchase orders or supply agreements to purchase raw materials or parts.

(2) Other obligations represent a commitment of the Company to invest an additional $1.0 million in future SAFEs with a technology company upon the achievement of defined milestones.

Equity-Based Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent	75.00%
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	3.00%
Defined contribution plan, employer matching contribution, percent of match, secondary	50.00%
Defined contribution plan, contributions	$ 2.1	$ 2.0	$ 1.9
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation costs, period of recognition	2 years 2 months 12 days
Restricted stock units (RSU) and Performance stock units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 5.4	9.5	15.9
Equity grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	15.6	10.3	14.6
Unrecognized compensation costs	$ 27.6
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period of recognition	1 year 10 months 24 days
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 0.2	$ 0.2	$ 0.1
Employee stock purchase plan, discount rate	15.00%
Purchase period	6 months
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)				6,683,919