0001820721-25-000023 | 10-K | XBRL Viewer

Ending balance (in shares) at Dec. 31, 2022

8,425

^[1]

$ 8,425

150,513

Ending balance at Dec. 31, 2022

$ 124,281

$ 150

383,176

(267,470)

8,425

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

Ending balance (in shares) at Dec. 31, 2023

432

Ending balance at Dec. 31, 2023

$ 351,260

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

Equity-based compensation (in shares)

729

Equity-based compensation

14,541

$ 1

14,540

Preferred cumulative dividends plus accretion and commitment fees

(53,199)

Net income (loss)

137,240

Ending balance (in shares) at Dec. 31, 2023

36,385

^[1]

36,385

151,242

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

Ending balance (in shares) at Dec. 31, 2024

460

Ending balance at Dec. 31, 2024

$ 406,931

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

Equity-based compensation (in shares)

710

Equity-based compensation

10,686

Tax withholding related to vesting of equity-based compensation

(1,752)

Preferred cumulative dividends plus accretion and commitment fees

(55,671)

Net income (loss)

(240,394)

Ending balance (in shares) at Dec. 31, 2024

(90,213)

^[1]

(90,213)

151,952

Ending balance at Dec. 31, 2024

$ (118,096)

$ 151

$ 297,780

$ (370,624)

$ (45,403)

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
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

Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits – January 1	$ 0	$ 0	$ 0
Gross increases – tax positions in prior period	533,000	0	0
Gross decreases – tax positions in prior period	0	0	0
Gross increases – tax positions in current period	181,000	0	0
Settlement	0	0	0
Lapse of statute of limitations	0	0	0
Unrecognized tax benefits – December 31	$ 714,000	$ 0	$ 0

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

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


	December 31,
	2024		2023
Senior Secured Credit Facility:
Term loan facility	$	233,875	$	238,175
Revolving credit facility	—		—
Total secured credit facility	233,875		238,175

Convertible notes	425,000		425,000
Other debt	34,042		39,889
Total principal	692,917		703,064
Unamortized discount and issuance costs, total	(15,633)		(20,644)
Current portion of debt	(30,714)		(21,472)
Total long-term debt, net of current portion	$	646,570	$	660,948

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021 (the “First Amendment”), on February 26, 2021 (the “Second Amendment”) and again on March 2, 2023 (the “Third Amendment”). The First Amendment, in the case of Eurocurrency borrowings, lowered the London interbank offered rate floor to 50 basis points from 100 basis points and lowered the applicable margin to 325 basis points from 400 basis points per annum. The Second Amendment increased the borrowing capacity of the Revolving Credit Facility from $150 million to $200 million. The Third Amendment replaced the former discontinued Senior Secured Credit Facility reference rate of LIBOR, with the comparable active reference rate, SOFR.

The outstanding balance on the Term Loan Facility was $233.9 million and $238.2 million as of December 31, 2024 and 2023, respectively. The Term Loan Facility is presented in the accompanying consolidated balance sheets, net of debt discount and issuance costs of $7.9 million and $11.3 million at December 31, 2024 and 2023, respectively.

The Company had no outstanding balance under the revolving credit facility as of both December 31, 2024 and 2023, $28.0 million and $24.8 million in standby letters of credit as of December 31, 2024 and 2023, respectively, and availability of $172.0 million and $175.2 million as of December 31, 2024 and 2023, respectively.

Terms and Conditions of the Senior Secured Credit Facility

Interest Rates

The interest rates applicable to the loans under the Term Loan Facility equal, at the Company’s election, to either, (x) for SOFR Loans at Adjusted Term SOFR (subject to a floor of 0.50%) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%. Applicable interest rate at December 31, 2024 and 2023, were 9.55% and 10.15%, respectively.

For the years ended December 31, 2024 and 2023, interest expense related to the Term Loan Facility was $24.2 million and $32.4 million, respectively, of which, $20.6 million and $24.5 million, respectively, was contractual interest and $3.6 million and $7.9 million, respectively, was amortization of debt discount and issuance costs. The discount and issuance costs are amortized over the life of the debt using the effective interest rate method.

Prepayments and Amortization

The Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% per annum of the original principal amount of the loans funded thereunder and is due in October 2027. There is no scheduled amortization under the Revolving Credit Facility.

Loans under the Revolving Credit Facility may be voluntarily prepaid in whole, or in part, in each case without premium or penalty. Loans under the Term Loan Facility may be voluntarily prepaid in whole, or in part, in each case without premium or penalty (other than a 1% premium with respect to prepayments on account of certain “repricing events,” subject to exceptions, occurring within 12 months of the closing date of the Senior Secured Credit Facility).

Additionally, the Term Loan Facility requires an annual excess cash flow calculation, for which the prescribed formula did not result in requiring the Company to make an advance principal payment for the year ended December 31, 2024.

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 7.10 to 1.00. As of December 31, 2024, 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 completed a $425 million private offering ($375 million and $50 million, respectively), of its 1.00% Convertible Senior Notes due 2028 (the “Convertible Notes”), resulting in proceeds of $413.3 million ($364.7 million and $48.6 million, respectively), after deducting the original issue discount of 2.75%. The Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee (the “Indenture”).

For each of the years ended December 31, 2024 and 2023, interest expense related to the Convertible Notes was $6.1 million, of which, $4.2 million was contractual interest and $1.9 million was amortization of debt discount and issuance costs. The discount and issuance costs will be amortized over the life of the debt using the effective interest rate of 1.5%.

The Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. The Convertible Notes bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. As of December 31, 2024 and 2023, the principal balance of the Convertible Notes was $425.0 million with unamortized discount and issuance costs of $7.5 million and $9.4 million, respectively, for a net carrying amount of $417.5 million and $415.6 million, respectively.

The Convertible Notes were not convertible during the year ended December 31, 2024, and none have been converted to date. As the average market price of the Company’s common stock has not exceeded the exercise price since inception, there was no dilutive impact to earnings per share for the year ended December 31, 2024.

Redemption

At any time prior to the close of business on the business day immediately preceding June 1, 2028, the 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 March 31, 2022 (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 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 Convertible Notes on each such trading day; (3) if the Company calls such 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

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 June 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or any portion of their Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion of the Convertible Notes, the Company will pay cash up to the aggregate principal amount of the 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 Convertible Notes being converted.

The Company may redeem (an “Optional Redemption”) for cash all or any portion of the Convertible Notes, at its option, on or after December 6, 2025, 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 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 Convertible Notes, at least $100 million aggregate principal amount of 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 Convertible Notes.

The conversion rate for the Convertible Notes was initially, and remains currently, 41.9054 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to a conversion price of approximately $23.86 per share of common stock or 10.1 million shares. The conversion price of the Convertible Notes represents a premium of approximately 32.5% to the last reported sale price of the Company’s common stock on the Nasdaq Global Market on November 30, 2021. The conversion rate for the Convertible Notes is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date of the Convertible Notes or if the Company delivers a notice of redemption in respect of the Convertible Notes, the Company will, under certain circumstances, increase the conversion rate of the Convertible Notes for a holder who elects to convert its Convertible Notes (or any portion thereof) in connection with such a corporate event or convert its Convertible Notes called (or deemed called) for redemption during the related Redemption Period (as defined in the Indenture), as the case may be.

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

The Indenture includes customary covenants and sets forth certain events of default after which the 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 Convertible Notes become automatically due and payable.

Capped Calls

In connection with the issuances of the Convertible Notes, the Company paid $52.9 million, in aggregate, to enter into capped call option agreements to reduce the potential dilution to holders of the Company’s common stock after a conversion of the Convertible Notes. Specifically, upon the exercise of the capped call instruments issued pursuant to the agreements (the “Capped Calls”), the Company would receive shares of its common stock equal to approximately 17.8 million shares (a) multiplied by (i) the lower of $36.0200 or the then-current market price of its common stock, less (ii) the applicable exercise price, $23.86, and (b) divided by the then-current market price of its common stock. The results of this formula are that the Company would receive more shares as the market price of its common stock exceeds the exercise price and approaches the cap, which was initially, and remains currently, $36.02 per share.

Consequently, if the Convertible Notes are converted, then 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 as they are exercised. The formula above would be adjusted in the event of certain specified extraordinary events affecting the Company, including a merger; a tender offer; nationalization, insolvency or delisting of the Company’s common stock; changes in law; failure to deliver; insolvency filing; stock splits, combinations, dividends, repurchases or similar events; or an announcement of certain of the preceding actions.

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. The Capped Calls 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 Convertible Notes. Although intended to reduce the net number of shares of common stock issued after a conversion of the Convertible Notes, the Capped Calls were separately negotiated transactions, are not a part of the terms of the Convertible Notes, and do not affect the rights of the holders of the Convertible Notes.

The Company made a tax election to integrate the Convertible Notes and the Capped Calls. The accounting impact of this tax election makes the Capped Calls deductible as original issue discount interest for tax purposes over the term of the note, and as a result, established as deferred income tax asset of $10.8 million at inception, with an offsetting adjustment to additional paid-in capital on the consolidated balance sheets as of December 31, 2022.

At issuance 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.

Other Debt

Other debt consists of the debt obligations of STI Operations (“Other Debt”). Interest rates on Other debt range from 3.13% to 6.10% annually. Of the $33.8 million carrying value of the Other debt balance as of December 31, 2024, $14.9 million is denominated in Euros and $18.9 million is denominated in U.S. dollar. These debt obligations mature by 2027.

At December 31, 2024, STI Operations had three notes payable with a carrying value of $18.9 million outstanding, which resulted from a reverse factoring arrangements with a bank. The notes payable mature within a year from issuance and are included in the carrying value of Other debt of $33.8 million.

Aggregate Debt Maturities

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


	Amount
2025	$	30,959
2026	9,925
2027	227,033
2028	425,000
2029	—
	$	692,917

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.

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Acquisition of STI - Business Acquisition, Pro Forma Information (Details) - STI - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenue	$ 1,645,962	$ 1,118,903
Net income (loss)	$ 36,285	$ (74,215)

Leases - Schedule of Right of Use Assets Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2021
Leases [Abstract]
ROU Assets	$ 16,384	$ 22,085
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets	Other assets
Lease liabilities, current portion	$ 5,600	$ 5,744
Operating lease, liability, current, statement of financial position	Other current liabilities	Other current liabilities
Lease liabilities, long-term portion	$ 15,128	$ 19,475
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 20,728	$ 25,219

Revenue- Narrative (Details)	12 Months Ended
Revenue- Narrative (Details)	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 42,400,000	$ 161,200,000
Percentage of deferred revenue recognized	64.00%	90.00%
Revenue, bill and hold performance obligation, amount	$ 1,900,000	$ 38,800,000	$ 13,700,000
Revenue, bill and hold performance obligation, number of customers \| customer	1	3	1
Remaining performance obligation	$ 593,600,000
Percentage of performance obligation to be recognized	97.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (240,394)	$ 137,240	$ 4,432

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

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: 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 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
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement [Abstract]

Debt - Other Debt Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) note
Other debt
Short-term Debt [Line Items]
Number of STI notes payable \| note	3
STI
Short-term Debt [Line Items]
Other debt	$ 33.8
STI \| Euros
Short-term Debt [Line Items]
Other debt	14.9
STI \| United States of America, Dollars
Short-term Debt [Line Items]
Other debt	18.9
STI \| Other debt
Short-term Debt [Line Items]
Letters of credit outstanding	$ 18.9
Minimum \| STI \| Other debt
Short-term Debt [Line Items]
Stated interest rate (as a percent)	3.13%
Maximum \| STI \| Other debt
Short-term Debt [Line Items]
Stated interest rate (as a percent)	6.10%

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 7,042	$ 7,911	$ 5,380
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$ 849	$ 10,562	$ 12,558

Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
Accrued Warranty Reserve (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 6,162	$ 5,476	$ 3,192
Provision for warranties issued	4,270	6,328	5,289
Payments	(2,432)	(3,980)	(1,868)
Warranty expirations	(1,107)	(1,662)	(1,137)
Ending balance	$ 6,893	$ 6,162	$ 5,476

Equity-Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

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, 2021	930,409	$	22.39
Shares granted	1,484,782	$	10.93
Shares vested	(458,849)	$	20.00
Shares forfeited	(255,518)	$	15.42
Outstanding non-vested, December 31, 2022	1,700,824	$	13.81
Shares granted	904,075	$	17.89
Shares vested	(736,774)	$	14.43
Shares forfeited	(197,616)	$	16.43
Outstanding non-vested, December 31, 2023	1,670,509	$	15.44
Shares granted	2,184,402	$	9.54
Shares vested	(728,518)	$	15.35
Shares forfeited	(478,232)	$	13.19
Outstanding non-vested, December 31, 2024	2,648,161	$	10.97

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, 2024 and 2023:


	2024		2023
Volatility	79	%	90	%
Risk-free interest rate	4.62	%	3.74	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the years ended December 31, 2024, 2023 and 2022, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
PSUs
Outstanding non-vested, December 31, 2021	147,687	$	27.75
Shares granted (1)	466,916	$	10.88
Shares vested	—	$	—
Shares forfeited	(150,210)	$	20.81
Outstanding non-vested, December 31, 2022	464,393	$	11.96
Shares granted (1)	263,594	$	19.22
Shares vested	—	$	—
Shares forfeited	(35,514)	$	15.47
Outstanding non-vested, December 31, 2023	692,473	$	14.54
Shares granted (1)	586,316	$	11.74
Shares vested	—	$	—
Shares forfeited	(354,548)	$	16.16
Outstanding non-vested, December 31, 2024	924,241	$	12.76

(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.

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current expense (benefit):
Federal	$ 21,686	$ 26,592	$ 12,826
State	2,707	5,678	1,630
Foreign	3,075	16,509	7,725
Current income tax provision	27,468	48,779	22,181
Deferred expense (benefit):
Federal	(1,361)	942	(6,160)
State	(406)	(327)	(960)
Foreign	(35,883)	(9,477)	(24,445)
Deferred expense (benefit)	(37,650)	(8,862)	(31,565)
Total income tax expense (benefit)	$ (10,182)	$ 39,917	$ (9,384)

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Average cost inventory amount	$ 154.4	$ 129.5
FIFO inventory amount	$ 46.4	$ 32.5

Acquisition of STI - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	36 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 11, 2022
Business Acquisition [Line Items]
Allocation to goodwill	$ 160,189	$ 435,591
STI
Business Acquisition [Line Items]
Cash and cash equivalents	36,725		$ 36,725
Accounts receivable	110,789		110,789
Inventories	47,517		47,517
Prepaid expenses and other	23,399		23,399
Property, plant and equipment	4,434		4,434
Other intangible assets	304,431		304,431
Other assets	2,980		325
Other assets, measurement adjustment	2,655
Total assets acquired	530,275		527,620
Total assets acquired, measurement adjustment	2,655
Accounts payable	65,761		65,761
Deferred revenue	20,345		20,345
Short-term debt	44,338		44,338
Other liabilities	12,770		10,115
Other liabilities, measurement adjustment	2,655
Income tax payable	7,576		7,576
Deferred tax liability	95,510		95,510
Other long-term liabilities	4,524		4,524
Long-term debt	12,053		12,053
Total liabilities assumed	262,877		260,222
Total liabilities assumed, measurement adjustment	2,655
Fair value of net assets acquired	267,398		267,398
Allocation to goodwill	$ 343,369		$ 343,369

Accounts Receivable - Schedule of Activity of Credit Losses On Accounts Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (3,824)	$ (1,888)	$ (140)
Provision for credit losses	(1,855)	(2,871)	(2,599)
Collected	92	916	731
Written-off	739	19	120
Ending balance	$ (4,848)	$ (3,824)	$ (1,888)

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
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”). Reclassifications Software Implementation Costs During the first quarter of 2024, the Company reclassified capitalized software costs recorded as Property, plant and equipment, net to Intangible assets, net on the condensed consolidated balance sheets. The reclassification was recorded retrospectively and resulted in a $4.0 million increase to Intangible assets, net at December 31, 2023, with a corresponding decrease in the same amount to Property, plant and equipment, net. These reclassifications did not impact the Company’s operating income (loss), net income (loss), earnings (loss) per share, or statements of cash flows for any current or historical periods. Brazil Value-Added Tax Benefit Revenue in 2024 and 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), of $11.8 million and $23.2 million, respectively that has been included in cost of product and service revenue for these periods. For the year ended December 31, 2022, an ICMS benefit of $12.3 million was included in revenues. This reclassification had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. This reclassification also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows. 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. 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, 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 solar contractors 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 primarily the moving average cost method that approximates the FIFO method. 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. SAFE Investment On November 6, 2024, Array invested $3.0 million through a Simple Agreement of Future Equity (“SAFE”) with a technology company. At the next equity financing round of the technology company, the SAFE investment will convert into preferred shares of the company, subject to certain conditions. Array will invest up to $2.0 million in future SAFEs contingent upon the achievement of defined milestones by the technology company. The initial investment of $3.0 million was recorded at cost and is included within “Other assets” on 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. Leases Operating lease arrangements are comprised primarily of real estate and equipment agreements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. 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 our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options 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. As most of our 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 operating lease liabilities are included in other assets and other liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities 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 year ended December 31, 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. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. There was no impairment of long-lived assets for the years ended December 31, 2023 and 2022. 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 year ended December 31, 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 $236.0 million. 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 and 2022. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition associated with Legacy Array. 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, customer relationships, contractual backlog and the STI trade name 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. The Array Technologies trade name has been determined to have an indefinite life and, therefore, is not amortized but is subject to an annual impairment test or at any other time when impairment indicators exist. The Company did not recognize any impairment charges for this asset during the years ended December 31, 2024, 2023 and 2022. 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 $6.1 million, $10.6 million and $6.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Revenue Recognition In accordance with 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 along with associated maintenance and support. 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 single performance obligations, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations. 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) on 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 costs during its process of researching and developing new products and significant enhancements to existing products. Research and development 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 prior to a respective product being ready for commercial production. Research and development expense was $6.7 million, $8.5 million and $4.2 million during the years ended December 31, 2024, 2023 and 2022, respectively. Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.” The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service on 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, 2024, the company had deferred $8.0 million of vendor rebates related to rebates due at contract signing for past purchases, which are included in Other current liabilities on the consolidated balance sheet. During the fiscal year ended December 31, 2024, the Company recorded a reduction to cost of product and service revenue on the consolidated statements of operations in the amount of approximately $133.3 million, of which approximately $38.6 million related to the recognition of deferred rebates that were deferred upon contract signing at December 31, 2023. During the year ended December 31, 2023, the Company recorded a reduction to cost of product and service revenue on the consolidated statements of operations in the amount of $9.3 million. As of December 31, 2024 and 2023, the Company had an outstanding Vendor Rebate receivable of $115.5 million and $48.4 million, respectively, included in Prepaid expenses and other. Inflation Reduction Act 45X Credits The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to production costs. The tax credit is included as an offset in Income tax payable on the condensed consolidated balance sheet dated December 31, 2024. During the fiscal year ended December 31, 2024, the company earned 45X Advanced Manufacturing Production Credits for the manufacturing of certain components, which were sold and resulted in a $4.4 million reduction to cost of product and service revenue on the consolidated statement 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 an immature 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, 2024, 2023 and 2022 advertising expenses totaled $3.3 million, $2.7 million and $2.6 million, respectively. 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 on the condensed 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 12 – 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 undeclared dividends and accretion on Series A Shares 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 large solar developers, independent power producers, utilities and EPCs. We do not require collateral on our accounts receivable. At December 31, 2024, the Company’s largest customer and five largest customers accounted for 9.0% and 31.0%, respectively, of total accounts receivable. At December 31, 2023, the Company’s largest and five largest customers constituted 2.7% and 29.6% of trade accounts receivable, respectively. During the year ended December 31, 2024, two customers accounted for 15.6% and 11.9%, respectively, of total revenue. During the year ended December 31, 2023, one customer accounted for 13.4%, of total revenue. During the year ended December 31, 2022, two customers accounted for 11.8% and 10.6%, respectively, 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 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. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company did not adopt this reporting standard early for 2024 and expects no material impacts upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 20 – Segment and Geographic Information in the accompanying notes to the consolidated financial statements for further detail.

Property, Plant, and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 50,987	$ 48,711
Less: accumulated depreciation	(24,765)	(20,818)
Property, plant and equipment, net	26,222	27,893
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,585	1,634
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 9,108	9,344
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	$ 27,853	22,962
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 4,287	4,770
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	$ 603	688
Hardware
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 3,603	3,114
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	$ 3,948	$ 6,199

Redeemable Perpetual Preferred Stock	12 Months Ended
Redeemable Perpetual Preferred Stock	Dec. 31, 2024
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”) with certain investors (the “Series A Investor”) pursuant to which, on August 11, 2021, the Company issued 350,000 shares of its newly designated Series A Shares and 7,098,765 shares of the Company’s common stock for an aggregate purchase price of $346.0 million (the “Initial Closing”). Further, pursuant to the Series A Purchase Agreement, on September 27, 2021, the Company issued and sold to the Series A Investor 776,235 shares of common stock for an aggregate purchase price of $776 (the “Prepaid Forward Contract”). The Company used the net proceeds from the Initial Closing to repay the $102.0 million outstanding balance under its existing Revolving Credit Facility and prepay $100.0 million of the Company’s Term Loan Facility. The Series A Shares have no maturity date. The Series A Purchase Agreement required the Series A investor to purchase up to an additional 150,000 shares of Series A Shares and up to 3,375,000 shares of common stock (or up to 6,100,000 shares of common stock in the event of certain price-related adjustments) until June 30, 2023, subject to certain equitable adjustments pursuant to any stock dividend, stock split, stock combination, reclassification or similar transaction, for an aggregate purchase price up to $148.0 million (the “Put Option”). The Put Option expired effective June 30, 2023. On January 7, 2022, pursuant to the Put Option, the Company issued and sold to the Series A Investor 50,000 shares of Series A Shares and 1,125,000 shares of the Company’s common stock in an additional closing for an aggregate purchase price of $49.4 million (the “Additional Closing”). 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 Initial Closing, as well as the Prepaid Forward Contract and the Put Option are freestanding instruments accounted for in equity. The Series A Shares are recorded in temporary equity on the consolidated balance sheets as they have redemption features upon certain triggering events that are outside the Company’s control, such as a fundamental change. The proceeds of the Series A Shares, net of transaction costs and discount of $334.6 million have been allocated to each instrument based on its relative fair value. At the Initial Closing date, $229.8 million was allocated to the Series A Shares, $105.4 million to common stock, $12.4 million to the Put Option, which was recorded as a debit to additional paid-in-capital, and $11.7 million to the Prepaid Forward Contract. Direct costs associated with the issuance of the Securities were $11.1 million, which along with the $4.4 million discount, have been accounted for as a reduction in the proceeds of the Securities. The net proceeds of $334.6 million have been allocated to Series A Shares of $229.8 million, common stock of $105.4 million and additional paid-in capital of $12.4 million for the committed financing put right. The Additional Closing proceeds, net of transaction costs and discount of $1.3 million, were allocated among the Series A Shares and common stock based on the proceeds of $33.1 million and $15.9 million, respectively. 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 $27.5 million and $25.3 million for the years ended December 31, 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 Initial Closing, as well as the Prepaid Forward Contract and the Put Option, are freestanding instruments that are classified in equity. Dividends On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Shares either in (i) cash at the then-applicable Cash Regular Dividend Rate (as defined below), (ii) through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate of 6.25% (the “Permitted Accrued Dividends,”) or (iii) a combination thereof. Following the fifth anniversary of the Initial 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 Initial Closing, the dividends accrue to the Liquidation Preference (“Default Accrued Dividends”) at the then-applicable Cash Regular Dividend Rate plus 200 basis points. In the event there are Default Accrued Dividends outstanding for six consecutive quarters, the Company, at the option of the holders of the Series A Shares, will pay 100% of the amount of Default Accrued Dividends by delivering to such holder a number of shares of the Company’s common stock equal to the quotient of (i) the amount of Default Accrued Dividends divided by (ii) 95% of the 30-day 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 Initial Closing and (b) 100 basis points on each of the eighth, ninth and tenth anniversaries of the Initial Closing. The “Accrued Regular Dividend Rate” on the Series A Shares means 6.25% per annum on the Liquidation Preference. As used herein, “Liquidation Preference” means, with respect to the Series A Shares, the initial liquidation preference of $1,000 per share plus any accrued dividends of such share as the time of the determination. During the year ended December 31, 2024, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25% totaling $28.2 million. As of December 31, 2024 total accrued and unpaid dividends were $60.9 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. Fees During the six months ended June 30, 2023, the Company paid the Series A Investor a per annum cash commitment fee totaling $1.5 million on the unpurchased portion of the Put Option. The Put Option expired effective June 30, 2023. 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.

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Net (loss) income

$ (240,394)

$ 137,240

$ 4,432

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

Comprehensive (loss) income

^[1]

(90,213)

36,385

8,425

$ (330,607)

$ 173,625

$ 12,857

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

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

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

Commitments and Contingencies Disclosure [Abstract]

Debt - Schedule of Aggregate Future Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 30,959
2026	9,925
2027	227,033
2028	425,000
2029	0
Total carrying value of debt	$ 692,917	$ 703,064

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

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.

On May 14, 2021, a putative class 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, and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933 (“Plymouth Action”). 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 (“IPO”), 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 Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Exchange Act of 1933, which was consolidated with the Plymouth Action.

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

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

On July 16, 2021, a verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 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 Securities Exchange Act of 1934.

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 Securities Exchange Act of 1934 for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty.

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

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

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

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

The Company continues to believe the claims alleged in the actions are without merit and intends to continue to vigorously defend its position in these matters. The Company has not recorded any material loss contingency in the consolidated balance sheets as of December 31, 2024.

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 revenue on the consolidated statements of operations from the settlement, and has a receivable of $0.4 million included in Prepaid and other expenses, net on the consolidated balance sheet. Subsequent to December 31, 2024, the Company has collected the remaining outstanding amount.

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

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, 2024 and 2023, the fair value of the TRA was $9.1 million and $10.4 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, 2022	$	8,587
IRS Settlement	(1,200)
Fair value adjustment	2,976
Balance, December 31, 2023	10,363
Payments	(1,427)
Fair value adjustment	125
Balance, December 31, 2024	$	9,061

The TRA 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, 2024, the Company had surety bonds outstanding in the amount of $270.9 million.

Purchase Commitments

The Company has entered into various purchase agreements, including inventory-related agreements with its suppliers to purchase raw materials or parts. The Company had non-cancellable purchase obligations of $78.2 million at December 31, 2024.

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 915,807,000	$ 1,576,551,000	$ 1,637,546,000
Cost of revenue:
Cost of product and service revenue	603,572,000	1,146,442,000	1,410,270,000
Amortization of developed technology	14,558,000	14,558,000	14,558,000
Total cost of revenue	618,130,000	1,161,000,000	1,424,828,000
Gross profit	297,677,000	415,551,000	212,718,000
Operating expenses:
General and administrative	160,567,000	159,535,000	150,777,000
Change in fair value of contingent consideration	125,000	2,964,000	(4,507,000)
Depreciation and amortization	36,086,000	38,928,000	84,581,000
Long-lived assets impairment	91,904,000	0	0
Goodwill impairment	236,000,000	0	0
Total operating expenses	524,682,000	201,427,000	230,851,000
(Loss) income from operations	(227,005,000)	214,124,000	(18,133,000)
Other (expense) income, net	(1,008,000)	(1,015,000)	2,789,000
Interest income	16,777,000	8,330,000	3,181,000
Legal settlement	0	0	42,750,000
Foreign currency (loss) gain, net	(4,515,000)	(53,000)	1,155,000
Interest expense	(34,825,000)	(44,229,000)	(36,694,000)
Total other (expense) income	(23,571,000)	(36,967,000)	13,181,000
(Loss) income before income tax expense (benefit)	(250,576,000)	177,157,000	(4,952,000)
Income tax (benefit) expense	(10,182,000)	39,917,000	(9,384,000)
Net (loss) income	(240,394,000)	137,240,000	4,432,000
Preferred dividends and accretion	55,670,000	51,691,000	48,054,000
Net (loss) income to common shareholders, basic	(296,064,000)	85,549,000	(43,622,000)
Net (loss) income to common shareholders, diluted	$ (296,064,000)	$ 85,549,000	$ (43,622,000)
(Loss) income per common share
Basic (in dollars per share)	$ (1.95)	$ 0.57	$ (0.29)
Diluted (in dollars per share)	$ (1.95)	$ 0.56	$ (0.29)
Weighted average common shares outstanding
Basic (in shares)	151,754	150,942	149,819
Diluted (in shares)	151,754	152,022	149,819

Income Taxes

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
U.S.	$	113,045	$	136,498	$	34,344
Foreign	(363,621)		40,659		(39,296)
Income (loss) before provision for income taxes	$	(250,576)	$	177,157	$	(4,952)

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


	Year Ended December 31,
	2024		2023		2022
Current expense (benefit):
Federal	$	21,686	$	26,592	$	12,826
State	2,707		5,678		1,630
Foreign	3,075		16,509		7,725
	27,468		48,779		22,181
Deferred expense (benefit):
Federal	(1,361)		942		(6,160)
State	(406)		(327)		(960)
Foreign	(35,883)		(9,477)		(24,445)
	(37,650)		(8,862)		(31,565)
Total income tax expense (benefit)	$	(10,182)	$	39,917	$	(9,384)

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


	December 31,
	2024		2023
Deferred tax assets:
Bad debts	$	143	$	164
Inventories	5,439		3,528
Accrued warranties	4,753		4,336
Accrued compensation	496		569
Net operating loss	4,247		2,181
Equity-based compensation	2,769		3,222
Lease liabilities	4,982		5,794
Premium on capped call	7,777		9,376
Interest expense carryforward	80		3,411
Capitalized research and development expenses	6,405		2,000
Other	5,164		4,580
Deferred tax assets	42,255		39,161
Valuation allowance	(11,181)		(2,360)
Deferred tax assets, net	31,074		36,801
Deferred tax liabilities:
Property, plant, and equipment	(2,349)		(2,825)
Intangible assets	(28,450)		(79,913)
ROU assets	(3,919)		(5,051)
Deferred tax liabilities	(34,718)		(87,789)
Deferred tax asset (liability), net	$	(3,644)	$	(50,988)

A reconciliation of income tax expense computed at the federal statutory rate of 21% to actual income tax expense at the Company’s effective rate is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	(52,621)	$	37,204	$	(1,040)
State income taxes	1,732		4,150		530
Officer’s compensation	350		518		740
Equity-based compensation	595		(932)		712
Contingent consideration	26		622		(947)
Tax credits	(4,554)		(407)		(421)
Non-U.S. income taxed at different rate than U.S. statutory rate	(15,135)		2,658		(4,274)
Non-U.S. indirect tax incentives	975		(5,035)		(4,183)
Foreign derived intangible income benefit	—		(403)		(1,668)
Transaction costs	—		—		1,628
Non-deductible Goodwill Impairment	49,560		—		—
Change in valuation allowance	7,760		911		(534)
Uncertain tax benefits	714		—		—
Nondeductible expenses	481		299		10
Other	(65)		332		63
Total income tax expense (benefit)	$	(10,182)	$	39,917	$	(9,384)

During 2023 and 2022, the Company received a non-U.S. indirect tax incentive which was excluded from the local income tax base, resulting in a reduction of the overall effective tax rate of the Company. The income tax benefits from the non-U.S. indirect tax incentive was $5.0 million and $4.2 million for 2023 and 2022, respectively. Due to recent legislation, effective in 2024 these non-U.S. indirect tax incentives are no longer excluded from the local income tax base. In addition, in 2024, the Company reached a settlement under an amnesty program relating to treatment of the pre-acquisition of such non-US indirect tax incentives for years ended 2017 and 2018. Under the settlement, there was a repayment of the non-US indirect tax incentives from 2017 and 2018 along with penalties of $3.3 million, which were not deductible.

During the year ended December 31, 2024, the Company recorded impairment charges of $236.0 million related to goodwill and $91.9 million related to intangibles and PP&E. The goodwill impairment charge is non-deductible for income tax purposes, while a deferred tax benefit of $31.2 million offset by a valuation allowance against deferred tax assets of $7.2 million was recognized for the intangible and PP&E impairment. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information.

As of December 31, 2024, the Company has federal income tax net operating loss (“NOL”) carryforwards of approximately $6.8 million that do not expire, state income tax NOL carryforwards of approximately $0.5 million that will expire in future years beginning in 2029, state tax credits of approximately $1.1 million that will expire in future years beginning in 2033, and certain foreign NOLs that are immaterial. As of December 31, 2023, the Company has federal income tax NOL carryforwards of approximately $6.8 million that do not expire, state income tax NOL carryforwards of approximately $2.3 million that will expire in future years beginning in 2029,

state tax credits of approximately $0.3 million that will expire in future years beginning in 2033, and certain foreign NOLs that are immaterial.

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 net operating loss would be realized due to type and location of future earnings. As a result, the Company has a valuation allowance of $11.2 million and $2.4 million for the years ended December 31, 2024 and 2023.

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, 2024, 2023 and 2022, the Company had unrecognized income tax benefits of $0.7 million, zero 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 on the consolidated statement of operations is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Unrecognized tax benefits – January 1	$	—	$	—	$	—
Gross increases – tax positions in prior period	533		—		—
Gross decreases – tax positions in prior period	—		—		—
Gross increases – tax positions in current period	181		—		—
Settlement	—		—		—
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits – December 31	$	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 2020. There are currently no income tax audits in any material jurisdictions.

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, 2024, 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 year ended December 31, 2024.

The Company accounts for the 45X Credit under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, for certain parts for which it is the manufacturer as a reduction to production costs with a corresponding reduction to Income Tax Payable. The reduction to production costs of $4.4 million for the year ended December 31, 2024, from the 45X Credit related to parts manufactured by the company, is excluded from Federal and state income taxes.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Revenue from Contract with Customer [Abstract]

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 280,686	$ 335,976	$ 423,071
Less: allowance for credit losses	(4,848)	(3,824)	(1,888)
Accounts receivable, net	$ 275,838	$ 332,152	$ 421,183

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4.4	$ 2.6	$ 2.4
Depreciation allocated to cost of revenue	2.1	1.3	1.6
Depreciation included in depreciation and amortization	$ 2.3	$ 1.3	$ 0.8

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Disaggregation of Revenue

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


	Year Ended December 31,
	2024		2023		2022
Over-time revenue	$	744,346	$	1,417,217	$	1,155,848
Point in time revenue	171,461		159,334		481,698
Total revenue	$	915,807	$	1,576,551	$	1,637,546

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 and consisted of the following (in thousands):


	December 31,
	2024		2023		2022
Unbilled receivables	$	94,045	$	102,603	$	101,513

Contract liabilities consisting of deferred revenue recorded on a contract-by-contract basis at the end of each reporting period were as follows (in thousands):


	December 31,
	2024		2023		2022
Deferred revenue	$	119,775	$	66,488	$	178,922

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 5,156
2026	3,035
2027	2,968
2028	2,983
2029	3,047
Thereafter	11,268
Total lease payments	28,457
Less: Imputed lease interest	(7,729)
Total lease liabilities	$ 20,728	$ 25,219

Equity-Based Compensation and Other Benefit Plans - Schedule of Assumptions (Details) - PSUs	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	79.00%	90.00%
Risk-free interest rate	4.62%	3.74%
Dividend yield	0.00%	0.00%

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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Schedule of Earnings Per Share, Basic and Diluted

Goodwill, Long-Lived Assets, and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 236,000,000	$ 0	$ 0
Long-lived assets impairment	91,900,000	0	0
Amortization expense related to intangible assets	48,400,000	52,200,000	98,400,000
Amortization of developed technology	14,558,000	14,558,000	14,558,000
Depreciation and amortization	36,086,000	38,928,000	84,581,000
STI Operations
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	236,000,000
Long-lived assets impairment	91,900,000
Amortization of developed technology	0	0	0
STI Operations \| GDC
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	(236,000,000)
Changes in goodwill fair value	251,200,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of developed technology	14,600,000	14,600,000	14,600,000
Depreciation and amortization	33,800,000	$ 37,600,000	$ 83,800,000
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

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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,
	2024		2023		2022
Net income (loss)	$	(240,394)	$	137,240	$	4,432
Preferred dividends and accretion	55,670		51,691		48,054
Net income (loss) to common shareholders	(296,064)		85,549		(43,622)

Basic:
Weighted average common shares outstanding	151,754		150,942		149,819
Earnings (loss) per share	$	(1.95)	$	0.57	$	(0.29)

Diluted:
Weighted average common shares outstanding	151,754		150,942		149,819
Effect of Restricted Stock and Performance Awards	—		1,080		—
Weighted average dilutive shares	151,754		152,022		149,819
Income (loss) per share	$	(1.95)	$	0.56	$	(0.29)

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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	No
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			$ 1,373,224,440
Entity Common Stock Shares Outstanding		152,013,769
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 2025 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, 2024.
Entity Central Index Key	0001820721
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Earnings per Share

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Net income (loss)	$	(240,394)	$	137,240	$	4,432
Preferred dividends and accretion	55,670		51,691		48,054
Net income (loss) to common shareholders	(296,064)		85,549		(43,622)

Basic:
Weighted average common shares outstanding	151,754		150,942		149,819
Earnings (loss) per share	$	(1.95)	$	0.57	$	(0.29)

Diluted:
Weighted average common shares outstanding	151,754		150,942		149,819
Effect of Restricted Stock and Performance Awards	—		1,080		—
Weighted average dilutive shares	151,754		152,022		149,819
Income (loss) per share	$	(1.95)	$	0.56	$	(0.29)

Since the Company was in a loss position for the year ended December 31, 2024 and 2022, 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. At December 31, 2024, 2023 and 2022, 3,572,402, 2,362,982, and 2,165,217, respectively, of common stock equivalents were excluded from the calculation of diluted net loss per share to common stockholders, as they had an antidilutive effect.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2024, 2023 and 2022, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
U.S.	$	113,045	$	136,498	$	34,344
Foreign	(363,621)		40,659		(39,296)
Income (loss) before provision for income taxes	$	(250,576)	$	177,157	$	(4,952)

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,
	2024		2023		2022
Current expense (benefit):
Federal	$	21,686	$	26,592	$	12,826
State	2,707		5,678		1,630
Foreign	3,075		16,509		7,725
	27,468		48,779		22,181
Deferred expense (benefit):
Federal	(1,361)		942		(6,160)
State	(406)		(327)		(960)
Foreign	(35,883)		(9,477)		(24,445)
	(37,650)		(8,862)		(31,565)
Total income tax expense (benefit)	$	(10,182)	$	39,917	$	(9,384)

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,
	2024		2023
Deferred tax assets:
Bad debts	$	143	$	164
Inventories	5,439		3,528
Accrued warranties	4,753		4,336
Accrued compensation	496		569
Net operating loss	4,247		2,181
Equity-based compensation	2,769		3,222
Lease liabilities	4,982		5,794
Premium on capped call	7,777		9,376
Interest expense carryforward	80		3,411
Capitalized research and development expenses	6,405		2,000
Other	5,164		4,580
Deferred tax assets	42,255		39,161
Valuation allowance	(11,181)		(2,360)
Deferred tax assets, net	31,074		36,801
Deferred tax liabilities:
Property, plant, and equipment	(2,349)		(2,825)
Intangible assets	(28,450)		(79,913)
ROU assets	(3,919)		(5,051)
Deferred tax liabilities	(34,718)		(87,789)
Deferred tax asset (liability), net	$	(3,644)	$	(50,988)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense computed at the federal statutory rate of 21% to actual income tax expense at the Company’s effective rate is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate	$	(52,621)	$	37,204	$	(1,040)
State income taxes	1,732		4,150		530
Officer’s compensation	350		518		740
Equity-based compensation	595		(932)		712
Contingent consideration	26		622		(947)
Tax credits	(4,554)		(407)		(421)
Non-U.S. income taxed at different rate than U.S. statutory rate	(15,135)		2,658		(4,274)
Non-U.S. indirect tax incentives	975		(5,035)		(4,183)
Foreign derived intangible income benefit	—		(403)		(1,668)
Transaction costs	—		—		1,628
Non-deductible Goodwill Impairment	49,560		—		—
Change in valuation allowance	7,760		911		(534)
Uncertain tax benefits	714		—		—
Nondeductible expenses	481		299		10
Other	(65)		332		63
Total income tax expense (benefit)	$	(10,182)	$	39,917	$	(9,384)

Schedule of Unrecognized Tax Benefits Roll Forward

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


	Year Ended December 31,
	2024		2023		2022
Unrecognized tax benefits – January 1	$	—	$	—	$	—
Gross increases – tax positions in prior period	533		—		—
Gross decreases – tax positions in prior period	—		—		—
Gross increases – tax positions in current period	181		—		—
Settlement	—		—		—
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits – December 31	$	714	$	—	$	—

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Amounts retained by project owners under contracts	$ 17.4	$ 24.0	$ 47.4

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

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, 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	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)
Income (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	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 (loss) 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


	Year Ended December 31, 2022
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	1,267,883	$	369,663	$	1,637,546
Less:
Product cost	1,047,772		310,557		1,358,329
Amortization of developed technology	14,558		—		14,558

Depreciation (3)	1,620		—		1,620
Other costs (2) (3)	50,321		—		50,321
Gross profit	$	153,612	$	59,106	$	212,718

Total operating expenses	—		—		(230,851)
Total other expense, net	—		—		13,181
Income (loss) before income taxes					$	(4,952)

Segment assets	843,934		862,118		1,706,052
Capital expenditures	9,831		788		10,619
Depreciation and amortization	25,960		75,099		101,059
Interest income	504		2,677		3,181
Interest expense	34,272		2,422		36,694

(1) Includes 45X benefits realized in the amount of $137.8 million and $9.3 million for fiscal 2024 and 2023, respectively.

(2) Other is primarily comprised of outbound freight and certain overhead costs.

(3) Depreciation and Other for STI Operations for the years ended December 31, 2023 and 2022 is immaterial and included within the line item 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,
	2024		2023		2022
U.S.	$	643,481	$	1,166,160	$	1,286,064
Spain	83,742		99,160		129,292
Brazil	135,102		257,872		144,464
Australia	8,708		20,842		9,429
Remainder	44,774		32,517		68,297
Total revenue	$	915,807	$	1,576,551	$	1,637,546

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,
	2024		2023
U.S.	$	20,058	$	18,982
Spain	2,967		3,457
Brazil	13		3,305
Australia	471		554
Remainder	2,713		1,595
Total property, plant and equipment, net	$	26,222	$	27,893

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

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

The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the 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, Legacy Array and STI Operations, which are also reportable segments. Legacy Array consists primarily of amounts earned from the design and delivery of solar array’s in the United States, and STI operations consists primarily of amounts earned from the design and delivery of solar array’s outside of the United States.

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 Legacy Array 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, 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	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)
Income (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	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 (loss) 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


	Year Ended December 31, 2022
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	1,267,883	$	369,663	$	1,637,546
Less:
Product cost	1,047,772		310,557		1,358,329
Amortization of developed technology	14,558		—		14,558

Depreciation (3)	1,620		—		1,620
Other costs (2) (3)	50,321		—		50,321
Gross profit	$	153,612	$	59,106	$	212,718

Total operating expenses	—		—		(230,851)
Total other expense, net	—		—		13,181
Income (loss) before income taxes					$	(4,952)

Segment assets	843,934		862,118		1,706,052
Capital expenditures	9,831		788		10,619
Depreciation and amortization	25,960		75,099		101,059
Interest income	504		2,677		3,181
Interest expense	34,272		2,422		36,694

(1) Includes 45X benefits realized in the amount of $137.8 million and $9.3 million for fiscal 2024 and 2023, respectively.

(2) Other is primarily comprised of outbound freight and certain overhead costs.

(3) Depreciation and Other for STI Operations for the years ended December 31, 2023 and 2022 is immaterial and included within the line item product cost.

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


	Year Ended December 31,
	2024		2023		2022
U.S.	$	643,481	$	1,166,160	$	1,286,064
Spain	83,742		99,160		129,292
Brazil	135,102		257,872		144,464
Australia	8,708		20,842		9,429
Remainder	44,774		32,517		68,297
Total revenue	$	915,807	$	1,576,551	$	1,637,546

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


	December 31,
	2024		2023
U.S.	$	20,058	$	18,982
Spain	2,967		3,457
Brazil	13		3,305
Australia	471		554
Remainder	2,713		1,595
Total property, plant and equipment, net	$	26,222	$	27,893

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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Schedule of Accounts Receivable

Segment and Geographic Information - Narrative (Details) - segment	12 Months Ended	36 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Number of operating segments	2	2
Number of reportable segments	2	2

Equity-Based Compensation and Other Benefit Plans - Schedule of RSUs and PSUs Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares)	1,670,509	1,700,824	930,409
Shares granted (in shares)	2,184,402	904,075	1,484,782
Shares vested (in shares)	(728,518)	(736,774)	(458,849)
Shares forfeited (in shares)	(478,232)	(197,616)	(255,518)
Outstanding non-vested, ending balance (in shares)	2,648,161	1,670,509	1,700,824
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share)	$ 15.44	$ 13.81	$ 22.39
Shares granted, weighted average grand date fair value (in dollars per share)	9.54	17.89	10.93
Shares vested, weighted average grand date fair value (in dollars per share)	15.35	14.43	20.00
Shares forfeited, weighted average grand date fair value (in dollars per share)	13.19	16.43	15.42
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share)	$ 10.97	$ 15.44	$ 13.81
PSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares)	692,473	464,393	147,687
Shares granted (in shares)	586,316	263,594	466,916
Shares vested (in shares)	0	0	0
Shares forfeited (in shares)	(354,548)	(35,514)	(150,210)
Outstanding non-vested, ending balance (in shares)	924,241	692,473	464,393
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share)	$ 14.54	$ 11.96	$ 27.75
Shares granted, weighted average grand date fair value (in dollars per share)	11.74	19.22	10.88
Shares vested, weighted average grand date fair value (in dollars per share)	0	0	0
Shares forfeited, weighted average grand date fair value (in dollars per share)	16.16	15.47	20.81
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share)	$ 12.76	$ 14.54	$ 11.96

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Accounts receivable consists of the following (in thousands):


	December 31,
	2024		2023		2022
Accounts receivable	$	280,686	$	335,976	$	423,071
Less: allowance for credit losses	(4,848)		(3,824)		(1,888)
Accounts receivable, net	$	275,838	$	332,152	$	421,183

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,
	2024		2023		2022
Beginning balance	$	(3,824)	$	(1,888)	$	(140)
Provision for credit losses	(1,855)		(2,871)		(2,599)
Collected	92		916		731
Written-off	739		19		120
Ending balance	$	(4,848)	$	(3,824)	$	(1,888)

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	3,572,402	2,362,982	2,165,217
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	0	0	0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net (loss) income	$ (240,394,000)	$ 137,240,000	$ 4,432,000
Adjustments to net income (loss):
Goodwill impairment	236,000,000	0	0
Impairment of long-lived assets	91,904,000	0	0
Allowance for credit losses	2,058,000	2,527,000	2,599,000
Deferred tax benefit	(37,650,000)	(8,862,000)	(31,565,000)
Depreciation and amortization	38,221,000	40,268,000	86,501,000
Amortization of developed technology	14,558,000	14,558,000	14,558,000
Amortization of debt discount and issuance costs	6,087,000	10,570,000	6,857,000
Gain on debt refinancing	0	(457,000)	0
Equity-based compensation	10,349,000	14,540,000	14,982,000
Change in fair value of contingent consideration	125,000	2,964,000	(4,507,000)
Warranty provision	3,163,000	4,666,000	4,152,000
Write-down of inventories	2,923,000	6,431,000	(859,000)
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	41,423,000	92,800,000	(76,984,000)
Inventories	(44,787,000)	66,743,000	20,870,000
Income tax receivables	(4,112,000)	9,000	5,611,000
Prepaid expenses and other	(69,708,000)	(10,840,000)	19,124,000
Accounts payable	58,180,000	(37,654,000)	12,667,000
Accrued expenses and other	(436,000)	5,325,000	1,024,000
Income tax payable	(863,000)	1,936,000	(755,000)
Lease liabilities	(8,624,000)	1,177,000	3,784,000
Deferred revenue	55,563,000	(111,986,000)	59,002,000
Net cash provided by operating activities	153,980,000	231,955,000	141,493,000
Investing activities:
Purchase of property, plant and equipment	(7,305,000)	(16,989,000)	(10,619,000)
Retirement/disposal of property, plant and equipment	34,000	168,000	0
Cash payments for the acquisition of right-of-use assets	(11,276,000)	0	0
Acquisition of STI, net of cash acquired	0	0	(373,818,000)
SAFE Investment	(3,000,000)	0	0
Sale of equity investment	11,975,000	0	0
Net cash used in investing activities	(9,572,000)	(16,821,000)	(384,437,000)
Financing activities:
Proceeds from Series A issuance	0	0	33,098,000
Proceeds from common stock issuance	0	0	15,885,000
Series A equity issuance costs	0	(1,509,000)	(1,893,000)
Tax withholding related to vesting of equity-based compensation	(1,752,000)	0	0
Common stock issuance costs	0	0	(450,000)
Dividends paid on Series A Preferred	0	0	(18,670,000)
Payments on revolving credit facility	0	0	(116,000,000)
Proceeds from revolving credit facility	0	0	116,000,000
Proceeds from issuance of other debt	93,059,000	63,311,000	20,188,000
Principal payments on term loan facility	(4,300,000)	(74,300,000)	(14,300,000)
Principal payments on other debt	(97,424,000)	(88,063,000)	(23,935,000)
Contingent consideration payments	(1,427,000)	(1,200,000)	(1,483,000)
Net cash (used in) provided by financing activities	(11,844,000)	(101,761,000)	8,440,000
Effect of exchange rate changes on cash and cash equivalent balances	(17,503,000)	1,806,000	735,000
Net change in cash and cash equivalents	115,061,000	115,179,000	(233,769,000)
Cash and cash equivalents and restricted cash, beginning of period	249,080,000	133,901,000	367,670,000
Cash and cash equivalents and restricted cash, end of period	364,141,000	249,080,000	133,901,000
Supplemental Cash Flow Information
Cash paid for interest	38,655,000	43,949,000	23,118,000
Cash paid for income taxes	27,966,000	45,942,000	10,739,000
Non-cash Investing and Financing Activities
Dividends accrued on Series A Preferred	28,160,000	26,370,000	6,389,000
Stock consideration paid for acquisition of STI	$ 0	$ 0	$ 200,224,000

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 915,807	$ 1,576,551	$ 1,637,546
Unbilled receivables	94,045	102,603	101,513
Deferred revenue	119,775	66,488	178,922
Over-time revenue
Disaggregation of Revenue [Line Items]
Revenue	744,346	1,417,217	1,155,848
Point in time revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 171,461	$ 159,334	$ 481,698

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

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

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Accrued Expenses and Other

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
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”).
Reclassifications	Reclassifications Software Implementation Costs During the first quarter of 2024, the Company reclassified capitalized software costs recorded as Property, plant and equipment, net to Intangible assets, net on the condensed consolidated balance sheets. The reclassification was recorded retrospectively and resulted in a $4.0 million increase to Intangible assets, net at December 31, 2023, with a corresponding decrease in the same amount to Property, plant and equipment, net. These reclassifications did not impact the Company’s operating income (loss), net income (loss), earnings (loss) per share, or statements of cash flows for any current or historical periods. Brazil Value-Added Tax Benefit Revenue in 2024 and 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), of $11.8 million and $23.2 million, respectively that has been included in cost of product and service revenue for these periods. For the year ended December 31, 2022, an ICMS benefit of $12.3 million was included in revenues. This reclassification had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. This reclassification also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows.
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.
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, 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 solar contractors 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 primarily the moving average cost method that approximates the FIFO method. 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 Operating lease arrangements are comprised primarily of real estate and equipment agreements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. 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 our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options 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. As most of our 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 operating lease liabilities are included in other assets and other liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities 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 year ended December 31, 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 $236.0 million. 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 and 2022. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition associated with Legacy Array. 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, customer relationships, contractual backlog and the STI trade name 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.
Other Intangible Assets	The Array Technologies trade name has been determined to have an indefinite life and, therefore, is not amortized but is subject to an annual impairment test or at any other time when impairment indicators exist.
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 and Contract Balances	Revenue Recognition In accordance with 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 along with associated maintenance and support. 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 single performance obligations, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations. 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) on 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”) on the condensed consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses, in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. For certain customer contracts, billing can occur in advance of shipment, resulting in contract liabilities. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings.
Research and Development	Research and Development The Company incurs research and development costs during its process of researching and developing new products and significant enhancements to existing products. Research and development 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 prior to a respective product being ready for commercial production.
Inflation Reduction Act Vendor Rebates	Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.” The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service on 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 Advanced Manufacturing Production Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to production costs. The tax credit is included as an offset in Income tax payable on the condensed consolidated balance sheet dated December 31, 2024.
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 an immature 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 on the condensed 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 12 – 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 undeclared dividends and accretion on Series A Shares 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 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.
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company did not adopt this reporting standard early for 2024 and expects no material impacts upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 20 – Segment and Geographic Information in the accompanying notes to the consolidated financial statements for further detail.

Accrued Expenses and Other

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

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


	December 31,
	2024		2023
Unvouchered payables	$	46,043	$	21,548
Accrued payroll expenses	13,068		15,778
Accrued interest	692		4,723

Non-income taxes payable	4,019		5,560
Other	27,361		22,602
Accrued expenses and other	$	91,183	$	70,211

Accrued Warranty Reserve

12 Months Ended

Dec. 31, 2024

Guarantees and Product Warranties [Abstract]

Accrued Warranty Reserve

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


	December 31,
	2024		2023		2022
Beginning balance	$	6,162	$	5,476	$	3,192
Provision for warranties issued	4,270		6,328		5,289
Payments	(2,432)		(3,980)		(1,868)
Warranty expirations	(1,107)		(1,662)		(1,137)
Ending balance	$	6,893	$	6,162	$	5,476

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at U.S. statutory rate	$ (52,621)	$ 37,204	$ (1,040)
State income taxes	1,732	4,150	530
Officer’s compensation	350	518	740
Equity-based compensation	595	(932)	712
Contingent consideration	26	622	(947)
Tax credits	(4,554)	(407)	(421)
Non-U.S. income taxed at different rate than U.S. statutory rate	(15,135)	2,658	(4,274)
Non-U.S. indirect tax incentives	975	(5,035)	(4,183)
Foreign derived intangible income benefit	0	(403)	(1,668)
Transaction costs	0	0	1,628
Non-deductible Goodwill Impairment	49,560	0	0
Change in valuation allowance	7,760	911	(534)
Uncertain tax benefits	714	0	0
Nondeductible expenses	481	299	10
Other	(65)	332	63
Total income tax expense (benefit)	$ (10,182)	$ 39,917	$ (9,384)

Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ 113,045	$ 136,498	$ 34,344
Foreign	(363,621)	40,659	(39,296)
(Loss) income before income tax expense (benefit)	$ (250,576)	$ 177,157	$ (4,952)

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.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Bad debts	$ 143	$ 164
Inventories	5,439	3,528
Accrued warranties	4,753	4,336
Accrued compensation	496	569
Net operating loss	4,247	2,181
Equity-based compensation	2,769	3,222
Lease liabilities	4,982	5,794
Premium on capped call	7,777	9,376
Interest expense carryforward	80	3,411
Capitalized research and development expenses	6,405	2,000
Other	5,164	4,580
Deferred tax assets	42,255	39,161
Valuation allowance	(11,181)	(2,360)
Deferred tax assets, net	31,074	36,801
Deferred tax liabilities:
Property, plant, and equipment	(2,349)	(2,825)
Intangible assets	(28,450)	(79,913)
ROU assets	(3,919)	(5,051)
Deferred tax liabilities	(34,718)	(87,789)
Deferred tax asset (liability), net	$ (3,644)	$ (50,988)

Common and Preferred Stock	12 Months Ended
Common and Preferred Stock	Dec. 31, 2024
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.

The entire disclosure for equity.

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Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment

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


		December 31,
	Estimated Useful Life (Years)	2024		2023
Land	N/A	$	1,585	$	1,634
Buildings and land improvements	15-39	9,108		9,344
Manufacturing equipment	7	27,853		22,962
Furniture, fixtures and equipment	5-7	4,287		4,770
Vehicles	5	603		688
Hardware	3-5	3,603		3,114
Construction in progress	N/A	3,948		6,199
Total		50,987		48,711
Less: accumulated depreciation		(24,765)		(20,818)
Property, plant and equipment, net		$	26,222	$	27,893

Depreciation expense was $4.4 million, $2.6 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, of which $2.1 million, $1.3 million and $1.6 million, respectively, was included in cost of revenues and $2.3 million, $1.3 million and $0.8 million, respectively, was included in depreciation and amortization in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022.

Redeemable Perpetual Preferred Stock (Details)				6 Months Ended	12 Months Ended
Redeemable Perpetual Preferred Stock (Details)	Jan. 07, 2022 USD ($) $ / shares shares	Sep. 27, 2021 USD ($) shares	Aug. 11, 2021 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Temporary equity, shares issued (in shares) \| shares					460,920	432,759
Stock issued (in shares) \| shares	1,125,000
Net proceeds from sale of series A perpetual preferred stock	$ 49,400,000
Repayment of long term line of credit					$ 4,300,000	$ 74,300,000	$ 14,300,000
Initial public offering of common stock, net of underwriting discounts and commissions (in shares) \| shares	50,000
Temporary equity, carrying amount, attributable to parent					406,931,000	351,260,000	299,570,000	$ 237,462,000
Common stock, value, issued					151,000	151,000
Total stockholders’ equity					(118,096,000)	259,248,000	124,281,000	$ (69,205,000)
Debt discount and issuance costs	$ 1,300,000				15,633,000	20,644,000
Percentage of variable weighted average price of temporary equity	95.00%
Payments of dividends					0	0	$ 18,670,000
Put option, commitment fee paid				$ 1,500,000
Percentage of initial liquidation preference			130.00%
Temporary equity, redemption amount			$ 200,000,000
Securities Purchase Agreement
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock			346,000,000.0
Repayment of long term line of credit		$ 100,000,000.0
Temporary equity, carrying amount, attributable to parent	$ 229,800,000
Common stock, value, issued	105,400,000
Total stockholders’ equity	12,400,000
Derivative instrument, prepaid forward contract	11,700,000
Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock			$ 148,000,000.0
Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Other offering costs	11,100,000
Preferred stock discount	4,400,000
Payments of debt issuance costs	$ 33,100,000
Temporary equity, accretion of interest					27,500,000	$ 25,300,000
Initial liquidation preference (in dollars per share) \| $ / shares	$ 1,000		$ 1,000
Payments of dividends					28,200,000
Accrued and unpaid dividends					$ 60,900,000
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			350,000
Repayment of long term line of credit		$ 102,000,000.0
Proceeds from Series A issuance	$ 334,600,000
Series A Redeemable Perpetual Preferred Shares \| Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Stock issued (in shares) \| shares			150,000
Common Stock
Class of Stock [Line Items]
Payments of debt issuance costs	$ 15,900,000
Common Stock \| Securities Purchase Agreement
Class of Stock [Line Items]
Stock issued (in shares) \| shares			7,098,765
Common Stock \| Securities Purchase Agreement, Expiry or Termination \| BCP Helios Aggregator L.P.
Class of Stock [Line Items]
Stock issued (in shares) \| shares		776,235
Net proceeds from sale of series A perpetual preferred stock		$ 776
Common Stock \| Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Stock issued (in shares) \| shares			3,375,000
Common Stock \| Securities Purchase Agreement, Additional Closings, Certain Pricing Adjustments
Class of Stock [Line Items]
Stock issued (in shares) \| shares			6,100,000

Organization and Business (Details) - segment	12 Months Ended	36 Months Ended
Organization and Business (Details) - segment	Dec. 31, 2024	Dec. 31, 2024	Jan. 11, 2022
Business Acquisition, Contingent Consideration [Line Items]
Number of reportable segments	2	2
Number of operating segments	2	2
STI
Business Acquisition, Contingent Consideration [Line Items]
Percentage of share capital acquired			100.00%

Debt - Senior Secured Credit Facility Narrative (Details) - USD ($)			12 Months Ended
	Feb. 23, 2021	Oct. 14, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 07, 2022	Feb. 26, 2021
Short-term Debt [Line Items]
Long-term debt, balance			$ 692,917,000	$ 703,064,000
Unamortized discount and issuance costs, total			(15,633,000)	(20,644,000)		$ (1,300,000)
Amortization of debt discount and issuance costs			6,087,000	10,570,000	$ 6,857,000
Senior secured credit facility
Short-term Debt [Line Items]
Long-term debt, balance			233,875,000	238,175,000
Senior secured credit facility \| Term loan facility
Short-term Debt [Line Items]
Long-term debt, balance			233,875,000	238,175,000
Interest expense			24,200,000	32,400,000
Contractual interest			20,600,000	24,500,000
Amortization of debt discount and issuance costs			3,600,000	7,900,000
Senior secured credit facility \| London Interbank Offered Rate
Short-term Debt [Line Items]
Revolving loan applicable margin	0.50%	1.00%
Senior secured credit facility \| Base Rate
Short-term Debt [Line Items]
Revolving loan applicable margin	3.25%	4.00%
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	238,200,000
Unamortized discount and issuance costs, total			$ (7,900,000)	$ (11,300,000)
Effective interest rate			9.55%	10.15%
Annual amortization rate		1.00%
Term loan facility \| Senior secured credit facility \| Secured Overnight Financing Rate (SOFR)
Short-term Debt [Line Items]
Revolving loan applicable margin			3.25%
Revolving loan applicable margin, floor			0.50%
Term loan facility \| Senior secured credit facility \| Secured Overnight Financing Rate (SOFR) Plus 1%
Short-term Debt [Line Items]
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	$ 150,000,000	$ 200,000,000					$ 200,000,000
Debt instrument term		5 years
Long-term debt, balance			$ 0	$ 0
Available borrowing capacity			172,000,000	175,200,000
Prepayment premium		1.00%
Prepayment premium, period		12 months
Springing financial maintenance covenant		35.00%
Net leverage ratio		7.10
Standby letters of credit \| Senior secured credit facility
Short-term Debt [Line Items]
Letters of credit outstanding			$ 28,000,000	$ 24,800,000

Acquisition of STI - Schedule of Business Consideration Paid to Acquire (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 11, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Non-cash equity consideration		$ 0	$ 0	$ 200,224
STI
Business Acquisition [Line Items]
Cash consideration for STI	$ 409,647
Cash consideration for transaction expenses of STI	896			$ (5,600)
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	$ 610,767

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	60,588	$	86,614
Finished goods	140,230		75,350
Total	$	200,818	$	161,964

The Company values a portion of its inventory using the moving average cost method that approximates the First In, First Out method (“FIFO”). As of December 31, 2024, inventory valued using moving average cost and FIFO was $154.4 million and $46.4 million, respectively. As of December 31, 2023, inventory valued using moving average cost and FIFO, was $129.5 million and $32.5 million, respectively.

Goodwill, Long-Lived Assets, and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 435,591,000
Foreign currency translation	(39,402,000)
Impairment charge	(236,000,000)	$ 0	$ 0
Goodwill, ending balance	160,189,000	435,591,000
Array U.S. Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	69,727,000
Foreign currency translation	0
Impairment charge	0
Goodwill, ending balance	69,727,000	69,727,000
Accumulated impairment	51,900,000
STI Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	365,864,000
Foreign currency translation	(39,402,000)
Impairment charge	(236,000,000)
Goodwill, ending balance	90,462,000	$ 365,864,000
Accumulated impairment	$ 0

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-03(10)(1))
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Segment and Geographic Information - Schedule of Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 915,807	$ 1,576,551	$ 1,637,546
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	643,481	1,166,160	1,286,064
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	83,742	99,160	129,292
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	135,102	257,872	144,464
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	8,708	20,842	9,429
Remainder
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 44,774	$ 32,517	$ 68,297

Fair Value of Financial Instruments

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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


	December 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Notes	$	417,525	$	311,525	$	415,632	$	416,500

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 values of the Term Loans outstanding under the Senior Secured Credit facility recorded in consolidated balance sheets approximate fair value due to the variable interest rate.

Other debt totaling $33.8 million, consists of $14.9 million variable rate obligations and $18.9 million fixed rate obligations. Due to the relative short-term maturity of the fixed rate obligations, the Company believes the carrying value approximates fair value. The carrying value of the variable rate obligations approximate fair value due to the variable nature of the interest rates.

Debt - Convertible Debt Narrative (Details)					12 Months Ended
Debt - Convertible Debt Narrative (Details)	Jan. 07, 2022 USD ($)	Dec. 09, 2021 USD ($)	Dec. 09, 2021 USD ($)	Dec. 03, 2021 USD ($)	Dec. 31, 2024 USD ($) d $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Short-term Debt [Line Items]
Amortization of debt discount and issuance costs					$ 6,087,000	$ 10,570,000	$ 6,857,000
Unamortized discount and issuance costs, total	$ (1,300,000)				$ (15,633,000)	$ (20,644,000)
Equity compensation anti-dilutive securities (in shares) \| shares					3,572,402	2,362,982	2,165,217
Common Stock
Short-term Debt [Line Items]
Payments of debt issuance costs	$ 15,900,000
Convertible Notes
Short-term Debt [Line Items]
Carrying value					$ 417,525,000	$ 415,632,000
Equity compensation anti-dilutive securities (in shares) \| shares					0	0	0
Convertible Senior Notes due 2028 \| Convertible Notes
Short-term Debt [Line Items]
Debt instrument, face amount		$ 425,000,000	$ 425,000,000		$ 100,000,000
Effective interest rate		1.00%	1.00%	1.00%	1.50%	1.50%
Proceeds from convertible debt		$ 413,300,000	$ 48,600,000	$ 364,700,000
Convertible note, interest rate, effective percentage discount		2.75%	2.75%	2.75%
Interest expense					$ 6,100,000	$ 6,100,000
Contractual interest expense					4,200,000	4,200,000
Amortization of debt discount and issuance costs					1,900,000	1,900,000
Convertible debt					425,000,000.0
Unamortized discount and issuance costs, total					(7,500,000)	(9,400,000)
Carrying value					$ 417,500,000	$ 415,600,000
Equity compensation anti-dilutive securities (in shares) \| shares					0
Convertible note, trading days (in days) \| d					20
Convertible note, consecutive trading days (in days) \| d					30
Threshold percentage of stock price trigger					130.00%
Convertible notes payable					$ 1,000
Convertible, measurement period percentage					98.00%
Conversion price percentage					100.00%
Conversion price percentage, fundamental change repurchase					100.00%
Convertible Senior Notes due 2028 \| Convertible Notes \| Common Stock
Short-term Debt [Line Items]
Convertible notes payable					$ 1,000
Conversion price percentage					32.50%
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 2028, $375 Million \| Convertible Notes
Short-term Debt [Line Items]
Debt instrument, face amount				$ 375,000,000
Convertible Senior Notes due 2028, $50 Million \| Convertible Notes
Short-term Debt [Line Items]
Debt instrument, face amount		$ 50,000,000	$ 50,000,000
Convertible Note Capped Call Transactions
Short-term Debt [Line Items]
Deferred tax assets					$ 10,800,000
Convertible Note Capped Call Transactions \| Convertible Notes
Short-term Debt [Line Items]
Payments of debt issuance costs					$ 52,900,000
Derivative, cap price (in dollars per share) \| $ / shares					$ 36.0200
Derivatives, exercise price (in dollars per share) \| $ / shares					$ 23.86
Convertible Note Capped Call Transactions \| Convertible Notes \| Common Stock
Short-term Debt [Line Items]
Debt conversion, converted Instrument, shares issued (in shares) \| shares					17,800,000

Equity-Based Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	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	$ 2.0	$ 1.9	$ 1.5
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation costs, period of recognition	2 years
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	$ 9.5	15.9	5.9
Equity grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	10.3	14.6	$ 14.8
Unrecognized compensation costs	$ 19.6
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period of recognition	2 years 1 month 6 days
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 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

Goodwill, Long-Lived Assets, and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 430,786	$ 626,700
Finite-lived intangible assets, accumulated amortization	259,677	282,611
Total amortizable intangibles, net	171,109	344,089
Total other intangible assets, net	181,409	354,389
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 asset, estimated useful lives	14 years
Finite-lived intangible assets, gross	$ 203,800	203,800
Finite-lived intangible assets, accumulated amortization	$ 123,462	108,905
Computer software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	3 years
Finite-lived intangible assets, gross	$ 15,826	5,267
Finite-lived intangible assets, accumulated amortization	$ 14,552	1,274
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	10 years
Finite-lived intangible assets, gross	$ 179,166	336,134
Finite-lived intangible assets, accumulated amortization	$ 102,541	115,444
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	1 year
Finite-lived intangible assets, gross	$ 16,877	54,438
Finite-lived intangible assets, accumulated amortization	$ 16,877	54,322
Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful lives	20 years
Finite-lived intangible assets, gross	$ 15,117	27,061
Finite-lived intangible assets, accumulated amortization	$ 2,245	$ 2,666

Equity-Based Compensation and Other Benefit Plans

12 Months Ended

Dec. 31, 2024

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, 2021	930,409	$	22.39
Shares granted	1,484,782	$	10.93
Shares vested	(458,849)	$	20.00
Shares forfeited	(255,518)	$	15.42
Outstanding non-vested, December 31, 2022	1,700,824	$	13.81
Shares granted	904,075	$	17.89
Shares vested	(736,774)	$	14.43
Shares forfeited	(197,616)	$	16.43
Outstanding non-vested, December 31, 2023	1,670,509	$	15.44
Shares granted	2,184,402	$	9.54
Shares vested	(728,518)	$	15.35
Shares forfeited	(478,232)	$	13.19
Outstanding non-vested, December 31, 2024	2,648,161	$	10.97

Performance Stock Units

The Company has granted performance stock units (“PSUs”) to certain executives. The PSUs cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return (“TSR”) compared to a certain index which modifies the number of PSUs that vest. The PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates. 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, 2024 and 2023:


	2024		2023
Volatility	79	%	90	%
Risk-free interest rate	4.62	%	3.74	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the years ended December 31, 2024, 2023 and 2022, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
PSUs
Outstanding non-vested, December 31, 2021	147,687	$	27.75
Shares granted (1)	466,916	$	10.88
Shares vested	—	$	—
Shares forfeited	(150,210)	$	20.81
Outstanding non-vested, December 31, 2022	464,393	$	11.96
Shares granted (1)	263,594	$	19.22
Shares vested	—	$	—
Shares forfeited	(35,514)	$	15.47
Outstanding non-vested, December 31, 2023	692,473	$	14.54
Shares granted (1)	586,316	$	11.74
Shares vested	—	$	—
Shares forfeited	(354,548)	$	16.16
Outstanding non-vested, December 31, 2024	924,241	$	12.76

The aggregate fair value of RSU and PSU that vested during the years ended December 31, 2024, 2023 and 2022 was $9.5 million, $15.9 million and $5.9 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, 2024, 2023 and 2022, the Company recognized $10.3 million, $14.6 million and $14.8 million, respectively, in equity-based compensation, which is included in General and administrative expense on the consolidated statements of operations. At December 31, 2024, the Company had $19.6 million of unrecognized compensation costs related to RSUs and PSU, which are expected to be recognized over a weighted average of 2.1 years and 2.0 years, respectively.

Employee Stock Purchase Plan

The Company’s Compensation Committee approved the Employee Stock Purchase Plan 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, 2024 and 2023, the Company recorded $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, 2024 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 $2.0 million, $1.9 million, and $1.5 million for the years ended December 31, 2024, 2023 and 2022, 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.

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	December 31,
	2024		2023
Senior Secured Credit Facility:
Term loan facility	$	233,875	$	238,175
Revolving credit facility	—		—
Total secured credit facility	233,875		238,175

Convertible notes	425,000		425,000
Other debt	34,042		39,889
Total principal	692,917		703,064
Unamortized discount and issuance costs, total	(15,633)		(20,644)
Current portion of debt	(30,714)		(21,472)
Total long-term debt, net of current portion	$	646,570	$	660,948

Schedule of Maturities of Debt

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


	Amount
2025	$	30,959
2026	9,925
2027	227,033
2028	425,000
2029	—
	$	692,917

Accrued Warranty Reserve (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Beginning balance	$	6,162	$	5,476	$	3,192
Provision for warranties issued	4,270		6,328		5,289
Payments	(2,432)		(3,980)		(1,868)
Warranty expirations	(1,107)		(1,662)		(1,137)
Ending balance	$	6,893	$	6,162	$	5,476

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor firm ID	34
Auditor name	Deloitte & Touche LLP
Auditor location	Tempe, AZ, United States

Acquisition of STI - Schedule of Purchase Price Allocation (Details) - STI - USD ($) $ in Thousands	Jan. 11, 2022	Dec. 31, 2024
Business Acquisition [Line Items]
Acquired identifiable intangible assets	$ 304,431	$ 304,431
Trade name
Business Acquisition [Line Items]
Indefinite-lived intangible, estimated fair value	$ 26,023
Intangible assets, estimated weighted average useful life	20 years
Backlog
Business Acquisition [Line Items]
Finite-lived intangibles, estimated fair value	$ 50,000
Intangible assets, estimated weighted average useful life	1 year
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles, estimated fair value	$ 228,408
Intangible assets, estimated weighted average useful life	10 years

Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - Convertible Notes - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Convertible senior notes, carrying value	$ 417,525	$ 415,632
Convertible senior notes, fair value	$ 311,525	$ 416,500

Goodwill and Intangible Assets Disclosure [Abstract]

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

+ References + Details

Segment and Geographic Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Segment revenue	$ 915,807	$ 1,576,551	$ 1,637,546
Product cost	578,551	1,110,952	1,358,329
Amortization of developed technology	14,558	14,558	14,558
Depreciation	2,135	1,348	1,620
Other costs	22,886	34,142	50,321
Gross profit	297,677	415,551	212,718
Total operating expenses	(524,682)	(201,427)	(230,851)
Total other (expense) income	(23,571)	(36,967)	13,181
(Loss) income before income tax expense (benefit)	(250,576)	177,157	(4,952)
Segment assets	1,425,999	1,706,741	1,706,052
Capital expenditures	7,305	16,989	10,619
Depreciation and amortization	52,779	54,826	101,059
Interest income	16,777	8,330	3,181
Interest expense	34,825	44,229	36,694
Manufacturing Production Credits, 45X
Segment Reporting Information [Line Items]
Product cost	137,800	9,300
Array Legacy Operations
Segment Reporting Information [Line Items]
Segment revenue	661,629	1,172,827	1,267,883
Product cost	353,034	805,174	1,047,772
Amortization of developed technology	14,558	14,558	14,558
Depreciation	2,045	1,348	1,620
Other costs	21,961	34,142	50,321
Gross profit	270,031	317,605	153,612
Total operating expenses	0	0	0
Total other (expense) income	0	0	0
Segment assets	1,018,487	868,697	843,934
Capital expenditures	6,423	15,748	9,831
Depreciation and amortization	27,303	26,840	25,960
Interest income	12,767	3,985	504
Interest expense	32,516	40,982	34,272
STI Operations
Segment Reporting Information [Line Items]
Segment revenue	254,178	403,724	369,663
Product cost	225,517	305,778	310,557
Amortization of developed technology	0	0	0
Depreciation	90	0	0
Other costs	925	0	0
Gross profit	27,646	97,946	59,106
Total operating expenses	0	0	0
Total other (expense) income	0	0	0
Segment assets	407,512	838,044	862,118
Capital expenditures	882	1,241	788
Depreciation and amortization	25,476	27,986	75,099
Interest income	4,010	4,345	2,677
Interest expense	$ 2,309	$ 3,247	$ 2,422

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Non-U.S. indirect tax incentives	$ (975,000)	$ 5,035,000	$ 4,183,000
Tax penalties expense	3,300,000
Goodwill impairment	236,000,000	0	0
Long-lived assets impairment	91,900,000	0	0
Impairment of intangible assets	31,200,000
Long-lived assets impairment	7,200,000
Tax credits		300,000
Valuation allowance	11,181,000	2,360,000
Unrecognized tax benefits	714,000	0	0	$ 0
Gross increases – tax positions in current period	181,000	0	0
Cost of product and service revenue	603,572,000	1,146,442,000	$ 1,410,270,000
Manufacturing Production Credits, 45X
Income Tax Examination [Line Items]
Cost of product and service revenue	4,400,000
STI Operations
Income Tax Examination [Line Items]
Goodwill impairment	236,000,000
Long-lived assets impairment	91,900,000
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	6,800,000	6,800,000
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	500,000	$ 2,300,000
Tax credits	$ 1,100,000

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company accounts for its leases under ASC 842 Leases (“ASC 842”). The Company has elected to apply the short-term measurement and recognition exemption in 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,
	Location on the Consolidated Balance Sheets	2024		2023
ROU Assets	Other assets	$	16,384	$	22,085

Lease liabilities, current portion	Other current liabilities	5,600		5,744
Lease liabilities, long-term portion	Other long-term liabilities	15,128		19,475
Total lease liabilities		$	20,728	$	25,219

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease expense	$	8,262	$	8,188	$	7,701
Variable lease expense	1,838		1,501		1,089
Short-term lease expense	48		86		327
Total lease expense	$	10,148	$	9,775	$	9,117

Future minimum operating lease payments as of December 31, 2024, are as follows (in thousands):


	Operating Leases
2025	$	5,156
2026	3,035
2027	2,968
2028	2,983
2029	3,047
Thereafter	11,268
Total lease payments	28,457
Less: Imputed lease interest	(7,729)
Total lease liabilities	$	20,728

Other information pertaining to operating leases consists of the following:


	Year Ended December 31,
	2024		2023		2022
Weighted average remaining lease-term	6.0 years		5.7 years		4.2 years
Weighted average discount rate	8.3	%	7.9	%	5.4	%

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


	Year Ended December 31,
	2024		2023		2022
Operating cash flows from operating leases	$	7,042	$	7,911	$	5,380
Non cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$	849	$	10,562	$	12,558

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 Bernaillo County, New Mexico. 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 NNN term lease commences upon the earliest of several events, including the Lessor’s completion of the construction of the building, which is currently expected to occur in the fourth quarter of 2025 and will be accounted for as a finance lease.

Under the construction agreement with the Lessor, the Company contributed approximately $11.3 million to the construction costs of the facility during October 2024. Future minimum lease payments under the NNN term lease, assuming the Company executes the renewal option, are estimated to be $105.0 million at December 31, 2024, 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 Bernalillo County (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.

Goodwill, Long-Lived Assets, and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill, Long-Lived Assets, and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by reporting unit during the year ended December 31, 2024, consisted of the following (in thousands):


	Array Legacy Operations(1)		STI Operations		Total
Beginning balance	$	69,727	$	365,864	$	435,591
Foreign currency translation	—		(39,402)		(39,402)
Impairment charge	—		(236,000)		(236,000)
Ending balance	$	69,727	$	90,462	$	160,189

(1) Goodwill attributable to Array Legacy Operations is net of impairment charges of $51.9 million. Prior to 2024, no impairment charges have been recorded for STI Operations.

The Company performs it’s 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 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 Legacy Array 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 Guideline publicly traded companies (“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 $236.0 million during 2024, related to STI Operations reporting unit. The estimated fair value of the STI Operations reporting unit was estimated to be $251.2 million as of December 31, 2024.

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 judgement. To the extent that the discount rate used in determining the present value of our cash flows increases, if we do not meet the cash flow projections for the reporting unit, or GPC multiples in the future decrease, additional impairment charges may be recorded in the future. In addition,

a further decrease in the Company’s common stock share price and market capitalization could be an indication that there has been a further decrease in the fair value of the Company’s reporting units.

Long-Lived Assets

As discussed above, there were indicators of impairment that required an interim impairment test for the Legacy Array and STI Operations reporting units. Management considered these events to be a triggering event requiring the long-lived assets associated with the STI Operations asset groups be tested for impairment (which includes the amortizable intangible assets) as of the same dates that the goodwill was tested for impairment.

The sum of the future undiscounted cash flows for one of the STI Operations asset groups indicated that the carrying amount of the asset groups 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, 2024 and 2023, no events or circumstances were noted that would indicate the carrying amount of any of Legacy Array’s asset groups 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)	2024		2023
Amortizable:
Developed technology	14	$	203,800	$	203,800
Computer software	3	15,826		5,267
Customer relationships	10	179,166		336,134
Backlog	1	16,877		54,438
Trade name	20	15,117		27,061
Total amortizable intangibles		430,786		626,700
Accumulated amortization:
Developed technology		123,462		108,905
Computer software		14,552		1,274
Customer relationships		102,541		115,444
Backlog		16,877		54,322
Trade name		2,245		2,666
Total accumulated amortization		259,677		282,611
Total amortizable intangibles, net		171,109		344,089

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

Total other intangible assets, net		$	181,409	$	354,389

Amortization expense related to intangible assets was $48.4 million, $52.2 million and $98.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, of which $14.6 million was included in amortization of developed technology, a component of cost of revenue, in all three periods. The remaining amortization expense of $33.8 million, $37.6 million and $83.8 million, respectively, was included in depreciation and amortization, on the accompanying consolidated statements of operations.

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


	Amount
2025	$	34,844
2026	30,370
2027	25,350
2028	25,232
2029	25,232
Thereafter	30,081
	$	171,109

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]
Non cancellable purchase obligations		$ 78,200
Commercial Supplier Settlement
Business Acquisition, 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 Revenue
Business Acquisition, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party		4,000
Commercial Supplier Settlement \| Prepaid and Other Expenses
Business Acquisition, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party		400
Surety Bond
Business Acquisition, Contingent Consideration [Line Items]
Contractual obligation		270,900
Array \| Tax Receivable Agreement
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration		$ 9,061	$ 10,363	$ 8,587
Tax receivable agreement, payment term		125 days

Common and Preferred Stock (Details)	Dec. 31, 2024 vote
Equity [Abstract]
Number of votes per common share	1

Acquisition of STI

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition of STI

On January 11, 2022, the Company completed the STI Acquisition pursuant to the purchase agreement, dated November 10, 2021, by and among Amixa Capital, S.L. and Aurica Trackers, S.L., each a company duly organized under the laws of the Kingdom of Spain (together, the “Sellers”) and Mr. Javier Reclusa Etayo (the “STI Purchase Agreement”). The STI Acquisition was funded primarily with borrowings from the Convertible Notes (as defined below) and the issuance of the Series A Shares. The STI Acquisition provided the Company with an immediate presence in Spain, Western Europe, Brazil and South Africa. Transaction expenses incurred in connection with the acquisition are $5.6 million recorded in the general and administrative line item on the consolidated statement of operations for the year ended December 31, 2022. In accordance with the Purchase Agreement, the Company paid closing consideration to the Sellers consisting of $410.5 million in cash and (13,894,800 shares) of the Company’s common stock with an estimated fair value of $200.2 million based on the closing share price on the date of acquisition. The fair value of the purchase consideration was $610.8 million and resulted in the Company owning 100% of the interests in STI. The Company has performed a valuation of the acquisition assets and liabilities and determined the related accounting impact.

The consideration paid to acquire STI consisted of the following (in thousands):


Cash consideration for STI	$	409,647
Cash consideration for transaction expenses of STI	896
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	610,767
Total purchase price consideration	$	610,767

The STI Acquisition was accounted for as a business combination in accordance with ASC 805 Business Combinations. The equity consideration transferred consisted of the Company’s common stock and was measured at fair value based on the closing stock price on the Acquisition Date. The purchase price was allocated to the assets acquired and liabilities assumed based on management’s estimate of the respective fair values at the Acquisition Date. 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 STI Acquisition. None of the goodwill is deductible for income tax purposes.

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


Fair Value of Net Assets Acquired and Liabilities Assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	36,725	$	—	$	36,725
Accounts receivable	110,789		—		110,789
Inventories	47,517		—		47,517
Prepaid expenses and other	23,399		—		23,399
Property, plant and equipment	4,434		—		4,434
Other intangible assets	304,431		—		304,431
Other assets	325		2,655		2,980
Total assets acquired	$	527,620	$	2,655	$	530,275

Accounts payable	65,761		—		65,761
Deferred revenue	20,345		—		20,345
Short-term debt	44,338		—		44,338
Other liabilities	10,115		2,655		12,770
Income tax payable	7,576		—		7,576
Deferred tax liability	95,510		—		95,510
Other long-term liabilities	4,524		—		4,524
Long-term debt	12,053		—		12,053
Total liabilities assumed	$	260,222	$	2,655	$	262,877

Fair value of net assets acquired	267,398				267,398
Allocation to goodwill	$	343,369			$	343,369

The purchase price allocation was based upon Management’s estimates with the assistance of a third party valuation specialist. The estimates of the fair values of the assets acquired and liabilities assumed were estimated to approximate carrying values since they are short term in nature, and they are receivable or payable on demand. These assets and liabilities were cash and cash equivalents, accounts receivable, inventories, prepaid expenses and other, accounts payable, other liabilities, and deferred revenue. The deferred tax liability was determined utilizing statutory rates in effect at the time of the acquisition, as applied to the respective intangible assets by jurisdiction. For assets and liabilities excluded from the scope of the intangible assets and property, plant and equipment valuation, the Company considered net book value to be a reasonable proxy as of the Acquisition Date.

The purchase price allocation includes $304.4 million of acquired identifiable intangible assets.


(in thousands, except useful lives)	Estimated Fair Value		Estimated Weighted Average Useful Life in Years
Backlog	$	50,000	1
Customer relationships	228,408		10
Trade name	26,023		20
Total	$	304,431

The fair value of the identifiable intangible assets has been estimated using the Excess Earnings Method (customer relationships and backlog) and Relief from Royalty Method (trade name). Significant inputs using the Excess Earnings Method and Level 3 inputs in the fair value hierarchy include economic life, estimated revenue, expenses based on historical results and forecasts, and a discount rate based on a weighted average cost of capital for customer relationships of 15% for Spain, 16.5% for Brazil and 14.0% for Spain foreign sourced projects and for order backlog of 8.5% for Spain, 9.5% for Brazil and 7.5% for Spain foreign sourced projects. Significant inputs to the Relief from Royalty method model include estimates of future revenue, economic life, estimated royalty rate of 1.25%, and a discount rate based on a weighted average cost of capital 15.2%. The weighted average cost of capital was determined based on the Company’s capital structure, cost of capital, inherent business risk profile and long-term growth expectations. 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 STI Acquisition.

The amounts of revenue and net income of STI included in the Company’s consolidated statement of operations from the Acquisition Date through December 31, 2022 were $369.7 million and $(21.5) million, respectively.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information presents the combined results of operations of the Company and STI as if the acquisition had occurred on January 1, 2021, 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 STI Acquisition including amortization of intangibles, debt financing expenses and tax benefits. The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the STI Acquisition and is not necessarily indicative of the operating

results that would have actually occurred had the STI Acquisition been consummated on January 1, 2021, (in thousands):


	Year Ended December 31,
	2022		2021
Revenue	$	1,645,962	$	1,118,903
Net income (loss)	$	36,285	$	(74,215)

Revenue

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Over-time revenue	$	744,346	$	1,417,217	$	1,155,848
Point in time revenue	171,461		159,334		481,698
Total revenue	$	915,807	$	1,576,551	$	1,637,546

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (“contract assets”), and deferred revenue (“contract liabilities”) on the condensed consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses, in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. For certain customer contracts, billing can occur in advance of shipment, resulting in contract liabilities. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings.


	December 31,
	2024		2023		2022
Unbilled receivables	$	94,045	$	102,603	$	101,513

The Company also receives advances or deposits from its customers, before revenue is recognized, 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 at the end of each reporting period were as follows (in thousands):


	December 31,
	2024		2023		2022
Deferred revenue	$	119,775	$	66,488	$	178,922

During the years ended December 31, 2024 and 2023, the Company converted $42.4 million and $161.2 million deferred revenue to revenue, respectively, which represented 64% and 90% of the prior years’ deferred revenue balance, respectively.

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.

During the year ended December 31, 2024, the Company recognized $1.9 million in revenue from one customer for the sale of goods and services that contained bill-and-hold obligations such as storage, handling and other custodial duties. During the year ended December 31, 2023 and 2022, the Company recognized $38.8 million, and $13.7 million, respectively, from three and one customer, respectively, that also contained bill-and-hold obligations.

Remaining Performance Obligations

As of December 31, 2024, the Company had $593.6 million of remaining performance obligations. The Company expects to recognize revenue on 97% of these performance obligations in the next twelve months.

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.

Reference 1: 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 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition of STI (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Business Consideration Paid to Acquire

The consideration paid to acquire STI consisted of the following (in thousands):


Cash consideration for STI	$	409,647
Cash consideration for transaction expenses of STI	896
Total cash consideration	410,543
Non-cash equity consideration	200,224
Total consideration transferred	610,767
Total purchase price consideration	$	610,767

Schedule of Business Acquisitions, by Acquisition

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


Fair Value of Net Assets Acquired and Liabilities Assumed:	Acquisition Date		Measurement Adjustment		Remeasured Acquisition Date
Cash and cash equivalents	$	36,725	$	—	$	36,725
Accounts receivable	110,789		—		110,789
Inventories	47,517		—		47,517
Prepaid expenses and other	23,399		—		23,399
Property, plant and equipment	4,434		—		4,434
Other intangible assets	304,431		—		304,431
Other assets	325		2,655		2,980
Total assets acquired	$	527,620	$	2,655	$	530,275

Accounts payable	65,761		—		65,761
Deferred revenue	20,345		—		20,345
Short-term debt	44,338		—		44,338
Other liabilities	10,115		2,655		12,770
Income tax payable	7,576		—		7,576
Deferred tax liability	95,510		—		95,510
Other long-term liabilities	4,524		—		4,524
Long-term debt	12,053		—		12,053
Total liabilities assumed	$	260,222	$	2,655	$	262,877

Fair value of net assets acquired	267,398				267,398
Allocation to goodwill	$	343,369			$	343,369

Schedule of Purchase Price Allocation

The purchase price allocation includes $304.4 million of acquired identifiable intangible assets.


(in thousands, except useful lives)	Estimated Fair Value		Estimated Weighted Average Useful Life in Years
Backlog	$	50,000	1
Customer relationships	228,408		10
Trade name	26,023		20
Total	$	304,431

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 STI Acquisition and is not necessarily indicative of the operating

results that would have actually occurred had the STI Acquisition been consummated on January 1, 2021, (in thousands):


	Year Ended December 31,
	2022		2021
Revenue	$	1,645,962	$	1,118,903
Net income (loss)	$	36,285	$	(74,215)

Leases - Schedule of Weighted-Average Remaining Lease-Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease-term	6 years	5 years 8 months 12 days	4 years 2 months 12 days
Weighted average discount rate	8.30%	7.90%	5.40%

Inventories - Schedule of Current Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 60,588	$ 86,614
Finished goods	140,230	75,350
Inventories	$ 200,818	$ 161,964

Summary of Significant Accounting Policies (Details)		1 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 06, 2024 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) option intangibleAsset $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Jun. 30, 2024	Jan. 01, 2021
Disaggregation of Revenue [Line Items]
Amortization of developed technology			$ 14,558,000	$ 14,558,000	$ 14,558,000
Cost of product and service revenue			(618,130,000)	(1,161,000,000)	(1,424,828,000)
Tax credits			(4,554,000)	(407,000)	(421,000)
Investment in equity securities			$ 3,000,000	$ 0	0
Lessee, operating lease, number of options to extend or terminate (or more) \| option			1
Operating lease, right-of-use asset, statement of financial position			Other assets	Other assets			Other assets
Operating lease, liability, current, statement of financial position			Other current liabilities, Other long-term liabilities	Other current liabilities, Other long-term liabilities			Other current liabilities, Other long-term liabilities
Long-lived assets impairment			$ 91,900,000	$ 0	0
Goodwill impairment			$ 236,000,000	0	0
Number of indefinite lived intangible asset acquired \| intangibleAsset			1
Divested, percentage						1
Proceeds from sale of equity securities		$ 12,000,000	$ 11,975,000	0	0
Gain (loss) from equity investment			0
Impairment charge recognized			0	0	0
Amortization of debt discount and issuance costs			6,087,000	10,570,000	6,857,000
Research and development expense			6,700,000	8,500,000	4,200,000
Vendor rebates, deferred consideration, current			8,000,000.0	38,600,000
Vendor rebates			133,300,000
Vendor rebates, outstanding			115,500,000	48,400,000
Cost of product and service revenue			603,572,000	1,146,442,000	1,410,270,000
Advertising expenses			$ 3,300,000	$ 2,700,000	$ 2,600,000
Temporary equity, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001
Manufacturing Production Credits, 45X
Disaggregation of Revenue [Line Items]
Product cost			$ 137,800,000	$ 9,300,000
Cost of product and service revenue			$ 4,400,000
Simple Agreement Of Future Equity (SAFE) Agreement
Disaggregation of Revenue [Line Items]
Investment in equity securities	$ 3,000,000
Contingent payment upon milestone achievements	2,000,000
Equity method investments	$ 3,000,000
Largest Customer \| Trade Accounts Receivable \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			9.00%	2.70%
Five Largest Customers \| Trade Accounts Receivable \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			31.00%	29.60%
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			15.60%	13.40%	11.80%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			11.90%		10.60%
Series A Redeemable Perpetual Preferred Stock
Disaggregation of Revenue [Line Items]
Temporary equity, par value (in dollars per share) \| $ / shares			$ 0.001
Minimum
Disaggregation of Revenue [Line Items]
Payment receivable expected threshold period			30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment receivable expected threshold period			60 days
Revision of Prior Period, Reclassification, Adjustment
Disaggregation of Revenue [Line Items]
Amortization of developed technology				$ 4,000,000
Cost of product and service revenue			$ 11,800,000	23,200,000	$ 12,300,000
Revision of Prior Period, Reclassification, Adjustment \| Brazilian Imposto sobre Circulação de Mercadorias e Serviços
Disaggregation of Revenue [Line Items]
Tax credits			$ 11,800,000	$ 23,200,000	$ 12,300,000

Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 26,222	$ 27,893
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	20,058	18,982
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	2,967	3,457
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	13	3,305
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	471	554
Remainder
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 2,713	$ 1,595

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 07, 2022
Debt Instrument [Line Items]
Long-term debt, balance	$ 692,917	$ 703,064
Unamortized discount and issuance costs, total	(15,633)	(20,644)	$ (1,300)
Current portion of debt	(30,714)	(21,472)
Total long-term debt, net of current portion	646,570	660,948
Senior secured credit facility
Debt Instrument [Line Items]
Long-term debt, balance	233,875	238,175
Term loan facility \| Senior secured credit facility
Debt Instrument [Line Items]
Long-term debt, balance	233,875	238,175
Revolving credit facility \| Senior secured credit facility
Debt Instrument [Line Items]
Long-term debt, balance	0	0
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, balance	425,000	425,000
Other debt
Debt Instrument [Line Items]
Long-term debt, balance	$ 34,042	$ 39,889

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 8,262	$ 8,188	$ 7,701
Variable lease expense	1,838	1,501	1,089
Short-term lease expense	48	86	327
Total lease expense	$ 10,148	$ 9,775	$ 9,117

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2024
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. 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.

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ (240,394)	$ 137,240	$ 4,432
Preferred dividends and accretion	55,670	51,691	48,054
Net (loss) income to common shareholders, basic	(296,064)	85,549	(43,622)
Net (loss) income to common shareholders, diluted	$ (296,064)	$ 85,549	$ (43,622)
Basic:
Weighted average common shares outstanding (in shares)	151,754	150,942	149,819
Earnings (loss) per share (in dollars per share)	$ (1.95)	$ 0.57	$ (0.29)
Diluted:
Effect of Restricted Stock and Performance Awards (in shares)	0	1,080	0
Weighted average dilutive shares (in shares)	151,754	152,022	149,819
Income (loss) per share (in dollars per share)	$ (1.95)	$ 0.56	$ (0.29)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
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)	460,920	432,759
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)	151,951,652	151,242,120

Accrued Expenses and Other (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other

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


	December 31,
	2024		2023
Unvouchered payables	$	46,043	$	21,548
Accrued payroll expenses	13,068		15,778
Accrued interest	692		4,723

Non-income taxes payable	4,019		5,560
Other	27,361		22,602
Accrued expenses and other	$	91,183	$	70,211

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

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by reporting unit during the year ended December 31, 2024, consisted of the following (in thousands):


	Array Legacy Operations(1)		STI Operations		Total
Beginning balance	$	69,727	$	365,864	$	435,591
Foreign currency translation	—		(39,402)		(39,402)
Impairment charge	—		(236,000)		(236,000)
Ending balance	$	69,727	$	90,462	$	160,189

(1) Goodwill attributable to Array Legacy Operations is net of impairment charges of $51.9 million. Prior to 2024, no impairment charges have been recorded for STI Operations.

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)	2024		2023
Amortizable:
Developed technology	14	$	203,800	$	203,800
Computer software	3	15,826		5,267
Customer relationships	10	179,166		336,134
Backlog	1	16,877		54,438
Trade name	20	15,117		27,061
Total amortizable intangibles		430,786		626,700
Accumulated amortization:
Developed technology		123,462		108,905
Computer software		14,552		1,274
Customer relationships		102,541		115,444
Backlog		16,877		54,322
Trade name		2,245		2,666
Total accumulated amortization		259,677		282,611
Total amortizable intangibles, net		171,109		344,089

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

Total other intangible assets, net		$	181,409	$	354,389

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)	2024		2023
Amortizable:
Developed technology	14	$	203,800	$	203,800
Computer software	3	15,826		5,267
Customer relationships	10	179,166		336,134
Backlog	1	16,877		54,438
Trade name	20	15,117		27,061
Total amortizable intangibles		430,786		626,700
Accumulated amortization:
Developed technology		123,462		108,905
Computer software		14,552		1,274
Customer relationships		102,541		115,444
Backlog		16,877		54,322
Trade name		2,245		2,666
Total accumulated amortization		259,677		282,611
Total amortizable intangibles, net		171,109		344,089

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

Total other intangible assets, net		$	181,409	$	354,389

Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets

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


	Amount
2025	$	34,844
2026	30,370
2027	25,350
2028	25,232
2029	25,232
Thereafter	30,081
	$	171,109

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

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