Array Technologies (ARRY) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $393.5 million, up 70% year-over-year, driven by strong volume growth, new product adoption, and the APA Solar acquisition, which contributed $16.9 million.

• Net income for Q3 2025 was $33.5 million, reversing a prior-year loss, with adjusted net income at $45.8 million, up 73% year-over-year.

• Adjusted EBITDA for Q3 2025 was $72.2 million (18.3% margin), up 55% year-over-year.

• The order book stands at $1.9 billion, with over 95% domestic content and nearly 40% from new products.

• Integration of APA Solar is progressing, expanding product offerings and procurement synergies.

Financial highlights

• Q3 2025 gross profit was $105.7 million (26.9% margin); adjusted gross profit was $111 million (28.1% margin), up 35% year-over-year.

• Adjusted net income per diluted share was $0.30; reported EPS was $0.12.

• Free cash flow for Q3 2025 was $22 million; year-to-date $44 million.

• Ended Q3 with $221.5 million in cash and $365 million in total liquidity; net debt leverage ratio at 2.1x trailing twelve months adjusted EBITDA.

• Debt-to-equity ratio increased due to new convertible notes; long-term debt at $658.4 million.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $1.25–$1.28 billion, including approximately $50 million from APA.

• Adjusted gross margin expected at 27–28%; adjusted EBITDA $185–$195 million; adjusted EPS $0.64–$0.70.

• Free cash flow forecasted at ~$100 million, slightly lower due to acquisition expenses and timing of collections.

• Guidance includes benefits from the Inflation Reduction Act Section 45X production credit.

• Strong order book and pipeline position the company for continued growth into 2026.