ARRAY Technologies, a leading global provider of solar tracking systems, reported solid financial results for the first quarter of 2025, fueled by strong shipments, robust market recovery, and operational execution. The company also reaffirmed its full-year guidance, signaling confidence despite ongoing uncertainty around tariffs.
For Q1 2025, ARRAY reported revenues of $302.4 million, a high double-digit increase over Q1 2024 and roughly 14% above consensus expectations. Gross margin came in at 25.3%, while adjusted EBITDA reached $40.6 million, beating analyst estimates by about 22%. Net income attributable to common shareholders was $2.3 million.
ARRAY ended the quarter with $2.0 billion in total executed contracts and awarded orders, reflecting an 18% sequential growth in contracting.
Despite concerns over tariffs and possible changes to the Inflation Reduction Act (IRA), ARRAY maintains its FY2025 guidance, including revenues of between $1.05 billion and $1.15 billion, and adjusted EBITDA of $180 million to $200 million.
Leading analyst firm ROTH is cautiously optimistic. In a note following the results, ROTH MKM described ARRAY’s quarter as a beat, while maintaining a neutral rating with a $5 price target. “ARRAY delivered a Q1’25 beat/reaffirmed 2025. Bookings of ~$300 million were in line with our buyside expectations,” ROTH wrote. The firm noted that management acknowledged potential for a near-term slowdown in bookings, but pointed to a 'hyper-acceleration' once policy clarity improves.
Remarking on the performance, CEO of ARRAY Kevin G. Hostetler said, “Our first quarter results show strong operational execution and market share recovery, with the second largest volume of shipments since 2023. We’re now able to provide customers with quotes for our 100% domestic content trackers under Table I of the IRA - an important milestone reflecting our commitment to supply chain resilience.”
Hostetler also noted the growing demand for utility-scale solar in the US and internationally, and said the company is well-positioned to help customers deploy projects quickly and efficiently.
