Track market-moving stories before they get noisy

ALBUQUERQUE, N.M., Sept. 09, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation and other balance-of-system solutions, software and services, today celebrated the opening of a new $50+ million manufacturing facility in Albuquerque, New Mexico.

The 216,000-square-foot facility, which is roughly three times the size of ARRAY’s prior Albuquerque site, significantly expands the Company’s domestic manufacturing capabilities and will support approximately 300 jobs across production, assembly, design, engineering, customer service and other functions.

Founded and headquartered in Albuquerque for more than 35 years, ARRAY has grown from its New Mexico roots into a global solar technology leader with more than 100 GW of tracker deployments worldwide. The new facility builds on that history, and expands ARRAY’s ability to deliver benefits to customers through greater supply-chain control, shorter delivery times, lower costs, and increased flexibility.

“ARRAY was founded here in Albuquerque, and manufacturing has been at the heart of our company from the beginning,” said Kevin Hostetler, Chief Executive Officer of ARRAY Technologies. “This investment reflects our confidence in the future of ARRAY, our commitment to our customers and our continued belief in American solar manufacturing. By expanding what we can produce here at home, we are strengthening our supply chain, creating skilled career opportunities and building capabilities that will help us serve our customers for years to come.”

ARRAY commemorated the opening with a ribbon-cutting ceremony featuring remarks from U.S. Senator Martin Heinrich, Albuquerque Mayor Tim Keller, Bernalillo County Commissioner Barbara Baca, CEO of the Solar Energy Industries Association (SEIA) Gov. Tim Pawlenty, CEO of American Clean Power Association (ACP) Jason Grumet, employees, customers, suppliers and community partners. Guests toured the facility and saw firsthand the advanced manufacturing processes that will support ARRAY’s growing domestic production capabilities.

“Array Technologies’ new $50 million facility on Albuquerque’s West Side is a testament to the strength of our workforce and New Mexico’s leadership in unlocking our country’s clean energy future,” said Sen. Martin Heinrich, Ranking Member of the U.S. Senate Energy and Natural Resources Committee. “This new facility will employ more than 300 New Mexicans and create high-skilled jobs, from welders to tooling and die technicians. It’s proof that when we invest in American-made energy, we’re not just building the technologies that will power our future — we’re creating good-paying jobs, strengthening local economies, and helping lower electricity costs for families and small businesses. And this is just the beginning.”

“America needs more low-cost, reliable electricity and ARRAY’s proving we can build it with American workers, American manufacturing, and American ingenuity,” said Tim Pawlenty, CEO of the Solar Energy Industries Association (SEIA).

“Bernalillo County is proud to be a reliable, forward-thinking partner for businesses like Array Technologies that invest in our community’s future. Today’s expansion shows what’s possible when we work together to strengthen our local economy and create high-quality jobs,” said Bernalillo County Commissioner Barbara Baca.

Built around lean manufacturing principles and a culture of continuous improvement, the new facility enables ARRAY to bring production in-house for components the Company has historically sourced from outside suppliers. Several components manufactured at the facility qualify for the Section 45X Advanced Manufacturing Production Tax Credit, which supports continued investment in U.S. manufacturing and helps domestically produced components remain cost competitive with imports.

The campus will also expand opportunities for skilled manufacturing careers in Albuquerque, including roles such as stamping press operators, tooling and die technicians, and process engineers.

The facility was supported through a public-private partnership that includes $2.5 million from New Mexico’s Local Economic Development Act (LEDA) job-creation fund, as well as $250,000 each in LEDA funding from the City of Albuquerque and Bernalillo County and partial property-tax abatement through an Industrial Revenue Bond.

The LEED-certified building is designed to support ARRAY’s current manufacturing needs while providing capacity for future growth across the Company’s broader portfolio.

For more information about ARRAY Technologies, visit arraytechinc.com.

About ARRAY Technologies
ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic sites. With solutions engineered to withstand harsh weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation and other balance-of-system solutions, and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit www.arraytechinc.com.

Forward-Looking Statement
This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company's current expectations and projections regarding its business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. Forward-looking statements include, without limitation, statements regarding the expected number of jobs to be supported by the new Albuquerque manufacturing facility; the anticipated benefits to customers from expanded domestic manufacturing capabilities; the Company's ability to expand in-house production capabilities over time across its broader product portfolio; the eligibility of components manufactured at the facility for the Section 45X Advanced Manufacturing Production Tax Credit and the anticipated benefits of that credit to the competitiveness of the Company's domestically produced components; and the Company's business strategy and growth prospects. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks, uncertainties, and assumptions include, without limitation, the Company's ability to ramp production at the new facility on the anticipated timeline; actual job creation that may differ from current estimates; changes in government policy or incentives supporting domestic manufacturing, including the availability or terms of the Section 45X Advanced Manufacturing Production Tax Credit; volatility in steel and other commodity prices and the availability of components and raw materials; macroeconomic conditions, trade policy changes, or supply chain disruptions affecting the Company's manufacturing operations; and the Company's ability to expand its domestic production capabilities as currently planned. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company's most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Media Contact 
Steven Kirsch
+1 505-738-6923
[email protected]  

Investor Relations Contact 
ARRAY Technologies
Investor Relations
[email protected] 

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f2a58ac-44da-4b26-a4d5-d6855949b492
https://www.globenewswire.com/NewsRoom/AttachmentNg/746b4124-6a71-4024-9532-f5fbde50fedf

TDS Expects to Recommence Repurchase Program

, /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) (the "Company" or "TDS") today announced that it is no longer pursuing the acquisition of the Common Shares of Array Digital Infrastructure, Inc. (NYSE: AD) ("Array") that it does not already own and has withdrawn its previously announced proposal. Under the terms of the proposal, each Array Common Share not owned by TDS would have been exchanged for 0.86 of a TDS Common Share, subject to the assumptions set forth in the proposal. TDS will continue to hold its approximately 82% ownership interest in Array.

"While we remain confident that the combination presents substantial benefits, we no longer believe that now is the right time to complete such a transaction. Despite extensive review on both sides, we were not able to reach agreement on the form of consideration and value," said Walter Carlson, President and Chief Executive Officer of TDS. "We appreciate the time and effort that the Special Committee of the Board of Directors of Array devoted to this process. We remain confident in Array's business and long-term prospects and are committed to supporting Array's continued success as a leading owner and operator of wireless communications infrastructure. Similarly, we remain confident in the long-term prospects of TDS Telecom as we execute our strategy to expand our marketable fiber service footprint and deliver value for customers and our shareholders."

TDS continues to support Array's previously disclosed intention to opportunistically monetize its remaining wireless spectrum assets. TDS and Array intend in the near term to increase their efforts to pursue opportunities to monetize such assets.

With the withdrawal of the proposal to Array, TDS expects to recommence repurchases of TDS Common Shares under its previously announced share repurchase programs, including the additional $500 million share repurchase authorization announced in November 2025. As of June 30, 2026, approximately $523.9 million remained available under TDS's share repurchase programs. The timing, manner and amount of any repurchases will be determined by TDS in its discretion and will depend on market conditions, applicable legal requirements and other factors.

About TDS

Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.

About Array

Array is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. Headquartered in Chicago, Array is approximately 82% owned by TDS.

For more information about TDS and its subsidiaries, visit:

TDS: tdsinc.com
Array: arrayinc.com
TDS Telecom: tdstelecom.com

FORWARD LOOKING STATEMENTS

This communication contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect TDS' current estimates, expectations and projections about TDS' and Array's future results, performance, prospects and opportunities. Such forward-looking statements may include, among other things, statements regarding TDS' and Array's efforts to monetize Array's remaining spectrum assets, the timing and results of such efforts, TDS' plans to repurchase TDS Common Shares and the timing and amount of any such repurchases, and any other statements regarding TDS' or Array's future operations, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, competition and other expectations and estimates for future periods.

Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "plan," "may," "should," "will," "would," "project," "forecast" and similar expressions. These forward-looking statements are based upon information currently available to TDS and are subject to a number of risks, uncertainties and other factors that could cause TDS' and Array's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The TDS business is subject to the risks and uncertainties described in TDS' Annual Report on Form 10-K on file with the Securities and Exchange Commission and from time to time in other filed reports, including TDS' Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

The forward-looking statements included in this communication are made only as of the date of this communication, and TDS undertakes no obligation to update any forward-looking information contained in this communication, or with respect to the announcement described herein, to reflect subsequent events or circumstances.

SOURCE Telephone and Data Systems, Inc.

ALBUQUERQUE, N.M., Aug. 31, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced the successful completion of its acquisition of Affordable Wire Management, LLC (“AWM”), a leading provider of wire management, cable protection, and balance-of-system solutions for utility-scale solar and energy storage projects.

The strategic acquisition broadens ARRAY’s portfolio of complementary balance-of-system solutions, strengthens its ability to serve utility-scale solar and distributed generation customers, and is expected to create new growth opportunities in battery energy storage and datacenter infrastructure.

“This is an important milestone for ARRAY and another step in our strategy to provide customers with a more comprehensive, integrated portfolio of solutions,” said Kevin G. Hostetler, Chief Executive Officer of ARRAY. “AWM brings innovative products, strong engineering capabilities, a reputation for quality and customer service, and an experienced and proven leadership team. Together, we believe we are better positioned to simplify project design and installation, improve system performance, and deliver greater value across solar, storage, and datacenter markets.”

AWM’s products organize, secure, and protect electrical wiring to improve system reliability, safety, installation efficiency, and long-term performance. Its proprietary designs are engineered to provide greater durability, enhanced thermal management, and lower resistive losses than conventional solutions.

“We are incredibly excited for AWM’s future as we officially join ARRAY,” said Scott Rand, Chief Executive Officer and co-founder of AWM. “ARRAY’s scale, customer relationships, and global reach provide a strong platform to accelerate our growth and bring AWM’s solutions to more customers. Our teams share a culture of innovation and a relentless focus on the customer, and we look forward to the opportunities ahead.”

“Combining AWM’s wire management and balance-of-system products with ARRAY’s tracking, fixed-tilt, and foundation platform creates compelling opportunities to deliver integrated solutions engineered to work together,” said Dan Smith, Chief Technology Officer and co-founder of AWM. “We believe this combination will enable us to simplify design, improve installation, and reduce costs for customers.”

The acquisition is expected to be at least high single digit accretive to ARRAY’s Adjusted EPS in the first year before synergies.

For more information about ARRAY Technologies and its industry-leading solar tracking solutions, visit www.arraytechinc.com.

Advisors & Additional Resources

Jefferies LLC acted as exclusive financial advisor, Jones Day acted as legal advisor, and Edelman Smithfield acted as strategic communications advisor to ARRAY. First Liberties Financial acted as exclusive financial advisor, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisor to AWM.

Additional information regarding the transaction will be included in a Current Report on Form 8-K to be filed by ARRAY with the U.S. Securities and Exchange Commission (the “SEC”).

About Affordable Wire Management, LLC
Affordable Wire Management, LLC is a provider of wire management, cable protection, and balance-of-system solutions for the solar and energy storage industries, serving utility-scale and distributed generation customers across North America and select international markets.

About ARRAY Technologies 
ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic sites. With solutions engineered to withstand harsh weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit www.arraytechinc.com. 

Forward Looking Statement 
This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. These include statements regarding the acquisition of AWM, including the anticipated benefits and synergies, the anticipated impact on the Company’s business and future financial and operating results, and the timing of expected synergies and returns from the transaction. Our actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of risks and uncertainties, including without limitation: the Company’s ability to integrate AWM’s operations successfully and in the expected time period; the Company’s ability to achieve the strategic and other objectives relating to the transaction; risks relating to any unforeseen liabilities of AWM; changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry, competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea and Straight of Hormuz, conflict in the Middle East, changing trade policies, and inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information and the use of artificial intelligence by cyber threat actors; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate AWM into our existing operations, realize the anticipated benefits or synergies of the acquisition, and achieve strategic or other objectives relating to the acquisition; risks related to any unforeseen liabilities of AWM; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Information

This press release references certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles, including ARRAY’s Adjusted EPS. We define Adjusted net (loss) income as net (loss) income to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) Series A preferred stock accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) certain legal expenses, (viii) acquisition-related expenses, and (ix) income tax expense adjustments. We define Adjusted net (loss) income per common share as Adjusted net (loss) income divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

Media Contact 
Steven Kirsch
+1 505-738-6923
[email protected]  

Investor Relations Contact 
ARRAY Technologies
Investor Relations
[email protected] 

Array Technologies, Inc. (ARRY) Discusses Balance of System Strategy, APA Overview, Innovation Roadmap and Growth Opportunities August 20, 2026 9:00 AM EDT

Company Participants

Sarah Sheppard - Head of Investor Relations
Kevin Hostetler - CEO & Director
Josh Von Deylen
Joe Von Deylen
Nick Strevel - Chief Product Officer
Darin Green - Global Chief Revenue Officer
Neil Manning - COO & President
Keith Jennings - Chief Financial Officer

Conference Call Participants

Vikram Bagri - Citigroup Inc., Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division
Michael Mcnulty - Deutsche Bank AG, Research Division
Christopher Dendrinos - RBC Capital Markets, Research Division
Maheep Mandloi - Mizuho Securities USA LLC, Research Division
Jeremy Herring - Morgan Stanley, Research Division

Presentation

Sarah Sheppard
Head of Investor Relations

Good morning, everyone, and welcome. Thank you for joining us for Array Technologies APA Investor Technology Showcase. Whether you've joined us here in person or you're attending virtually, we appreciate you spending your day with us. We're excited to bring together leaders from the Array and APA teams to provide a deeper look at our business, our technology and our next phase of growth. This afternoon, we'll also have the opportunity to visit APA's manufacturing and engineering facilities where you see many of these technologies in action and meet the teams behind them. We hope today's program gives you a deeper understanding of how Array and APA are working together to deliver value for our customers and our shareholders.

Before we begin, I'd like to remind everyone that today's presentation includes forward-looking statements and certain non-GAAP financial statements measures. These statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Please refer to this slide as well as our SEC filings for additional information regarding these statements and the associated risks.

Let's take a quick look at today's

SummaryArray Technologies remains fundamentally strong, with a record $2.5B orderbook and resilient margins despite revenue softness and integration challenges.ARRY’s acquisition of Affordable Wire Management is expected to be accretive in 2026, boosting EBITDA margins and expanding its presence in a high-margin, duopolistic market.Management’s guidance signals near-term revenue delays but sets up for a bullish 2027, with synergies and STI Norland recovery driving margin and revenue growth.Preferred stock redemption is a major potential catalyst; the stock is viewed as undervalued with market-beating upside upon execution of strategic initiatives. KE ZHUANG/E+ via Getty Images

Array Technologies, Inc. (ARRY) is a global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic (“PV”) sites. The company is also seeking to expand the

26 Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ARRY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Array Technologies, Inc. (ARRY - Free Report) Boulder, CO-based Array BioPharma is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs for treating cancer and other high-burden diseases. The company has one marketed combination therapy in its portfolio – Braftovi (encorafenib) plus Mektovi (binimetinib). The therapy is approved for treating unresectable or metastatic melanoma with a BRAF V600E or V600K mutation. The company is also conducting label expansion studies for the combination therapy.

ARRY is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 7.54; value investors should take notice.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.02 to $0.74 per share. ARRY also boasts an average earnings surprise of +120.4%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, ARRY should be on investors' short list.

Array updates 2026 guidance

, /PRNewswire/ --

As previously announced, Array will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array Digital Infrastructure, Inc. (NYSE:AD) reported second quarter operating results.

"Array continues to make nice progress executing across our 2026 priorities," said Anthony Carlson, President and CEO. "The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth. And we continue to monetize our remaining spectrum assets as well as support T-Mobile's integration." 

Highlights*

Optimizing tower operations Site rental revenues grew 95% year over year Delivered consecutive quarter over quarter tower tenancy growth Continuing to close pending sales of wireless spectrum Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026 Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026 Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026 Issued special dividend of $11 per common share on June 25, 2026 Updated 2026 Guidance Narrowed Revenue range to $205 million - $215 million on higher interim site revenue Increased Adjusted EBITDA range to $220 million - $235 million Capital expenditures range remains unchanged at $25 million - $35 million * Comparisons are 2Q'25 to 2Q'26 unless otherwise noted.

Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, versus $28.5 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $333.8 million and $3.86, respectively, for the second quarter of 2026 compared to $14.8 million and $0.17, respectively, in the same period one year ago.  

Pending transactions

Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for the sale of additional spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These additional transactions are expected to close yet in 2026, subject to regulatory approval and customary closing conditions.

DISH Wireless

In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets.  Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH.  In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings.

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the "Array Proposal"). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS' Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

2026 Estimated Results

Array's current estimates of full-year 2026 results are shown below. Such estimates represent management's view as of August 7, 2026 and should not be assumed to be current as of any future date. Array undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

2026 Estimated Results

Previous

Current

(Dollars in millions)

Total operating revenues

$200-$215

$205-$215

Adjusted OIBDA1 (Non-GAAP)

$50-$65

$60-$75

Adjusted EBITDA1 (Non-GAAP)

$200-$215

$220-$235

Capital expenditures

$25-$35

Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.

Actual Results

2026 Estimated
Results

Six Months Ended

June 30, 2026

Year Ended
December 31, 2025

(Dollars in millions)

Net income from continuing operations (GAAP)

N/A

$517

$172

Add back:

Income tax expense (benefit)

N/A

168

(31)

Income before income taxes (GAAP)

$775-$790

$686

$141

Add back or deduct:

Interest expense

45

18

28

Depreciation, amortization and accretion

50

27

48

EBITDA (Non-GAAP)1

$870-$885

$731

$218

Add back or deduct:

Expenses related to strategic alternatives review

—

8

2

Loss on impairment of licenses

—

—

48

(Gain) loss on asset disposals, net

—

5

2

(Gain) loss on license sales and exchanges, net

(585)

(566)

(6)

Short-term imputed spectrum lease income

(65)

(58)

(69)

Adjusted EBITDA (Non-GAAP)1

$220-$235

$119

$194

Deduct:

Equity in earnings of unconsolidated entities

145

75

174

Interest and dividend income

15

11

19

Adjusted OIBDA (Non-GAAP)1

$60-$75

$33

$1

 Numbers may not foot due to rounding.

1

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income from continuing operations adjusted for the items set forth in the
reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted
Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating
activities, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliation
above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as
measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and
Adjusted OIBDA are useful measures of Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains
and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of Array's
financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's
evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion,
gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and
dividend income in order to more effectively show the performance of operating activities excluding investment activities.

Conference Call Information
Array will hold a conference call on August 7, 2026 at 9:00 a.m. CT.

Access the live call on the Events & Presentations page of investors.arrayinc.com or at https://events.q4inc.com/attendee/198119429  Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com.

About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,456 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of June 30, 2026, Telephone and Data Systems, Inc. owned approximately 81.9% of Array.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:  All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any transaction related to the TDS non-binding proposal delivered to the Array Board of Directors to acquire all of the outstanding Array Common Shares not owned by TDS will be accepted, rejected, consummated, or abandoned; whether any such transaction, if accepted or completed, will result in additional value for Array or its shareholders and whether the process could result in adverse impacts on Array's businesses; the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile are consummated; whether Array can monetize its remaining spectrum assets;  competition in the tower industry; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenue; the ability to attract people of outstanding talent; inability to protect rights to the land under towers; changes in demand, consumer preferences and perceptions, price competition, or cost; advances or changes in technology; impacts of costs, integration issues or other factors associated with acquisitions, divestitures or exchanges of properties; uncertainties in Array's future cash flows and liquidity and access to the capital markets; the ability to make payments on indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities that Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by TDS; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of Array's Form 10-K as updated by any  Form 10-Q filed subsequent to such Form 10-K.

Array Digital Infrastructure, Inc.

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

6/30/2026

3/31/2026

12/31/2025

9/30/2025

Capital expenditures from continuing operations (thousands)

$       3,895

8,645

12,933

7,927

Owned towers

4,456

4,452

4,450

4,449

Number of colocations1

4,362

4,290

4,572

4,517

Tower tenancy rate2

0.98

0.96

1.03

1.02

1

Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015.
Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the
MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of
fulfilling its lease commitments.

2

Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of fulfilling its lease commitments. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94 for December 31, 2025 and September 30, 2025, respectively.

Array Digital Infrastructure, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

vs. 2025

2026

2025

2026

vs. 2025

(Dollars and shares in thousands, except per share amounts)

Operating revenues

Site rental

$

53,175

$

27,230

95 %

$

104,199

$

53,825

94 %

Services

895

1,299

(31) %

1,883

1,688

12 %

Total operating revenues

54,070

28,529

90 %

106,082

55,513

91 %

Operating expenses

Cost of operations (excluding Depreciation, amortization and accretion reported below)

23,497

19,396

21 %

45,106

35,687

26 %

Selling, general and administrative

22,906

19,337

18 %

35,651

48,537

(27) %

Depreciation, amortization and accretion

14,428

11,999

20 %

27,032

23,992

13 %

(Gain) loss on asset disposals, net

3,809

(313)

N/M

4,713

(87)

N/M

(Gain) loss on license sales and exchanges, net

(409,833)

(3,700)

N/M

(566,468)

(4,800)

N/M

Total operating expenses

(345,193)

46,719

N/M

(453,966)

103,329

N/M

Operating income (loss)

399,263

(18,190)

N/M

560,048

(47,816)

N/M

Other income (expense)

Equity in earnings of unconsolidated entities

34,726

41,714

(17) %

75,135

77,641

(3) %

Interest and dividend income

6,431

3,701

74 %

10,653

6,358

68 %

Interest expense

(10,860)

(3,711)

N/M

(18,040)

(7,378)

N/M

Short-term imputed spectrum lease income

23,770

—

N/M

57,970

—

N/M

Other, net

(13)

—

N/M

(26)

—

N/M

Total other income

54,054

41,704

30 %

125,692

76,621

64 %

Income before income taxes

453,317

23,514

N/M

685,740

28,805

N/M

Income tax expense

115,870

8,415

N/M

168,268

8,222

N/M

Net income from continuing operations

337,447

15,099

N/M

517,472

20,583

N/M

Less: Net income from continuing operations attributable to noncontrolling interests, net of tax

3,677

326

N/M

3,870

1,127

N/M

Net income from continuing operations attributable to Array shareholders

333,770

14,773

N/M

513,602

19,456

N/M

Net income from discontinued operations

25,114

17,098

47 %

23,077

31,300

(26) %

Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax

188

375

(50) %

188

1,013

(81) %

Net income from discontinued operations attributable to Array shareholders

24,926

16,723

49 %

22,889

30,287

(24) %

Net income

362,561

32,197

N/M

540,549

51,883

N/M

Less: Net income attributable to noncontrolling interests, net of tax

3,865

701

N/M

4,058

2,140

90 %

Net income attributable to Array shareholders

$ 358,696

$  31,496

N/M

$ 536,491

$  49,743

N/M

Basic weighted average shares outstanding

86,482

85,779

1 %

86,449

85,459

1 %

Basic earnings per share from continuing operations attributable to Array shareholders

$      3.86

$      0.17

N/M

$      5.94

$      0.23

N/M

Basic earnings per share from discontinued operations attributable to Array shareholders

$      0.29

$      0.20

48 %

$      0.27

$      0.35

(25) %

Basic earnings per share attributable to Array shareholders

$      4.15

$      0.37

N/M

$      6.21

$      0.58

N/M

Diluted weighted average shares outstanding

86,510

87,784

(1) %

86,499

87,947

(2) %

Diluted earnings per share from continuing operations attributable to Array shareholders

$      3.86

$      0.17

N/M

$      5.94

$      0.22

N/M

Diluted earnings per share from discontinued operations attributable to Array shareholders

$      0.29

$      0.19

51 %

$      0.26

$      0.35

(23) %

Diluted earnings per share attributable to Array shareholders

$      4.15

$      0.36

N/M

$      6.20

$      0.57

N/M

N/M - Percentage change not meaningful

Array Digital Infrastructure, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Six Months Ended

June 30,

2026

2025

(Dollars in thousands)

Cash flows from operating activities

Net income

$       540,549

$         51,883

Net income from discontinued operations

23,077

31,300

Net income from continuing operations

517,472

20,583

Add (deduct) adjustments to reconcile net income to net cash flows from operating activities

Depreciation, amortization and accretion

27,032

23,992

Bad debts expense

196

415

Stock-based compensation expense

540

1,694

Deferred income taxes, net

(203,326)

(1,050)

Equity in earnings of unconsolidated entities

(75,135)

(77,641)

Distributions from unconsolidated entities

66,553

87,938

(Gain) loss on asset disposals, net

4,713

(87)

(Gain) loss on license sales and exchanges, net

(566,468)

(4,800)

Other operating activities

225

67

Changes in assets and liabilities from operations

Accounts receivable

4,367

(10,279)

Accounts payable

(3,431)

(2,254)

Customer deposits and deferred revenues

(56,735)

194

Accrued taxes

288,663

(11,980)

Accrued interest

(390)

(8)

Other assets and liabilities

(17,473)

(26,864)

Net cash used in operating activities - continuing operations

(13,197)

(80)

Net cash provided by (used in) operating activities - discontinued operations

(5,791)

484,669

Net cash provided by (used in) operating activities

(18,988)

484,589

Cash flows from investing activities

Cash paid for additions to property, plant and equipment

(19,629)

(11,463)

Cash paid for licenses

—

(4,145)

Cash received from divestitures

2,185,801

—

Other investing activities

—

1,301

Net cash provided by (used in) investing activities - continuing operations

2,166,172

(14,307)

Net cash used in investing activities - discontinued operations

—

(135,561)

Net cash provided by (used in) investing activities

2,166,172

(149,868)

Cash flows from financing activities

Repayment of long-term debt

—

(12,000)

Tax withholdings, net of cash receipts, for stock-based compensation awards

(2,068)

(35,250)

Repurchase of Common Shares

—

(21,360)

Dividends paid to Array shareholders

(1,836,737)

—

Payment of debt issuance costs

—

(1,676)

Distributions to noncontrolling interests

(4,750)

(2,391)

Payments to acquire additional interest in subsidiaries

(593)

—

Other financing activities

—

(589)

Net cash used in financing activities - continuing operations

(1,844,148)

(73,266)

Net cash used in financing activities - discontinued operations

—

(19,703)

Net cash used in financing activities

(1,844,148)

(92,969)

Net increase in cash, cash equivalents and restricted cash

303,036

241,752

Cash, cash equivalents and restricted cash

Beginning of period

113,400

159,142

End of period

$       416,436

$       400,894

Array Digital Infrastructure, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

ASSETS

June 30, 2026

December 31, 2025

(Dollars in thousands)

Current assets

Cash and cash equivalents

$               416,436

$               113,400

Accounts receivable, net

17,831

21,656

Prepaid expenses

2,045

3,216

Other current assets

2,434

6,515

Total current assets

438,746

144,787

Non-current assets held for sale

47,390

1,591,675

Licenses

1,594,649

1,642,187

Investments in unconsolidated entities

421,607

412,608

Property, plant and equipment, net

374,700

388,999

Operating lease right-of-use assets

467,590

472,995

Other assets and deferred charges

26,677

24,837

Total assets

$             3,371,359

$             4,678,088

Array Digital Infrastructure, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

LIABILITIES AND EQUITY

June 30, 2026

December 31, 2025

(Dollars in thousands, except per share amounts)

Current liabilities

Current portion of long-term debt

$                  8,125

$                  4,063

Accounts payable

41,041

38,395

Customer deposits and deferred revenues

27,515

85,945

Accrued taxes

317,407

16,884

Accrued compensation

1,070

4,322

Short-term operating lease liabilities

16,767

15,294

Current liabilities of discontinued operations

24,856

20,242

Other current liabilities

24,875

14,843

Total current liabilities

461,656

199,988

Deferred liabilities and credits

Deferred income tax liability, net

169,509

387,030

Long-term operating lease liabilities

505,936

509,876

Other deferred liabilities and credits

295,715

336,379

Long-term debt, net

666,757

670,258

Total equity

1,271,786

2,574,557

Total liabilities and equity

$             3,371,359

$             4,678,088

Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income from continuing operations and Income before income taxes.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Dollars in thousands)

Net income from continuing operations (GAAP)

$    337,447

$      15,099

$    517,472

$      20,583

Add back:

Income tax expense

115,870

8,415

168,268

8,222

Income before income taxes (GAAP)

453,317

23,514

685,740

28,805

Add back:

Interest expense

10,860

3,711

18,040

7,378

Depreciation, amortization and accretion

14,428

11,999

27,032

23,992

EBITDA (Non-GAAP)

478,605

39,224

730,812

60,175

Add back or deduct:

Expenses related to strategic alternatives review

7,391

715

7,578

1,860

(Gain) loss on asset disposals, net

3,809

(313)

4,713

(87)

(Gain) loss on license sales and exchanges, net

(409,833)

(3,700)

(566,468)

(4,800)

Short-term imputed spectrum lease income

(23,770)

—

(57,970)

—

Adjusted EBITDA (Non-GAAP)

56,202

35,926

118,665

57,148

Deduct:

Equity in earnings of unconsolidated entities

34,726

41,714

75,135

77,641

Interest and dividend income

6,431

3,701

10,653

6,358

Other, net

(13)

—

(26)

—

Adjusted OIBDA (Non-GAAP)

$      15,058

$      (9,489)

$      32,903

$     (26,851)

Adjusted Free Cash Flow (AFCF)

AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.

Management believes AFCF is a useful measure of Array's cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company.

Six Months Ended
June 30, 2026

(Dollars in thousands)

Net income from continuing operations (GAAP)

$                 517,472

Add back or deduct:

Income tax expense

168,268

Cash paid for income taxes

(78,623)

Stock-based compensation expense

540

Short-term imputed spectrum lease income

(57,970)

Amortization of deferred debt charges

655

Equity in earnings of unconsolidated entities

(75,135)

Distributions from unconsolidated entities

66,553

(Gain) loss on license sales and exchanges, net

(566,468)

(Gain) loss on asset disposals, net

4,713

Depreciation, amortization and accretion

27,032

Expenses related to strategic alternatives review

7,578

Straight line and other non-cash revenue adjustments

(8,310)

Straight line expense adjustment

2,811

Maintenance and other capital expenditures

(2,511)

Adjusted Free Cash Flow from continuing operations (Non-GAAP)

$                    6,605

SOURCE Array Digital Infrastructure, Inc.

2026 Second Quarter Business Highlights

Record total executed contracts and awarded orders at June 30, 2026 of $2.5 billion, a 37% increase year-over-yearOver $500 million of new orders in the quarter and a trailing twelve-month book-to-bill of 1.5xSurpassed 100 gigawatts of tracker products delivered worldwide, a significant milestone representing ARRAY’s successful leadership in the utility-scale solar industryFormally launched DuraTrack D2S™ for international marketsAnnounced next-generation OmniTrack®, which accommodates an industry-leading 2° of slope change between adjacent posts 2026 Second Quarter Financial Highlights  

(in millions, except per share)2Q 2026Revenue$342.1 Gross margin 29.1%Adjusted gross margin(1) 30.8%Net income to common stockholders$8.4 Adjusted EBITDA(1)$63.3 Net income per basic and diluted common share$0.05 Adjusted net income per diluted common share(1)$0.24      ALBUQUERQUE, N.M., Aug. 05, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced financial results for its second quarter ended June 30, 2026.

“ARRAY delivered a strong second quarter while achieving a significant company milestone, surpassing 100 gigawatts of cumulative tracker product shipments since our founding. For the third consecutive quarter, we achieved a record orderbook of $2.5 billion, reflecting continued share gains and strong execution. During the quarter, we advanced our innovation strategy with the formal launch of DuraTrack D2S and our next-generation OmniTrack product offerings. We continued to build on that momentum in July with the announcement of our new 60° tracker capabilities and the launch of the ARRAY Atlas™ suite of foundation-to-tracker solutions. Our pending acquisition of Affordable Wire Management (AWM)(2), will further advance our balance of system strategy by adding high-margin cable management and safety products. We remain focused on expanding our ability to provide a more integrated, technically interoperable solution set for utility-scale solar customers,” said Chief Executive Officer, Kevin G. Hostetler.

Mr. Hostetler continued, “Supported by our strong first-half financial performance, we are updating our full-year guidance. While we will continue to monitor market dynamics, we believe our $2.5 billion record orderbook, strong customer demand, and expanding solution set give us confidence in our ability to execute and create long-term value.”

Updating Full Year 2026 Guidance

Following our strong first half performance, we now expect full-year Adjusted Gross Margin(1) to be in the range of 27% to 28%. As a result, for the year ending December 31, 2026, the Company now expects:

Revenue to be in the range of $1.4 billion to $1.5 billion, consistent with the prior rangeAdjusted EBITDA(3) to be in the range of $210 million to $230 million, previously $200 million to $230 millionAdjusted net income per common share(3) to be in the range of $0.68 to $0.75, previously $0.65 to $0.75 For the quarter ending September 30, 2026, the Company expects revenue to be in the range of $310 million to $330 million.

(1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.

(2) The transaction is expected to close in the third quarter of 2026, subject to receiving any required regulatory approvals and the satisfaction of other customary closing conditions.

(3) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per common share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per common share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

Supplemental Presentation and Conference Call Information

ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today, August 5, 2026, at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (888)-396-8049 (domestic) or (416)-764-8646 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international), with the passcode 13761476. The telephonic replay will be available until 11:59 p.m. (ET) on August 19, 2026. The online replay will be available for 14 days on the same website, immediately following the call.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:     

Investor Relations
505-437-0010
[email protected]

Media Contact:

Steven Kirsch
505-738-6923
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating to the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs and changes in trade policy, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “positioned, ” “designed to,” or similar expressions and the negatives of those terms.

ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea and Strait of Hormuz, conflict in the Middle East (including, but not limited to, the war in Iran), changing trade policies, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; the development, deployment and commercialization of new products, including DuraTrack D2S, OmniTrack 2.0, the 60 degree variant of DuraTrack, and our ARRAY Atlas suite of foundation-to-tracker solutions; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information and the use of artificial intelligence by cyber threat actors; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to complete the acquisition of Affordable Wire Management, LLC (“AWM”) on the anticipated terms and timetable, including the possibility that closing conditions may not be satisfied or waived; our ability to successfully integrate APA Solar, LLC (“APA”) and AWM into our existing operations, realize the anticipated benefits or synergies of the acquisitions of APA and AWM and achieve strategic or other objectives relating to the acquisitions; risks related to any unforeseen liabilities of AWM; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Information

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow.

We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common stockholders plus (i) other income, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency gain, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax expense, (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) certain legal expenses, and (xiii) acquisition-related expenses. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net income as net income (loss) to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration,   (viii) certain legal expenses, (ix) acquisition-related expenses, and (x) income tax expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, and (iii) acquisition-related expenses. We define Free cash flow as Net cash provided by operating activities less purchase of property, plant and equipment.

A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net income (loss) per common share as net income (loss) to common stockholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per common share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow on a supplemental basis.

You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net   income (loss) to Adjusted EBITDA, Adjusted net income and Adjusted net income per common share, General and administrative expense to Adjusted general and administrative expense and Net cash used in operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business.

Array Technologies, Inc.  
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except per share and share amounts)

 June 30, 2026 December 31, 2025ASSETSCurrent assets   Cash and cash equivalents$307,302  $244,388 Restricted cash —   1,596 Accounts receivable, net of allowance of $5,895 and $6,245, respectively 323,439   271,578 Inventories, net 156,469   150,374 Prepaid expenses and other 104,576   201,108 Total current assets 891,786   869,044     Property, plant and equipment, net 68,180   58,225 Lease assets 92,380   97,088 Goodwill 135,173   135,173 Other intangible assets, net 212,472   238,579 Deferred income tax assets 24,843   23,965 Other assets 109,202   29,718 Total assets$1,534,036  $1,451,792     LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITYCurrent liabilities   Accounts payable$161,092  $143,994 Accrued expenses 101,501   54,289 Income tax payable 3,839   4,687 Current portion of deferred revenue 105,103   128,433 Current portion of contingent consideration 10,975   14,551 Current portion of warranty liability 12,390   10,844 Current portion of lease liabilities 7,411   7,662 Current portion of debt —   10,315 Other current liabilities 3,451   2,237 Total current liabilities 405,762   377,012     Deferred income tax liabilities 20,374   22,133 Deferred revenue, net of current portion 45,385   16,794 Contingent consideration, net of current portion 13,596   12,739 Warranty liability, net of current portion 5,863   5,466 Lease liabilities, net of current portion 87,726   89,552 Long-term debt, net of current portion 657,749   658,664 Other long-term liabilities 1,488   9,044 Total liabilities 1,237,943   1,191,404     Commitments and contingencies       Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 400,0001and 490,829 shares issued as of June 30, 2026 and December 31, 2025, respectively; liquidation preference of $506.4 million and $493.1 million at each date, respectively 498,173   466,728     Stockholders’ equity   Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates —   — Common stock of $0.001 par value - 1,000,000,000 shares authorized; 153,972,487 and 152,779,614 shares issued at respective dates 155   152 Additional paid-in capital 203,156   226,848 Accumulated deficit (396,516)  (422,859)Accumulated other comprehensive loss (8,875)  (10,481)Total stockholders’ equity (202,080)  (206,340)Total liabilities, redeemable perpetual preferred stock and stockholders’ equity$1,534,036  $1,451,792  (1) Adjusted to reflect the increase in Liquidation Preference rather than the number of shares.

Array Technologies, Inc. 
Condensed Consolidated Statements of Operations (unaudited) 
(in thousands, except per share amounts)

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Revenue$342,065  $362,243  $565,477  $664,606 Cost of revenue       Cost of product and service revenue 236,846   261,479   391,640   483,775 Amortization of developed technology and backlog 5,615   3,640   11,229   7,279 Total cost of revenue 242,461   265,119   402,869   491,054 Gross profit 99,604   97,124   162,608   173,552         Operating expenses       General and administrative 54,325   44,954   104,729   88,899 Change in fair value of contingent consideration 2,441   150   (145)  — Depreciation and amortization 8,073   5,644   16,150   10,993 Total operating expenses 64,839   50,748   120,734   99,892         Income from operations 34,765   46,376   41,874   73,660         Interest income 2,402   3,800   4,789   7,119 Interest expense (5,786)  (8,768)  (11,349)  (16,803)Foreign currency gain, net 529   1,343   690   2,032 Gain on extinguishment of debts, net —   14,207   —   14,207 Other expense, net (187)  (79)  (156)  (56)Total other (expense) income, net (3,042)  10,503   (6,026)  6,499         Income before income tax expense 31,723   56,879   35,848   80,159 Income tax expense 7,377   13,617   9,505   20,151 Net income 24,346   43,262   26,343   60,008 Preferred dividends and accretion 15,908   14,788   31,445   29,231 Net income (loss) to common stockholders$8,438  $28,474  $(5,102) $30,777         Income (loss) per common share       Basic$0.05  $0.19  $(0.03) $0.20 Diluted$0.05  $0.19  $(0.03) $0.20 Weighted average number of common shares outstanding       Basic 153,866   152,584   153,414   152,331 Diluted 155,685   153,068   153,414   152,958  Array Technologies, Inc.
Consolidated Statements of Cash Flows (unaudited)
(in thousands)

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Operating activities       Net income$24,346  $43,262  $26,343  $60,008 Adjustments to reconcile net income to cash provided by operating activities:       Provision for bad debts (192)  239   3   1,910 Deferred tax benefit (1,041)  (1,270)  (2,637)  (246)Depreciation and amortization 10,100   6,256   19,851   12,188 Amortization of developed technology and backlog 5,615   3,640   11,229   7,279 Amortization of debt discount and issuance costs 892   1,951   1,768   3,457 Gain on extinguishment of debts, net —   (14,207)  —   (14,207)Equity-based compensation 4,579   3,898   8,520   6,696 Change in fair value of contingent consideration 2,441   150   (145)  — Warranty provision 3,672   3,616   7,013   5,336 Inventory reserve 1,723   1,843   1,197   2,682 Other non-cash 529   10   690   10 Changes in operating assets and liabilities 68,615   (5,547)  18,026   (54,331)Net cash provided by operating activities 121,279   43,841   91,858   30,782 Investing activities       Purchase of property, plant and equipment (7,633)  (6,631)  (15,144)  (8,983)Net cash used in investing activities (7,633)  (6,631)  (15,144)  (8,983)Financing activities       Proceeds from issuance of other debt 14,036   49,202   38,254   57,064 Proceeds from issuance of convertible notes —   345,000   —   345,000 Premium paid on capped call —   (35,087)  —   (35,087)Fees paid on issuance of convertible notes —   (10,434)  —   (10,434)Repayments of other debt (23,591)  (47,460)  (51,003)  (54,754)Repayments of term loan facility —   (232,800)  —   (233,875)Repayments of convertible notes —   (78,363)  —   (78,363)Contingent consideration payments —   —   (2,574)  (1,204)Other financing 38   (1,109)  (1,806)  (1,123)Net cash used in financing activities (9,517)  (11,051)  (17,129)  (12,776)Effect of exchange rate changes on cash and cash equivalent balances 1,180   3,118   1,733   5,606 Net change in cash and cash equivalents and restricted cash 105,309   29,277   61,318   14,629 Cash and cash equivalents, and restricted cash beginning of period 201,993   349,493   245,984   364,141 Cash and cash equivalents and restricted cash, end of period$307,302  $378,770  $307,302  $378,770  Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)
  The following table reconciles Gross profit to Adjusted gross profit:

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Revenue$342,065  $362,243  $565,477  $664,606 Cost of revenue 242,461   265,119   402,869   491,054 Gross profit 99,604   97,124   162,608   173,552 Gross margin 29.1%  26.8%  28.8%  26.1%Amortization of developed technology and backlog 5,615   3,640   11,229   7,279 Acquisition-related expenses(a) 40   —   80   — Adjusted gross profit$105,259  $100,764  $173,917  $180,831 Adjusted gross margin 30.8%  27.8%  30.8%  27.2% (a) Represents acquisition-related fair value adjustments to Property, plant, and equipment.

The following table reconciles Net income to Adjusted EBITDA:

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net income$24,346  $43,262  $26,343  $60,008 Preferred dividends and accretion 15,908   14,788   31,445   29,231 Net income (loss) to common stockholders 8,438   28,474   (5,102)  30,777 Other income, net (2,215)  (3,721)  (4,633)  (7,063)Gain on extinguishment of debts, net —   (14,207)  —   (14,207)Foreign currency gain, net (529)  (1,343)  (690)  (2,032)Preferred dividends and accretion 15,908   14,788   31,445   29,231 Interest expense 5,786   8,768   11,349   16,803 Income tax expense 7,377   13,617   9,505   20,151 Depreciation expense 2,728   1,178   5,092   2,221 Amortization of intangibles 7,371   5,078   14,759   9,967 Amortization of developed technology and backlog 5,615   3,640   11,229   7,279 Equity-based compensation 4,579   3,898   8,520   6,696 Change in fair value of contingent consideration 2,441   150   (145)  — Certain legal expenses(a) —   149   —   1,232 Acquisition-related expenses(b) 5,761   3,087   10,758   3,087 Adjusted EBITDA$63,260  $63,556  $92,087  $104,142  (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit affirmed the dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) Represents acquisition-related expenses.

Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)  The following table reconciles Net income to Adjusted net income:

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net income$24,346  $43,262  $26,343  $60,008 Preferred dividends and accretion 15,908   14,788   31,445   29,231 Net income (loss) to common stockholders 8,438   28,474   (5,102)  30,777 Amortization of intangibles 7,371   5,078   14,759   9,967 Amortization of developed technology and backlog 5,615   3,640   11,229   7,279 Amortization of debt discount and issuance costs 892   2,064   1,768   3,457 Gain on extinguishment of debts, net —   (14,207)  —   (14,207)Series A Preferred stock accretion 8,032   7,393   15,900   14,634 Equity-based compensation 4,579   3,898   8,520   6,696 Change in fair value of contingent consideration 2,441   150   (145)  — Certain legal expenses(a) —   149   —   1,232 Acquisition-related expenses(b) 5,825   3,087   10,886   3,087 Income tax expense of adjustments(c) (6,145)  (975)  (11,935)  (4,449)Adjusted net income$37,048  $38,751  $45,880  $58,473         Income (loss) per common share       Basic$0.05  $0.19  $(0.03) $0.20 Diluted$0.05  $0.19  $(0.03) $0.20 Weighted average number of common shares outstanding       Basic 153,866   152,584   153,414   152,331 Diluted 155,685   153,068   153,414   152,958         Adjusted net income per common share       Basic$0.24  $0.25  $0.30  $0.38 Diluted$0.24  $0.25  $0.29  $0.38 Weighted average number of common shares outstanding       Basic 153,866   152,584   153,414   152,331 Diluted 155,685   153,068   155,673   152,958  (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit affirmed the dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) Represents acquisition-related expenses and fair value adjustments to Property, plant and equipment.
(c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

The following table reconciles General and administrative expense to Adjusted general and administrative expense:

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 General and administrative expense$54,325  $44,954  $104,729  $88,899 Equity-based compensation (4,579)  (3,898)  (8,520)  (6,696)Certain legal expenses(a) —   (149)  —   (1,232)Acquisition-related expenses(b) (5,761)  (3,087)  (10,758)  (3,087)Adjusted general and administrative expense$43,985  $37,820  $85,451  $77,884  (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit affirmed the dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.
(b) Represents acquisition-related expenses.

The following table reconciles Net cash used in operating activities to Free cash flow:

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net cash provided by (used in) operating activities$121,279  $43,841  $91,858  $30,782 Purchase of property, plant and equipment (7,633)  (6,631)  (15,144)  (8,983)Free cash flow$113,646  $37,210  $76,714  $21,799 

Wall Street expects a year-over-year decline in earnings on lower revenues when Array Technologies, Inc. (ARRY - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -56%.

Revenues are expected to be $323.84 million, down 10.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.67% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Array Technologies?For Array Technologies, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -27.27%.

On the other hand, the stock currently carries a Zacks Rank of #1.

So, this combination makes it difficult to conclusively predict that Array Technologies will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Array Technologies would post a loss of$0.06 per share when it actually produced earnings of $0.06, delivering a surprise of +200.00%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Array Technologies doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Array Technologies, Inc. (ARRY - Free Report) ended the recent trading session at $5.10, demonstrating a -7.44% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.21%. Elsewhere, the Dow gained 1.03%, while the tech-heavy Nasdaq lost 0.22%.

Coming into today, shares of the company had lost 23.9% in the past month. In that same time, the Oils-Energy sector gained 5.56%, while the S&P 500 gained 1.7%.

The upcoming earnings release of Array Technologies, Inc. will be of great interest to investors. The company's earnings report is expected on August 5, 2026. The company's earnings per share (EPS) are projected to be $0.11, reflecting a 56% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $323.84 million, showing a 10.6% drop compared to the year-ago quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.73 per share and a revenue of $1.45 billion, representing changes of +8.96% and +13.02%, respectively, from the prior year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Array Technologies, Inc. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.83% higher. Currently, Array Technologies, Inc. is carrying a Zacks Rank of #1 (Strong Buy).

Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 7.56. This denotes a discount relative to the industry average Forward P/E of 18.12.

We can also see that ARRY currently has a PEG ratio of 0.65. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Solar stocks are, on average, holding a PEG ratio of 0.82 based on yesterday's closing prices.

The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 55, positioning it in the top 23% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Array Technologies, Inc. (ARRY - Free Report) has been on a downward spiral lately with significant selling pressure. After declining 26.9% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Here's Why ARRY Could Experience a TurnaroundThe RSI reading of 29.73 for ARRY is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering ARRY in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 1.8% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, ARRY currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Array Technologies, Inc. (ARRY - Free Report) ended the recent trading session at $6.05, demonstrating a +1.6% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.89%. At the same time, the Dow added 0.74%, and the tech-heavy Nasdaq gained 1.29%.

Coming into today, shares of the company had lost 30.33% in the past month. In that same time, the Oils-Energy sector gained 4.15%, while the S&P 500 lost 0.63%.

Market participants will be closely following the financial results of Array Technologies, Inc. in its upcoming release. The company plans to announce its earnings on August 5, 2026. It is anticipated that the company will report an EPS of $0.11, marking a 56% fall compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $323.84 million, indicating a 10.6% downward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.73 per share and a revenue of $1.45 billion, indicating changes of +8.96% and +13.02%, respectively, from the former year.

Investors should also note any recent changes to analyst estimates for Array Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.83% higher. As of now, Array Technologies, Inc. holds a Zacks Rank of #1 (Strong Buy).

In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 8.17. This signifies a discount in comparison to the average Forward P/E of 18.81 for its industry.

It is also worth noting that ARRY currently has a PEG ratio of 0.7. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Solar was holding an average PEG ratio of 0.85 at yesterday's closing price.

The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 57, positioning it in the top 24% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Array Technologies, Inc. (ARRY) M&A Call July 16, 2026 6:00 PM EDT

Company Participants

Sarah Sheppard - Head of Investor Relations
Kevin Hostetler - CEO & Director
Aaron Gabelnick - Chief Strategy & Technology Officer
Keith Jennings - Chief Financial Officer

Presentation

Operator

Greetings. Welcome to ARRAY Technologies conference call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Sarah Sheppard of Investor Relations. Thank you. You may begin.

Sarah Sheppard
Head of Investor Relations

Thank you. I would like to welcome everyone to ARRAY Technologies conference call concerning our recently announced proposed acquisition of Affordable Wire Management. I'm joined on this call by Kevin Hostetler, our CEO; Keith Jennings, our CFO; and Dr. Aaron Gabelnick, our Chief Strategy and Technology Officer. Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com, including audio and slides. In addition, the press release and the presentation detailing our proposed acquisitions have been posted on the website.

As a reminder, the matters we are discussing today include forward-looking statements regarding the proposed acquisition of AWM, the anticipated benefits, including synergies and increased competitive advantages, the anticipated impact of the acquisition on our business and future financial and operating results and other matters. I would also like to kindly remind you that our second quarter ended on June 30, and we expect to announce earnings on August 5, which means we will not discuss second quarter results on this webcast. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made on this call. For details, please see the information at the beginning of the presentation materials.

And as always, we refer you to the documents we file with the SEC for a discussion of risks that may

Key Takeaways ARCO, HALO, TX and ARRY qualified a screen for high earnings yield and buy-rated value stocks.Earnings yield above 10% was paired with EPS growth, liquidity and price filters to find value picks.The four picks show projected 2026 sales and EPS growth, with estimates rising over 60 days. Inflation seems to be cooling. In June, the Consumer Price Index rose less than expected, and the Producer Price Index fell 0.3%. That said, it is too early to say rate hikes are completely off the table. Even as short-term hike odds may have eased, markets still appear to be pricing in the possibility of additional tightening later this year, so the path for rates remains uncertain.

Renewed tensions between the United States and Iran have once again brought the Strait of Hormuz into focus. Although President Trump withdrew a proposed 20% levy on ships using the strategic waterway, military attacks between the two countries continue. Concerns over global energy supplies and trade disruptions have resurfaced, keeping investors on edge.

With geopolitical risks likely to persist, market volatility could remain elevated in the near term. In such an environment, value investing stands out as a prudent approach, as fundamentally strong companies trading below their intrinsic value tend to offer greater resilience during periods of uncertainty and market turbulence.

Arcos Dorados Holdings (ARCO - Free Report) , Halozyme Therapeutics (HALO - Free Report) , Ternium S.A. (TX - Free Report) and Array Technologies (ARRY - Free Report) are a few value stocks with high earnings yield.

Using the Earnings Yield MetricEarnings yield is an interesting ratio that you can consider for ferreting out attractively valued stocks. This metric, expressed in percentage, is calculated as annual earnings per share (EPS) divided by market price. This metric measures the anticipated yield (or return) from earnings for each dollar invested in a stock today. While comparing stocks, if other factors are similar, the ones with higher earnings yield are considered undervalued, while those with lower earnings yield are seen as overpriced.

While earnings yield is the reciprocal of the P/E ratio, it is a little more illuminating than the traditional P/E ratio as it facilitates the comparison of stocks with fixed-income securities. Investors often compare the earnings yield of a stock to the prevailing interest rates, such as the current 10-year Treasury yield, to get a sense of the return on investment it offers compared to virtually risk-free returns.

If the yield on a stock is lower than the 10-year Treasury yield, it would be considered overvalued relative to bonds. Conversely, if the yield on the stock is higher, it would be considered undervalued. In this situation, investing in the stock market would be a better option for a value investor.

Setting the Right FiltersWe have set an Earnings Yield greater than 10% as our primary screening criterion but it alone cannot be used for picking stocks that have the potential to generate solid returns. So, we have added the following parameters to the screen:

Estimated EPS growth for the next 12 months greater than or equal to the S&P 500: This metric compares the 12-month forward EPS estimate with the 12-month actual EPS.

Average Daily Volume (20 Day) greater than or equal to 100,000: High trading volume implies that a stock has adequate liquidity.

Current Price greater than or equal to $5.

Buy-Rated Stocks: Stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have been known to outperform peers in any type of market environment. You can see the complete list of today’s Zacks #1 Rank stocks here.

Our PicksWe have highlighted four of the 29 stocks that qualified the screen:

Arcos Dorados operates as a franchisee of McDonald’s restaurants. The company is benefiting from healthy comparable sales growth, supported by rising digital engagement, a growing loyalty platform and resilient guest traffic. Continued restaurant expansion, operational efficiency initiatives and a focus on value offerings position Arcos Dorados for sustainable long-term growth.

The Zacks Consensus Estimate for ARCO’s 2026 and 2027 EPS implies year-over-year growth of 181% and 19%, respectively. Estimates for 2026 and 2027 earnings per share have moved up by 5 cents and 2 cents, respectively, over the past 60 days. Arcos Dorados currently sports a Zacks Rank #1 and has a Value Score of A. 

Halozyme is a biopharmaceutical company benefiting from its ENHANZE drug delivery technology. Strong demand for products such as Roche's Phesgo, argenx's Vyvgart Hytrulo, and J&J's subcutaneous Darzalex is driving royalty revenues. With new partnership opportunities and continued product momentum, the company is well-positioned for sustained growth through 2026.

The Zacks Consensus Estimate for HALO’s 2026 and 2027 EPS implies year-over-year growth of 92% and 21%, respectively. Estimates for 2026 and 2027 earnings per share have moved up by 4 cents and 27 cents, respectively, over the past 60 days. Halozyme currently has a Zacks Rank #2 and a Value Score of B. 

Ternium, a leading flat and long steel producer, is well-positioned to benefit from recovering demand and firmer steel prices across key markets. Mexico's commercial sector is rebounding post-destocking, infrastructure spending is supporting shipments, and Brazil's automotive demand remains solid, aided by favorable trade measures. Cost-competitive facilities and proactive steps to bolster liquidity further strengthen Ternium’s outlook.

The Zacks Consensus Estimate for TX’s 2026 and 2027 EPS implies year-over-year growth of 182% and 7%, respectively. EPS estimates for the current year and the next have moved up by $1.68 and 21 cents, respectively, over the past 60 days. Ternium currently sports a Zacks Rank #1 and has a Value Score of A.

Array Technologies develops a solar tracking system. It is strengthening its competitive position with 100% domestically sourced solar trackers, an advantage amid evolving trade and policy dynamics. The acquisition of APA Solar has expanded its product portfolio to include foundation and fixed-tilt solutions, making it a more integrated supplier. Backed by a healthy order book, improving demand and APA Solar's contribution, the company is well-positioned for continued growth.

The Zacks Consensus Estimate for ARRY’s 2026 and 2027 EPS implies year-over-year growth of 9% and 26%, respectively. EPS estimates for the current year and the next have moved up by 1 cent each over the past 60 days. Array Technologies currently sports a Zacks Rank #1 and has a Value Score of A.

July 13, 2026 08:30 ET  | Source: Array Technologies, Inc.

ALBUQUERQUE, N.M., July 13, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (the “Company” or “ARRAY”) (NASDAQ: ARRY), a leading global provider of solar tracking technology products, software, services and foundation solutions, today announced that the Company will release its second quarter 2026 results after the market closes on Wednesday, August 5, 2026, to be followed by a conference call at 5:00 p.m. (Eastern Time) that same day.

The conference call can be accessed live over the phone by dialing (888)-396-8049 (domestic) or (416)-764-8646 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international), with the passcode 13761476. The replay will be available until 11:59 p.m. (ET) on August 19, 2026. The online replay will be available for 14 days on the same website, immediately following the call.

About ARRAY Technologies

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:         
Investor Relations
505-437-0010
[email protected]

Media Contact:
Steven Kirsch
505-738-6923
[email protected] 

Array Technologies is undervalued despite sector tailwinds, offering an attractive entry for long-term clean energy exposure. ARRY's recent underperformance stems from US market overreliance, questionable acquisitions, and management missteps, yet backlog and book-to-bill ratios are improving. My conservative DCF projects revenue at the lower end of guidance and margins ~550 bps below the company's 2026 guidance, reflecting my cautious stance but still supporting a 'buy' rating.

Array Technologies, Inc. (ARRY - Free Report) ended the recent trading session at $7.12, demonstrating a -7.41% change from the preceding day's closing price. This change lagged the S&P 500's 0.05% loss on the day. Meanwhile, the Dow lost 0.09%, and the Nasdaq, a tech-heavy index, lost 0.24%.

Heading into today, shares of the company had lost 16.96% over the past month, lagging the Oils-Energy sector's loss of 8.57% and the S&P 500's loss of 1.42%.

The upcoming earnings release of Array Technologies, Inc. will be of great interest to investors. It is anticipated that the company will report an EPS of $0.1, marking a 60% fall compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $323.09 million, down 10.81% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $0.72 per share and a revenue of $1.45 billion, demonstrating changes of +7.46% and +12.72%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Array Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Array Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).

Looking at valuation, Array Technologies, Inc. is presently trading at a Forward P/E ratio of 10.7. This valuation marks a discount compared to its industry average Forward P/E of 22.24.

Investors should also note that ARRY has a PEG ratio of 0.94 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. ARRY's industry had an average PEG ratio of 0.99 as of yesterday's close.

The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 169, placing it within the bottom 31% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

In the latest trading session, Array Technologies, Inc. (ARRY - Free Report) closed at $7.86, marking a -2.72% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.57%. On the other hand, the Dow registered a gain of 0.64%, and the technology-centric Nasdaq decreased by 1.15%.

The company's stock has dropped by 4.38% in the past month, exceeding the Oils-Energy sector's loss of 6.38% and lagging the S&P 500's gain of 2.14%.

Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. On that day, Array Technologies, Inc. is projected to report earnings of $0.12 per share, which would represent a year-over-year decline of 52%. Simultaneously, our latest consensus estimate expects the revenue to be $323.09 million, showing a 10.81% drop compared to the year-ago quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.72 per share and a revenue of $1.45 billion, representing changes of +7.46% and +12.72%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Array Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Array Technologies, Inc. is holding a Zacks Rank of #3 (Hold) right now.

Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 11.28. Its industry sports an average Forward P/E of 24.67, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.

It's also important to note that ARRY currently trades at a PEG ratio of 0.99. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. ARRY's industry had an average PEG ratio of 1.03 as of yesterday's close.

The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 170, finds itself in the bottom 31% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

2026 First Quarter Business Highlights

Record total executed contracts and awarded orders at March 31, 2026 of $2.4 billionAchieved 2x book-to-bill with ~50% increase in APA orderbook. Trailing twelve-month book-to-bill of 1.3x.Contracted projects in Turkey, Peru, and Colombia, highlighting our international diversificationIntroducing DuraTrack D2S, a new dual-row tracker solution for international markets with key features and capabilities of flagship DuraTrack® productReaffirming Full Year 2026 financial guidance 2026 First Quarter Financial Highlights

(in millions, except per share)1Q 2026Revenue$223.4 Gross margin 28.2% Adjusted gross margin(1) 30.7% Net loss to common shareholders($13.5) Adjusted EBITDA(1)$28.8 Net loss per basic and diluted common share($0.09) Adjusted net income per diluted common share(1)$0.06     ALBUQUERQUE, N.M., May 06, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced financial results for its first quarter ended March 31, 2026.

“ARRAY began 2026 with strong performance, delivering revenue and Adjusted EBITDA(1) above the expectations we set on our last earnings call. We delivered another 2x book-to-bill quarter, closing the period at a new record orderbook of $2.4 billion. Orderbook growth continues to be enabled by our traction with our new product offerings like OmniTrack™ and investment in our software and services businesses. We remain focused on high-quality domestic opportunities while pursuing disciplined international expansion, and our momentum this quarter reflected strength both domestically and abroad,” said Chief Executive Officer, Kevin G. Hostetler.

Mr. Hostetler continued, “The integration of APA continues to progress very well, and we opened a new APA headquarters to centralize our team, accelerate collaboration, and support a research and training center alongside a 5-acre solar innovation site. This new space will also house the APA Foundations Center of Excellence, enabling foundation offerings integrated with ARRAY tracking technology. Finally, I’m excited to introduce DuraTrack D2S, our next-generation dual-row tracker for key international markets, which combines patented passive wind stow technology, terrain adaptability, and optimized control through SmarTrack® into a single flexible platform. As we move through 2026, we will continue updating stakeholders on our progress against our strategic priorities - investing for the future to support margin resilience and scale, while driving commercial excellence and advancing our global expansion.”

Reaffirming Full Year 2026 Guidance

For the year ending December 31, 2026, the Company expects:

Revenue to be in the range of $1.4 billion to $1.5 billionAdjusted EBITDA(2) to be in the range of $200 million to $230 millionAdjusted net income per common share(2) to be in the range of $0.65 to $0.75 For the quarter ending June 30, 2026, the Company expects revenue to be in the range of $300 million to $320 million.

(1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.

(2) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per common share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per common share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

Supplemental Presentation and Conference Call Information

ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (May 6, 2026) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international), with the passcode 13759742. The replay will be available until 11:59 p.m. (ET) on May 20, 2026. The online replay will be available for 14 days on the same website, immediately following the call.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:

Investor Relations
505-437-0010
[email protected]

Media Contact:

Steven Kirsch
505-738-6923
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating to the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs and changes in trade policy, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” “positioned” or similar expressions and the negatives of those terms.

ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea, conflict in the Middle East (including, but not limited to, the war in Iran), changing trade policies, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information and the use of artificial intelligence by cyber threat actors; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this press release with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Information

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow.

We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net (loss) income to common stockholders plus (i) other (income) expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology and backlog, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) certain legal expenses, and (xii) acquisition-related expenses. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net income as net (loss) income to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) Series A preferred stock accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) certain legal expenses, (viii) acquisition-related expenses, and (ix) income tax expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, and (iii) acquisition-related expenses. We define Free cash flow as Net cash used in operating activities less purchase of property, plant and equipment.

A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net (loss) income per common share as net (loss) income to common stockholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per common share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow on a supplemental basis.

You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net (loss) income to Adjusted EBITDA, Adjusted net income and Adjusted net income per common share, General and administrative expense to Adjusted general and administrative expense and Net cash used in operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business.

Array Technologies, Inc. 
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except per share and share amounts)
 March 31, 2026 December 31, 2025ASSETSCurrent assets   Cash and cash equivalents$200,702  $244,388 Restricted cash 1,291   1,596 Accounts receivable, net of allowance of $6,800 and $6,245, respectively 292,327   271,578 Inventories, net 167,973   150,374 Prepaid expenses and other 217,126   201,108 Total current assets 879,419   869,044     Property, plant and equipment, net 62,136   58,225 Lease assets 94,531   97,088 Goodwill 135,173   135,173 Other intangible assets, net 224,921   238,579 Deferred income tax assets 24,735   23,965 Other assets 54,112   29,718 Total assets$1,475,027  $1,451,792     LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITYCurrent liabilities   Accounts payable$142,172  $143,994 Accrued expenses 62,777   54,289 Income tax payable 5,685   4,687 Deferred revenue 138,527   128,433 Current portion of contingent consideration 10,248   14,551 Current portion of warranty liability 12,018   10,844 Current portion of lease liabilities 7,587   7,662 Current portion of debt 9,464   10,315 Other current liabilities 1,925   2,237 Total current liabilities 390,403   377,012     Deferred income tax liabilities 21,307   22,133 Contingent consideration, net of current portion 11,882   12,739 Warranty liability, net of current portion 5,209   5,466 Lease liabilities, net of current portion 89,197   89,552 Long-term debt, net of current portion 656,958   658,664 Other long-term liabilities 32,187   25,838 Total liabilities 1,207,143   1,191,404     Commitments and contingencies       Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 498,498 and 490,829 shares issued as of March 31, 2026 and December 31, 2025, respectively; liquidation preference of $498.5 million and $493.1 million at each date, respectively 482,265   466,728     Stockholders’ equity   Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates —   — Common stock of $0.001 par value - 1,000,000,000 shares authorized; 153,734,045 and 152,779,614 shares issued at respective dates 155   152 Additional paid-in capital 214,485   226,848 Accumulated deficit (420,862)  (422,859)Accumulated other comprehensive loss (8,159)  (10,481)Total stockholders’ equity (214,381)  (206,340)Total liabilities, redeemable perpetual preferred stock and stockholders’ equity$1,475,027  $1,451,792          Array Technologies, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except per share amounts) Three Months Ended March 31,  2026   2025 Revenue$223,412  $302,363 Cost of revenue   Cost of product and service revenue 154,794   222,296 Amortization of developed technology and backlog 5,614   3,639 Total cost of revenue 160,408   225,935 Gross profit 63,004   76,428     Operating expenses   General and administrative 50,404   43,945 Change in fair value of contingent consideration (2,586)  (150)Depreciation and amortization 8,077   5,349 Total operating expenses 55,895   49,144     Income from operations 7,109   27,284     Interest income 2,387   3,319 Interest expense (5,563)  (8,035)Foreign currency gain, net 161   689 Other income, net 31   23 Total other expense, net (2,984)  (4,004)    Income before income tax expense 4,125   23,280 Income tax expense 2,128   6,534 Net income 1,997   16,746 Preferred dividends and accretion 15,537   14,443 Net (loss) income to common stockholders$(13,540) $2,303     (Loss) income per common share   Basic$(0.09) $0.02 Diluted$(0.09) $0.02 Weighted average number of common shares outstanding   Basic 152,956   152,076 Diluted 152,956   152,783          Array Technologies, Inc.
Consolidated Statements of Cash Flows (unaudited)
(in thousands)

 Three Months Ended March 31,  2026   2025 Operating activities   Net income$1,997  $16,746 Adjustments to reconcile net income to cash used in operating activities:   Provision for bad debts 195   1,671 Deferred tax (benefit) expense (1,596)  1,024 Depreciation and amortization 9,751   5,932 Amortization of developed technology and backlog 5,614   3,639 Amortization of debt discount and issuance costs 876   1,506 Equity-based compensation 3,941   2,798 Change in fair value of contingent consideration (2,586)  (150)Warranty provision 3,341   1,720 Inventory reserve (526)  839 Other non-cash 161   — Changes in operating assets and liabilities (50,589)  (48,784)Net cash used in operating activities (29,421)  (13,059)Investing activities   Purchase of property, plant and equipment (7,511)  (2,352)Net cash used in investing activities (7,511)  (2,352)Financing activities   Proceeds from issuance of other debt 24,218   7,862 Repayments of other debt (27,412)  (7,294)Repayments of term loan facility —   (1,075)Contingent consideration payments (2,574)  (1,204)Other financing (1,844)  (14)Net cash used in financing activities (7,612)  (1,725)Effect of exchange rate changes on cash and cash equivalent 553   2,488 Net change in cash and cash equivalents and restricted cash (43,991)  (14,648)Cash and cash equivalents, and restricted cash beginning of period 245,984   364,141 Cash and cash equivalents and restricted cash, end of period$201,993  $349,493          Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles Gross profit to Adjusted gross profit:
 Three Months Ended March 31,  2026   2025 Revenue$223,412  $302,363 Cost of revenue 160,408   225,935 Gross profit 63,004   76,428 Gross margin 28.2%  25.3%Amortization of developed technology and backlog 5,614   3,639 Acquisition-related expenses(a) 40   — Adjusted gross profit$68,658  $80,067 Adjusted gross margin 30.7%  26.5%         (a) Represents acquisition-related fair value adjustments to Property, plant, and equipment.

The following table reconciles Net income to Adjusted EBITDA:
 Three Months Ended March 31,  2026   2025 Net income$1,997  $16,746 Preferred dividends and accretion 15,537   14,443 Net (loss) income to common stockholders (13,540)  2,303 Other income, net (2,418)  (3,342)Foreign currency gain, net (161)  (689)Preferred dividends and accretion 15,537   14,443 Interest expense 5,563   8,035 Income tax expense 2,128   6,534 Depreciation expense 2,364   1,043 Amortization of intangibles 7,388   4,889 Amortization of developed technology and backlog 5,614   3,639 Equity-based compensation 3,941   2,798 Change in fair value of contingent consideration (2,586)  (150)Certain legal expenses(a) —   1,083 Acquisition-related expenses(b) 4,997   — Adjusted EBITDA$28,827  $40,586          (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit issued a summary order affirming the district court’s dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

(b) Represents acquisition-related expenses.

Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles Net income to Adjusted net income: Three Months Ended March 31,  2026   2025 Net income$1,997  $16,746 Preferred dividends and accretion 15,537   14,443 Net (loss) income to common stockholders (13,540)  2,303 Amortization of Intangibles 7,388   4,889 Amortization of developed technology and backlog 5,614   3,639 Amortization of debt discount and issuance costs 876   1,393 Series A Preferred stock accretion 7,868   7,241 Equity-based compensation 3,941   2,798 Change in fair value of contingent consideration (2,586)  (150)Certain legal expenses(a) —   1,083 Acquisition-related expenses(b) 5,061   — Income tax expense of adjustments(c) (5,790)  (3,474)Adjusted net income$8,832  $19,722     (Loss) income per common share   Basic$(0.09) $0.02 Diluted$(0.09) $0.02 Weighted average number of common shares outstanding   Basic 152,956   152,076 Diluted 152,956   152,783     Adjusted net income per common share   Basic$0.06  $0.13 Diluted$0.06  $0.13 Weighted average number of common shares outstanding   Basic 152,956   152,076 Diluted 155,485   152,783          (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit issued a summary order affirming the district court’s dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

(b) Represents acquisition-related expenses and fair value adjustments to Property, plant and equipment.

(c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles General and administrative expense to Adjusted general and administrative expense: Three Months Ended March 31,  2026   2025 General and administrative expense$50,404  $43,945 Equity-based compensation (3,941)  (2,798)Certain legal expenses(a) —   (1,083)Acquisition-related expenses(b) (4,997)  — Adjusted general and administrative expense$41,466  $40,064          (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit issued a summary order affirming the district court’s dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

(b) Represents acquisition-related expenses.

The following table reconciles Net cash used in operating activities to Free cash flow: Three Months Ended March 31,  2026   2025 Net cash used in operating activities$(29,421) $(13,059)Purchase of property, plant and equipment (7,511)  (2,352)Free cash flow$(36,932) $(15,411)

Array Digital Infrastructure (AD - Free Report) came out with quarterly earnings of $2.08 per share, missing the Zacks Consensus Estimate of $5.74 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -63.76%. A quarter ago, it was expected that this wireless telecommunications service provider would post earnings of $0.32 per share when it actually produced earnings of $0.48, delivering a surprise of +50%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Array Digital, which belongs to the Zacks Wireless National industry, posted revenues of $52.01 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.23%. This compares to year-ago revenues of $891 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Array Digital shares have lost about 8.1% since the beginning of the year versus the S&P 500's gain of 7.2%.

What's Next for Array Digital?While Array Digital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Array Digital was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.60 on $56.1 million in revenues for the coming quarter and $6.84 on $204.63 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless National is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Ondas Holdings Inc. (ONDS - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.

This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +80%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Ondas Holdings Inc.'s revenues are expected to be $39.57 million, up 831.1% from the year-ago quarter.

May 11, 2026 08:30 ET  | Source: Array Technologies, Inc.

ALBUQUERQUE, N.M., May 11, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced that members of its senior management team are scheduled to participate in the following investor conferences in May and June.

J.P. Morgan Global Technology, Media and Communications Conference in Boston
Attendees: Neil Manning, President & COO, Nick Strevel, Chief Product Officer, and Investor Relations
May 18, 2026

Neil Manning will be participating in a webcast fireside chat at the J.P. Morgan Global Technology, Media, and Communications Conference. A real-time audio webcast of the presentation can be accessed at https://ir.arraytechinc.com and a replay of the webcast will also be available for 30 days following the fireside chat.

ROTH Conference in London
Attendees: Kevin Hostetler, CEO, Neil Manning, President & COO, and Investor Relations
June 17, 2026

J.P. Morgan Natural Resources Conference in New York
Attendees: H. Keith Jennings, CFO, and Investor Relations
June 23, 2026

Management will be conducting meetings with investors in attendance at all conferences. Interested investors should contact their J.P. Morgan and ROTH representatives.

About ARRAY Technologies, Inc.

ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:         

ARRAY Technologies, Inc.
Investor Relations
505-437-0010
[email protected]

ARLINGTON, Va.--(BUSINESS WIRE)--The Department of War (DoW) Test Resource Management Center (TRMC) has awarded AeroVironment (“AV”) (NASDAQ: AVAV), the leader in all-domain defense technologies, a three-year, $43M contract to integrate its PANTHER (Phased Array Next-gen Telemetry Hypersonic Emitter Receiver) phased array antenna system on DoW SkyRange platforms. This program will enhance the nation's weapons testing capabilities and accelerate testing timelines by delivering rapidly deployable antenna systems to track multiple targets simultaneously.

PANTHER creates a scalable, reconfigurable antenna that supports multi-band, multi-target tracking for various missions and test scenarios.

Share “As near-peer threats evolve and global tensions rise, our country is developing the technologies required to maintain military dominance–and the next-generation tracking and telemetry tools to support them,” said Mary Clum, President of AV’s Space, Cyber & Directed Energy segment. “Alongside our customers at TRMC and across the War Department, AV is transforming the nation’s security testing infrastructure with defense tech innovation to address growing threats.”

PANTHER creates a scalable, reconfigurable antenna that supports multi-band, multi-target tracking for various missions and test scenarios. The all-digital framework facilitates autonomous operation along with remote access and control. PANTHER is agile, modular, and platform agnostic–delivering a significant increase in efficacy with a reduced footprint as compared to traditional parabolic dish systems currently used to test long-range missiles. Integrating PANTHER on DoW SkyRange platforms provides a mobile, rapidly deployable air-based solution to track multiple targets.

SkyRange is a DoW TRMC initiative that leverages high-altitude, long-endurance unmanned aircraft outfitted with advanced telemetry, communications, and data-collection payloads to create a more flexible, airborne test infrastructure.

“PANTHER provides a reliable, efficient method for gathering the critical data needed for long-range missile testing,” said Dr. Satya Ponnaluri, Vice President of Hypersonic RF and Radar at AV. “Ultimately, this multi-band, multi-target tracking technology will allow for more frequent testing cycles and faster weapons development timelines for our nation–neutralizing global threats and maintaining our strong national security posture.”

This program builds upon AV’s proven experience in delivering transformative testing capabilities–drastically reducing technical risks, development costs, and delivery timelines. AV continues to integrate PANTHER on DoW SkyRange platforms at GrandSKY in Grand Forks, North Dakota. The team is collaborating with the state of North Dakota and Bismarck State College to develop a certification program that will train technicians and build a highly-skilled workforce pipeline in support of PANTHER operation and maintenance at GrandSKY.

About AV

AV (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. The Company develops and deploys autonomous systems, loitering munitions, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities—built to meet the mission needs of today’s warfighter and tomorrow’s conflicts. At the core of these technologies lies AV_Halo™, a modular, mission-ready suite of AI-powered software tools that empowers warfighters and enables full-battlefield dominance: detect, decide, deliver. With a national manufacturing footprint and a deep innovation pipeline, AV delivers proven systems and future-defining capabilities at speed, scale, and operational relevance. For more information, visit www.avinc.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties, which could cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, our ability to perform under existing contracts and obtain new ones; regulatory changes; competitor activities; market growth; product development challenges; and general economic conditions. For a more detailed discussion of these risks, please refer to AeroVironment’s filings with the Securities and Exchange Commission. We undertake no obligation to update forward-looking statements as a result of new information or future events.

, /PRNewswire/ -- Stockholder litigation firm Kaskela Law announces that it is investigating Array Digital Infrastructure, Inc. (NYSE: AD) ("Array") on behalf of the company's investors.  

Click here for additional information: https://kaskelalaw.com/case/array-digital/

The investigation seeks to determine whether Array and/or the company's officers and directors violated the securities laws or breached their fiduciary duties in connection with recent corporate actions.

Since August 2025, shares of Array's common stock have declined in value from a trading price of over $70.00 per share to a current price of approximately $55.00 per share – a cumulative decline of over 21% in value.

Array shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750 for additional information about this investigation and their legal rights and options.

Alternatively, investors may submit their information to the firm by clicking on the following link (or if necessary, by copying and pasting the link into your browser):

https://kaskelalaw.com/case/array-digital/

ABOUT KASKELA LAW:  

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis, which means that the firm's clients never pay any out-of-pocket costs for legal representation. For additional information about Kaskela Law LLC, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 - 0750
(888) 715 - 1740
www.kaskelalaw.com

This communication may constitute attorney advertising in certain jurisdictions.  

SOURCE Kaskela Law LLC

Array Technologies, Inc. (ARRY) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

ALBUQUERQUE, N.M., June 01, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced an enhanced version of its ARRAY OmniTrack® terrain-following tracker that offers increased flex capability of up to 2° between adjacent posts.