TECHNOLOGY
Array Technologies reports record $2.4 billion in solar contracts
In Q1 earnings call, the Albuquerque company reported adjusted EBITDA of $28.8 million
Array Technologies, the Albuquerque-headquartered company that provides trackers and other products for solar panels to developers across the world, reported first-quarter adjusted earnings of $28.8 million, before accounting for interest, taxes, depreciation and amortization.
That鈥檚 up from the fourth quarter of last year. But it is down from the $40.6 million in adjusted EBITDA that Array earned in the first quarter of 2025. The company reported revenues of $223.4 million, down 26% from the first quarter of last year.
Array boasted of a record order book of $2.4 billion worth of executed contracts and awards. The order book, company executives said, reflected its international diversification with projects in Turkey, Peru and Colombia.
CEO Kevin Hostetler said the company in the second quarter will reach the important milestone of deploying over 100 gigawatts worth of its trackers.
鈥淲e鈥檙e excited for the next 100 gigawatts,鈥� Hostetler said.
Array Technologies鈥� stock, which trades on the Nasdaq under the ticker symbol ARRY, was down slightly on the day, trading at around $8.13 per share at market close. But its share price shot up by $1 in after-hours trading.
Executives reaffirmed full-year 2026 guidance of adjusted net income per common share to be in the range of 65 to 75 cents. The company expects adjusted EBITDA to be in the range of $200 million to $230 million. Revenues are expected to be in the range of $1.4 billion to $1.5 billion for the full year.
鈥淭o wrap up, we鈥檙e proud of the way the team executed in the first quarter, delivering results above our expectations,鈥� Hostetler said. 鈥淭hese are important indicators about overall industry demand and our recovering position within our industry.鈥�
Justin Horwath covers tech and energy for the Journal. You can reach him at jhorwath@abqjournal.com.
