U.S.-based solar tracker company Array Technologies reported revenue of $223.4 million in the first quarter (Q1) of 2026, down 26% year-over-year (YoY) compared to $302.4 million. The revenue exceeded analysts’ expectations by $21.75 million.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $28.8 million, down from $40.6 million in the corresponding period last year.

The company said revenue and adjusted EBITDA exceeded expectations set during its previous earnings call.

Array ended the quarter with a record order book of $2.4 billion, supported by a 2x book-to-bill ratio and continued growth in its product offerings, including OmniTrack. Its trailing twelve-month book-to-bill stood at 1.3x.

Net loss attributable to common stockholders was $13.5 million, compared to net income of $2.3 million in the same period last year.

Adjusted net income per diluted common share came in at $0.06, compared to $0.13 in the year-ago quarter. This also exceeded expectations by $0.11.

Neil Manning, President and Chief Operating Officer at Array Technologies, said approximately 50% of the order book was tied to Tier 1 customers, and over 95% was domestic. About 80% of the order book is expected to convert into revenue over the next six quarters, providing visibility into 2026 and 2027.

The company said its APA orderbook increased by approximately 50%. APA, Array’s foundation and racking solutions business, accounted for about $150 million of the orderbook, up from roughly $100 million in the previous quarter. APA is a shorter-cycle business and is seeing larger order opportunities, including 100 MW-plus projects and some discussions shifting from megawatts to gigawatts.

Manning said new products accounted for over half of the order book.

Chief Executive Officer Kevin Hostetler added that OmniTrack, Array’s terrain-following tracker, exceeded DuraTrack in the backlog for the first time during the quarter, indicating stronger market adoption of the product.

Internationally, Array contracted projects in Turkey, Peru, and Colombia. Manning said the company is being selective in international markets where its products can compete on terrain adaptability, extreme weather performance, and local content requirements. Turkey, Colombia, and Peru are examples of markets where Array can differentiate, while Spain and Brazil continue to face macro challenges, including curtailment and low-cost competition.

Array introduced DuraTrack D2S, a dual-row tracker solution designed for international markets. Manning said the product combines features from the company’s DuraTrack platform with a two-row architecture, passive wind stow technology, terrain adaptability, and SmarTrack compatibility. He said the product was designed for international markets that prefer two-row configurations and was expected to be available for quoting at Intersolar Munich in June.

Outlook

The company reaffirmed its full-year 2026 guidance. Revenue is expected to range from $1.4 billion to $1.5 billion. Adjusted EBITDA is expected to range from $200 million to $230 million. Adjusted net income per common share is projected to fall between $0.65 and $0.75. For Q2 2026, Array expects revenue to range from $300 million to $320 million.

Keith Jennings, Chief Financial Officer, said Array maintained its full-year adjusted gross margin outlook of 26% to 27%. He said Q2 adjusted gross margin is expected to be at the higher end of that range, while a higher international volume mix will influence second-half margins.

Net cash used in operating activities was $29.4 million compared to $13.1 million in Q1 2025. Free cash flow was negative $36.9 million compared to negative $15.4 million in the same period last year. Jennings said Q1 free cash flow reflected normal seasonal working capital dynamics and inventory positioning ahead of expected business acceleration in the coming quarters.

Array ended the quarter with approximately $550 million of total available liquidity, including $200 million in cash and a fully undrawn $370 million revolving credit facility, net of letters of credit. Jennings said net debt leverage was 2.7x trailing twelve-month adjusted EBITDA.

Jennings said the Iran-U.S.-Israel conflict had an immediate impact on freight costs. He said projects already in flight in Q1 and projects scheduled for Q2 and early Q3 would be difficult to reprice, while new bids for later deliveries are being adjusted to reflect higher freight costs. Manning said the company renegotiated carrier agreements, reviewed regional routing, and shifted more contracted freight capacity away from spot markets.

Array’s 2025 full-year revenue had risen to $1.28 billion, up 40.2% YoY from $915.8 million.