U.S.-based solar tracker company ARRAY Technologies posted a revenue of $330.21 million in the third quarter (Q3) of 2026, down 16.1% year over year (YoY) from $393.49 million the previous year. It exceeded analysts’ expectations by $33.31 million.

The company said that despite strong customer demand, deliveries were slower than expected because of changes in solar trade policies, regulatory restrictions, additional federal permitting reviews, and higher interest rates. These factors delayed project timelines and impacted revenue.

The company reported a loss of $8.20 million during the quarter, down 75.5% from $33.50 million the previous year.

The net loss to common shareholders stood at $7.9 million during the quarter.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $32.06 million, down 55.6% from $72.19 million the previous year.

Earnings per share (EPS) for the quarter stood at a loss of $0.05, down 141.7% from $0.12.

ARRAY Technologies Chief Executive Officer Kevin G. Hostetler said, “While our updated full-year guidance reflects shifts in the timing of certain project deliveries, underlying customer demand remains strong, and our continued operational execution and cost discipline are driving improved gross margin expectations.”

9M 2026

ARRAY reported revenue of $895.69 million during the first nine months (9M) of 2026, down 15.3% from $1.06 billion the previous year.

The company’s profits declined 63.1% to $34.54 million from $93.51 million during the same period last year.

Earnings for the period stood at a loss of $0.08, down 125% from a loss of $0.32 the previous year.

Business Highlights

The company delivered an order book of $2.6 billion, up 42% YoY, a record for the fourth consecutive quarter. It booked well over $400 million in new orders for the fifth consecutive quarter, bringing trailing 12-month new orders to more than $1.8 billion and its book-to-bill to 1.6x. New products represented nearly 60% of ARRAY Technologies’ order book.

ARRAY Technologies and Shoals Technologies Group recently announced an agreement for a stock-for-stock merger. The transaction creates an integrated energy infrastructure platform that brings together complementary, market-leading solutions across foundations, trackers, fixed-tilt racking, electrical infrastructure, wire management and power delivery systems.

Under the agreement, ARRAY will be the legal acquirer and corporate parent of the combined company, and Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share they own.

After the transaction closes, Shoals shareholders are expected to own approximately 65% of the combined company’s basic shares outstanding and 64.5% on a fully diluted basis. ARRAY shareholders are expected to own approximately 35% of basic shares and 35.5% on a fully diluted basis.

With the completion of its Affordable Wire Management (AWM) acquisition, ARRAY Technologies advanced its balance-of-system strategy and gained access to the fast-growing battery energy storage and data center markets. Combined with the formal launch of ARRAY Atlas I and II and the new 60-degree U.S. tracker variant, ARRAY is working on a strategy to offer customers a more complete, interoperable solution set.

Outlook

ARRAY expects its full-year adjusted gross margin to be approximately 27%. As a result, for the year ending December 31, 2026, the company now expects revenue to be in the range of $1.34 billion to $1.40 billion, and adjusted EBITDA to be in the range of $190 million to $210 million.

The adjusted net income per common share is expected to be in the range of $0.57 to $0.69.

For the quarter ending December 31, 2026, the company expects its revenue to reach $445 million to $505 million.