Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 213

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 213
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 million of non-cash adjustments, mainly consisting of depreciation and amortization expense, gain on extinguishment of debts, net, and equity-based compensation, partially offset by a net cash outflow of $88.9 million from changes in our operating assets and liabilities. 

For the nine months ended September 30, 2024, cash provided by operating activities was $96.4 million, attributable to net loss of $113.5 million and $211.8 million of non-cash adjustments, mainly consisting of goodwill impairment, depreciation and amortization, amortization of developed technology and backlog, and equity-based compensation.

Investing Activities

For the nine months ended September 30, 2025 and 2024, net cash used in investing activities was $179.4 million and $6.4 million, respectively, primarily due to acquisition-related expenses and the purchase of property, plant and equipment.

Financing Activities

For the nine months ended September 30, 2025, cash used in financing activities was $25.5 million. This was primarily driven by a $233.9 million repayment on our Term Loan Facility, $119.2 million repayment of Other Debt, $78.4 million repurchase of 2028 Convertible Notes, and $35.1 million premium paid in connection with the purchase of the 2031 Capped Calls, partially offset by an increase of $334.6 million and $108.7 million from net proceeds from the issuance of 2031 Convertible Notes and proceeds from the issuance of Other Debt, respectively, after deducting initial purchasers’ discounts and offering expenses.

For the nine months ended September 30, 2024, cash used in financing activities was $12.2 million. This was primarily driven by a $24.9 million net reduction of Other Debt and $3.2 million in payments on our Term Loan Facility, as well as $1.4 million in TRA payments issued, partially offset by $19.0 million in proceeds from the issuance of Other Debt.

Contractual Obligations and Commitments

Information regarding our debt obligations, lease commitments and other commitments is provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual 

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Report on form 10-K. Other than as set forth below, there were no material changes in our contractual obligations and commitments as of September 30, 2025. 

APA Acquisition Earnout Consideration and Deferred Consideration