Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 47

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 (“U.S.”) and internationally, primarily in Spain and Brazil, and is expanding into other international markets through STI Operations.The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems in the U.S., and STI Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems outside of the U.S.The Company’s CODM assesses the performance of each operating segment by using gross profit. This measure is also predominantly used in the annual budget and forecasting process. The CODM primarily uses the annual operating plan and the monthly financial results for Array Legacy Operations and STI Operations when making decisions about the allocation of operating and capital resources to each segment. The following tables summarize the financial results by segment during the periods presented (in thousands): Three Months Ended March 31, 2025 Array Legacy OperationsSTI OperationsConsolidatedSegment revenue$213,214 $89,149 $302,363 Less:Product cost (1)133,340 76,758 210,098 Amortization of developed technology3,639 — 3,639 Depreciation550 33 583 Other costs (2)10,004 1,611 11,615 Gross profit65,681 10,747 76,428 Total operating expenses— — (49,144)Total other expense, net— — (4,004)Income (loss) before income taxes$23,280 Segment assets1,005,615 420,143 1,425,758 Capital expenditures2,214 138 2,352 Depreciation and amortization6,901 2,670 9,571 Interest income3,047 272 3,319 Interest expense7,522 513 8,035 Three Months Ended March 31, 2024Array Legacy OperationsSTI OperationsConsolidatedSegment revenue$114,381 $39,022 $153,403 Less:Product cost (1)56,579 30,152 86,731 Amortization of developed technology3,639 — 3,639 Depreciation510 24 534 Other costs (2)4,567 2,842 7,409 Gross profit49,086