Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 117

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the APA Acquisition. Direct transaction costs incurred related to the APA Acquisition were $9.1 million and are included in General and administrative expenses in the condensed consolidated statement of operations. Included in the Company’s condensed consolidated statement of operations from the Closing Date of August 14, 2025 through September 30, 2025 are revenue of $16.9 million and an operating loss of $1.8 million, inclusive of $2.5 million of expenses related to the Deferred Consideration and $1.8 million of amortization expense related to identified intangible assets.Pro Forma Financial Information (Unaudited)The following unaudited pro forma financial information presents the combined results of operations of the Company and APA as if the acquisition had occurred on January 1, 2024, after giving effect to certain unaudited pro forma adjustments. The unaudited pro forma adjustments reflected herein include only those adjustments that are directly attributable to the APA Acquisition and factually supportable. The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the APA Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the APA Acquisition been consummated on January 1, 2024. These results are prepared in accordance with U.S. GAAP.Three months ended September 30,Nine months ended September 30,2025202420252024Revenue$30,793 $41,438 $97,814 $96,048 Net loss$4,486 $2,206 $6,197 $5,794 Pro forma adjustments (1)$6,620 $6,998 $19,860 $21,823 (1) Pro forma adjustments represent incremental expenses, net of estimated taxes, resulting from the APA Acquisition, including Deferred Consideration expense, intangible asset amortization, and the impacts of lease re-measurements and increases to the fair value of inventories and property, plant and equipment.

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4.    Condensed Consolidated Balance Sheet Details 

Inventories, netInventories, net consisted of the following (in thousands): September 30, 2025December 31, 2024Raw materials$75,144 $60,588 Finished goods105,741 140