Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 133

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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 ITC. Because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in its custody. All bill-and-hold inventory is bundled or palletized in the Company’s warehouses, separately identified as not belonging to the Company and ready for immediate transport to the customer project upon request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer.

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The Company did not recognize any revenue from bill-and-hold arrangements during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, the Company recognized $1.9 million in revenue from one customer under such arrangements. Remaining Performance Obligations 

As of September 30, 2025, the Company had $400.6 million of remaining performance obligations. The Company expects to recognize revenue on 95% of these performance obligations in the next twelve months. 

11.    Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share amounts): Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income (loss)$33,503 $(141,354)$93,511 $(113,491)Less: preferred dividends and accretion15,144 14,080 44,375 41,332 Net income (loss) to common shareholders$18,359 $(155,434)$49,136 $(154,823)Basic:Weighted average shares152,727 151,923 152,465 151,691  Income (loss) per share$0.12 $(1.02)$0.32 $(1.02)Diluted:Effect of restricted stock and performance awards1,363 — 885 — Weighted average shares154,090 151,923 153,350 151,691 Income (loss) per share$0.12 $(1.02)$0.32 $(1.02)Potentially dilutive common shares issuable pursuant to equity-based awards of 720,294 and 1,241,815 were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2025, respectively, as their effect would have