Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 22

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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468,122 and 460,920 shares issued as of March 31, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates421,374 406,931 Stockholders’ equityPreferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates— — Common stock of $0.001 par value - 1,000,000,000 shares authorized; 152,512,805 and 151,951,652 shares issued at respective dates151 151 Additional paid-in capital286,079 297,780 Accumulated deficit(353,878)(370,624)Accumulated other comprehensive income(30,126)(45,403)Total stockholders’ equity(97,774)(118,096)Total liabilities, redeemable perpetual preferred stock and stockholders’ equity$1,425,758 $1,425,999 

See accompanying Notes to Condensed Consolidated Financial Statements.

2

Array Technologies, Inc.Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share amounts)

Three Months Ended March 31,20252024Revenue$302,363 $153,403 Cost of revenueCost of product and service revenue222,296 94,674 Amortization of developed technology3,639 3,639 Total cost of revenue225,935 98,313 Gross profit76,428 55,090 Operating expensesGeneral and administrative43,945 37,784 Change in fair value of contingent consideration(150)(735)Depreciation and amortization5,349 9,627 Total operating expenses49,144 46,676 Income from operations27,284 8,414 Other expense, net23 814 Interest income3,319 3,680 Foreign currency gain (loss), net689 (499)Interest expense(8,035)(8,940)Total other expense, net(4,004)(4,945)Income before income tax expense23,280 3,469 Income tax expense6,534 1,304 Net income16,746 2,165 Preferred dividends and accretion14,443 13,502 Net income (loss) to common shareholders$2,303 $(11,337)Income (loss) per common shareBasic$0