Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 50

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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,014 4,287 Vehicles51,324 603 Hardware3-54,669 3,603 Construction in progressN/A14,260 3,948 Total83,134 50,987 Less: accumulated depreciation(28,470)(24,765)Property, plant and equipment, net$54,664 $26,222 Depreciation expense was $1.6 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively, of which $0.8 million and $0.7 million, respectively, was included in Cost of product and service revenue and $0.8 million and $0.6 million, respectively, was included in Depreciation and amortization on the accompanying condensed consolidated statements of operations.Depreciation expense was $3.8 million and $3.3 million for the nine months ended September 30, 2025 and 2024, respectively, of which $2.0 million and $1.6 million, respectively, was included in Cost of product and service revenue and $1.8 million and $1.7 million, respectively, was included in Depreciation and amortization on the accompanying condensed consolidated statements of operations.

6.    Goodwill and Other Intangible Assets, Net 

Goodwill Changes in the carrying amount of goodwill by operating segment during the nine months ended September 30, 2025, consisted of the following (in thousands):Array Legacy Operations STI OperationsTotal Beginning balance$69,727 $90,462 $160,189 Acquisition72,911 — 72,911 Foreign currency translation— 12,115 12,115 Ending balance (1)$142,638 $102,577 $245,215 (1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million. Goodwill attributable to STI Operations is net of cumulative impairments of $236.0 million.As discussed in Note 3 - Acquisition, on the Closing Date, the Company acquired APA. A preliminary goodwill balance of $72.9 million was recognized for the excess of the consideration transferred over the net assets acquired. Goodwill resulting from this transaction has not yet been allocated at the reporting unit level. Goodwill will be allocated to the appropriate reporting unit during the measurement period once the Company has completed its analysis of the impact