Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 21

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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Item 1. Financial Statements.

Array Technologies, Inc. 

Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except per share and share amounts)

March 31, 2025December 31, 2024ASSETSCurrent assetsCash and cash equivalents$348,324 $362,992 Restricted cash1,169 1,149 Accounts receivable, net of allowance of $6,601 and $4,848, respectively282,575 275,838 Inventories, net186,875 200,818 Prepaid expenses and other157,348 157,927 Total current assets976,291 998,724 Property, plant and equipment, net28,740 26,222 Goodwill164,221 160,189 Other intangible assets, net176,347 181,409 Deferred income tax assets16,049 17,754 Other assets64,110 41,701 Total assets$1,425,758 $1,425,999 LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITYCurrent liabilitiesAccounts payable$153,781 $172,368 Accrued expenses and other77,576 91,183 Accrued warranty reserve2,045 2,063 Income tax payable8,734 5,227 Deferred revenue120,225 119,775 Current portion of contingent consideration2,528 1,193 Current portion of debt34,472 30,714 Other current liabilities9,132 15,291 Total current liabilities408,493 437,814 Deferred income tax liabilities21,634 21,398 Contingent consideration, net of current portion5,179 7,868 Other long-term liabilities17,311 18,684 Long-term warranty5,021 4,830 Long-term debt, net of current portion644,520 646,570 Total liabilities1,102,158 1,137,164 

1

Array Technologies, Inc.Condensed Consolidated Balance Sheets (unaudited) (continued)(in thousands, except per share and share amounts)

March 31, 2025December 31, 2024Commitments and contingencies (Note 11)Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized;