Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 40

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 500,000 authorized; 475,517 and 460,920 shares issued as of June 30, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates436,162 406,931 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; 152,660,615 and 151,951,652 shares issued at respective dates151 151 Additional paid-in capital248,285 297,780 Accumulated deficit(310,616)(370,624)Accumulated other comprehensive loss(8,687)(45,403)Total stockholders’ equity(70,867)(118,096)Total liabilities, redeemable perpetual preferred stock and stockholders’ equity$1,542,158 $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 June 30,Six Months Ended June 30,2025202420252024Revenue$362,243 $255,766 $664,606 $409,169 Cost of revenueCost of product and service revenue261,479 166,173 483,775 260,847 Amortization of developed technology3,640 3,640 7,279 7,279 Total cost of revenue265,119169,813491,054 268,126 Gross profit97,124 85,953 173,552 141,043 Operating expensesGeneral and administrative44,954 36,971 88,899 74,755 Change in fair value of contingent consideration150 503 — (232)Depreciation and amortization5,644 8,877 10,993 18,504 Total operating expenses50,748 46,351 99,892 93,027 Income from operations46,376 39,602 73,660 48,016 Interest income3,800 4,782 7,119 8,462 Interest expense(8,768)(8,614)(16,803)(17,554)Foreign