Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 150

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 equivalents balance.

Interest expense consists of interest and other charges paid in connection with our senior secured credit facility (the “Senior Secured Credit Facility”), which included a $575 million term loan (the “Term Loan Facility”) and includes a $166 million revolving credit facility (the “Revolving Credit Facility”); the 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes” and, together with the 2031 Convertible Notes, the “Convertible Notes”); the 2031 Convertible Notes; and other debt held by our STI Operations (“Other Debt”).

Gain on extinguishment of debts, net consists of the difference between the cash paid and the carrying value of repurchased 2028 Convertible Notes.

We are subject to U.S. federal, state and non-U.S. income taxes. As we expand into additional foreign markets, we may be subject to additional foreign tax.

40

Reportable Segments

We began reporting our results of operations in two segments: the Array Legacy Operations segment and the acquired STI Operations segment. The segment amounts included in this Item 2. Management’s Discussion and Analysis are presented on a basis consistent with our internal management reporting. Additional information on our reportable segments is contained in Note 15 – Segment Reporting in the accompanying notes to the condensed consolidated financial statements.

41

Results of Operations

The following table sets forth our consolidated statement of operations (in thousands, except percentages):

Three Months Ended June 30,Increase/(Decrease)Six Months Ended June 30,Increase/(Decrease)20252024$%20252024$%Revenue$362,243 $255,766 $106,477 42 %$664,606 $409,169 $255,437 62 %Cost of revenueCost of product and service revenue261,479 166,173 95,306 57 %483,775 260,847 222,928 85 %Amortization of developed technology3,640 3,640 — — %7,279 7,279 — — %Total cost of revenue265,119169,81395,306 56 %491,054268,126222,928 83 %Gross profit97,124 85,953 11,171 13 %173,552 141,043 32,509 23 %Operating expensesGeneral and administrative44,954