Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 204

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 204
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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 and the fully repaid Term Loan Facility.

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.

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 16 – Segment Reporting in the accompanying notes to the condensed consolidated financial statements.

Results of Operations

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

Three Months Ended September 30,Increase/(Decrease)Nine Months Ended September 30,Increase/(Decrease)20252024$%20252024$%Revenue$393,491 $231,406 $162,085 70 %$1,058,097 $640,575 $417,522 65 %Cost of revenueCost of product and service revenue283,386 149,452 133,934 90 %767,161 410,299 356,862 87 %Amortization of developed technology and backlog4,434 3,639 795 22 %11,713 10,918 795 7 %

49

Total cost of revenue287,820153,091134,729 88 %778,874421,217357,657 85 %Gross profit105,671 78,315 27,356 35 %279,223 219,358 59,865 27 %Operating expensesGeneral and administrative52,248 40,149 12,099 30 %141