Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 91

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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138 2,352 Depreciation and amortization6,901 2,670 9,571 Interest income3,047 272 3,319 Interest expense7,522 513 8,035 Three Months Ended March 31, 2024Array Legacy OperationsSTI OperationsConsolidatedSegment revenue$114,381 $39,022 $153,403 Less:Product cost (1)56,579 30,152 86,731 Amortization of developed technology3,639 — 3,639 Depreciation510 24 534 Other costs (2)4,567 2,842 7,409 Gross profit49,086 6,004 55,090 Total operating expenses— — (46,676)Total other expense, net— — (4,945)Income (loss) before income taxes$3,469 Segment assets813,729 815,554 1,629,283 Capital expenditures2,206 190 2,396 Depreciation and amortization7,112 6,652 13,764 Interest income1,814 1,866 3,680 Interest expense8,195 745 8,940 (1) Includes 45X benefits realized.

(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the three months ended March 31, 2025 and 2024 for Array Legacy Operations was $9.9 million and $4.5 million, respectively. 

16    Subsequent Events

On May 1, 2025, Array Tech, Inc. and ATI Investment Sub, Inc., both wholly owned subsidiaries of the Company, entered into the Fourth Amendment to the Credit Agreement. The Fourth Amendment, among other things, (i) refinanced the Revolving Credit Facility with new revolving commitments and loans thereunder and (ii) revised the Consolidated First Lien Secured Leverage Ratio as applicable under Section 7.09 (Financial Covenant) of the Credit Agreement from 7.10:1.00 to 5.50:1.00. As amended by the Fourth Amendment, the Revolving Credit Facility has total commitments of $166 million and a maturity date of October 14, 2028; provided that if on July 15, 2027, the date that is 91 days prior