Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 73

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. 

3.    Consolidated Balance Sheet Details 

Inventories, netInventories consisted of the following (in thousands): March 31, 2025December 31, 2024Raw materials$46,972 $60,588 Finished goods139,903 140,230 Total Inventories$186,875 $200,818 The Company values inventory using the moving average cost method that approximates the first-in, first-out method (“FIFO”). As of March 31, 2025, inventory valued using moving average cost and FIFO was $158.0 million and $28.9 million, respectively. As of December 31, 2024, inventory valued using moving average cost and FIFO, was $154.4 million and $46.4 million, respectively.Prepaid expenses and other current assetsThe following table shows the components of prepaid expenses and other current assets (in thousands):March 31, 2025December 31, 2024IRA vendor rebates$116,711 $115,458 Prepaid taxes17,367 14,650 Other23,270 27,819 Total Prepaid expenses and other current assets$157,348 $157,927 

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4.    Property, Plant and Equipment, Net 

Property, plant and equipment, net consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years)March 31, 2025December 31, 2024LandN/A$1,629 $1,585 Buildings and land improvements15-3910,609 9,108 Manufacturing equipment728,090 27,853 Furniture, fixtures and equipment5-74,680 4,287 Vehicles5643 603 Hardware3-53,459 3,603 Construction in progressN/A4,358 3,948 Total53,468 50,987 Less: accumulated depreciation(24,728)(24,765)Property, plant and equipment, net$28,740 $26,222 

Depreciation expense was $1.