Company: ARRY
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001820721-25-000023
Chunk: 83

Company: Array Technologies, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 83
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)(47)%Amortization of developed technology14,55814,558— — %Total cost of revenue618,1301,161,000(542,870)(47)%Gross profit297,677415,551(117,874)(28)%Operating expenses:General and administrative160,567159,5351,032 1 %Change in fair value of contingent consideration1252,964(2,839)(96)%Depreciation and amortization36,08638,928(2,842)(7)%Long-lived assets impairment91,904—91,904 100 %Goodwill impairment236,000 — 236,000 100 %Total operating expenses524,682201,427323,255160 %(Loss) income from operations(227,005)214,124(441,129)(206)%Other (expense) income, net(1,008)(1,015)7 1 %Interest income16,7778,3308,447 101 %Foreign currency (loss) gain, net(4,515)(53)(4,462)(8419)%Interest expense(34,825)(44,229)9,404 21 %Total other (expense) income(23,571)(36,967)(13,396)(36)%(Loss) income before income tax expense (benefit)(250,576)177,157(427,733)(241)%Income tax (benefit) expense(10,182)39,917(50,099)(126)%Net income$(240,394)$137,240$(377,634)(275)%

48

The following table provides details on our operating results by reportable segment for the respective periods (in thousands):

Year Ended December 31,Increase/DecreaseRevenue:20242023$%Array Legacy Operations$661,629 $1,172,827 $(511,198)(44)%STI Operations254,178 403,724 (149,546)(37)%Total$915,807 $1,576,551 $(660,744)(42)%Gross Profit:Array Legacy Operations$270,031 $317,605 $(47,574)(15)%STI Operations27,646 97,946 (70,300)(72)%Total$297,677 $415,551 $(117,874)(28)%

Year Ended December 31, 2024 Compared to Year