Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 73

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 tracker systems for the project sites and provides commissioning services. Although the solar array may use different components and technology depending on the geography and type of system, the Company conducts its operations in the United States (“U.S.”) and internationally, primarily in Spain and Brazil, and is expanding into other international markets through STI Operations.The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems in the U.S., and STI Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems outside of the U.S.The Company’s CODM assesses the performance of each operating segment by using gross profit. This measure is also predominantly used in the annual budget and forecasting process. The CODM primarily uses the annual operating plan and the monthly financial results for Array Legacy Operations and STI Operations when making decisions about the allocation of operating and capital resources to each segment. The following tables summarize the financial results by segment during the periods presented (in thousands): Three months ended September 30, 2025Array Legacy OperationsSTI OperationsConsolidatedSegment revenue$353,374 $40,117 $393,491 Less:Product cost (1)233,575 35,572 269,147 Amortization of developed technology and backlog4,434 — 4,434 Depreciation845 (67)778 Other costs (2)12,393 1,068 13,461 Gross profit102,127 3,544 105,671 Total operating expenses— — (60,220)Total other income, net— — (2,007)Income before income taxes$43,444 Segment assets1,211,117 400,044 1,611,161 Capital expenditures5,211 302 5,513 Depreciation and amortization9,209 2,960 12,169 Interest income2,866 111 2,977 Interest expense4,362 684 5,046 Three months ended September 30, 2024Array Legacy OperationsSTI OperationsConsolidatedSegment revenue$160,266 $71,140 $231,406 Less:Product cost (1)84,474 56,054 140,528 Amortization of developed technology and backlog