Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 24

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 $421,374 — $— 152,513 $151 $286,079 $(353,878)$(30,126)$(97,774)

5

Array Technologies, Inc. Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity(unaudited) (in thousands)

Three Months Ended March 31, 2024

Temporary EquityPermanent EquitySeries A Redeemable Perpetual Preferred StockPreferred StockCommon StockSharesAmountSharesAmountSharesAmountAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Stockholders’ EquityBalance at December 31, 2023432 $351,260 — $— 151,242 $151 $344,517 $(130,230)$44,810 $259,248 Shares issued in connection with:Vesting of restricted stock units— — — — 460 — — — — — Employee purchase plan— — — — 25 — 363 — — 363 Equity-based compensation— — — — — — 3,914 — — 3,914 Tax withholding related to vesting of equity-based compensation— — — — — — (1,722)— — (1,722)Preferred cumulative dividends plus accretion7 13,502 — — — — (13,502)— — (13,502)Net income— — — — — — — 2,165 — 2,165 Foreign currency translation— — — — — — — — (19,242)(19,242)Balance at March 31, 2024439 $364,762 — $— 151,727 $151 $333,570 $(128,065)$25,568 $231,224 

See accompanying Notes to Condensed Consolidated Financial Statements.

6

Array Technologies, Inc.Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) 

Three Months Ended March 31,20252024Operating activitiesNet income$16,746 $2,165 Adjustments to reconcile net income to cash provided by operating activities:Provision for bad debts1,671