Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 206

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 206
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 respective periods (in thousands, except percentages):

Three Months Ended September 30,Increase/(Decrease)Nine Months Ended September 30,Increase/(Decrease)20252024$%20252024$%RevenueArray Legacy Operations$353,374 $160,266 $193,108 120 %$858,474 $459,807 $398,667 87 %STI Operations40,117 71,140 (31,023)(44)%199,623 180,768 18,855 10 %Total$393,491 $231,406 $162,085 70 %$1,058,097 $640,575 $417,522 65 %Gross profitArray Legacy Operations$102,127 $65,726 $36,401 55 %$251,813 $192,118 $59,695 31 %STI Operations3,544 12,589 (9,045)(72)%27,410 27,240 170 1 %Total$105,671 $78,315 $27,356 35 %$279,223 $219,358 $59,865 27 %

Comparison of the three and nine months ended September 30, 2025 and 2024

Revenue 

Consolidated revenue increased $162.1 million, or 70%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily driven by higher revenue from Array Legacy Operations of 120%, partially offset by a 44% decline in STI revenue.

Revenue from Array Legacy Operations, inclusive of incremental contributions from APA, increased by $193.1 million, or 120%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by an increase of approximately 122% in volume. 

Revenue from STI Operations decreased by $31.0 million, or 44% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily driven by a decrease of approximately 61% in volume and an increase of approximately 39% in ASPs, with a favorable foreign currency impact of approximately 5%.

Consolidated revenue increased $417.5 million,