Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 61

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 of Operations

The following table sets forth our consolidated statement of operations (in thousands, except percentages):

Three Months Ended March 31,Increase/(Decrease)20252024$%Revenue$302,363 $153,403 $148,960 97 %Cost of revenueCost of product and service revenue222,296 94,674 127,622 135 %Amortization of developed technology3,639 3,639 — — %Total cost of revenue225,93598,313127,622 130 %Gross profit76,428 55,090 21,338 39 %Operating expensesGeneral and administrative43,945 37,784 6,161 16 %Change in fair value of contingent consideration(150)(735)585 80 %Depreciation and amortization5,349 9,627 (4,278)(44)%Total operating expenses49,144 46,676 2,468 5 %Income from operations27,284 8,414 18,870 224 %Other expense, net23 814 (791)(97)%Interest income3,3193,680 (361)(10)%Foreign currency gain (loss), net689 (499)1,188 238 %Interest expense(8,035)(8,940)905 10 %Total other expense, net(4,004)(4,945)941 19 %Income before income tax expense23,280 3,469 19,811 571 %Income tax expense6,534 1,304 5,230 401 %Net income$16,746 $2,165 $14,581 673 %

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

Three Months Ended March 31,Increase/(Decrease)20252024$%RevenueArray Legacy Operations$213,214 $114,381 $98,833 86 %STI Operations89,149 39,022 50,127 128 %Total$302,363 $153,403 $148,960 97 %Gross ProfitArray Legacy Operations$65,681 $49,086 $16,595 34 %STI Operations10,747 6,004 4,743 79 %Total