Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 53

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 intangible assets was $8.7 million and $11.8 million for the three months ended June 30, 2025 and 2024, respectively, of which $3.6 million was included in Amortization of developed technology, a component of cost of revenue, in both periods and $5.1 million and $8.1 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.Amortization expense related to intangible assets was $17.3 million and $24.7 million for the six months ended June 30, 2025 and 2024, respectively, of which $7.3 million was included in Amortization of developed technology, a component of cost of revenue, in both periods and $10.0 million and $17.4 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

16

Estimated future amortization expense of intangible assets as of June 30, 2025, is as follows (in thousands):AmountRemainder of 2025$18,032 202630,577 202725,614 202825,614 202925,614 Thereafter38,595 $164,046 

6.    Income Taxes 

The Company follows guidance under ASC Topic 740-270 Income Taxes, which requires that an estimated annual effective tax rate is applied to year-to-date ordinary income (loss). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The tax effect of discrete items is recorded in the quarter in which the discrete events occur.The Company recorded Income tax expense of $13.6 million and $7.8 million for the three months ended June 30, 2025 and 2024, respectively, and an expense of $20.2 million and $9.1 million for the six months ended June 30, 2025 and 2024, respectively.The income tax expense for the three and six months ended June 30, 2025 was favorably impacted by tax credits recorded during the periods. Additionally, tax expense of $0.1 million and $1.2 million related to equity-based compensation was recorded discretely for the three and six months ended June 30, 2025, respectively.The income tax expense for the three and six