Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 40

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 the three months ended March 31, 2025 and 2024, the Company recognized zero and $1.9 million, respectively, in revenue from one customer for the sale of goods and services under bill-and-hold arrangements.

19

Remaining Performance Obligations 

As of March 31, 2025, the Company had $631.2 million of remaining performance obligations. The Company expects to recognize revenue on 97% of these performance obligations in the next twelve months. 

10.    Earnings Per Share

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31,20252024Net income$16,746 $2,165 Less: preferred dividends and accretion14,443 13,502 Net income (loss) to common shareholders$2,303 $(11,337)Basic:Weighted average shares152,076 151,351  Income (loss) per share$0.02 $(0.07)Diluted:Effect of restricted stock and performance awards707 — Weighted average shares152,783 151,351 Income (loss) per share$0.02 $(0.07)Since the Company was in a loss position for the three months ended March 31, 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.At March 31, 2025 and 2024, 1,107,733 and 2,736,244 respectively, of common stock equivalents were excluded from the calculation of diluted net loss per share to common stockholders, as they had an antidilutive effect.There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the three months ended March 31, 2025 and 2024, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.

11.    Commitments and Contingencies 

Legal ProceedingsThe Company, in the normal course of business, is subject to claims and litigation. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for