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

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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896 Deferred tax expense (benefit)1,024 (13)Depreciation and amortization5,932 10,125 Amortization of developed technology3,639 3,639 Amortization of debt discount and issuance costs1,506 1,553 Equity-based compensation2,798 3,926 Change in fair value of contingent consideration(150)(735)Warranty provision1,720 (1,138)Inventory reserve839 600 Changes in working capital, net(48,784)26,484 Net cash provided by (used in) operating activities(13,059)47,502 Investing activitiesPurchase of property, plant and equipment(2,352)(2,396)Retirement/disposal of property, plant and equipment— 10 Net cash used in investing activities(2,352)(2,386)Financing activitiesProceeds from issuance of other debt7,862 2,283 Principal payments on other debt(7,294)(3,781)Principal payments on term loan facility(1,075)(1,070)Contingent consideration payments(1,204)(1,427)Other financing(14)(580)Net cash used in financing activities(1,725)(4,575)Effect of exchange rate changes on cash and cash equivalent balances2,488 (2,001)Net change in cash and cash equivalents and restricted cash(14,648)38,540 Cash and cash equivalents, and restricted cash beginning of period364,141 249,080 Cash and cash equivalents and restricted cash, end of period$349,493 $287,620 

See accompanying Notes to Condensed Consolidated Financial Statements.

7

Array Technologies, Inc.Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Organization and Business 

Array Technologies, Inc. (the “Company”) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop and operate solar PV sites, and is headquartered in Albuquerque, New Mexico.On January 11, 2022, the Company acquired 100% of the share capital of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as a business combination.