Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 168

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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1 million, or 158%, and $17.1 million, or 132%, respectively, compared to the three and nine months ended September 30, 2024. The Company recorded Income tax expense of $9.9 million and $3.9 million for the three months ended September 30, 2025 and 2024, respectively, and $30.1 million and $13.0 million for the nine months ended September 30, 2025 and 2024, respectively. 

Our effective tax rate was 22.9% and 24.3% for the three and nine months ended September 30, 2025, respectively, and (2.8)% and (12.9)% for the three and nine months ended September 30, 2024, respectively. 

53

No tax benefit was recorded from the goodwill impairment recorded for the three months ended September 30, 2024, as the goodwill is non-deductible for income tax purposes. Our effective tax rate, excluding the impact of the goodwill impairment was 15.7% and 21.1% for the three and nine months ended September 30, 2024. 

The income tax expense for the three and nine months ended September 30, 2025 was favorably impacted by tax credits recorded during the periods. Additionally, tax expense of zero and $1.2 million related to equity-based compensation was recorded discretely for the three and nine months ended September 30, 2025, respectively.

The income tax expense for the three and nine months ended September 30, 2024 was favorably impacted by lower profits in non-US jurisdictions and additional tax credits reported during the periods. Additionally, tax expense of zero and $0.5 million related to equity-based compensation was recorded discretely for the three and nine months ended September 30, 2024.

Liquidity and Capital Resources

Cash Flows (in thousands)

Nine Months Ended September 30,20252024Net cash provided by operating activities$58,145 $96,394 Net cash (used in) provided by investing activities(179,412)6,409 Net cash used in financing activities(25,518)(12,241)Effect of exchange rate changes on cash and cash equivalent balances5,747 (7,270)Net change in cash and cash equivalents and restricted cash$(141,038)$83,292 

Historically, we have financed our operations with