Company: ARRY
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001820721-25-000095
Chunk: 38

Company: Array Technologies, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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290)$64,487 

See accompanying Notes to Condensed Consolidated Financial Statements.

8

Array Technologies, Inc.Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) 

Nine Months Ended September 30,20252024Operating activitiesNet income (loss)$93,511 $(113,491)Adjustments to reconcile net income to cash provided by operating activities:Goodwill impairment— 162,000 Provision for bad debts1,001 3,415 Deferred tax expense (benefit)6,748 (7,279)Depreciation and amortization19,923 29,015 Amortization of developed technology and backlog11,713 10,918 Amortization of debt discount and issuance costs4,407 4,652 Gain on extinguishment of debts, net(14,207)— Equity-based compensation11,343 6,851 Change in fair value of contingent consideration1,014 (271)Warranty provision10,290 36 Inventory reserve3,360 2,481 Other non-cash(2,017)— Changes in working capital, net(88,941)(1,933)Net cash provided by operating activities58,145 96,394 Investing activitiesPurchase of property, plant and equipment(14,496)(5,604)Acquisition, net of cash acquired(164,916)— Retirement/disposal of property, plant and equipment— 38 Sale of equity investment— 11,975 Net cash (used in) provided by investing activities(179,412)6,409 Financing activitiesProceeds from issuance of other debt108,659 19,024 Proceeds from issuance of convertible notes345,000 — Premium paid on capped call(35,087)— Fees paid on issuance of convertible notes(10,434)— Repayments of other debt(119,181)(24,879)Repayments of term loan facility(233,875)(3,225)Repayments of convertible notes(78,363)— Contingent consideration payments(1,204)(1,427)Other financing(1,033)(1,734)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