Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 23

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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.02 $(0.07)Diluted$0.02 $(0.07)Weighted average number of common shares outstandingBasic152,076 151,351 Diluted 152,783 151,351 

See accompanying Notes to Condensed Consolidated Financial Statements.

3

Array Technologies, Inc.Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (in thousands)

Three Months Ended March 31,20252024Net income $16,746 $2,165 Foreign currency translation(1)15,277 (19,242)Comprehensive income (loss)$32,023 $(17,077)(1) There are no tax effects on foreign currency adjustments.

See accompanying Notes to Condensed Consolidated Financial Statements.

4

Array Technologies, Inc.Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity(unaudited) (in thousands)

Three Months Ended March 31, 2025

Temporary EquityPermanent EquitySeries A Redeemable Perpetual Preferred StockPreferred StockCommon StockSharesAmountSharesAmountSharesAmountAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Stockholders’ EquityBalance at December 31, 2024460 $406,931 — $— 151,952 $151 $297,780 $(370,624)$(45,403)$(118,096)Shares issued in connection with:Vesting of restricted stock units— — — — 518 — — — — — Employee purchase plan— — — — 43 — 222 — — 222 Equity-based compensation— — — — — — 2,798 — — 2,798 Tax withholding related to vesting of equity-based compensation— — — — — — (278)— — (278)Preferred cumulative dividends plus accretion8 14,443 — — — — (14,443)— — (14,443)Net income— — — — — — — 16,746 — 16,746 Foreign currency translation— — — — — — — — 15,277 15,277 Balance at March 31, 2025468