# EDGAR Filing Document

**Accession Number:** 0001820721
**File Stem:** 0001820721-26-000005
**Filing Date:** 2026-2
**Character Count:** 97470
**Document Hash:** 12ebacefc05fc8221060cacf7eb855f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001820721-26-000005.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001820721-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Array Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001820721
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 832747826
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39613
- **FILM NUMBER:** 26678531

**BUSINESS ADDRESS:**
- **STREET 1:** 3901 MIDWAY PLACE NE
- **CITY:** ALBUQUERQUE
- **STATE:** NM
- **ZIP:** 87109
- **BUSINESS PHONE:** (505) 881-7567

**MAIL ADDRESS:**
- **STREET 1:** 3901 MIDWAY PLACE NE
- **CITY:** ALBUQUERQUE
- **STATE:** NM
- **ZIP:** 87109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ATI Intermediate Holdings, LLC
- **DATE OF NAME CHANGE:** 20200810

?xml version='1.0' encoding='ASCII'? arry-20260225

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Earliest Event Reported: February 25, 2026** 

**ARRAY TECHNOLOGIES, INC.**

**(Exact Name of Registrant as Specified in its Charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39613** | **83-2747826** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

**3901 Midway Place NE**

**Albuquerque, New Mexico 87109**

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's telephone number, including area code: (505) 881-7567** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Common Stock, $0.001 Par Value** | **ARRY** | **Nasdaq Global Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On February 25, 2026, Array Technologies Inc., (the "Company") announced its financial results as of and for the quarter and year ended December 31, 2025, by issuing a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein. In the press release, the Company also announced that it would be holding a conference call on February 25, 2026, at 5:00 p.m. Eastern Time to discuss its financial results and provide an investor presentation. A copy of the investor presentation will be posted to our website at www.arraytechinc.com and is attached as Exhibit 99.2 hereto.

The information included in Item 2.02 of this Current Report on Form 8-K and the exhibits attached hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) *Exhibits*.

The following exhibits are filed as part of this report:

---

| | |
|:---|:---|
| **Exhibit#** | **Description** |
| 99.1 | <u>[Press Release of Array Technologies, Inc., dated February 2](exhibit9912025q4pressrelea.htm)[5](exhibit9912025q4pressrelea.htm)[, 202](exhibit9912025q4pressrelea.htm)[6](exhibit9912025q4pressrelea.htm)[.](exhibit9912025q4pressrelea.htm)</u> |
| 99.2 | <u>[Investor Presentation of Array Technologies, Inc., dated February 2](exhibit9922025q4earnings.htm)[5](exhibit9922025q4earnings.htm)[, 202](exhibit9922025q4earnings.htm)[6](exhibit9922025q4earnings.htm)[.](exhibit9922025q4earnings.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Array Technologies, Inc.** | **Array Technologies, Inc.** |
| Date: February 25, 2026 | By: | /s/ H. Keith Jennings |
|  |  | Name: H. Keith Jennings |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

February 25, 2026

**ARRAY Technologies Reports Financial Results for the Fourth Quarter and Full Year 2025**

**Achieves 40% Full-Year Revenue Growth, Record Orderbook of $2.2 Billion, Further Expands DuraTrack**® **Technology to Global Markets and Guides 2026 Revenue to $1.4 Billion to $1.5 Billion**

**2025 Fourth Quarter Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Total executed contracts and awarded orders at December 31, 2025 were $2.2 billion<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• Achieved 2x book-to-bill for both total ARRAY and APA

&nbsp;&nbsp;&nbsp;&nbsp;• DuraTrack introduced to global markets to align with customer demand for patented, superior energy performance of wind-stow technology

**2025 Fourth Quarter and Full-Year Financial Highlights** 

---

| | | |
|:---|:---|:---|
| (in millions, except per share) | **4Q 2025** | **FY 2025** |
| Revenue | $226.0 | $1284.1 |
| Gross margin<sup>(2)</sup> | 8.6% | 23.2% |
| Adjusted gross margin<sup>(3)</sup> | 24.5% | 27.0% |
| Net loss to common shareholders<sup>(4)</sup> | ($161.2) | ($112.0) |
| Adjusted EBITDA<sup>(3)</sup> | $11.2 | $187.6 |
| Net loss per basic and diluted common share | ($1.06) | ($0.73) |
| Adjusted net (loss) income per diluted common share<sup>(3)</sup> | ($0.01) | $0.67 |

---

ALBUQUERQUE, NM — (GLOBE NEWSWIRE) — ARRAY Technologies, Inc. (NASDAQ: ARRY) ("ARRAY" or the "Company"), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced financial results for its fourth quarter and year ended December 31, 2025.

"ARRAY closed out an exceptional year in which we further demonstrated the resilience and agility of our business. Our $2.2 billion record orderbook reflects the focused investment we have made in strengthening our commercial organization, enhancing customer engagement, and advancing our product portfolio and technical sales capabilities. Full-year volume growth of 35% outpaced broader industry trends, underscoring how our differentiated technology is driving strong win rates. In addition to the tremendous growth in 2025, I am extremely proud of our many accomplishments, including our strategic acquisition of APA Solar, upleveling of our leadership team, expansion of our product portfolio, continued optimization of our capital structure and penetration of new international markets."

Mr. Hostetler continued, "In 2026, we are introducing our strategic imperatives, which focus on innovating our future, elevating our international business, and advancing our customer-first culture to deliver long-term value. In the year ahead, we plan to launch multiple new products—including an integrated tracker and foundation solution and new tracker offerings. Our international expansion of our market-proven DuraTrack technology is an important step in differentiating and optimizing our global product portfolio to bring energy yield-advantaged technology to our customers. We remain confident in our ability to progress these initiatives through our strong operational performance, agile and diversified supply chain, and flexible capital structure, inclusive of our recently upsized and extended revolving credit facility. We are optimistic about future demand for utility-scale solar energy and confident that our competitive differentiation and strategic vision will drive durable, long-term growth."

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**Full Year 2026 Guidance**

For the year ending December 31, 2026, the Company expects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue to be in the range of $1.4 billion to $1.5 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(5)</sup> to be in the range of $200 million to $230 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income per common share<sup>(5)</sup> to be in the range of $0.65 to $0.75

Following contracting timelines influenced by the regulatory uncertainty through 2025, we expect roughly a 40:60 split between first half and second half revenue in 2026. 1Q 2026 revenue is expected to be approximately $200 million. We expect 1Q 2026 Adjusted EBITDA<sup>(5)</sup> to decline slightly from 4Q 2025.

<sup>(1)</sup> Orderbook results include APA orderbook of approximately $100 million.

<sup>(2)</sup> Gross margin inclusive of one-time inventory valuation charge of $29.5 million related to phase-out of STI H250<sup>TM</sup> inventory that is not SmarTrack® compatible.

<sup>(3)</sup> A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.

<sup>(4)</sup> Net loss to common shareholders inclusive of one-time inventory valuation charge of $29.5 million related to phase-out of STI H250<sup>TM</sup> inventory that is not SmarTrack® compatible and $102.6 million non-cash goodwill impairment charge associated with the 2022 STI acquisition.

<sup>(5)</sup> A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per common share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per common share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, "non-GAAP adjustments"). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

**Supplemental Presentation and Conference Call Information**

ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (February 25, 2026) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company's website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international), with the passcode 13757520. The replay will be available until 11:59 p.m. (ET) on March 11, 2026. The online replay will be available for 14 days on the same website, immediately following the call.

**About ARRAY Technologies, Inc.**

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY's high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

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**Investor Relations Contact:** 

Investor Relations

505-437-0010

<u>investors@arraytechinc.com</u>

**Media Contact:**

Steven Kirsch

505-738-6923

steven.kirsch@arraytechinc.com

**Forward-Looking Statements** 

This press release contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating to the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs and changes in trade policy, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would," "designed to" or similar expressions and the negatives of those terms.

ARRAY's actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea, conflict in the Middle East, changing trade policies, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend

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or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors listed and described in more detail in the section captioned "Risk Factors" in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date of this report. You should read this presentation with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

**Non-GAAP Financial Information**

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow.

We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog (ii) acquisition-related expenses, and (iii) inventory valuation charge. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other (income) expense, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax (benefit) expense, (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) impairment of long-lived assets, (xiii) goodwill impairment, (xiv) certain legal expenses, (xv) acquisition-related expenses, (xvi) inventory valuation charge, and (xvii) other costs. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net (loss) income as net (loss) income to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net, (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration, (viii) impairment of long-lived assets, (ix) goodwill impairment, (x) certain legal expenses, (xi) acquisition-related expenses, (xii) inventory valuation charge, (xiii) other costs, and (xiv) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, (iii) acquisition-related expenses, and (iv) other costs. We define Free cash flow as Cash provided by (used in) operating activities less (i) purchase of property, plant and equipment and (ii) cash payments for the acquisition of right-of-use assets.

A detailed reconciliation between GAAP results and results excluding special items ("non-GAAP") is included within this press release. We calculate net (loss) income per common share as net (loss) income to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net

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(loss) income per common share as Adjusted net (loss) income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

We believe that these non-GAAP financial measures are provided to enhance the reader's understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company's performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow on a supplemental basis.

You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net (loss) income to Adjusted EBITDA, Adjusted net (loss) income and Adjusted net (loss) income per common share, General and administrative expense to Adjusted general and administrative expense and Net cash provided by operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business.

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**Array Technologies, Inc.** 

**Consolidated Balance Sheets *(unaudited)***

*(in thousands, except per share and share amounts)*

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $244388 | $362992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1596 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 271578 | 275838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 150374 | 200818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 201108 | 157927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 869044 | 998724 |
| Property, plant and equipment, net | 58225 | 26222 |
| Lease assets | 97088 | 16384 |
| Goodwill | 135173 | 160189 |
| Other intangible assets, net | 238579 | 181409 |
| Deferred income tax assets | 23965 | 17754 |
| Other assets | 29718 | 25317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1451792 | $1425999 |
| **LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITY** | **LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITY** | **LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITY** |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $143994 | $172368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other | 54289 | 91183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 4687 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 128433 | 119775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of contingent consideration | 14551 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of warranty liability | 10844 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 7662 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | 10315 | 30714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2237 | 9691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 377012 | 437814 |
| Deferred income tax liabilities | 22133 | 21398 |
| Contingent consideration, net of current portion | 12739 | 7868 |
| Warranty liability, net of current portion | 5466 | 4830 |
| Lease liabilities, net of current portion | 89552 | 15128 |
| Long-term debt, net of current portion | 658664 | 646570 |
| Other long-term liabilities | 25838 | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1191404 | 1137164 |
| Commitments and contingencies (Note 15) |  |  |

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**Array Technologies, Inc.** 

**Consolidated Balance Sheets *(unaudited)***

*(in thousands, except per share and share amounts)*

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 490,829 and 460,920 issued, respectively; liquidation preference of $493.1 million at both dates | 466728 | 406931 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock $0.001 par value - 4,500,000 shares authorized; none issued at respective dates |  |  |
| Common stock $0.001 par value - 1,000,000,000 shares authorized; 152,779,614 and 151,951,652 shares issued at respective dates | 152 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 226848 | 297780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (422859) | (370624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (10481) | (45403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | (206340) | (118096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable perpetual preferred stock and stockholders' equity | $1451792 | $1425999 |

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**Array Technologies, Inc.** 

**Consolidated Statements of Operations *(unaudited)***

*(in thousands, except per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $226044 | $275232 | $1284141 | $915807 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of product and service revenue | 171391 | 193273 | 938552 | 603572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory valuation charge | 29516 |  | 29516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of developed technology and backlog | 5807 | 3640 | 17520 | 14558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 206714 | 196913 | 985588 | 618130 |
| Gross profit | 19330 | 78319 | 298553 | 297677 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 57465 | 45663 | 198612 | 160567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (837) | 396 | 177 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 8248 | 8702 | 26199 | 36086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets impairment |  | 91904 |  | 91904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 102560 | 74000 | 102560 | 236000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 167436 | 220665 | 327548 | 524682 |
| Loss from operations | (148106) | (142346) | (28995) | (227005) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1756 | 4092 | 11852 | 16777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5482) | (9007) | (27331) | (34825) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency gain (loss), net | 16 | (3442) | 2042 | (4515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt, net |  |  | 14207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (1004) | 654 | (992) | (1008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (4714) | (7703) | (222) | (23571) |
| Loss before income tax (benefit) expense | (152820) | (150049) | (29217) | (250576) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (7074) | (23146) | 23018 | (10182) |
| Net loss | (145746) | (126903) | (52235) | (240394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends and accretion | 15422 | 14338 | 59797 | 55670 |
| Loss to common shareholders | $(161168) | $(141241) | $(112032) | $(296064) |
| Loss per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(1.06) | $(0.93) | $(0.73) | $(1.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(1.06) | $(0.93) | $(0.73) | $(1.95) |
| Weighted average common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 152752 | 151944 | 152537 | 151754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 152752 | 151944 | 152537 | 151754 |

---

------

**Array Technologies, Inc.**

**Consolidated Statements of Cash Flows *(unaudited)***

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(145746) | $(126903) | $(52235) | $(240394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to net loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 102560 | 74000 | 102560 | 236000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  | 91904 |  | 91904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (89) | (1357) | 912 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax (benefit) expense | (3553) | (30371) | 3195 | (37650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 9845 | 9206 | 29768 | 38221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of developed technology and backlog | 5807 | 3640 | 17520 | 14558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 809 | 1435 | 5216 | 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt, net |  |  | (14207) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 4228 | 3498 | 15571 | 10349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (837) | 396 | 177 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warranty provision | 6983 | 3127 | 17273 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory reserve | 155 |  | 3515 | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory valuation charge | 29516 | 442 | 29516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash | (15) |  | (2032) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of business acquisition: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 91551 | (442) | 31008 | 41423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (829) | (14823) | 52852 | (44787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivables | (5256) | 33 | (6849) | (4112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | (105293) | (24505) | (25844) | (69708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (72951) | 24475 | (35868) | 58180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other | (15480) | 34492 | (54136) | (436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 1890 | 3790 | (540) | (863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 5668 | (2894) | 2202 | (8624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 49441 | 8443 | 489 | 55563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating assets and liabilities | 85236 |  | (18278) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 43640 | 57586 | 101785 | 153980 |
| **Investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (7476) | (1701) | (21972) | (7305) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, net of cash acquired |  |  | (164916) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement/disposal of property, plant and equipment |  | (4) |  | 34 |

---

------

**Array Technologies, Inc.** 

**Condensed Consolidated Statements of Cash Flows *(unaudited)*** *(continued)*

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments for the acquisition of right-of-use assets |  | (11276) |  | (11276) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in securities | (1000) | (3000) | (1000) | (3000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of equity investment |  |  |  | 11975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (8476) | (15981) | (187888) | (9572) |
| **Financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of other debt | 42492 | 74035 | 151151 | 93059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes |  |  | 345000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium paid on capped call |  |  | (35087) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid on issuance of convertible notes |  |  | (10434) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of other debt | (55211) | (72545) | (174392) | (97424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of term loan facility |  | (1075) | (233875) | (4300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of convertible notes |  |  | (78363) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payments |  |  | (1204) | (1427) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing | 184 | (18) | (849) | (1752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (12535) | 397 | (38053) | (11844) |
| Effect of exchange rate changes on cash and cash equivalent balances | 252 | (10233) | 5999 | (17503) |
| Net change in cash and cash equivalents | 22881 | 31769 | (118157) | 115061 |
| Cash and cash equivalents and restricted cash, beginning of period | 223103 | 332372 | 364141 | 249080 |
| Cash and cash equivalents and restricted cash, end of period | $245984 | $364141 | $245984 | $364141 |

---

------

**Array Technologies, Inc.**

**Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation *(unaudited)***

*(in thousands, except per share amounts)*

The following table reconciles Gross profit to Adjusted gross profit:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $226044 | $275232 | $1284141 | $915807 |
| Cost of revenue | 206714 | 196913 | 985588 | 618130 |
| Gross profit | 19330 | 78319 | 298553 | 297677 |
| Gross margin | 8.6% | 28.5% | 23.2% | 32.5% |
| Amortization of developed technology and backlog | 5807 | 3640 | 17520 | 14558 |
| Acquisition-related expenses<sup>(a)</sup> | 762 |  | 1161 |  |
| Inventory valuation charge<sup>(b)</sup> | 29516 |  | 29516 |  |
| **Adjusted gross profit** | $**55415** | $**81959** | $**346750** | $**312235** |
| **Adjusted gross margin** | **24.5%** | **29.8%** | **27.0%** | **34.1%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Represents acquisition-related fair value adjustments to Inventory and Property, plant, and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> Represents inventory valuation charge related to phase-out of STI H250™ inventory that is not SmarTrack® compatible.

------

**Array Technologies, Inc.**

**Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation *(unaudited)***

*(in thousands, except per share amounts)*

The following table reconciles Net income to Adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(145746) | $(126903) | $(52235) | $(240394) |
| Preferred dividends and accretion | 15422 | 14338 | 59797 | 55670 |
| **Net loss to common shareholders** | **(161168)** | **(141241)** | **(112032)** | **(296064)** |
| Other income, net | (752) | (4746) | (10860) | (15769) |
| Gain on extinguishment of debts, net |  |  | (14207) |  |
| Foreign currency (gain) loss, net | (16) | 3442 | (2042) | 4515 |
| Preferred dividends and accretion | 15422 | 14338 | 59797 | 55670 |
| Interest expense | 5482 | 9007 | 27331 | 34825 |
| Income tax (benefit) expense | (7074) | (23146) | 23018 | (10182) |
| Depreciation expense | 2336 | 1140 | 6094 | 4410 |
| Amortization of intangibles | 7508 | 8142 | 23674 | 33811 |
| Amortization of developed technology and backlog | 5807 | 3640 | 17520 | 14558 |
| Equity-based compensation | 4228 | 3498 | 15571 | 10349 |
| Change in fair value of contingent consideration | (837) | 396 | 177 | 125 |
| Impairment of long-lived assets |  | 91904 |  | 91904 |
| Goodwill impairment | 102560 | 74000 | 102560 | 236000 |
| Certain legal expenses<sup>(a)</sup> |  | 2240 | 1232 | 6773 |
| Acquisition-related expenses<sup>(b)</sup> | 5960 |  | 17959 |  |
| Inventory valuation charge<sup>(c)</sup> | 29516 |  | 29516 |  |
| Other costs<sup>(d)</sup> | 2267 | 2586 | 2267 | 2628 |
| **Adjusted EBITDA** | $**11239** | $**45200** | $**187575** | $**173553** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> Represents acquisition-related expenses and fair value adjustments to inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup> Represents inventory valuation charge related to phase-out of STI H250<sup>TM</sup> inventory that is not SmarTrack® compatible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup> For the three and twelve months ended December 31, 2025, represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. For the three months ended December 31, 2024, represents costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, represents settlement of a tax dispute and Capped-Call accounting treatment evaluation.

------

**Array Technologies, Inc.**

**Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation *(unaudited)***

*(in thousands, except per share amounts)*

The following table reconciles Net income to Adjusted net income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(145746) | $(126903) | $(52235) | $(240394) |
| Preferred dividends and accretion | 15422 | 14338 | 59797 | 55670 |
| **Net loss to common shareholders** | **(161168)** | **(141241)** | **(112032)** | **(296064)** |
| Amortization of Intangibles | 7508 | 8142 | 23674 | 33811 |
| Amortization of developed technology and backlog | 5807 | 3640 | 17520 | 14558 |
| Amortization of debt discount and issuance costs | 880 | 1547 | 5216 | 6199 |
| Gain on extinguishment of debts, net |  |  | (14207) |  |
| Series A Preferred stock accretion | 7707 | 7093 | 29889 | 27510 |
| Equity based compensation | 4228 | 3498 | 15571 | 10349 |
| Change in fair value of contingent consideration | (837) | 396 | 177 | 125 |
| Impairment of long-lived assets |  | 91904 |  | 91904 |
| Goodwill Impairment | 102560 | 74000 | 102560 | 236000 |
| Certain legal expenses<sup>(a)</sup> |  | 2240 | 1232 | 6773 |
| Acquisition-related expenses<sup>(b)</sup> | 6024 |  | 18055 |  |
| Inventory valuation charge<sup>(c)</sup> | 29516 |  | 29516 |  |
| Other costs<sup>(d)</sup> | 2267 | 2586 | 2267 | 2628 |
| Income tax expense of adjustments<sup>(e)</sup> | (5811) | (28688) | (16522) | (42596) |
| **Adjusted net (loss) income** | $**(1319)** | $**25117** | $**102916** | $**91197** |
| Loss per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(1.06) | $(0.93) | $(0.73) | $(1.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(1.06) | $(0.93) | $(0.73) | $(1.95) |
| Weighted average number of common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 152752 | 151944 | 152537 | 151754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 152752 | 151944 | 152537 | 151754 |
| Adjusted net (loss) income per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.01) | $0.17 | $0.67 | $0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.01) | $0.16 | $0.67 | $0.60 |
| Weighted average number of common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 152752 | 151944 | 152537 | 151754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 152752 | 152255 | 153692 | 152285 |

---

------

**Array Technologies, Inc.**

**Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation *(unaudited)***

*(in thousands, except per share amounts)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> Represents acquisition-related expenses and fair value adjustments to Inventory and Property, plant and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup> Represents inventory valuation charge related to phase-out of STI H250<sup>TM</sup> inventory that is not SmarTrack® compatible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup> For the three and twelve months ended December 31, 2025, represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. For the three months ended December 31, 2024, represents costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, represents settlement of a tax dispute and Capped-Call accounting treatment evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(e)</sup> Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

The following table reconciles General and administrative expense to Adjusted general and administrative expense:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| General and administrative expense | $57465 | $45663 | $198612 | $160567 |
| Equity based compensation | (4228) | (3498) | (15571) | (10349) |
| Certain legal expenses<sup>(a)</sup> |  | (2240) | (1232) | (6773) |
| Acquisition-related expenses<sup>(b)</sup> | (5226) |  | (16858) |  |
| Other costs<sup>(c)</sup> | (2267) | (2586) | (2267) | (2628) |
| **Adjusted general and administrative expense** | $**45744** | $**37339** | $**162684** | $**140817** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> Represents acquisition-related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup> For the three months and twelve months ended December 31, 2025, represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. For the three months ended December 31, 2024, represents costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, represents settlement of a tax dispute and Capped-Call accounting treatment evaluation.

------

**Array Technologies, Inc.**

**Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation *(unaudited)***

*(in thousands, except per share amounts)*

The following table reconciles Net cash provided by operating activities to Free cash flow:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $**43640** | $**57586** | $**101785** | $**153980** |
| Purchase of property, plant and equipment | (7476) | (1701) | (21972) | (7305) |
| Cash payments for the acquisition of right-of-use assets |  | (11276) |  | (11276) |
| **Free cash flow** | $**36164** | $**44609** | $**79813** | $**135399** |

---

## Exhibit 99.2

![](exhibit9922025q4earnings001.jpg)

0 4Q 25 E A R N N IN G S PR ES EN TA TI O N 4Q and FY25 EARNINGS PRESENTATION February 25, 2026

------

![](exhibit9922025q4earnings002.jpg)

1 DISCLAIMER 4Q 25 E A R N N IN G S PR ES EN TA TI O N FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs and changes in trade policy, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "anticipates," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would," "designed to" or similar expressions and the negatives of those terms. Our actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea, conflict in the Middle East, changing trade policies, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors listed and described in more detail in the section captioned "Risk Factors" in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. You should read this presentation with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. NON-GAAP FINANCIAL INFORMATION This presentation includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow. We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog (ii) acquisition-related expenses, and (iii) inventory valuation charge. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other (income) expense, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax (benefit) expense, (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) impairment of long-lived assets, (xiii) goodwill impairment, (xiv) certain legal expenses, (xv) acquisition-related expenses, (xvi) inventory valuation charge, and (xvii) other costs. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net (loss) income as net (loss) income to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net, (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration, (viii) impairment of long-lived assets, (ix) goodwill impairment, (x) certain legal expenses, (xi) acquisition- related expenses, (xii) inventory valuation charge, (xiii) other costs, and (xiv) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, (iii) acquisition-related expenses, and (iv) other costs. We define Free cash flow as Cash provided by (used in) operating activities less (i) purchase of property, plant and equipment and (ii) cash payments for the acquisition of right-of-use assets. A detailed reconciliation between GAAP results and results excluding special items ("non-GAAP") is included within this presentation. We calculate net (loss) income per common share as net (loss) income to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net (loss) income per common share as Adjusted net (loss) income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period. We believe that these non-GAAP financial measures are provided to enhance the reader's understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company's performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow on a supplemental basis. You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net (loss) income to Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income and Adjusted net (loss) income per common share, General and administrative expense to Adjusted general and administrative expense and Net cash provided by operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business. MARKET AND INDUSTRY DATA This presentation also contains information regarding our market and our industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and we have not independently verified its accuracy or completeness.

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2 4Q 25 E A R N N IN G S PR ES EN TA TI O NGENERATING ENERGY WITH INTEGRITY FOR A SUSTAINABLE WORLD ARRAY TECHNOLOGIES Leading the way to a brighter, smarter future A global leader advancing the future of clean energy Headquartered in Albuquerque, New Mexico 1,200 employees globally 30+ years of excellence 248 total active patents, 216 additional pending An industry leader in energy yield, reliability, durability and quality ARRAY solar trackers are engineered for peak performance and long life One of America's Most Responsible Companies(1) 96 GW TRACKERS DELIVERED GLOBALLY(2) Demonstrated track record of delivering power across the globe for 30+ years Putting passion into action Respecting what's right Problem solving through technology and teamwork (1) Newsweek America's Most Responsible Companies 2024 (2) Cumulative shipments of trackers delivered globally, excludes APA Solar, LLC ("APA")

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3 4Q 25 E A R N N IN G S PR ES EN TA TI O N BUSINESS UPDATE Kevin G. Hostetler Chief Executive Officer — Neil Manning President & Chief Operating Officer

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4 2025 FINANCIAL HIGHLIGHTS  �298.6M GROSS PROFIT(1) 23.2% Gross Margin $19.3M in 4Q25, 8.6% Gross Margin  �346.8M ADJUSTED GROSS PROFIT(2) +11% from FY24 27.0% Adj. Gross Margin(2) $55.4M in 4Q25, 24.5% Adj. Gross Margin(2)  �112.0M NET LOSS(3) �102.9M Adj. Net Income(2) +13% Adj. Net Income(2) growth from FY24 $161.2M Net Loss(3) in 4Q25 $1.3M Adj. Net Loss(2) in 4Q25  �187.6M ADJUSTED EBITDA(2) +8% YoY Adj. EBITDA(2) growth 14.6% Adj. EBITDA Margin(2) $11.2M Adj. EBITDA(2) in 4Q25  �2.2B RECORD ORDERBOOK High-quality with >95% domestic ~$100M orderbook addition from APA >2X book-to-bill in Q4 OmniTrackTM, SkyLink, Hail XPTM, and APA now represent 47% of orderbook(4) (1) Reflects one-time inventory valuation charge of $29.5 million related to phase-out of STI H250 inventory that is not SmarTrack® compatible (2) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure (3) Inclusive of one-time inventory valuation charge of $29.5 million related to phase-out of STI H250TM inventory that is not SmarTrack® compatible and $102.6 million non-cash goodwill impairment charge associated with the 2022 STI acquisition (4) New product introductions as % of orderbook 4Q 25 E A R N N IN G S PR ES EN TA TI O N  �1.3B REVENUE �50.0M of revenue from APA +40% vs FY24 +35% volume growth vs FY24 $226.0M in 4Q25, $33.1M from APA

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5 4Q 25 E A R N N IN G S PR ES EN TA TI O N2025 BUSINESS HIGHLIGHTS Accelerated growth and strengthened market position STRATEGIC EXPANSION Completed acquisition of APA, adding a leading provider of advanced engineered foundations and fixed-tilt racking to our portfolio. Expanded share of wallet opportunity, and reinforced ARRAY's position as a leading partner for utility-scale customers. Expanded manufacturing footprint through addition of APA facilities in Ohio Focused on diversifying and expanding our global footprints in EMEA and LATAM LEADERSHIP TRANSFORMATION Enhanced leadership team with high-impact industry veterans, bringing deep experience in manufacturing, supply chain, and digital product innovation to support next-stage evolution ENHANCED PRODUCT PORTFOLIO First installation of 100% domestic content tracker(1) Launched Hail XP to address extreme weather risks and enhance system durability. Expanded SmarTrack® capabilities , laying foundation for our smart, connected digital platform DuraTrack® offered in global markets expanding product portfolio for enhanced customer satisfaction and optimized global supply chain CAPITAL OPTIMIZATION Balance sheet optimization: $345M new 2031 convertible notes issuance, fully repaid term loan B, repurchase of $100M of 2028 convertible notes - strengthening liquidity, lowering financing costs and improving flexibility (1) 100% of the domestic content assigned cost under the U.S. Treasury Department's latest guidance (Notice 2025-08) issued in January 2025

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6 4Q 25 E A R N N IN G S PR ES EN TA TI O N2026 STRATEGIC IMPERATIVES Supported by an agile, diverse supply chain, flexible capital structure, and technology-based platform 1 2 3 • Execute Balance of Systems (BOS) strategy • Expand product & technology roadmap • Drive recurring revenue through software and services platforms expansion • Bring best of US product portfolio to global markets • Smart geographic expansion to drive growth and operating leverage • Accelerate commercial momentum driving growth • Utilize front-end AI tools to enhance customer satisfaction Innovate our Future Advance Customer- First Culture Elevate International Business Drive long-term value

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7 STRENGTHEN OUR CORE 4Q 25 E A R N N IN G S PR ES EN TA TI O NINNOVATE OUR FUTURE EXECUTE BOS STRATEGY TERRAIN ADAPTIVE BACKTRACKING DIFFUSE WEATHER RESPONSE HAIL ALERT RESPONSE AUTOMATED SNOW RESPONSE SOFTWARE & SERVICES EXPANSION FIELD UPGRADES & SERVICES ENGINEERING SERVICES CUSTOMER TRAINING AUTOMATION SERVICES Execute successful APA integration & integrated tracker + engineered foundation offering Further expand share of wallet Building tomorrow's value  Today Expand SmarTrack® software suite Implement AI tools throughout organization Broaden services capabilities Expand DuraTrack® technology globally Launch next generation OmniTrackTM Introduce new U.S. tracker offering 1 2 3 1 2 1 2 3 Bringing patented, superior energy performance of wind stow technology to global markets

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8 Next generation international product offering leveraging DuraTrack® patented technology coming in 1H 2026 4Q 25 E A R N N IN G S PR ES EN TA TI O NELEVATE INTERNATIONAL BUSINESS Domestic Strength  Global Opportunity INTRODUCTION OF DuraTrack® GLOBALLY THROUGH SMART GEOGRAPHIC EXPANSION Customer economics: Among the lowest LCOE to operators with enhanced energy optimization. Up to 4% increased energy production with wind mitigation technology.(1) Ease of installation: Maximizes solar plant power density with considerably fewer parts to assemble in the field Severe weather and tough terrain: Extreme weather events and conditions require innovative solutions to protect critical investments Optimal Backtracking Leading Terrain Adaptability Failure-free Wind Management (1) Third-party DNV Wind Stow Energy Loss Study, March 2024 (2) Represents regional areas of activities not specific countries Targeted pursuit of global expansion where returns and opportunities are strongest(2)

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9 4Q 25 E A R N N IN G S PR ES EN TA TI O NADVANCE CUSTOMER-FIRST CULTURE ENHANCED ORDERBOOK AND PIPELINE MOMENTUM Continue to grow orderbook and expand opportunities in pipeline ~2x book-to-bill for both APA and total ARRAY in 4Q25 Technology  Built to endure STRENGTHENED CUSTOMER RELATIONSHIPS & HIGHER-QUALITY ORDERBOOK Continued focus on long-term relationships to secure significant wins with developers, IPPs, and utilities Average project size continues to increase – significant double-digit growth expected from 2025 to 2026 ELEVATED COMMERCIAL ORGANIZATION High-impact commercial team driving market momentum Technical sales team aligning market requirements and ARRAY product roadmap $2.0 $2.0 $1.8(1) $1.9 $2.2(2) 23% 28% 37% 40% 47% 4Q24 1Q25 2Q25 3Q25 4Q25 Orderbook % New Product Introductions Record Orderbook ending 4Q25 Highest quarterly new bookings since 2023 (1) Includes impact related to legacy fixed-price VCA descoping and reconfiguring (2) Includes APA orderbook of ~$100 million (3) New product introductions as % of orderbook inclusive of APA in 4Q25 ($ b ill io ns) (3)

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10 H. Keith Jennings Chief Financial Officer 4Q 25 E A R N N IN G S PR ES EN TA TI O N FINANCIAL UPDATE

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11 4Q 25 E A R N N IN G S PR ES EN TA TI O NLEVERAGE & LIQUIDITY Total available liquidity nearly �600M with Net Debt leverage of 2.3X LIQUIDITY ($ millions) As of December 31, 2025 Proforma w/ RCF Renewal Cash & Cash Equivalents $244.4 $244.4 RCF $166.0 $370.0(4) Less LC hold(3) ($28.1) ($28.1) Available Liquidity $382.3 $586.3 (1) Trailing Twelve Months (TTM) Adj EBITDA of $188M as of December 31, 2025 (2) Represents outstanding principals of respective instruments (3) LC hold does not represent a balance sheet commitment and; therefore, is not considered part of net debt; however, LC hold in excess of $50 million will be reflected in covenant test. (4) Reflects the increased commitment to the revolving credit facility per amendment closed on February 18, 2026 (5) Net Debt defined as Total Debt less Cash & Cash Equivalents LEVERAGE Corporate Ratings: B1 (Stable) / B+ (stable) ($ millions) As of December 31, 2025 Amount xEBITDA(1) Cash & Cash Equivalents $244.4 Revolving Credit Facility (RCF) ($166)(2) $0.0 Total Secured Debt $0.0 NA Net First Lien Leverage ($244.4) Convertible Notes due 2028(2) $325.0 Convertible Notes due 2031(2) $345.0 Other Debt $12.8 Total Debt $682.8 3.6X Net Debt(5) $438.4 2.3X

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12 $(112.0) $187.6$173.6 19.0% 14.6% 20252024 Net Income(Loss) Adj. EBITDA Adj. EBITDA Margin 4Q 25 E A R N N IN G S PR ES EN TA TI O N2025 FINANCIAL HIGHLIGHTS Performance driven by strong volume growth from focused commercial execution $1.3 $0.9 20252024 Revenue $(0.73) $0.67 $0.60 20252024 Diluted EPS Adj. EPS $298.6 $297.7 $346.8 $312.2 32.5% 23.2% 34.1% 27.0% 20252024 Gross Profit (GAAP) Adj. Gross Profit Gross Margin (GAAP) Adj. Gross Margin FULL YEAR 2025 Revenue +40% YoY Adj. GP(1) +11% YoY Adj. EBITDA(1) +8% YoY Adj. EPS(1) +12% YoY ($ b ill io ns) ($ m ill io ns) ($ m ill io ns) (1) (1) (1) (1) (1) (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure $(1.95) $(296.1)

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13 4Q 25 E A R N N IN G S PR ES EN TA TI O N2025 FINANCIAL RESULTS Strong results underpinned by an enhanced product portfolio and commercial momentum expected to support sustainable growth in 2026 ($ in millions, except EPS Data) 4Q24 4Q25 2024 2025 Revenue $275.2 $226.0 $915.8 $1,284.1 Gross margin 28.5% 8.6% 32.5% 23.2% Net (loss) income to Common Shareholders ($141.2) ($161.2) ($296.1) ($112.0) Diluted net loss per share ($0.93) ($1.06) ($1.95) ($0.73) Net cash provided by operating activities $57.6 $43.6 $154.0 $101.8 Adjusted gross margin(1) 29.8% 24.5% 34.1% 27.0% Adjusted EBITDA(1) $45.2 $11.2 $173.6 $187.6 Adjusted EBITDA margin(1) 16.4% 5.0% 19.0% 14.6% Adjusted net income (loss)(1) $25.1 ($1.3) $91.2 $102.9 Adjusted net income (loss) per common share(1) $0.16 ($0.01) $0.60 $0.67 Free Cash Flow(1) $44.6 $36.2 $135.4 $79.8 Financial Performance 2025 Revenue growth of 40% over 2024, driven by market share gain 2025 Adjusted Gross Margin(1) of 27.0%, declined from 2024, primarily due to higher prior-year 45X amortization in 2024 and tariffs 2025 Adjusted EBITDA(1) of $187.6M, second highest year on company record (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure

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14 4Q 25 E A R N N IN G S PR ES EN TA TI O N2026 FULL YEAR GUIDANCE FULL YEAR ENDING DECEMBER 31, 2026 Revenue $1.4B - $1.5B Adjusted EBITDA(1) $200M - $230M Adjusted Net Income Per Common Share(1) $0.65 - $0.75 (1) A reconciliation of projected adjusted gross margin, adjusted EBITDA, adjusted net income (loss) per common share, adjusted G&A, and free cash flow, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from adjusted EBITDA and adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, "non-GAAP adjustments"). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results. 1Q26 ENDING MARCH 31, 2026 Assumptions: FY Adjusted Gross Margin(1): 26% - 27% FY Adjusted G&A(1): Approx. 12% of revenue Free Cash Flow(1) conversion as % of Adjusted EBITDA: Similar to 2025 Revenue Approx. $200M Adjusted EBITDA(1) Down slightly vs. 4Q25

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15 4Q 25 E A R N N IN G S PR ES EN TA TI O NINVESTMENT HIGHLIGHTS Leading solution in high demand market Well-positioned to capture accelerating demand, supported by AI datacenter expansion and U.S. manufacturing onshoring Solar leads the industry as the quickest and least expensive way to deploy energy developments, less than half the lowest cost fossil alternative(1) Differentiated product portfolio Portfolio built around patented, superior energy performance of wind stow technology, designed to optimize yield and reduce project complexity Expansive product and software portfolio including unique solutions such as Hail XP , OmniTrack , and SmarTrack® Expansion into fixed-tilt and engineered foundation solutions through acquisition of APA Robust financial performance Strong cash flow generation through various economic cycles and political environments Optimized capital structure enhances liquidity and flexibility, positioning the company to invest in strategic expansion Experienced management team Management team with proven experience across, energy, manufacturing, product, and service industries High engagement with industry and trade associations (1) Lazard Levelized Cost of Energy report June 2025

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16 4Q 25 E A R N N IN G S PR ES EN TA TI O N APPENDIX

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![](exhibit9922025q4earnings018.jpg)

17 Array Technologies, Inc. As of (in thousands, except per share and share amounts) (Unaudited) December 31, 2025 December 31, 2024 Assets Current Assets Cash and cash equivalents $244,388 $362,992 Restricted cash 1,596 1,149 Accounts receivable, net 271,578 275,838 Inventories, net 150,374 200,818 Prepaid expenses and other 201,108 157,927 Total current assets 869,044 998,724 Property, plant and equipment, net 58,225 26,222 Lease assets 97,088 16,384 Goodwill 135,173 160,189 Other intangible assets, net 238,579 181,409 Deferred income tax assets 23,965 17,754 Other assets 29,718 25,317 Total assets $1,451,792 $1,425,999 Liabilities, Redeemable Perpetual Preferred Stock and Stockholders' Equity Current Liabilities Accounts payable $143,994 $172,368 Accrued expenses and other 54,289 91,183 Income tax payable 4,687 5,227 Deferred revenue 128,433 119,775 Current portion of contingent consideration 14,551 1,193 Current portion of warranty liability 10,844 2,063 Current portion of lease liabilities 7,662 5,600 Current portion of debt 10,315 30,714 Other current liabilities 2,237 9,691 Total current liabilities 377,012 437,814 Deferred income tax liabilities 22,133 21,398 Other long-term liabilities 25,838 3,556 Contingent consideration, net of current portion 12,739 7,868 Warranty liability, net of current portion 5,466 4,830 Lease liabilities, net of current portion 89,552 15,128 Long-term debt, net of current portion 658,664 646,570 Total liabilities 1,191,404 1,137,164 Commitments and contingencies Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 authorized; 490,829 and 460,920 issued, respectively; liquidation preference of $493.1 million at both dates 466,728 406,931 Stockholders' equity Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates - - Common stock of $0.001 par value - 1,000,000,000 shares authorized; 152,779,614 and 151,951,652 shares issued at respective dates 152 151 Additional paid-in capital 226,848 297,780 Accumulated deficit (422,859) (370,624) Accumulated other comprehensive loss (10,481) (45,403) Total stockholders' equity (206,340) (118,096) Total liabilities, redeemable perpetual preferred stock and stockholders' equity $1,451,792 $1,425,999 4Q 25 E A R N N IN G S PR ES EN TA TI O NCONDENSED CONSOLIDATED BALANCE SHEETS

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18 4Q 25 E A R N N IN G S PR ES EN TA TI O NCONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Array Technologies, Inc. Three Months Ended December 31, Twelve Months Ended December 31, (in thousands, except per share amounts) (Unaudited) 2025 2024 2025 2024 Revenue $226,044 $275,232 $1,284,141 $915,807 Cost of revenue Cost of product and service revenue 171,391 193,273 938,552 603,572 Inventory valuation charge 29,516 - 29,516 - Amortization of developed technology and backlog 5,807 3,640 17,520 14,558 Total cost of revenue 206,714 196,913 985,588 618,130 Gross profit 19,330 78,319 298,553 297,677 Operating expenses General and administrative 57,465 45,663 198,612 160,567 Change in fair value of contingent consideration (837) 396 177 125 Depreciation and amortization 8,248 8,702 26,199 36,086 Long-lived assets impairment - 91,904 - 91,904 Goodwill impairment 102,560 74,000 102,560 236,000 Total operating expenses 167,436 220,665 327,548 524,682 Loss from operations (148,106) (142,346) (28,995) (227,005) Interest income 1,756 4,092 11,852 16,777 Interest expense (5,482) (9,007) (27,331) (34,825) Foreign currency gain (loss), net 16 (3,442) 2,042 (4,515) Gain on extinguishment of debt, net - - 14,207 - Other (expense) income, net (1,004) 654 (992) (1,008) Total other expense (4,714) (7,703) (222) (23,571) Loss before income tax (benefit) expense (152,820) (150,049) (29,217) (250,576) Income tax (benefit) expense (7,074) (23,146) 23,018 (10,182) Net loss (145,746) (126,903) (52,235) (240,394) Preferred dividends and accretion 15,422 14,338 59,797 55,670 Loss to common shareholders $(161,168) $(141,241) $(112,032) $(296,064) Loss per common share Basic $(1.06) $(0.93) $(0.73) $(1.95) Diluted $(1.06) $(0.93) $(0.73) $(1.95) Weighted average number of common shares outstanding Basic 152,752 151,944 152,537 151,754 Diluted 152,752 151,944 152,537 151,754

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![](exhibit9922025q4earnings020.jpg)

19 4Q 25 E A R N N IN G S PR ES EN TA TI O NCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Array Technologies, Inc. Twelve Months Ended December 31, (in thousands) (Unaudited) 2025 2024 Operating activities Net loss $(52,235) $(240,394) Adjustments to net loss: Goodwill impairment 102,560 236,000 Impairment of long-lived assets - 91,904 Provision for credit losses 912 2,058 Deferred tax expense (benefit) 3,195 (37,650) Depreciation and amortization 29,768 38,221 Amortization of developed technology and backlog 17,520 14,558 Amortization of debt discount and issuance costs 5,216 6,087 Gain on extinguishment of debts, net (14,207) - Equity-based compensation 15,571 10,349 Change in fair value of contingent consideration 177 125 Warranty provision 17,273 3,163 Inventory reserve 3,515 2,923 Inventory valuation charge 29,516 - Other non-cash (2,032) - Changes in working capital, net (54,964) 26,636 Net cash provided by operating activities 101,785 153,980 Investing activities Purchase of property, plant and equipment (21,972) (7,305) Acquisition, net of cash acquired (164,916) - Retirement/disposal of property, plant and equipment - 34 Cash payments for the acquisition of right-of-use assets - (11,276) Investment in securities (1,000) (3,000) Sale of equity investment - 11,975 Net cash used in provided by investing activities (187,888) (9,572) Financing activities Proceeds from issuance of other debt 151,151 93,059 Proceeds from issuance of convertible notes 345,000 - Premium paid on capped call (35,087) - Fees paid on issuance of convertible notes (10,434) - Repayments of other debt (174,392) (97,424) Repayments of term loan facility (233,875) (4,300) Repayments of convertible notes (78,363) - Contingent consideration payments (1,204) (1,427) Other financing (849) (1,752) Net cash used in financing activities (38,053) (11,844) Effect of exchange rate changes on cash and cash equivalent balances 5,999 (17,503) Net change in cash and cash equivalents and restricted cash (118,157) 115,061 Cash and cash equivalents, and restricted cash beginning of period 364,141 249,080 Cash and cash equivalents and restricted cash, end of period $245,984 $364,141

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![](exhibit9922025q4earnings021.jpg)

20 4Q 25 E A R N N IN G S PR ES EN TA TI O NADJUSTED GROSS PROFIT RECONCILIATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands, except percentages) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenue $226,044 $393,491 $275,232 $1,284,141 $915,807 Cost of revenue 206,714 287,820 196,913 985,588 618,130 Gross profit 19,330 105,671 78,319 298,553 297,677 Gross margin 8.6% 26.9% 28.5% 23.2% 32.5% Amortization of developed technology and backlog 5,807 4,434 3,640 17,520 14,558 Acquisition-related expenses(a) 762 399 - 1,161 - Inventory valuation charge(b) 29,516 - - 29,516 - Adjusted gross profit 55,415 110,504 81,959 346,750 312,235 Adjusted gross margin 24.5% 28.1% 29.8% 27.0% 34.1% a) Represents acquisition-related fair value adjustments to inventory and Property, plant, and equipment. b) Represents inventory valuation charge related to phase-out of STI H250TM inventory that is not SmartTrack® compatible.

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![](exhibit9922025q4earnings022.jpg)

21 Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 General and administrative expense $57,465 $52,248 $45,663 $198,612 $160,567 Equity based compensation (4,228) (4,647) (3,498) (15,571) (10,349) Certain legal expenses(a) - - (2,240) (1,232) (6,773) Acquisition-related expenses(b) (5,226) (8,545) - (16,858) - Other costs(c) (2,267) - (2,586) (2,267) (2,628) Adjusted general and administrative expense $45,744 $39,056 $37,339 $162,684 $140,817 a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business. b) Represents acquisition-related expenses. c) For the three months and twelve months ended December 31, 2025, represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. For the three months ended December 31, 2024, represents costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, represents settlement of tax dispute and Capped-Call accounting treatment evaluation. 4Q 25 E A R N N IN G S PR ES EN TA TI O NADJUSTED G&A RECONCILIATION

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![](exhibit9922025q4earnings023.jpg)

22 Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net (loss) income $(145,746) $33,503 $(126,903) $(52,235) $(240,394) Preferred dividends and accretion 15,422 15,144 14,338 59,797 55,670 Net (loss) income to common shareholders $(161,168) $18,359 $(141,241) $(112,032) $(296,064) Other income, net (752) (3,045) (4,746) (10,860) (15,769) Gain on extinguishment of debt, net - - - (14,207) - Foreign currency (gain) loss, net (16) 6 3,442 (2,042) 4,515 Preferred dividends and accretion 15,422 15,144 14,338 59,797 55,670 Interest expense 5,482 5,046 9,007 27,331 34,825 Income tax (benefit) expense (7,074) 9,941 (23,146) 23,018 (10,182) Depreciation expense 2,336 1,537 1,140 6,094 4,410 Amortization of intangibles 7,508 6,199 8,142 23,674 33,811 Amortization of developed technology and backlog 5,807 4,434 3,640 17,520 14,558 Equity-based compensation 4,228 4,647 3,498 15,571 10,349 Change in fair value of contingent consideration (837) 1,014 396 177 125 Long-lived assets impairment - - 91,904 - 91,904 Goodwill impairment 102,560 - 74,000 102,560 236,000 Certain legal expenses(a) - - 2,240 1,232 6,773 Acquisition-related expenses(b) 5,960 8,912 - 17,959 - Inventory valuation charge(c) 29,516 - - 29,516 - Other costs(d) 2,267 - 2,586 2,267 2,628 Adjusted EBITDA $11,239 $72,194 $45,200 $187,575 $173,553 Adjusted EBITDA margin 5.0% 18.3% 16.4% 14.6% 19.0% a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business. b) Represents acquisition-related expenses and fair value adjustments to inventory. c) Represents inventory valuation charge related to phase-out of STI H250TM inventory that is not SmartTrack® compatible. d) For the three months and twelve months ended December 31, 2025, represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. For the three months ended December 31, 2024, represents costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, represents settlement of a tax dispute and Capped-Call accounting treatment evaluation. 4Q 25 E A R N N IN G S PR ES EN TA TI O NADJUSTED EBITDA RECONCILIATION

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![](exhibit9922025q4earnings024.jpg)

23 4Q 25 E A R N N IN G S PR ES EN TA TI O NADJUSTED NET INCOME RECONCILIATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands, except per share amounts) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net (loss) income $(145,746) $33,503 $(126,903) $(52,235) $(240,394) Preferred dividends and accretion 15,422 15,144 14,338 59,797 55,670 Net (loss) income to common shareholders $(161,168) $18,359 $(141,241) $(112,032) $(296,064) Amortization of intangibles 7,508 6,199 8,142 23,674 33,811 Amortization of developed technology and backlog 5,807 4,434 3,640 17,520 14,558 Amortization of debt discount and issuance costs 880 879 1,547 5,216 6,199 Gain on extinguishment of debt, net - - - (14,207) - Series A Preferred Stock accretion 7,707 7,548 7,093 29,889 27,510 Equity based compensation 4,228 4,647 3,498 15,571 10,349 Change in fair value of contingent consideration (837) 1,014 396 177 125 Long-lived assets impairment - - 91,904 - 91,904 Goodwill impairment 102,560 - 74,000 102,560 236,000 Certain legal expenses (a) - - 2,240 1,232 6,773 Acquisition-related expenses(b) 6,024 8,944 - 18,055 - Inventory valuation charge(c) 29,516 - - 29,516 - Other costs(d) 2,267 - 2,586 2,267 2,628 Income tax expense of adjustments (e) (5,811) (6,262) (28,688) (16,522) (42,596) Adjusted net (loss) income $(1,319) $45,762 $25,117 $102,916 $91,197 (Loss) Income per common share Basic $(1.06) $0.12 $(0.93) $(0.73) $(1.95) Diluted $(1.06) $0.12 $(0.93) $(0.73) $(1.95) Weighted average number of common shares outstanding Basic 152,752 152,727 151,944 152,537 151,754 Diluted 152,752 154,090 151,944 152,537 151,754 Adjusted net (loss) income per common share Basic $(0.01) $0.30 $0.17 $0.67 $0.60 Diluted $(0.01) $0.30 $0.16 $0.67 $0.60 Weighted average number of common shares outstanding Basic 152,752 152,727 151,944 152,537 151,754 Diluted 152,752 154,090 152,255 153,692 152,285 a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business. b) Represents acquisition-related expenses and fair value adjustments to inventory and Property, plant, and equipment. c) Represents inventory valuation charge related to phase-out of STI H250TM inventory that is not SmarTrack® compatible. d) For the three months and twelve months ended December 31, 2025, represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. For the three months ended December 31, 2024, represents costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, represents settlement of a tax dispute and Capped-Call accounting treatment evaluation. e) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

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![](exhibit9922025q4earnings025.jpg)

24 4Q 25 E A R N N IN G S PR ES EN TA TI O NFREE CASH FLOW RECONCILIATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $43,640 $27,363 $57,586 $101,785 $153,980 Purchase of property, plant and equipment (7,476) (5,513) (1,701) (21,972) (7,305) Cash payments for the acquisition of right-of-use assets - - (11,276) - (11,276) Free cash flow $36,164 $21,850 $44,609 $79,813 $135,399

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![](exhibit9922025q4earnings026.jpg)

25 4Q 25 E A R N N IN G S PR ES EN TA TI O N THANK YOU investors@arraytechinc.com

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