Industry: Solar Energy Equipment — specializing in ground-mounting solar tracker systems for utility-scale and distributed generation projects.

About Company:

Array Technologies is a global leader in solar tracking technology, offering robust ground-mounted single-axis trackers—like DuraTrack HZ v3, OmniTrack, and STI H250—as well as machine-learning-enabled management tools like SmarTrack and strong field services. The company emphasizes domestic manufacturing, a diverse global supply chain, and customer-centric deployment.

Company History:

• Founded in 1987, headquartered in Albuquerque, New Mexico.
• Growth grounded in engineering-first design, expanding internationally across the U.S., Spain, Brazil, Australia, and elsewhere.
• In June 2025, raised $345 million via upsized convertible senior notes—using proceeds to repay term loans and repurchase $100 million in principal.

Company Advantage Over Competitors:

• Technology leadership with a diversified product suite—from cost-efficient trackers to AI-driven operational optimization (SmarTrack).
• Resilient domestic manufacturing paired with global service capabilities ensures quality control and responsive deployment.
• Strong financial momentum: Q1 2025 revenue soared to $302.4 million, a 97% YoY increase and up 10% sequentially, demonstrating operational execution.

Risk Factors to Consider:

• Revenue volatility and net losses: In Q4 2024, revenue was $275.2 million with a net loss of $141.2 million.
• Market exposure to solar installation cycles, incentives, and utility-scale project fluctuations.
• High leverage risk: Proceeds from convertible note issuance used to reduce debt—but leverage and convertible dilution remain concerns.

What Makes This Company Special or a Good Investment?

• Turnaround in financial performance, with Q1 2025 showing remarkable revenue growth and margin improvement.
• Strategic capital raising, strengthening the balance sheet and providing flexibility.
• Leadership in a growing renewable energy market, with technology that enhances solar yield and cost-efficiency.
• Long-term potential as solar energy deployment accelerates globally, and demand for tracking technology rises.