Array Technologies reported third quarter revenue of $330.2 million, slightly exceeding analyst expectations, but missed adjusted earnings estimates. Despite reaching a record orderbook and a book-to-bill ratio of 1.6x, management lowered full-year guidance across all key metrics due to project timing shifts and macro-driven delivery delays into 2027. The company also announced a definitive stock-for-stock merger agreement with Shoals Technologies Group.
Key Highlights
- Record total executed contracts and awarded orders reached $2.6 billion as of September 30, 2026, representing a 42% increase year-over-year.
- Full year 2026 revenue guidance was lowered to a range of $1.34 billion to $1.40 billion, down from the prior range of $1.4 billion to $1.5 billion.
- Adjusted gross margin of 22.8% for the quarter was negatively impacted by approximately 330 basis points due to a reserve for a 2023 45X tax credit receivable.
- Management cut full year adjusted EPS guidance to a midpoint of $0.63, down from the previous $0.715 midpoint, citing policy uncertainty and financing conditions extending project timelines.