Array Technologies, Inc. (ARRY): History, Ownership, Mission, How It Works & Makes Money

As the solar energy market accelerates, Array Technologies, Inc. (ARRY) stands as a critical infrastructure player-but do you defintely understand how its core technology translates into a projected $1.25 billion to $1.28 billion in revenue for the 2025 fiscal year? The company's single-axis solar trackers are essential for maximizing utility-scale power generation, a fact underscored by its robust $1.9 billion order book as of late 2025, which shows strong demand for products like OmniTrack and Skylink. We need to look past the impressive 70% year-over-year revenue growth reported in Q3 2025 and examine the specific mechanics of their business model, ownership structure, and mission to see if this momentum is sustainable.

Array Technologies, Inc. (ARRY) History

You're looking for the foundational story behind Array Technologies, Inc., and the core takeaway is this: the company's evolution from a solar pioneer to a global, publicly-traded powerhouse was driven by two key transitions-a private equity acquisition that fueled scale and a strategic IPO that unlocked capital for international expansion.

The company started with a simple, robust design philosophy, but its major growth phases were all about capital structure and global reach. That's the real lesson here for any business scaling in a capital-intensive industry.

Given Company's Founding Timeline

Year established

1989

Original location

Albuquerque, New Mexico

Founding team members

Ron Corio

Initial capital/funding

Specific early-stage funding figures from 1989 are not publicly detailed, but the company began operations through bootstrapping or initial private funds. This bootstrapping phase established a strong engineering focus before external institutional capital arrived.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The shift from a regional pioneer to a global market contender hinged on three transformative decisions that fundamentally changed its scale and product offering.

• The Private Equity Infusion (2014): The acquisition by Oaktree Capital Management in 2014 provided the necessary financial structure and resources to move beyond its entrepreneurial phase, allowing the company to aggressively pursue larger utility-scale projects and expand its manufacturing capacity. This was the moment the company started thinking globally.
• The Public Market Access (2020): The IPO was a landmark event, not just for the capital raised, but for the financial flexibility it provided. It allowed them to pay down debt and fund ambitious expansion, including the strategic acquisitions that followed.
• The Global Diversification Strategy (2022-2025): The acquisition of STI Norland in 2022 and APA Solar in 2025 were crucial for global balance and product breadth. STI Norland gave Array Technologies a strong foothold in the international market, especially in Brazil and Spain. The APA Solar acquisition in Q3 2025 was a move to integrate foundation and fixed-tilt solutions, which is defintely a smart way to capture more project value.

Looking at the near-term, the company's focus on domestic content is a major strategic pivot. Array Technologies expects 100% of its trackers to be eligible for domestic content benefits in the first half of 2025, positioning them to capitalize heavily on Inflation Reduction Act (IRA) incentives. This commitment to US manufacturing, supported by a new New Mexico facility, is key to mitigating supply chain risk and boosting margins.

Here's the quick math on the current scale: Array Technologies' full-year 2025 revenue guidance, updated in November 2025, is between $1.25 billion and $1.28 billion. This is supported by a robust order backlog of $1.9 billion as of September 30, 2025. That backlog provides clear revenue visibility well into 2026. If you want to dive deeper into the numbers, check out Breaking Down Array Technologies, Inc. (ARRY) Financial Health: Key Insights for Investors.

Your next step is to track the realization of that 2025 Adjusted EBITDA guidance, which is projected between $185 million and $195 million, to see if the integration of APA Solar delivers the expected margin improvement.

Array Technologies, Inc. (ARRY) Ownership Structure

Array Technologies, Inc. is a publicly traded company on the NASDAQ, operating under the ticker ARRY, meaning its ownership is distributed among a mix of institutional investors, company insiders, and the general public.

The company's governance is heavily influenced by large institutional money managers who collectively hold the largest stake, but the stock's daily trading is still significantly driven by individual investor sentiment and market dynamics.

Array Technologies' Current Status

Array Technologies is a US-headquartered, publicly traded corporation listed on the NASDAQ Global Market (NASDAQ: ARRY).

This public status subjects the company to rigorous reporting requirements from the Securities and Exchange Commission (SEC), providing transparency into its operations, financials, and ownership structure.

As of November 2025, the company has approximately 153 million total shares outstanding, with institutional holdings valued at about $1.732 billion.

The company is projecting full-year 2025 revenue guidance between $1.25 billion and $1.28 billion, and it has already surpassed $1 billion in year-to-date revenue as of the third quarter of 2025.

You can dive deeper into who is buying and selling the stock at Exploring Array Technologies, Inc. (ARRY) Investor Profile: Who's Buying and Why?

Array Technologies' Ownership Breakdown

The ownership structure is typical for a mid-cap technology company, dominated by institutional funds that manage retirement and investment capital for millions of people.

Here's the quick math: Institutional investors hold the largest block, which gives them substantial voting power on major corporate decisions, but public and individual investors still hold a majority of the float.

This breakdown shows that while institutional funds are the most concentrated holders, the stock is still widely accessible and traded by the public, which can contribute to higher volatility.

Array Technologies' Leadership

The company is steered by a seasoned executive team focused on scaling its global solar tracking technology and integrating key acquisitions, such as APA Solar, completed in August 2025.

The leadership team is responsible for managing the company's substantial order backlog, which was reported at $1.9 billion following the Q3 2025 results.

Key members of the senior management team as of November 2025 include:

• Kevin Hostetler: Chief Executive Officer (CEO).
• H. Keith Jennings: Chief Financial Officer (CFO).
• Neil Manning: President and Chief Operating Officer (COO).
• Thierry Marin-Martinod: Chief Technology Officer (CTO), appointed effective December 2025.
• Erica Brinker: Chief Commercial Officer (CCO) and Head of Environmental, Social & Governance (ESG).

This team's primary action is to execute on the large backlog and maintain the positive momentum that led to the raised 2025 revenue guidance. Finance: monitor the Q4 order intake to assess risk to the 2026 forecast.

Array Technologies, Inc. (ARRY) Mission and Values

Array Technologies, Inc.'s core purpose extends well beyond its projected 2025 revenue of up to $1.28 billion; it centers on advancing solar tracking technology to drive global sustainable energy adoption and maximize value for project owners. Their foundational values-like Innovation and Customer Focus-are the cultural DNA that supports their financial execution and market leadership. Mission Statement, Vision, & Core Values of Array Technologies, Inc. (ARRY).

Array Technologies' Core Purpose

You need to see the 'why' behind the numbers, especially when a company is guiding for Adjusted EBITDA of up to $195 million in 2025. Array Technologies' purpose is rooted in making solar power more efficient and reliable, which is a defintely necessary step for the energy transition. This focus translates directly into product development and strategic acquisitions, like the recent integration of APA Solar, which contributed $16.9 million in revenue in Q3 2025.

Official Mission Statement

The company's mission is a clear statement of their market function and value proposition. It's not just about selling equipment; it's about optimizing the financial return for their clients, which is a language we all understand.

• Deliver tracker solutions that maximize solar project returns for developers, EPCs (Engineering, Procurement, and Construction firms), and asset owners.
• Advance solar tracking technology and sustainable energy solutions worldwide.

Here's the quick math: maximizing energy production with a tracker directly lowers the Levelized Cost of Energy (LCOE), making solar projects more profitable and bankable for investors.

Vision Statement

Array Technologies has a big-picture vision that maps out their long-term market aspirations, aiming for global leadership in a competitive sector. They are not just participating in the solar market; they want to lead it.

• Spearhead the global shift towards sustainable energy by offering the most inventive and dependable solar tracking solutions available.
• Achieve a targeted global solar tracker market share of 35.2%.

This vision is backed by tangible commitments, such as the goal to achieve 100% domestic content for their solar trackers by the first half of 2025, which strategically positions them to benefit from the U.S. Inflation Reduction Act (IRA) incentives.

Core Values

Their operational philosophy is built on a few key pillars that define how they execute on their mission and vision, guiding everything from R&D spending to customer interactions.

• Innovation: Driving continuous advancement; they invested $24.3 million in R&D in 2023.
• Sustainability: Committed to growing the business with ESG (Environmental, Social, and Governance) principles at its core.
• Customer Focus: Dedication to meeting client requirements and ensuring project success globally.
• Operational Excellence: Engineering products for reliability and durability, targeting a minimum 30-year lifespan.
• Integrity: Upholding ethical standards and transparency in all dealings.
• Safety: Committing to the highest safety protocols across all activities.

Array Technologies' Slogan/Tagline

Their tagline is simple, clear, and perfectly sums up their product's benefit: they use technology to get more power from the sun.

• Powering Smarter Solar.

Array Technologies, Inc. (ARRY) How It Works

Array Technologies designs and manufactures the mechanical and software systems that move solar panels to follow the sun's path, maximizing energy production for utility-scale power plants. The company makes money primarily by selling these single-axis solar trackers, plus fixed-tilt systems and specialized software, to large-scale project developers and operators globally.

Array Technologies' Product/Service Portfolio

Array Technologies' Operational Framework

The company's operational framework is built on a capital-light manufacturing model, allowing for flexibility and a focus on engineering and supply chain management. This approach helps Array Technologies navigate volatile global markets, so they can deliver on their substantial order book, which stood at $1.9 billion as of September 30, 2025.

Here's the quick math: with full-year 2025 revenue guidance between $1.25 billion and $1.28 billion, maintaining a robust backlog is defintely crucial for future growth.

• Diversified Supply Chain: Array Technologies manages a global network of over 100 international and 50 domestic suppliers to source steel and aluminum components, minimizing exposure to single-region risks and tariffs.
• Domestic Content Focus: A strategic pivot to achieve 100% domestic content solar trackers in the first half of 2025, which positions them favorably for incentives under the Inflation Reduction Act (IRA).
• Integrated Solutions: The 2025 acquisition of APA Solar, LLC, for an enterprise value of $179 million, was a key move to integrate foundation solutions with their core tracking technology, offering a single, more comprehensive system to customers.

This model prioritizes engineering innovation and quality control over owning all the heavy manufacturing assets. If you want a deeper dive into the capital structure supporting this, you can check out Exploring Array Technologies, Inc. (ARRY) Investor Profile: Who's Buying and Why?

Array Technologies' Strategic Advantages

Array Technologies maintains its market position by combining product simplicity with strategic supply chain execution and a clear focus on the high-growth U.S. utility-scale solar market.

• Technology Simplicity: Their decentralized tracker architecture uses fewer motors and driveline components than competitors, which reduces installation time and long-term maintenance costs for the customer. Fewer moving parts means less can break.
• IRA-Driven Domestic Advantage: Achieving 100% domestic content in their trackers allows customers to qualify for significant tax credits, making Array Technologies' products more economically competitive in the critical U.S. market.
• Extreme Weather Resilience: The development of products like the high-angle stow hail tracker and the Hail XP software addresses a major risk for solar farm owners, providing a clear value proposition for asset protection in severe weather zones.
• Financial Momentum: The company's strong operational performance led to a Q3 2025 Adjusted EBITDA of $72.2 million, and management raised the full-year 2025 Adjusted EBITDA guidance to a range of $185 million to $195 million, signaling confidence in their cost and execution strategies.

What this estimate hides is the ongoing risk from global tariff shifts, but the company's supply chain flexibility is designed to keep their tariff exposure low, currently under 14%.

Array Technologies, Inc. (ARRY) How It Makes Money

Array Technologies, Inc. primarily generates revenue by designing, manufacturing, and selling single-axis solar tracking systems used in utility-scale and commercial solar energy projects globally. This involves selling the hardware-the trackers-plus associated foundation solutions, software, and services to large power producers and engineering, procurement, and construction (EPC) firms.

Given Company's Revenue Breakdown

For the 2025 fiscal year, the company projects total revenue to be between $1.25 billion and $1.28 billion, a significant jump driven by strong domestic demand and recent acquisitions. The revenue streams are largely concentrated in the core product, but the recent acquisition of APA Solar is changing the mix, adding new foundation and fixed-tilt product lines.

Here's the quick math: The APA acquisition is expected to contribute approximately $50 million to the 2025 full-year revenue guidance. Against the midpoint of the revenue guidance, $1.265 billion, that new segment accounts for about 4% of the total, leaving the core tracker business responsible for the other 96%. The core business includes the legacy Array trackers and the international STI operations.

Business Economics

The business model is fundamentally based on high-volume manufacturing and project-based sales, where scale is everything. Array Technologies' pricing strategy is competitive, but they maintain margin by focusing on product innovation that reduces installation time and material complexity for the customer. Their new products, like OmniTrack, SkyLink, and Hail XP, are already seeing huge traction, accounting for nearly 40% of the $1.9 billion order book as of Q3 2025.

• Cost Fundamentals: The major cost component is raw materials, primarily steel and aluminum, which are subject to global commodity prices and tariffs. The team has been proactive, reducing tariff exposure to less than 14% of the bill of materials by year-end 2025 through domestic sourcing and supply chain strategy.
• Pricing Power: The company uses a pass-through mechanism for material cost volatility, which helps protect the gross margin (the profit left after cost of goods sold). This is a critical risk mitigator.
• Value Proposition: The core economic value for the customer is the single-axis tracker's ability to increase energy yield by up to 25% compared to fixed-tilt systems. That higher energy output justifies the tracker's premium cost over the project's lifetime.

The order book is defintely a key indicator of future revenue visibility, especially since over 95% of the current backlog is from the domestic U.S. market.

Given Company's Financial Performance

The company is demonstrating strong operational leverage and margin recovery, which is crucial for a hardware-heavy business. The updated 2025 guidance shows management's confidence in translating that massive order book into profitable sales. You can dive deeper into the health of the balance sheet and cash flow here: Breaking Down Array Technologies, Inc. (ARRY) Financial Health: Key Insights for Investors

• Adjusted Gross Margin: The full-year 2025 adjusted gross margin is projected to be between 27% and 28%. This reflects significant sequential improvement, even with the impact of tariffs and inflationary pressures.
• Adjusted EBITDA: Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is forecast to be in the range of $185 million to $195 million for 2025. This is a strong profitability indicator, showing the core business is generating cash.
• Adjusted EPS: Adjusted diluted earnings per share (EPS) is guided to be between $0.64 and $0.70 for the full year 2025, which is a solid return to profitability.
• Liquidity: Free cash flow is forecast at about $100 million for 2025, with capital expenditures expected to be a manageable $20 million. Generating that much free cash flow while managing a high-growth environment is a sign of operational discipline.

The next step for you is to map the midpoint of the 2025 EBITDA guidance-$190 million-against the current enterprise value to see if the market is correctly pricing this growth story.

Array Technologies, Inc. (ARRY) Market Position & Future Outlook

Array Technologies is defintely securing its position as a primary beneficiary of the U.S. utility-scale solar boom, driven by its strategic focus on domestic manufacturing and product innovation.

The company is projecting a strong close to the year, with full-year 2025 revenue guidance updated to a range of $1.25 billion to $1.28 billion, alongside an Adjusted EBITDA forecast of $185 million to $195 million. This solid financial trajectory is underpinned by a robust order book that stood at approximately $1.9 billion at the end of the third quarter of 2025.

Competitive Landscape

The utility-scale solar tracker market is highly consolidated, particularly in North America, but Array Technologies is actively working to narrow the performance gap with its main rival. The company's core advantage lies in its mechanically simple, reliable single-axis tracker design and its ability to comply with U.S. domestic content mandates, a critical factor for securing projects under the Inflation Reduction Act (IRA).

Opportunities & Challenges

You need to map the near-term landscape to understand where Array can accelerate and where it must mitigate risk. The demand side looks incredibly strong, but supply chain and policy volatility still loom large.

Industry Position

Array Technologies is positioned as a critical, policy-compliant supplier in the North American solar supercycle, a market expected to see significant growth for the rest of the decade.

The company's strategic priorities are clear and focused on capitalizing on the domestic tailwinds:

• Onshoring Initiatives: Reducing dependency on imports, with exposure to India expected to drop by roughly 50% by year-end 2025.
• Product Innovation: Driving sales through new products designed for high-efficiency modules and challenging terrains.
• Financial Health: Showing consistent progress toward profitability, with a significant improvement in year-to-date net loss for the nine months ended September 30, 2025.

The successful execution of this turnaround plan positions Array Technologies as a potential 2026-2027 winner in the utility-scale sector. To understand the underlying metrics supporting this outlook, you should review Breaking Down Array Technologies, Inc. (ARRY) Financial Health: Key Insights for Investors.

Here's the quick math: the updated 2025 revenue guidance of up to $1.28 billion reflects management's confidence in converting their large backlog into sales, even as they navigate tariff and inflation pressures.

Next step: Financial team should model the impact of the IRA 45X credit on the Adjusted EBITDA margin for the full 2026 fiscal year.