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

What makes Array Technologies, Inc. (ARRY) such a significant force in the global solar tracking market? With reported Q1 2024 revenues reaching $153.4 million and reaffirming full-year guidance between $1.25 billion and $1.40 billion, their financial footprint alone demands attention. This company stands as a leading provider of utility-scale solar tracker technology, fundamentally influencing how large solar projects capture energy efficiently. Are you ready to understand the foundations of their success and how they continue to innovate in a competitive landscape?

Array Technologies, Inc. (ARRY) History

Array Technologies' Founding Timeline

The journey began modestly but with a clear focus on solar tracking innovation.

Year established

1989

Original location

Albuquerque, New Mexico

Founding team members

Ron Corio

Initial capital/funding

The company started operations likely through bootstrapping or initial private funds; specific early-stage funding figures from 1989 are not publicly detailed.

Array Technologies' Evolution Milestones

From its inception, the company has navigated significant technological and market shifts.

Array Technologies' Transformative Moments

Several key decisions fundamentally shaped the company's path.

The 2014 acquisition by Oaktree Capital Management provided the structure and resources necessary for significant growth, moving beyond its initial entrepreneurial phase.

Conducting its IPO in October 2020 was a landmark event, unlocking access to public capital markets and fueling ambitious expansion plans, including strategic acquisitions.

The 2022 purchase of STI Norland represented a major strategic pivot, transforming the company into a truly global player with diversified manufacturing and market access, albeit bringing integration challenges that continued to be addressed through 2024.

Array Technologies, Inc. (ARRY) Ownership Structure

Array Technologies operates as a publicly traded entity, meaning its ownership is distributed among various shareholders, predominantly large institutions. Understanding this structure is key to grasping the forces influencing corporate governance and strategic direction.

Array Technologies, Inc.'s Current Status

As of the end of the 2024 fiscal year, Array Technologies, Inc. is a publicly listed company. Its shares trade on the Nasdaq stock exchange under the ticker symbol ARRY.

Array Technologies, Inc.'s Ownership Breakdown

The shareholder base is significantly weighted towards institutional investors, reflecting confidence from large financial entities. You can delve deeper into the specifics here: Exploring Array Technologies, Inc. (ARRY) Investor Profile: Who’s Buying and Why?

Array Technologies, Inc.'s Leadership

Guiding the company's strategy and operations at the close of 2024 is a dedicated executive team. Their collective experience shapes the company's path forward in the renewable energy sector.

• Kevin Hostetler: Chief Executive Officer
• Nipul Patel: Chief Financial Officer
• Tyson Hottinger: Chief Operating Officer
• Erica Brinker: Chief Commercial Officer & Head of ESG
• Neil Chen: Chief Accounting Officer

Array Technologies, Inc. (ARRY) Mission and Values

Array Technologies articulates its core purpose through a mission centered on enhancing solar project value, supported by values that define its corporate identity and operational approach. Grasping these foundational elements offers a view into the company's long-term aspirations beyond immediate financial results.

Array Technologies' Core Purpose

Official mission statement

To deliver tracker solutions that maximize solar project returns for developers, EPCs, and asset owners.

Vision statement

To spearhead the global shift towards sustainable energy by offering the most inventive and dependable solar tracking solutions available.

Company slogan

Powering Smarter Solar

These guiding statements reflect the company's commitment to the renewable energy sector. You can find more details within the Mission Statement, Vision, & Core Values of Array Technologies, Inc. (ARRY). The operational philosophy rests on core values including:

• Integrity: Upholding ethical standards and transparency in all dealings.
• Innovation: Driving continuous advancement in solar tracking technology and operational efficiency.
• Customer Focus: Dedication to meeting client requirements and ensuring project success.
• Safety: Committing to the highest safety protocols across all activities.
• Excellence: Pursuing top-tier performance and quality in products and services.

Living these values helps build the long-term partnerships essential in the utility-scale solar industry, where reliability and trust are paramount over project lifespans often exceeding 25 years.

Array Technologies, Inc. (ARRY) How It Works

Array Technologies designs and manufactures ground-mounting systems, specifically single-axis solar trackers, used in large-scale solar energy projects. The company focuses on optimizing energy production by enabling solar panels to follow the sun's path throughout the day, thereby increasing efficiency and lowering the levelized cost of energy (LCOE) for project owners.

Array Technologies' Product/Service Portfolio

Array Technologies' Operational Framework

The company operates through a streamlined process focused on value engineering and supply chain efficiency. It begins with innovative product design and engineering, emphasizing durability and ease of installation. Manufacturing is largely outsourced to qualified global partners, allowing for flexibility and scalability while managing capital expenditures. A robust global supply chain ensures components are sourced competitively and delivered reliably to project sites worldwide. Array provides comprehensive support services, including site assessment, installation training, and ongoing maintenance, ensuring optimal system performance throughout the project lifecycle. Understanding the capital structure supporting these operations is also key; Exploring Array Technologies, Inc. (ARRY) Investor Profile: Who’s Buying and Why? provides insights into their financial backing. As of early 2024, the company managed executed contracts and awarded orders valued at approximately $1.6 billion, reflecting significant operational throughput.

Array Technologies' Strategic Advantages

Array Technologies leverages several key strengths to maintain its market position in the competitive solar tracking landscape.

• Proven Technology & Reliability: Decades of experience and a large installed base (over 30 GW globally tracked by early 2024) demonstrate product durability and performance, enhancing bankability for large projects.
• Cost Efficiency: Designs featuring fewer independent motors and controllers per megawatt compared to some competitors reduce installation time, material costs, and long-term maintenance expenses, contributing to a lower LCOE.
• Global Reach & Supply Chain: Established relationships with global manufacturing partners and a sophisticated supply chain network enable Array to serve major solar markets effectively and mitigate regional disruptions.
• Customer Relationships & Support: Strong partnerships with developers, Engineering, Procurement, and Construction (EPC) firms, and asset owners, backed by dedicated support services, foster repeat business.
• Innovation Focus: Continued investment in R&D, including software like SmarTrack, aims to further enhance energy yield and reduce operational costs for customers. 2024 saw continued focus on optimizing designs for newer module technologies and challenging site conditions.

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

Array Technologies generates revenue primarily through the design, manufacturing, and sale of ground-mounting systems used in large-scale solar energy projects. Its core products are integrated solar trackers that optimize energy capture by following the sun's path.

Array Technologies, Inc.'s Revenue Breakdown

Based on trends observed through late 2024, the company's revenue sources are predominantly concentrated.

Array Technologies, Inc.'s Business Economics

The company's profitability hinges significantly on managing input costs, particularly steel and aluminum, which are major components of its tracker systems. Pricing is typically project-based, influenced by project size, geographic location, specific product features, and competitive dynamics within the utility-scale solar market. Gross margins have shown improvement, hovering around the 28% mark in the latter half of 2024, reflecting operational efficiencies and disciplined pricing strategies. Key operating expenses include research and development focused on enhancing tracker technology and durability, alongside sales, general, and administrative costs associated with global operations and project execution.

• Input cost volatility, especially for metals, remains a key factor impacting margins.
• Economies of scale in manufacturing and procurement are crucial for cost competitiveness.
• Logistics and installation support costs also play a role in overall project economics.

Array Technologies, Inc.'s Financial Performance

Assessing financial health involves looking beyond just revenue. While navigating market fluctuations in 2024, Array maintained significant gross profitability, with gross margins strengthening compared to prior years. Adjusted EBITDA margins remained robust, often reported in the high teens, such as around 18% based on results leading into the final quarter of 2024. A critical indicator for future revenue visibility is the company's backlog of executed contracts and awarded orders, which stood at approximately $1.6 billion late in the year. This backlog provides a buffer against short-term market volatility. For a deeper dive into the numbers that matter, explore this analysis: Breaking Down Array Technologies, Inc. (ARRY) Financial Health: Key Insights for Investors. Continued focus on cost management and operational efficiency remains essential for sustaining profitability in the competitive solar tracking landscape.

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

As of early 2025, Array Technologies holds a significant position as a leading global provider of utility-scale solar tracker solutions, poised to capitalize on robust solar energy growth trends. The company's future outlook hinges on navigating intense competition, leveraging international expansion, and managing supply chain dynamics effectively.

Competitive Landscape

The solar tracker market remains concentrated, with a few key players dominating global installations. Array's position reflects its established technology and growing international footprint following strategic acquisitions.

Opportunities & Challenges

Navigating the evolving energy landscape presents both growth avenues and potential hurdles for the company heading into 2025.

Industry Position

Array Technologies solidified its position as one of the top two global solar tracker manufacturers by volume throughout 2024, primarily serving the large utility-scale segment. Its acquisition of STI Norland significantly broadened its geographic reach beyond its core North American market, creating a more balanced global presence essential for long-term growth. While facing fierce competition, particularly from Nextracker, Array's differentiated product design and expanding manufacturing capabilities position it to capture a substantial share of the growing solar market. Understanding its financial footing is crucial for assessing its ability to capitalize on these opportunities; you can find more details here: Breaking Down Array Technologies, Inc. (ARRY) Financial Health: Key Insights for Investors. Continued execution on international integration and cost management will be key determinants of its industry standing through 2025.