U.S.-based solar tracker company Array Technologies’ fourth quarter (Q4) 2025 revenue dropped 17.8% year-over-year (YoY) to $226 million from $275 million.

The revenue, however, exceeded analysts’ expectations by $14.63 million.

Net loss for the quarter widened by 14.2% to $161 million from $141 million in the previous year.

The company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $11.2 million, a 75.2% YoY decrease from $45.2 million.

The adjusted loss per share came in at $1.06 in Q4 2025, compared with $0.93 in Q4 2024. It missed analysts’ expectations by $0.01.

2025 Results

Array’s 2025 revenue rose to $1.28 billion, up 40.2% YoY from $915.8 million.

The company attributed the growth to a 35% increase in tracker volume.

Its net loss narrowed by 62.2% YoY to $112 million, from $296 million.

The company attributed the loss to a $103 million non-cash goodwill impairment charge and a $30 million one-time inventory valuation charge, both of which were associated with the 2022 acquisition of STI Norland, a Europe-based solar tracker manufacturer.

Adjusted EBITDA was $187.6 million, an 8.1% increase from $173.6 million last year.

Loss per share came in at $0.73 in 2025, compared with $1.95 in 2024.

Operational Highlights

As of 2025, Array Technologies delivered 96 GW of trackers globally.

Its order book stood at $2.2 billion in 2025, with ~100 million additional orders from APA. The company said that 4 GW of the orders in 2025 were from new customers.

Its domestic business grew by over 20% in 2025.

Array said that after a year of regulatory-related uncertainty throughout 2025, it managed to build meaningful commercial activity as it exited the year.

The strong order book in the year comprised a 2x book-to-bill for both the total Array and its recently acquired APA business

During the quarter, the company acquired APA, an engineered foundations and fixed-tilt racking solutions provider.

Kevin Hostetler, CEO and Director at Array Technologies, said that by refinancing higher-cost debt and proactively managing its debt maturity profile, the company improved its financial flexibility to support its next phase of strategic growth.

The company also plans to expand its DuraTrack tracker globally and to launch the next generation of its Omnitrack tracker. It also plans to introduce a new tracker for the U.S market.

The company stated that, sequentially and year-over-year, average selling prices in the Array and STI segments were higher, aligned with the forecasted effect of rising commodity prices experienced throughout 2025.

Hostetler also noted that customers also proactively hedged and focused on predominant U.S. supply, or, in some cases, added clauses to their contracts that allowed them to shift late in the game to 100% U.S. content at predetermined price points.

Outlook

Array expects revenue to be in the $1.4-$1.5 billion range in 2026, and adjusted EBITDA to be in the $200-$230 million range.

The company said that as average project size increases, the number and size of deals are expected to rise significantly this year.

Neil Manning, COO and President, said that the demands on solar installations are rising: tougher terrain, more extreme weather, higher energy-generation expectations, and tighter cost structures, and Array’s innovation pipeline is designed to meet those realities head-on.

Array is on track to launch its optimized tracker and foundation-integrated solution in the second half of 2026. The offering is expected to reduce engineering and installation complexity, simplify the company’s customer procurement, and reinforce Array’s positioning as a broader solution partner.

The company plans to expand into new international markets and noted growing momentum in select markets across Europe, the Middle East and Africa, and Latin America.

Array Technologies’ Q3 2025 revenue surged 70% YoY to $393.49 million, from $231.41 million.

In Q2, it reported revenue of $362.2 million, a 42% YoY increase from $255.77 million.