U.S.-based solar tracker company Array Technologies reported a revenue of $362.2 million in the second quarter (Q2) of 2025, a 42% year-over-year (YoY) increase compared $255.77 million in the same period last year and exceeding analyst estimates by $73.36 million.

This growth was driven by increased shipment volumes and a more favorable product mix. The second quarter marked the highest shipment volume in the last two years, with over 50% growth compared to the same period last year and an 84% increase from the first half of 2025.

The adjusted earnings per share (EPS) came in at $0.25, beating analyst estimates by $0.05.

The company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $63.55 million, a 15% decrease from $55.38 million in the corresponding period last year.

Net income for the quarter was $28.47 million compared to $ 11.95 million in Q2 2024.

The company expects revenue to range from $1.18 billion to $1.21 billion for the full year. The adjusted EBITDA  is expected to range from $185 million to $200 million. Adjusted net income per share is projected to fall between $0.63 and $0.70.

The company’s order backlog stands at $1.8 billion, with $645 million in remaining performance obligations. Notably, there will be no further shipments in 2025 under the low-margin legacy volume commitment agreement, as repricing and descoping have improved the backlog’s overall margin profile.

Kevin Hostetler, CEO at Array Technologies, noted that utility-scale solar demand remains strong, with customer pipelines healthy despite short-term regulatory uncertainty. He pointed to the July 2025 passage of the One Big Beautiful Bill, which introduced new solar tax credit deadlines and foreign entity of concern restrictions starting in 2026. He also flagged uncertainty from an executive order on safe harbor rules, with guidance expected in August.

Hostetler acknowledged additional headwinds from commodity and logistics cost volatility and rising tariffs. In Brazil, high interest rates of 15% are delaying project execution, while Europe and other markets are seeing uneven booking patterns.

On the product front, the company’s Hail XP tracker was launched with a 77-degree stow angle for optimal hail protection, securing its first project for early 2026 in Texas. The OmniTrack and SkyLink products now make up more than 35% of Array Technologies’ order book.

Array said it can now deliver a 100% domestic content tracker for the Inflation Reduction Act, with a 200 MW project for ENGIE starting in Q3 2025. Hostetler highlighted that the pending acquisition of APA Solar will expand Array’s portfolio into fixed-tilt systems and engineered foundation solutions, enabling growth in hybrid projects and increasing the company’s total addressable market.

Array Technologies reported a net income of $2.3 million in the first quarter of 2025, compared to a net loss of $11.3 million in Q1 2024.