New Acquisition Helps Array Technologies Cut Q4 Net Loss to $17.3 Million

Revenue growth at 83% YoY was also driven by contribution from STI Norland


The net loss of Array Technologies, a provider of utility-scale solar tracker technology solutions, narrowed to $17.3 million in the fourth quarter (Q4) of the financial year (FY) 2022 compared with $32.1 million year-over-year (YoY).

The company said that the decrease in loss was mainly driven by the additional revenue from the company’s acquisition of solar tracker manufacturer Soluciones Tecnicas Integrales Norland (STI).

Array Technologies signed an agreement with STI Norland in November 2021 to acquire the latter for €570 million (~$652.16 million) in cash and stock.

Array’s revenue for Q4 rose 83% YoY to $402.1 million, primarily driven by a higher average selling price of a product called Duratrack.

Additionally, the revenue was positively impacted by the acquisition of STI, which contributed $132.5 million to the total during the October-December period.

Array’s adjusted Earnings Before Tax, Interest, Depreciation, and Amortization (EBITDA) amounted to $51.7 million in Q4 compared to $0.5 million in the same period last year.

Kevin Hostetler, the CEO, said, “The significant amount of cashflow produced in the second half of 2022 solidifies our liquidity position and dramatically improves our leverage position. And, finally, with the launch of OmniTrack and the availability of the STI H250 in the U.S., coupled with an expanded SmarTrack software powering all of our product lines, we have what we believe to be the strongest tracker hardware and software product portfolio in the industry.”

Full-Year 2022

The net loss of Array Technologies narrowed down by 34% YoY to $43.6 million in FY22, significantly due to the revenue contribution after the acquisition of STI Norland.

The company posted YoY growth of 92% in its revenue for FY22 at $1.6 billion. The company said that higher income was mainly driven by an increase in tracker shipments, which contributed $414.6 million to the total revenue for the year.

The revenue growth was also fuelled by a higher average selling price and STI acquisition, contributing $369.7 million to the overall revenue.

Array’s adjusted EBITDA increased to $128.7 million compared to $43.2 million in the same period a year ago.

The company swung to a profit in the third quarter due to solid growth in sales volume and prices, and posted a net income of $28.6 million.


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