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Array Technologies Reports $275.2M Q4 Revenue Amid Declining ASPs and Impairment Charges

U.S.-based solar tracker manufacturer Array Technologies posted a Q4 2024 revenue of $275.2 million, aligning with analyst estimates but marking a 19.4% year-over-year decline from $341.6 million in Q4 2023. Despite an increase in sales volume, the revenue drop was attributed to a decline in average selling prices (ASPs).

Key Q4 2024 Highlights:

• Revenue: $275.2 million (-19.4% YoY)
• Net Loss: $141.2 million (vs. $6 million net profit in Q4 2023)
• Earnings Per Share (EPS): $0.16 (missed analyst expectations)
• EBITDA: $45.2 million (-6.2% from Q4 2023)
• EBITDA Margin: Improved from 14.1% to 16.4%
• Impairment Charges: $74 million (goodwill) + $91.9 million (intangible assets from 2022 STI acquisition)

Full-Year 2024 Financial Performance:

• Total Revenue: $915.8 million (-41.9% YoY from $1.58 billion in 2023)
• Net Loss: $296.1 million (vs. $85.5 million net profit in 2023)
• EPS: - $1.95 (vs. $0.56 in 2023)
• EBITDA: $173.6 million
• Net Income: $91.2 million (-47% YoY)
• Executed Contracts & Orders: $2 billion (+10% YoY)
• Global Shipments: Over 83 GW of trackers deployed

2025 Outlook & Strategic Direction:

• Q1 2025 Revenue Forecast: $260M - $270M with an EBITDA margin of 11%-13%
• Full-Year 2025 Revenue Guidance: $1.05B - $1.15B
• EBITDA Projection: $180M - $200M
• 100% Domestic Content Solar Trackers: Targeted by H1 2025
• OmniTrack Adoption: Now over 20% of the order book

Despite permitting, interconnection delays, equipment shortages, and labor constraints, Array Technologies exceeded the mid-point of its Q4 revenue guidance. The company remains focused on scaling its U.S. manufacturing footprint and enhancing market adoption of its OmniTrack technology.