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Array Technologies (ARRY) Q3 2026 Earnings Report

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ARRY Q3 2026 EPS Results

Actual EPS
$0.06
Consensus EPS
$0.10
Beat/Miss
Missed by -$0.04
One Year Ago EPS
$0.30

ARRY Q3 2026 Revenue Results

Actual Revenue
$330.21M
Expected Revenue
$323.43M
Beat/Miss
Beat by +$6.78M
YoY Revenue Growth
-16.08%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
After Close
Conference Call
Thursday, November 5, 2026
ARRY Upcoming Earnings

Array Technologies's next earnings date is estimated for March 3, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

ARRY Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:-9.43%|
Earnings Call Sentiment|Positive

The call was strongly positive, driven by the announced merger, record or improving operating results, significant cross-selling potential, more than $100 million of targeted synergies, substantial backlog, and opportunities in international markets, battery storage, and data centers. The main cautions were the need for shareholder and regulatory approvals, Array's 330 basis point gross-margin charge from a 45X rebate reserve, and an analyst's question about pro forma cash liquidity.

Company Guidance

The transaction is expected to close in the first quarter of 2027; the combined company’s preliminary estimated 2027 revenues range between $2.2 billion and $2.4 billion, and Adjusted EBITDA, including synergies, ranges between $410 million and $480 million, supported by approximately $3.4 billion of backlog in awarded orders as of September 30. The companies expect $35 million of run rate synergies in year one, ramping to more than $100 million by year three, with more than half from cost savings in year one and roughly 1/3 from cost and 2/3 from commercial synergies by year three; they are targeting $100 million of annual incremental EBITDA from cost and commercial synergies by year three. Pro forma 2026 net debt to EBITDA is expected to be 2.6x, with leverage declining to less than 2x in 2027, while the market is expected to be a high 30s, low 40s gig market for the foreseeable future.

  • Transformational Array-Shoals Merger AnnouncedArray Technologies and Shoals Technologies Group agreed to combine in a stock-for-stock merger, creating an integrated energy infrastructure platform. Shoals shareholders will receive 1.6931 Array shares per Shoals share and are expected to own approximately 65% of the combined company's basic shares outstanding, with Array shareholders owning the remaining 35%.
  • Integrated SBOS and EBOS Product PlatformThe combined company will offer Shoals' electrical balance-of-systems platform together with Array's structural balance-of-systems products, including APA foundations, Array trackers, AWM wire management, and DuraTrack D2S. Management said the products are either category-leading or highly differentiated.
  • Significant Cross-Selling OpportunityOnly 20% of solar projects have used products from both companies, leaving approximately 80% of project volume as an opportunity to expand wallet share. Management said that delivering the full product suite to every project already touched by the companies would have generated $2.5 billion of incremental sales.
  • Large Addressable Profit PoolManagement estimated that the combined company will have access to an annual U.S. profit pool of approximately $1.8 billion across its product categories, emphasizing that the opportunity should be evaluated based on the gross margin pool rather than revenue alone.
  • Synergy Targets of More Than $100 MillionThe company expects $35 million of run-rate synergies in year one, ramping to more than $100 million by year three. More than half of year-one synergies are expected to come from cost savings, while approximately two-thirds of year-three synergies are expected to come from commercial synergies.
  • Duplicate Cost Savings and Commercial SynergiesExpected savings include eliminating duplicate public-company costs, consolidating corporate overhead, improving procurement leverage, and creating operating efficiencies. Commercial opportunities include cross-selling, increasing Array tracker share, expanding Shoals internationally, and developing integrated products.
  • Tax Assets and Preferred Stock Redemptions Support Cash FlowShoals has approximately $1.6 billion of tax amortization and $237 million of NOLs, which management expects will reduce the combined company's cash tax obligations. The planned preferred stock redemptions are expected to reduce future cash distributions by approximately $100 million over the next five years.
  • More Than 60% Reduction in Preferred StockThe company plans to redeem $161.3 million of preferred stock within 90 days of closing and an additional $156.3 million over the following three years. Together, these actions are expected to reduce preferred stock outstanding by more than 60%.
  • Manageable Pro Forma LeverageManagement expects pro forma 2026 net debt to Adjusted EBITDA of 2.6x, declining to less than 2x in 2027. The company said this structure preserves balance sheet flexibility for continued investment, innovation, customer growth, and future M&A.
  • Preliminary 2027 Revenue and EBITDA OutlookThe preliminary estimated 2027 revenue range for the combined company is $2.2 billion to $2.4 billion, while Adjusted EBITDA, including synergies, is expected to range from $410 million to $480 million. The outlook is supported by approximately $3.4 billion of awarded-order backlog as of September 30.
  • Strong Shoals Third-Quarter PerformanceShoals reported record third-quarter revenue of $195.3 million, up 44% year-over-year, driven by productivity improvements on the factory floor. Gross profit margin was 31.9%, up 160 basis points from the second quarter; Adjusted EBITDA was approximately $40 million, or 20.4% of revenue; and operating cash flow was $28.9 million.
  • Shoals Bookings and Debt PaydownShoals added approximately $186 million in new orders, its third-highest bookings period on record, with book-to-bill of approximately 1.0. The company used operating cash flow to pay down $33 million on its revolving credit facility during the quarter.
  • Array Order Book Reached a RecordArray's order book was $2.6 billion, up 42% year-over-year and a record for the fourth consecutive quarter. The company booked well over $400 million of new orders for the fifth consecutive quarter, bringing trailing 12-month new orders above $1.8 billion and book-to-bill to 1.6x.
  • Growing Adoption of New Array ProductsNew products represented nearly 60% of Array's order book, which management described as evidence that its innovation investments are translating into customer adoption.
  • AWM Acquisition Was Immediately AccretiveArray reported third-quarter revenue of $330 million, including the first month of contribution from Affordable Wire Management. AWM's first month was accretive to both Array's margins and earnings.
  • Expansion Beyond SolarManagement identified battery energy storage systems and data center power infrastructure as growth opportunities. AWM wire management, APA foundation products, Shoals' EBOS offerings, and AirLink are expected to support these markets.
  • International Expansion OpportunityArray's established international footprint, sales infrastructure, customer relationships, and market knowledge are expected to accelerate Shoals' international reach. Shoals said its international order book had grown to approximately $100 million and that Array has potential opportunities in regions such as Eastern Europe.
  • Tracker Share and EBITDA UpsideManagement said that winning two additional U.S. projects per year could increase market share by roughly 2 percentage points or more and generate nearly $20 million of incremental EBITDA. Separately, adding 1 GW of tracker sales was described as representing approximately $100 million of revenue and $30 million of EBITDA.
  • Continued Investment in Integrated Products and AIThe combined company plans to invest in integrated SBOS and EBOS products, including tracker torque tubes with integrated attachment points, wire-management and tracker designs, pre-engineered kits, coordinated foundation and wiring layouts, and digital project-design tools. Array also plans to continue investing in AI-enabled capabilities and customer-service resources.
  • Positive Solar Market OutlookManagement said it remains a strong believer in the market and expects the solar market to be a high 30s, low 40s gigawatt market for the foreseeable future.

ARRY Earnings History

ARRY earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 03, 20272026 (Q4)0.30--0.01――
Nov 05, 20262026 (Q3)0.100.060.3-80.00% (-0.24)
Aug 05, 20262026 (Q2)0.120.240.25-4.00% (-0.01)
May 06, 20262026 (Q1)-0.050.060.13-53.85% (-0.07)
Feb 25, 20262025 (Q4)-0.01-0.010.16-106.25% (-0.17)
Nov 05, 20252025 (Q3)0.200.300.1776.47% (+0.13)
Aug 07, 20252025 (Q2)0.180.250.225.00% (+0.05)
May 06, 20252025 (Q1)0.080.130.06116.67% (+0.07)
Feb 27, 20252024 (Q4)0.170.160.21-23.81% (-0.05)
Nov 07, 20242024 (Q3)0.130.170.21-19.05% (-0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed