Array, Inc. (3664) AI Stock Analysis

Array, Inc.

(TPEx:3664)

Select Model

Rating:42Neutral

Price Target:TWD 7.50▼(-3.85% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score of 42 is severely depressed by the company's rapidly deteriorating financial performance, marked by collapsing revenue, deep losses, and significant cash burn that is eroding its equity base. While technicals hint at a short-term oversold bounce, the long-term downtrend remains intact, and the negative P/E ratio underscores the fundamental lack of profitability. The primary risk is the unsustainable trajectory of the business without a swift operational turnaround.

Positive Factors

Strong Gross MarginsSustained gross margins in the mid-60% range indicate that the company’s products retain meaningful value before operating costs. This provides a potentially durable base for recovery if revenue stabilizes, although current operating losses show that gross profit is not yet covering the broader cost structure.

Negative Factors

Sharp Revenue and Profitability DeclineThe sharp 2025 revenue contraction and swing into a very large loss point to a material deterioration in business performance rather than merely modest earnings volatility. Continued weakness would reduce reinvestment capacity, pressure operating leverage, and make the company’s solid gross margins less useful to shareholders.

Array, Inc. (3664) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 592.37M
Dividend Yield: ―
Average Volume (3M): 36.01K
Price to Earnings (P/E): -1.1
Beta (1Y): 0.63
Revenue Growth: ―
EPS Growth: ―
Country: TW
Employees: 357
Sector: General
Sector Strength: 55
Industry: Communication Equipment

Array, Inc. Business Overview & Revenue Model

Company Description

Array Inc., founded in 2000 and headquartered in Milpitas, California, specializes in the development, manufacturing, and global distribution of advanced networking and security solutions. Their product portfolio encompasses application delivery cont...

Array, Inc. Financial Statement Overview

Summary

Financial health is critically weak. Revenue has collapsed 36.5%, the company swung to a massive $356.9M net loss, and operating cash flow is deeply negative at -$99.3M. The balance sheet is rapidly eroding, with equity plummeting and leverage spiking to 1.29x. This represents a high-risk, deteriorating profile.

Income Statement

18Very Negative

Balance Sheet

22Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	293.16M	537.90M	712.76M	626.69M	465.05M	433.41M
Gross Profit	163.06M	331.26M	483.63M	424.67M	298.66M	322.51M
EBITDA	-367.98M	-298.78M	26.70M	58.74M	-146.59M	-49.21M
Net Income	-444.75M	-356.86M	3.25M	-21.22M	-179.52M	-95.63M
Balance Sheet
Total Assets	615.84M	724.47M	1.02B	799.40M	723.70M	782.11M
Cash, Cash Equivalents and Short-Term Investments	43.50M	26.17M	17.35M	88.23M	111.69M	361.92M
Total Debt	72.10M	117.67M	125.06M	53.22M	44.60M	50.78M
Total Liabilities	516.52M	633.06M	693.00M	478.77M	475.58M	382.77M
Stockholders Equity	99.32M	91.40M	327.38M	320.70M	248.19M	399.30M
Cash Flow
Free Cash Flow	-82.82M	-116.99M	-227.69M	-130.40M	-257.94M	-71.77M
Operating Cash Flow	-78.88M	-99.30M	-208.17M	-120.95M	-247.24M	-58.21M
Investing Cash Flow	-2.06M	-16.86M	-12.45M	-10.86M	140.51M	15.15M
Financing Cash Flow	73.83M	114.89M	154.85M	107.92M	-14.17M	-12.64M

Array, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3664 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6294	60Neutral	TWD 694.16M	13.97	―	11.26%	-12.40%	-35.00%
TW:8176	59Neutral	TWD 642.88M	36.42	―	―	-31.88%	-83.03%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2321	44Neutral	TWD 480.65M	34.65	―	―	2.67%	―
TW:8277	43Neutral	TWD 503.63M	-35.44	―	―	-57.41%	25.16%
TW:3664	42Neutral	TWD 577.49M	-1.06	―	―	―	―
TW:3672	35Underperform	TWD 454.81M	-6.23	―	―	-23.17%	-19.14%

* General Sector Average

Performance Comparison

TW:3664 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3664	Array, Inc.	7.80	-9.30	-54.39%
TW:2321	Tecom Co., Ltd.	29.80	-2.20	-6.87%
TW:3672	Connection Technology Systems, Inc.	11.15	-1.75	-13.57%
TW:6294	Tekom Technologies, Inc.	26.65	-15.73	-37.12%
TW:8176	Z-Com, Inc.	11.40	-1.07	-8.57%
TW:8277	Unifosa Corp.	12.75	-22.28	-63.60%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Array, Inc. AI Stock Analysis