ARRAY posts record volumes and strong revenue growth in Q2 2025, driven by domestic projects and Section 45X incentives
Profitability climbs sharply with higher margins, although Q2 bookings were impacted by legacy project pushouts
It is set to roll out 100% domestic trackers, securing a major ENGIE project for Q3 2025 delivery
US-based leading solar PV tracker manufacturer ARRAY Technologies has reported $362.2 million in revenue for Q2 2025, registering a 20% sequential and 42% annual growth. The management attributes it to an increase in volumes that made it the company’s highest volume quarter in the last 2 years, with more than 50% year-on-year (YoY) growth.
ARRAY’s adjusted EBITDA for the quarter improved 57% quarter-on-quarter (QoQ) and 15% YoY to $63.6 million. Its net income rose to $28.5 million compared to $2.3 million in the previous quarter and $11.9 million in Q2 2024.
Higher mix of domestic projects, volume increase, and Section 45X benefits translated into a 130 basis points (bps) increase in Q2 adjusted gross margin of 27.8%, according to the management.
ARRAY CEO Kevin G. Hostetler added, “ARRAY remains focused on commercial execution—delivering 20% sequential revenue growth, with continued new booking momentum and actions taken to produce an improved quality, higher-margin orderbook.”
At the end of the reporting quarter, the company’s orderbook totaled $1.8 billion, with OmniTrack and SkyLink representing 35% of the total. Almost half of its orderbook is represented by orders from utilities, IPPs and developers, several of which are new customers, shared the management on its earnings conference call.
However, as ROTH analysts point out, its net bookings of $162 million were weak as $200 million of lower-margin, legacy fixed-price volume commitment agreement (VCA) projects were pushed out or canceled.
ARRAY shared that it is now offering DuraTrack and OmniTrack trackers with 100% domestic content, with deliveries slated to start in Q3 2025. The company expects its first full-site deployment of such trackers in the same quarter, starting with 200 MW AC 100% domestic tracker OmniTrack for ENGIE’s Emerald Green Solar project in Indiana.
The company is also seeing a good response to its Hail XP product launched in May this year.
“While there is still uncertainty around the final changes and implementation of the OBBB, the long-term signals are clear. ARRAY has proactively prepared to navigate this new environment and remains committed to supporting our customers’ specific domestic content needs and project timelines,” shared Hostetler. “As a result of our year-to-date performance and confidence in our second-half execution, we are raising our full-year revenue outlook and increasing the midpoint of our profitability guidance components.”
Compared to $1.05 billion to $1.15 billion expected previously, it now targets between $1.18 billion and $1.21 billion in revenues during the year. Adjusted gross margin is now expected to range within 28% to 29% versus 29% to 30% earlier. Adjusted EBITDA guidance has been raised slightly to $185 million to $200 million (see ARRAY Technologies Beats Q1 2025 Expectations).
ARRAY also acquired APA Solar in June this year to provide an integrated tracker + foundation system. The deal is expected to close in the coming weeks (see North America Solar PV News Snippets).