ARRAY's Q3 2026 revenue dropped both YoY and QoQ; excluding AWM, its revenue was $321 million
Its order book reached a fourth consecutive quarterly record, supported by continued bookings and demand for newer products
The company has lowered its 2026 revenue and adjusted EBITDA forecasts, citing shifting project delivery schedules
ARRAY Technologies reported a 16% year-on-year (YoY) and 3% quarter-on-quarter (QoQ) decline in its Q3 2026 revenue even as the company reported a record order book. It has now revised its fiscal year 2026 outlook to forecast lower revenue.
This is the first quarterly revenue report since ARRAY’s acquisition of Affordable Wire Management (AWM), which closed on August 31, 2026. Excluding AWM, its revenue was $321 million, which it attributes to the domestic tracker business.
Its gross profit also dropped from $105.7 million in Q3 2025 to $69.2 million in the reporting quarter, while gross margin dropped from 26.9% to 21%, respectively.
ARRAY’s net loss came in at $7.9 million compared to a net income of $18.4 million in Q3 2025, while adjusted EBITDA dropped to $32.1 million from $72.2 million over the same period (see ARRAY Posts Q3 2025 Revenue Growth; Updates FY25 Guidance).
Despite the weaker quarterly financial performance, ARRAY reported a record order book of $2.6 billion as of September 30, 2026, up 42% YoY, which includes total executed contracts and awarded orders. Management called it the fourth consecutive record order book and the fifth consecutive quarter with over $400 million in new bookings.
New products account for nearly 60% of its order book, comprising OmniTrack, SkyLink, hail XPT, DuraTrack D2S, and solutions added through its acquisitions of APA Solar and AWM. New orders exceeded $1.8 billion over the trailing 12 months with a book-to-bill ratio of 1.6×, it added.
ARRAY said approximately half of its order book came from major utilities, independent power producers (IPP), and project developers.
Nevertheless, the company highlighted that strong customer demand had not translated into deliveries at the expected pace. It cited changes in solar trade policies, restrictions on foreign inverter models, additional federal permitting reviews, and higher interest rates among the factors affecting project schedules. The Section 232 polysilicon tariffs and minimum import prices on solar cells and modules have created cost uncertainty (see US Announces 15% Tariff On Imported Polysilicon Under Section 232).
According to its earnings presentation, about 30% of the US solar pipeline faces extended development timelines due to additional permitting reviews.
ARRAY expected Q4 2026 to be its peak delivery period, but shared that some projects have shifted to 2027 because of changes in delivery schedules. It expects to deliver around 80% of the total order book and 70% of the domestic tracker order book over the next six quarters. Slightly more than 40% of the 2027 revenue is expected to come from deliveries during the first half.
Management has revised its FY 2026 financial outlook downward, with revenue now guided to be between $1.34 billion and $1.4 billion, down from a previous range of $1.4 billion to $1.5 billion. Adjusted EBITDA has also been reduced to $190 million to $210 million, compared with the previous range of $210 million to $230 million.
For Q4 2026, it targets revenues between $445 million and $505 million.
ARRAY CEO Kevin Hostetler explained, “While our updated full-year guidance reflects shifts in the timing of certain project deliveries, underlying customer demand remains strong and our continued operational execution and cost discipline are driving improved gross margin expectations.”
ARRAY also announced a merger agreement with Shoals Technologies Group on November 4, 2026, to create an integrated energy infrastructure company with a 35% and 65% ownership, respectively (see ARRAY Technologies & Shoals Technologies To Merge In 2027).
ARRAY features in TaiyangNews Market Survey on Solar Trackers 2026. It can be downloaded for free here.