Array Technologies’ Q4 2025 revenue fell 17.8% YoY to $226 million and net loss widened to $161.2 million
However, full-year revenue rose 40% to $1.28 billion, while annual net loss narrowed by over 62% to $112 million
Its executed contracts and awarded orders reached a record $2.2 billion, with 95% from the domestic market
The company expects FY2026 revenue between $1.4 billion and $1.5 billion and adjusted EBITDA of $200 million to $230 million
Array Technologies, the US-based global solar tracker supplier, saw its Q4 2025 revenue decline 17.8% year-on-year (YoY), reaching $226 million. However, annual revenue rose 40% YoY to $1.28 billion, at the higher end of its guided range, as its market share improved (see ARRAY Posts Q3 2025 Revenue Growth; Updates FY25 Guidance).
On the other hand, net loss for Q4 widened by 14.2% to $161.2 million, but it narrowed on an annual basis by over 62% to $112 million.
Adjusted EBITDA for 2025 at $187.6 million was the company’s 2nd highest on record with an 8% annual increase, and included $11.2 million from Q4, which was a drop from $45.2 million in Q4 2024 (see Array Technologies Meets Q4 2024 & FY2024 Revenue Guidance).
The company’s 2025 adjusted gross margin of 27.0% declined from 2024, primarily due to higher prior-year 45X amortization in 2024 and tariffs.
Array stated that its total executed contracts and awarded orders as of December 31, 2025, reached a record $2.2 billion. Around 95% of this orderbook comprises domestic orders, and $100 million from APA. OmniTrack, SkyLink, Hail XP, and APA represent 47% of the orderbook.
“In 2026, we are introducing our strategic imperatives, which focus on innovating our future, elevating our international business, and advancing our customer-first culture to deliver long-term value. In the year ahead, we plan to launch multiple new products—including an integrated tracker and foundation solution and new tracker offerings,” said CEO Kevin Hostetler.
Array guides for full year 2026 revenues to range within $1.4 billion to $1.5 billion, including close to $200 million in Q1. Adjusted EBITDA of $200 million to $230 million is guided for FY2026. For Q1, it guides adjusted EBITDA to decline slightly on a sequential basis.
Recently, Array upsized and extended its existing revolving credit facility from $166 million to $370 million with an extended maturity of 2 years, till February 18, 2031.
