Key Highlights

• Record total executed contracts and awarded orders of $2.6 billion as of September 30, 2026, a 42% increase year over year

• Q3 2026 Revenue of $330.2 million with an adjusted gross Margin of 22.8%

• Full-year 2026 revenue guidance updated to $1.34 billion to $1.40 billion, from the prior range of $1.4 billion to $1.5 billion

• Completed Acquisition of Affordable Wire Management, expanding into wire management and battery storage markets

ARRAY Technologies, Inc.(NASDAQ:ARRY), a global provider of integrated energy infrastructure products and solutions, reported financial results for its third quarter ended September 30, 2026. The company recorded revenue of $330.2 million, a gross margin of 21.0%, and an adjusted gross margin of 22.8%. ARRAY reported a net loss to common stockholders of $7.9 million, or $0.05 per diluted share. Adjusted EBITDA came in at $32.1 million, while adjusted Net Income per diluted share was $0.06.

Record Orderbook and Commercial Momentum

The quarter's standout metric was the company's orderbook, which reached a record $2.6 billion in total executed contracts and awarded orders as of September 30, 2026 — a 42% increase year over year. Trailing twelve-month net new orders exceeded $1.8 billion, resulting in a book-to-bill ratio of 1.6 times. CEO Kevin Hostetler characterized this as evidence of the company's transition from a tracker company to a provider of integrated energy infrastructure solutions. The commercial momentum was supported by ARRAY's expanding product portfolio, including the formal launch of Atlas I and II, its integrated foundation-to-tracker solutions, and a new 60-degree U.S. tracker variant designed for high wind and hail regions.

Product Expansion and Acquisitions

During the quarter, ARRAY completed the acquisition of Affordable Wire Management (AWM), expanding its product portfolio into wire management and gaining access to the Battery Energy Storage System and Data Center markets. The acquisition furthers the company's balance-of-system strategy and positions it to offer a more complete set of solutions to customers. The company also opened a state-of-the-art Manufacturing Facility in Albuquerque, New Mexico, significantly expanding its domestic manufacturing capabilities.

Updated Full-Year 2026 Guidance

ARRAY revised its full-year 2026 outlook downward, reflecting shifts in the timing of certain project deliveries. Revenue is now expected in the range of $1.34 billion to $1.40 billion, down from $1.4 billion to $1.5 billion. Adjusted EBITDA is projected at $190 million to $210 million, versus the prior range of $210 million to $230 million. Adjusted net income per common share is expected between $0.57 and $0.69, compared to $0.68 to $0.75 previously. However, the company raised its adjusted gross margin expectation to approximately 27% for the full year. For the fourth quarter of 2026, ARRAY expects revenue of $445 million to $505 million.

Merger with Shoals Technologies

In addition to its quarterly results, ARRAY announced on the same day that it had entered into a definitive agreement to combine with Shoals Technologies Group, Inc. in a stock-for-stock merger. The transaction will create an integrated energy infrastructure platform bringing together structural and electrical balance-of-system solutions. Shoals shareholders will own approximately 65% of the combined entity, with the deal expected to close in the first half of 2027.

What Comes Next

ARRAY Technologies enters the final quarter of 2026 with a record orderbook providing visibility into 2027 and beyond. While near-term revenue was trimmed due to project timing, the higher gross margin expectations and expanding product suite suggest the company is prioritizing profitability alongside growth. The pending Merger with Shoals adds another dimension, with the combined company expected to generate pro forma 2027 revenue in the range of $2.2 billion to $2.4 billion. The fourth quarter, with its $445 million to $505 million revenue target, will be a meaningful step-up from Q3's $330.2 million.