Array Technologies, Inc. (ARRY): auditor change — Array Technologies restates prior quarterly financials; reports preliminary FY2022 revenue $1.62-1.64B

Array Technologies, Inc.

Audit Committee concludes Q1-Q3 2022 financials should not be relied upon due to STI acquisition accounting errors.
Preliminary FY2022 revenue $1,620-1,640M; net loss $40-42M; adjusted EBITDA $126-129M.
FY2023 guidance: revenue $1,800-1,950M; adjusted EBITDA $240-265M; adjusted EPS $0.75-0.85.
Orderbook at Dec 31, 2022: $1.9B; free cashflow expected $135-137M, above prior $100M forecast.
Form 10-K to be filed within 15-day grace period; errors are non-cash, no impact on revenue or gross margin.

item 2.02 item 7.01 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Array Technologies, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

The errors in the unaudited condensed consolidated financial statements for the Non-Reliance Periods noted above will be corrected in restated financial statements for the Non-Reliance Periods in the Form 10-K for the year ended December 31, 2022 (the “Form 10-K”). The Company is diligently pursuing completion of the restatement and intends to file the Form 10-K no later than the fifteenth calendar day after its original due date.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Array Technologies, Inc. reported full year ended December 31, 2022 results: revenue $1,620 million to $1,640 million, net income $40 million to $42 million net loss, EPS $0.27 to $0.28 diluted loss per share.

Period: full year ended December 31, 2022
Revenue: $1,620 million to $1,640 million
Net income: $40 million to $42 million net loss
EPS: $0.27 to $0.28 diluted loss per share
Result: preliminary results

Exact text from the filing

Revenues expected in a range of $1,620 million to $1,640 million • Gross margin expected in the range of 13.5% to 14.0% • Net loss expected in the range of $40 million to $42 million • Diluted Loss Per Share expected in the range of $0.27 to $0.28

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Array Technologies, Inc. reported year ending December 31, 2023 results: revenue $1,800 million to $1,950 million, EPS $0.75 to $0.85 adjusted net income per share. Guidance initiated.

Period: year ending December 31, 2023
Revenue: $1,800 million to $1,950 million
EPS: $0.75 to $0.85 adjusted net income per share
Guidance: initiated
Result: guidance update

Exact text from the filing

Revenue to be in the range of $1,800 million to $1,950 million • Adjusted EBITDA (4) to be in the range of $240 million to $265 million • Adjusted net income per share (4) to be in the range of $0.75 to $0.85

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Array Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001820721-23-000023

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