Array Q1: Record gross margin 38.3%, revenue $153.4M, $2.1B order book

Array Technologies, Inc.

2024-Q1 EPS reported -$0.07 revenue$153,403,000

Revenue $153.4M; net loss $11.3M ($0.07 diluted EPS); adjusted diluted EPS $0.06.
Record adjusted gross margin 38.3%, up YoY, boosted by $4.0M supplier settlement and 45X benefits.
Q1 bookings ~$400M; total executed contracts and awarded orders at $2.1B.
Reaffirmed FY2024 guidance: revenue $1.25-1.4B, adjusted EBITDA $285-315M, adj. EPS $1.00-1.15.
Generated $45.1M free cash flow on strong collections and customer deposits.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Array Technologies, Inc. reported first quarter ended March 31, 2024 results: revenue $153.4 million, net income Net loss to common shareholders of $11.3 million, EPS Basic and diluted net loss per share of $0.07. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $153.4 million
Net income: Net loss to common shareholders of $11.3 million
EPS: Basic and diluted net loss per share of $0.07
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Array Technologies, Inc. Reports Financial Results for the First Quarter 2024 – Achieves record gross margin and $2.1 billion of executed contracts and awarded orders First Quarter 2024 Highlights • Revenue of $153.4 million • Gross Margin of 35.9% • Adjusted gross margin of 38.3% (1) • Net loss to common shareholders of $11.3 million • Adjusted EBITDA (1) of $26.2 million • Basic and diluted net loss per share of $0.07 • Adjusted diluted net income per share (1) of $0.06

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Source: SEC EDGAR

accession 0001820721-24-000047

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