Highest-materiality recent filing
Array Technologies to acquire AWM for up to $203M, expanding into balance-of-system solutions
Total consideration up to $203M: $153M base + $10M deferred + $40M earnout based on EBITDA targets.
Array Tech shareholders approve board declassification, elect directors at 2026 annual meeting
Shareholders approved amendment to declassify Board: 119.4M for, 167K against, effective phasing in annual director elections.
Array Tech Q1 revenue $223.4M, record orderbook $2.4B, reaffirms FY guidance
Q1 revenue $223.4M, gross margin 28.2%, adjusted gross margin 30.7%.
Array Technologies appoints two independent directors, expanding board to 10
Board expanded from 8 to 10; Emily Cohen and Carolyne Murff appointed independent directors effective March 19, 2026.
FY2025 revenue $1,284.1M (+40% YoY); Q4 revenue $226.0M. Full-year volume growth of 35%.
Array upsizes revolver from $166M to $370M, extends maturity to Feb 2031
Revolving credit facility increased from $166M to $370M; maturity extended from Oct 2028 to Feb 2031.
Array Technologies Q3 revenue $393.5M (+70% YoY); updates FY2025 guidance to include APA acquisition
Q3 revenue $393.5M (up 70% YoY); GAAP net income $18.4M ($0.12 EPS); adjusted EPS $0.30.
Array Technologies completes acquisition of APA Solar for ~$159.9M cash plus deferred consideration
Cash consideration ~$159.9M net of adjustments; additional deferred consideration equal to 20% of purchase price payable over 2 years.
Array Tech Q2 adj EPS $0.25, revenue $362M; raises FY25 guidance, acquires APA Solar
Revenue $362.2M, up 20% sequentially; net income $28.5M ($0.19/shr); adj EBITDA $63.6M; adj EPS $0.25.
$345M aggregate principal of 2.875% convertible senior notes due 2031, upsized from $300M; net proceeds ~$334.1M.
Array Technologies prices upsized $300M convertible notes at 2.875% due 2031
$300M aggregate principal (plus $45M greenshoe); 2.875% coupon, semiannual, due July 1, 2031.
Offering $250M aggregate principal of convertible senior notes due 2031; initial purchasers option for additional $37.5M.
Array buys APA Solar for $210M; expands into engineered foundations, expects EPS accretion
Base purchase price $210M comprising $168M upfront cash and $42M deferred consideration payable in two installments.
Array Technologies say-on-pay proposal fails at 2025 annual meeting
Stockholders elected Jayanthi Iyengar and Tracy Jokinen as directors with 63.7M and 114.9M votes for, respectively.
Array Technologies Q1 2025 revenue $302.4M, adjusted EPS $0.13, beats guidance; maintains FY outlook
Revenue $302.4M, gross margin 25.3%, adjusted gross margin 26.5%.
Q4 2024 revenue $275.2M, adj. gross margin 29.8%, adj. EBITDA $45.2M, adj. EPS $0.16.
Director Paulo Almirante will not stand for re-election at Array's 2025 annual meeting
Paulo Almirante informed Array Technologies he will not stand for re-election to the Board.
Array Technologies appoints Gina Gunning as Chief Legal Officer and Corporate Secretary
Gunning appointed Chief Legal Officer and Corporate Secretary effective January 27, 2025.
Array Technologies names H. Keith Jennings as CFO effective January 6, 2025
Jennings receives $500K base salary, 80% target bonus, and $500K equity grant (RSUs) on start.
Array Tech Q3 revenue $231.4M, net loss $155.4M on $162M goodwill impairment; adjusts FY24 guidance
Revenue $231.4M; adjusted gross margin 35.4%; adjusted EBITDA $46.7M.
Array Technologies adopts supplemental incentive plan capping total payouts at 95% of LIP target
Supplemental Plan covers July 1, 2024 – Dec 31, 2024; cash bonus based on cash, gross margin, and sales targets.
Array Tech approves supplemental leadership incentive plan with PSUs and RSUs for executives
PSUs awarded to CEO Hostetler, Manning, Hottinger, Collins, Zhu and other senior executives under 2021 LTIP.
Array Technologies Chief Legal Officer Tyson Hottinger resigns effective Oct 31
Tyson Hottinger, Chief Legal Officer and Corporate Secretary, resigns effective October 31, 2024.
Array Q2 rev $255.8M, adj EPS $0.20; cuts FY rev outlook to $900M-$1,000M
Revenue $255.8M, gross margin 33.6%, adjusted gross margin 35.0% including 45X benefits.
Array Technologies CFO Kurt Wood to step down effective June 30, 2024
CFO Kurt Wood will step down June 30, 2024; remains as strategic advisor through September 30, 2024.
Array adopts deferred comp plan for VPs+; annual meeting elects directors, ratifies auditor
New non-qualified plan allows VP+ employees to defer up to 50% of salary and 100% of cash incentive; company match for 401(k) excess over $345,000 comp limit.
Array Q1: Record gross margin 38.3%, revenue $153.4M, $2.1B order book
Revenue $153.4M; net loss $11.3M ($0.07 diluted EPS); adjusted diluted EPS $0.06.
Array Technologies appoints James Zhu as Chief Accounting Officer
James Zhu, 62, appointed Chief Accounting Officer and designated principal accounting officer.
Array Tech Q4 rev $341.6M, adj EPS $0.21; FY adj EBITDA record $288M; FY24 rev guide $1.25-$1.4B
Q4 revenue $341.6M; net income $6M; adj EBITDA $48.2M; adj diluted EPS $0.21.
Array Tech Q3 revenue $350.4M (-32% YoY); appoints Kurt Wood as CFO starting Nov 13
Revenue $350.4M, down 32% YoY; net income $10.1M; diluted EPS $0.07; adjusted EPS $0.21.
Revenue $507.7M (+21% YoY); net income $52.0M vs loss $17.2M prior year; adjusted EPS $0.47 vs $0.09.
Board female representation increased to 22%.
Elected directors Brad Forth, Kevin Hostetler, Gerrard Schmid; Forth received 63.7M for/52.7M withheld.
Revenue $376.8M (+25% YoY); net income $13.6M vs loss $37.5M YoY; adj diluted EPS $0.25.
Array Technologies engages Deloitte as new independent auditor for FY2023
Engaged Deloitte & Touche LLP as independent auditor for year ending Dec 31, 2023, effective April 10, 2023.
Array Technologies dismisses BDO as auditor; no disagreements but notes material weaknesses
Audit committee dismissed BDO USA, LLP effective March 28, 2023; BDO's 2021 and 2022 reports were unqualified.
Array Technologies Q4 2022 revenue $402M (+83% YoY); FY23 revenue guidance $1.8B-$1.95B
Q4 revenue $402.1M (+83% YoY); net loss $17.3M vs $32.1M prior year; adj. EBITDA $51.7M.
Array Technologies delays 10-K filing beyond extension; reschedules Q4 earnings call to March 21
Filed amendment to Form 12b-25; will not file 10-K within 15-day extension due to need for consolidation and error corrections.
Audit Committee concludes Q1-Q3 2022 financials should not be relied upon due to STI acquisition accounting errors.
Array Technologies appoints Neil Manning as Chief Operations Officer effective Jan 30, 2023
Manning, 52, joins from Rotork plc where he was Managing Director of Oil & Gas and Group Director of Site Services.
Array Tech Q3 record revenue $515M, beats; restates Q2 financials; appoints new director
Revenue of $515M, up 173% YoY; net income $28.6M vs loss of $33M; adjusted EBITDA $55.4M vs loss of $3.9M.
Array Technologies COO Kenneth Stacherski resigns effective Oct 21, 2022
Kenneth Stacherski provided notice of resignation as Chief Operations Officer and employee, effective Oct 21, 2022.
Array Technologies Q2 revenue $424.9M (+116% YoY); net loss $15M, adj EBITDA $25.9M
Revenue $424.9M, up 116% YoY; organic legacy Array revenue growth 79%.
Array Technologies modifies 2022 Leadership Incentive Plan metrics
EBITDA weight reduced from 60% to 50% of corporate performance portion.
Array receives $42.75M settlement from Nextracker and other defendants to resolve 2017 trade secret and breach of contract claims.
Array Technologies publishes 2021 ESG Report with 2025 sustainability goals
Achieved 13% reduction in water usage and 12% increase in recycled aluminum in 2021.
Array Technologies 2022 annual meeting results: all proposals approved
Class II directors elected: P. Almirante (108.5M for), R. Corio (77.2M), J. Iyengar (63.2M); 6.9M broker non-votes.
Array Q1 rev $300.6M, net loss $33.7M; cuts FY22 guide on AD/CVD, Ukraine
Revenue of $300.6M (+21% YoY) but net loss of $33.7M vs. net income of $4.6M in prior year.
Array files pro forma financials for completed STI acquisition, showing pro forma net loss of $158M
Consideration: €361M cash + 13.9M shares; deal closed Jan 11, 2022.
Array Tech names Kevin Hostetler CEO; Q4 revenue $219.9M, net loss $32.1M
Kevin Hostetler appointed CEO effective April 18, 2022, succeeding Jim Fusaro who retired.
Paulo Almirante informed Array Technologies, Inc. (the “Company”) that he will not stand for re-election as a director of the Board of Directors of the Company (the “Board”) at the Company’s 2025 Annual Meeting of Stockholders expected to be held on or around May 20, 2025
On September 24, 2024, Tyson Hottinger, the Chief Legal Officer and Corporate Secretary of Array Technologies, Inc. (the “Company”), gave notice of his intention to resign from his positions as an officer and employee of the Company and its subsidiaries and affiliates effective October 31, 2024.
On June 4, 2024, Array Technologies, Inc. (the “Company”) and Kurt Wood, Chief Financial Officer of the Company (“CFO”), mutually determined that Mr. Wood would step down from his position as CFO, effective as of June 30, 2024.
On March 19, 2024, James Zhu, age 62, was appointed to the position of Chief Accounting Officer of Array Technologies, Inc. (the “Company” or “Array”) by the Company’s Board of Directors (the “Board”).
On November 3, 2023, Array’s Board of Directors (the “Board”) appointed Kurt Wood, age 48, as Chief Financial Officer of the Company, effective upon commencement of his employment with the Company on November 13, 2023.
Nipul Patel will continue in his current role as Chief Financial Officer until Mr. Wood begins employment with the Company, and thereafter will assist with the transition in an advisory role until Mr. Patel’s expected separation from the Company at the end of the year (the “Transition Period”).
On January 26, 2023, Neil Manning, age 52, was appointed to the position of Chief Operations Officer of Array Technologies, Inc. (the “Company”) by the Company’s Board of Directors, with effect from January 30, 2023.
Effective November 8, 2022, the Board, acting upon the recommendation of its Nominating and Corporate Governance Committee, appointed Tracy Jokinen to serve as a member of the Board.
On November 3, 2022, Ron Corio delivered written notice to the Board of the Company stating that he had resigned from his position as a member of the Board.
On October 11, 2022, Kenneth Stacherski, the Chief Operations Officer of Array Technologies, Inc. (the “Company”), provided notice of his intention to resign from his positions as an officer and employee of the Company and its subsidiaries, effective as of October 21, 2022.
Jim Fusaro, Chief Executive Officer (“CEO”) and a member of the Board of Directors (the “Board”) of the Company, would terminate his employment as CEO and cease serving as a member of the Board, effective as of April 18, 2022.
The Board appointed Kevin Hostetler to serve as the Chief Executive Officer of the Company, effective as of April 18, 2022.
Max materiality 0.85 · Median 0.70 · Most common event earnings