ARRY earnings analysis
What we found in ARRY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
ARRAY Technologies reported a substantial decline in revenues for Q1 2026, totaling $223.4 million, representing a 26% decrease compared to the same quarter last year. Despite this downturn, the diluted EPS rebounded to $0.06 from a loss of $0.02 a year prior, demonstrating a positive surprise against estimates of -$0.06. The management addressed future prospects with a reaffirmation of guidance for the full year, predicting revenues between $1.4 billion and $1.5 billion.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Outperformance
- Q1 revenue was $223.4 million, beating estimates of $201.25 million.
- EPS Positive Surprise
- Reported EPS of $0.06, compared to estimates of -$0.06.
- Stable Gross Margin
- Gross margin increased to 28.2%, compared to 25.3% year-over-year.
- Orderbook Growth
- Record orderbook reached $2.4 billion.
- Reduced Debt Costs
- Interest expense decreased by 31% year-over-year.
- Reaffirmed Yearly Guidance
- Management expects 2026 revenue between $1.4 billion and $1.5 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Revenue Drop
- Revenue dropped 26% from $302M in Q1 2025 to $223M in Q1 2026.
- STI Operations Plunge
- Revenue from STI Operations decreased by 93%, from $89.1M to $6.0M.
- Increased Operating Expenses
- Operating expenses rose by 14%, totaling $55.9 million in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.06
- Gross margin
- 28.2%
- Segment
- Array Legacy Operations: $217,381, STI Operations: $6,031
What they said about what is next.
Management affirmed their outlook for 2026, expecting revenue between $1.4 billion and $1.5 billion and EPS guidance of $0.65 to $0.75.
The filing reads worse than the one before it.
What came before.
- 10-K · February 25, 2026
- Array reported strong top-line growth in 2025 with revenue of $1.283 billion (sum of quarterly revenues: $302M, $362M, $393M, $226M) and has shipped more than 96 gigawatts of trackers through December 31, 2025. The…
- 10-K · March 3, 2025
- Array Technologies presents a differentiated product portfolio (DuraTrack HZ v3, STI H250, OmniTrack, SkyLink and SmarTrack software) with a protected design and broad installed base (more than 83 GW shipped as of…
- 10-Q · November 7, 2024
- Array reported revenue of $231.406 million for the three months ended September 30, 2024, down from $350.438 million in the prior-year quarter. The quarter included a $162.0 million goodwill impairment that drove an…
- 10-Q · May 9, 2024
- Array Technologies reported Q1 revenue of $153.403 million and GAAP diluted loss per common share of $(0.07). Gross profit was $55.090 million (35.9% margin) and income from operations was $8.414 million; operating cash…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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