Array Technologies, Inc.
ARRY · Semiconductors & Related Devices · 153.8M shares · +497%/yr ↑ shares · EDGAR filings ↗
Grade
C58Solar-tracker manufacturer — near breakeven with positive free cash flow and strong growth.
Strengths
- Positive free cash flow, strong growth — FCF $80M (52nd), revenue +40% (79th)
Risks
- Near-breakeven/net loss — operating margin -2%, net margin -4%
- Negative equity — D/E artifact
- Solar-demand/policy and input-cost cyclicality — per 10-K
Notable findings
- RestatementAny failure to timely implement effective internal controls could result in, among other things, a decline in the market price of our stock, restatement of our consolidated financial statements, or re 8-K ↗
- Negative equityNegative book equity (debt/equity -3.19)
- Net lossNet loss (net margin -4.1%)
- Chronic dilutionShare count +497%/yr over 4y (dilution)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~81% of revenue from one customer/distributor — During the year ended December 31, 2025, we derived 81% and 19% of our revenues from customers in the U
- Strong balance sheetStrong balance sheet — $244M cash & investments
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
23.2%
Operating margin
-2.3%
Net margin
-4.1%
Return on equity
25.3%
Return on assets
-3.6%
ROIC
-5.1%
Revenue growth (QoQ)
-1.2%
Debt / equity
-3.2×
Current ratio
2.3×
Free cash flow
$80M
EBITDA
-$3M
Tangible book value
-$580M
Cash & investments
$244M
Stock comp / revenue
1.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | Jokinen Tracy C | Option exercise | 22K | — |
| 2026-05-19 | Iyengar Jayanthi | Option exercise | 22K | — |
| 2026-05-19 | Forth John Bradford | Option exercise | 22K | — |
| 2026-05-19 | ASHFORD ORLANDO D | Option exercise | 22K | — |
| 2026-05-19 | Schmid Gerrard | Option exercise | 22K | — |
| 2026-05-19 | Alstead Troy | Option exercise | 22K | — |
| 2026-03-18 | Hostetler Kevin G. | Tax withheld | 52K | $6.86 |
| 2026-03-18 | Zhu James | Option exercise | 12K | — |
| 2026-03-18 | Zhu James | Tax withheld | 3.3K | $6.86 |
| 2026-03-18 | Gunning Gina K | Option exercise | 22K | — |
| 2026-03-18 | Gunning Gina K | Tax withheld | 5.9K | $6.86 |
| 2026-03-18 | Collins Terrance L | Tax withheld | 5.6K | $6.86 |
| 2026-03-18 | Manning Neil | Option exercise | 20K | — |
| 2026-03-18 | Manning Neil | Tax withheld | 5.5K | $6.86 |
| 2026-03-18 | Jennings H. Keith | Option exercise | 41K | — |
| 2026-03-18 | Jennings H. Keith | Tax withheld | 12K | $6.86 |
| 2026-03-18 | Hostetler Kevin G. | Option exercise | 125K | — |
| 2026-03-18 | Collins Terrance L | Option exercise | 20K | — |
| 2026-03-17 | Collins Terrance L | Tax withheld | 1.7K | $6.99 |
| 2026-03-17 | Hostetler Kevin G. | Option exercise | 35K | — |
| 2026-03-17 | Hostetler Kevin G. | Tax withheld | 15K | $6.99 |
| 2026-03-17 | Manning Neil | Option exercise | 4.9K | — |
| 2026-03-17 | Manning Neil | Tax withheld | 1.3K | $6.99 |
| 2026-03-17 | Collins Terrance L | Option exercise | 6.2K | — |
| 2026-03-12 | Zhu James | Option exercise | 6.2K | — |
| 2026-03-12 | Zhu James | Tax withheld | 2.0K | $6.80 |
| 2026-03-12 | Manning Neil | Option exercise | 8.2K | — |
| 2026-03-12 | Manning Neil | Tax withheld | 2.6K | $6.80 |
| 2026-03-12 | Hostetler Kevin G. | Option exercise | 56K | — |
| 2026-03-12 | Hostetler Kevin G. | Tax withheld | 15K | $6.80 |
| 2026-03-12 | Collins Terrance L | Option exercise | 8.6K | — |
| 2026-03-12 | Collins Terrance L | Tax withheld | 2.8K | $6.80 |
| 2026-02-15 | Manning Neil | Option exercise | 3.7K | — |
| 2026-02-15 | Manning Neil | Tax withheld | 1.2K | $11.29 |
| 2026-01-30 | Gunning Gina K | Option exercise | 13K | — |
| 2026-01-30 | Gunning Gina K | Tax withheld | 4.7K | $11.32 |
| 2025-08-01 | Collins Terrance L | Option exercise | 5.1K | — |
| 2025-08-01 | Collins Terrance L | Tax withheld | 1.4K | $6.06 |
| 2025-05-21 | Jokinen Tracy C | Grant | 15K | — |
| 2025-05-21 | Iyengar Jayanthi | Grant | 15K | — |
| 2025-05-21 | Schmid Gerrard | Grant | 15K | — |
| 2025-05-21 | ASHFORD ORLANDO D | Grant | 15K | — |
| 2025-05-21 | Alstead Troy | Grant | 15K | — |
| 2025-05-21 | Forth John Bradford | Grant | 15K | — |
| 2025-04-18 | Hostetler Kevin G. | Option exercise | 36K | — |
| 2025-04-18 | Hostetler Kevin G. | Tax withheld | 15K | $4.18 |
| 2025-03-17 | Manning Neil | Option exercise | 4.9K | — |
| 2025-03-17 | Manning Neil | Tax withheld | 1.3K | $6.10 |
| 2025-03-17 | Hostetler Kevin G. | Option exercise | 35K | — |
| 2025-03-17 | Hostetler Kevin G. | Tax withheld | 15K | $6.10 |
| 2025-03-17 | Collins Terrance L | Option exercise | 6.2K | — |
| 2025-03-17 | Collins Terrance L | Tax withheld | 1.7K | $6.10 |
| 2025-03-12 | Hostetler Kevin G. | Option exercise | 56K | — |
| 2025-03-12 | Hostetler Kevin G. | Tax withheld | 23K | $6.03 |
| 2025-03-12 | Collins Terrance L | Option exercise | 8.6K | — |
| 2025-03-12 | Collins Terrance L | Tax withheld | 2.3K | $6.03 |
| 2025-03-12 | Zhu James | Option exercise | 6.2K | — |
| 2025-03-12 | Zhu James | Tax withheld | 1.7K | $6.03 |
| 2025-03-12 | Manning Neil | Option exercise | 8.2K | — |
| 2025-03-12 | Manning Neil | Tax withheld | 2.2K | $6.03 |
| 2025-02-15 | Manning Neil | Option exercise | 3.7K | — |
| 2025-02-15 | Manning Neil | Tax withheld | 1.2K | $6.79 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | Shareholder vote | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-03-19 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2026-02-18 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-08-14 | Material agreementAcquisition/dispositionReg FDExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-19 | 0001628280-26-036881 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001628280-26-031282 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001628280-26-031453 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001193125-26-116240 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001820721-26-000005 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001820721-26-000008 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0001193125-26-057110 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001820721-25-000095 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001820721-25-000093 ↗ |
| 8-K | 2025-08-14 | 2025-08-14 | 0001193125-25-180827 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001820721-25-000085 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001820721-25-000082 ↗ |