Array Technologies, a utility-scale solar tracker supplier, reported a net income of $2.3 million in the first quarter (Q1) of 2025, compared to a net loss of $11.3 million in Q1 2024.

The company’s revenue during Q1 2025 was $302.4 million, a 97% year-over-year (YoY) increase from $153.4 million. The company exceeded analyst estimates by 14%.

Array Technologies attributed this growth to a strong order book with an 18% contract growth, gaining traction with independent power producers across Europe, the Middle East, and Asia.

Kevin G Hostetler, CEO of Array Technologies, said the company achieved the second-largest quarter of shipped volume since 2023. He added that this growth indicated a solid market share recovery.

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 55% YoY to $40.6 million from $26.2 million. Its net income per share stood at $0.02 in Q1 2025.

Keith Jennings, CFO, Array Technologies, said, “A regional mix shift drove the changes in EBIDTA, higher bad debt expense, roll off of 45X prior period amortization, slightly offset by higher volumes and Average Selling Price improvements.”

The company’s operating expenses increased from $46.6 million to $49.1 million. It maintained an order book of $2.08 billion at the close of Q1 .

Hostetler said that while utility-scale solar remains the lowest-cost and fastest-growing energy source, geopolitical headwinds have created uncertainty and volatility.

“The potential impacts of the current market uncertainty may lead to some project delays in the short term until there is a better understanding of tariffs, the associated commodity increases, and the potential reform to IRA tax credits,” he said.

However, given the cost structure of utility-scale solar projects, the company does not anticipate a significant impact from tariffs, as equipment typically only accounts for about 50% of a utility-scale project. A 15% increase in equipment costs would result in less than an 8% increase in the overall cost of a project.

Full Year Guidance 2025

Array Technologies expects its revenue to range from $1.05 billion to $1.15 billion for the full year. Its adjusted EBITDA is projected to be between $180 million and $200 million.

The company expects net income per share to come in at $0.60 to $0.70.

“We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership,” said Hostetler.

The company is confident it can maintain operational agility and deliver long-term value for its shareholders.

“Array has built a network of over 50 suppliers in the U.S., with a committed capacity in excess of 40 GW. Driven by our efforts over the past several years, the U.S. source material drives over 93% of the content for domestic bills of material. So, we were in a good position heading into this tariff environment. Additional components are covered by the United States-Mexico-Canada Agreement treaty with zero tariffs currently,” said Neil Manning, President and COO, Array Technologies.

The company’s global supply chain outside the U.S. is focused on its center of excellence strategy, which will consolidate the purchasing volume with key partners in Asia and worldwide.

“We have over 75 supply partners supporting our international businesses, and with our 50 in the U.S., we maintain a total supply capacity of 75 GW,” said Manning.

Array Technologies reported a revenue of $275.2 million in the fourth quarter and $231.41 million in the third quarter of 2024.