U.S.-based solar tracker company Array Technologies has reported a revenue of $275.2 million in the fourth quarter (Q4) of the financial year (FY) 2024, aligning with the analysts’ estimates but marking a 19.4% decline from $341.6 million in Q4 2023.

Though the sales volume grew, the revenue declined year-over-year as the growth was fully offset by average selling price (ASP) compression.

The company recorded a net loss of $141.2 million compared to a net profit of $6 million in Q4 2023.

The company faced a $74 million non-cash goodwill impairment charge and a $91.9 million non-cash long-lived intangible asset write-down related to the 2022 acquisition of STI, affecting its profits.

Earnings per share (EPS) came in at $0.16, slightly missing analysts’ expectations.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was $45.2 million, dropping 6.2% from $48.2 million in Q4 2023. The EBITDA margin, however, improved slightly, increasing from 14.1% to 16.4%.

Full-Year Results

The company reported total revenues of $915.8 million, a sharp decline of 41.9% from $1.58 billion in 2023 and volumes and ASP declined.

During the year, the company’s sales to engineering, procurement, and construction (EPC) service providers represented 55% of the revenue. The company drew 70% and 30% of the revenues from customers in the U.S. and the rest of the world, respectively. As of December 31, 2024, Array Tech has shipped more than 83 GW of trackers to customers worldwide.

The net loss to shareholders for the year amounted to $296.1 million, against a profit of $85.5 million in 2023. This resulted in an EPS increase from $0.56 in 2023 to -$1.95 in 2024.

Net income declined by 47% from $171.9 million in FY 2023 to $91.2 million in FY 2024.

EBITDA for the year was $173.6 million.

The company generated $135.4 million in free cash flow and reported $2 billion in executed contracts and awarded orders as of December 31, 2024, reflecting a 10% year-on-year growth.

First Quarter and 2025 Guidance

Array Technologies expects revenue in the range of $260 million to $270 million, with an EBITDA margin of 11% to 13% for the quarter ending March 31, 2025.

For the full year ending December 31, 2025, revenue is projected to be between $1.05 billion and $1.15 billion, and EBITDA increase of $180 million to $200 million.

Kevin G. Hostetler, chief executive officer of Array Technologies, said the company will deliver 100% domestic content solar trackers by the first half of 2025. The company highlighted the increasing market adoption of its OmniTrack product, which now constitutes over 20% of its order book.

Despite permitting and interconnection delays, equipment shortages, and labor constraints, the company exceeded the mid-point of its Q4 revenue guidance.

Array Technologies reported an EPS of $0.17 in the third quarter of 2024, beating analyst estimates by $0.03.

The company reported a revenue of $255.77 million in the second quarter of 2024, a 50% decrease from $507.7 million from the same period the previous year.