U.S.-based solar tracker company Array Technologies’ revenue surged 70% year-over-year (YoY) to $393.49 million in the third quarter (Q3) of the financial year (FY) 2025, from $231.41 million.

The increase in revenue was primarily due to the steady execution of projects in the U.S. and international markets, including higher volumes in Latin America, Europe, and India.

The company reported net income of $18.35 million in Q3, compared to $155.4 million loss in the corresponding period last year. Earnings per share (EPS) for the quarter were $0.30, compared with $0.17 in the prior year.

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter increased to $72.19 million, up from $46.72 million in Q3 2024.

The company said the results demonstrated consistent operational execution and margin expansion amid a stable project pipeline.

Chief Executive Officer Kevin Hostetler said the company’s quarterly performance reflected steady demand for solar tracking systems and disciplined cost management. “We’ve maintained disciplined execution, enhanced our margins, and continued expanding our international footprint, particularly in markets such as Latin America, Europe, and India,” he said.

He added that Array’s focus on lean manufacturing and supply chain optimization has contributed to better cost control and delivery timelines. The company is seeing a strong response to its recently launched tracker systems. “We are particularly pleased with the market’s adoption of our latest product offerings — OmniTrak, Skylink, and Hail XP. These three recently launched products already account for nearly 40% of our order book,” he said.

The company’s backlog stood at $1.46 billion at the end of the quarter, supported by strong order inflows from both U.S. utility-scale solar developers and international customers. Array said its product portfolio continues to benefit from the growing demand for single-axis trackers and high-efficiency module designs.

9M Performance

For the nine months ended September 30, 2025, Array reported revenue of $1.09 billion, compared with $1.02 billion in the same period of 2024. The net income for the nine-month period was $49.13 million, compared to $154.8 million the previous year.

EPS for the nine-month period was $0.61, compared with $0.53 in the prior year. Adjusted EBITDA for the nine months reached $188.4 million, up from $162.9 million last year.

Chief Operating Officer Neil Manning said the company’s strategy to mitigate tariff-related risks and strengthen domestic sourcing is yielding results. “Tariffs are now incorporated into our upfront quotes, ensuring transparency and predictability for our customers. Through these efforts, we’ve continuously reduced our tariff exposure, now expecting by the end of the year, less than 14% of the typical bill materials exposed to tariff impacts.”

Manning added that the company’s onshoring initiatives have significantly reduced dependency on imports. “Our onshoring initiatives are expected to reduce our exposure to India by roughly 50% by year-end. Additionally, many onshore components qualify for 45x IRA credits that further enable our domestic manufacturing and supply chain,” he said.

Outlook

Array reaffirmed its full-year 2025 guidance, projecting revenue between $1.38 billion and $1.48 billion and adjusted EBITDA between $220 million and $250 million. It expects adjusted net income per share in the range of $0.80 to $1.00 for the fiscal year.

The company maintained that it continues to see healthy project demand across North America, Europe, and emerging markets.

Array said it expects continued tailwinds from solar capacity additions driven by both government incentives and corporate clean energy commitments. The company also highlighted its ongoing efforts to optimize manufacturing and streamline logistics, thereby reducing cost volatility.

The company reported a revenue of $362.2 million in the second quarter of 2025, a 42% YoY increase from $255.77 million.

Array Technologies posted a net income of $2.3 million in the first quarter of 2025, compared to a net loss of $11.3 million in Q1 2024.