U.S.-based solar tracker company Array Technologies reported a revenue of $255.77 million in the second quarter (Q2) of 2024, a 50% year-over-year (YoY) decrease from $507.7 million.

The company’s net income also fell by 77.18% to $11.95 from $52.38 million.

Adjusted EBITDA shrunk 52.08% to $55.38 million from $115.59 million in Q2 2023.

Array Technologies CEO Kevin Hostetler said, “Revenue came in slightly above the high end of our guidance range at $255.8 million, which was down 50% from the second quarter of 2023 and up 67% sequentially from the first quarter of 2024.”

Half-year 2024

The half-yearly (1H) financial results revealed that the company’s revenue fell 53.74% to $409.16 million from $884.49 million in 2023.

Net income plunged 99.11% in 1H to $612,000 $69.53 million in 2023.

Adjusted EBITDA also saw a 55.29% decline in 2024 with $182.56 million reported in 2023 and $81.62 million in 2024.

“Moving on to the latest 2024 market dynamics, we achieved strong new bookings of $429 million within the second quarter. We did have some other adjustments to our total order book from commodity price updates, project scope changes, and FX impacts. However, although project cancellations were minimal, there were only four small international project cancellations representing less than 1% of our order book in total, and we’ve had no domestic project cancellations,” added Hostetler.

He said, “Despite all the positive long-term momentum we’re seeing for utilities in our solar, the industry is still struggling with short-term challenges that are continuing to cause issues with our customers near-term project timing, resulting in a reduction of our 2024 guidance. As we’ve discussed before, we continue to see a dynamic of elongated timelines between project awards and expected project start dates. However, during our standard recurring check-ins with our customers, we also witnessed a sharp uptick in anticipated project pushouts beginning at the end of the second quarter.” He added.

The company reported a net loss of $11.3 million in Q1 2024 from a net income of $17.2 million in the same quarter last year due to lower sales and declining average selling prices.

In Q4 2023, the company reported a net profit of $19.34 million, an improvement of 268% YoY from a net loss of $5.25 million.