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					</table><p>U.S.-based solar tracker company <a href="https://arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a> 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.</p>
<p>The company&#8217;s net income also fell by 77.18% to $11.95 from $52.38 million.</p>
<p>Adjusted EBITDA shrunk 52.08% to $55.38 million from $115.59 million in Q2 2023.</p>
<p>Array Technologies CEO Kevin Hostetler said, &#8220;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.&#8221;</p>
<p><strong>Half-year 2024</strong></p>
<p>The half-yearly (1H) financial results revealed that the company&#8217;s revenue fell 53.74% to $409.16 million from $884.49 million in 2023.</p>
<p>Net income plunged 99.11% in 1H to $612,000 $69.53 million in 2023.</p>
<p>Adjusted EBITDA also saw a 55.29% decline in 2024 with $182.56 million reported in 2023 and $81.62 million in 2024.</p>
<p>&#8220;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&#8217;ve had no domestic project cancellations,&#8221; added Hostetler.</p>
<p>He said, &#8220;Despite all the positive long-term momentum we&#8217;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&#8217;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.&#8221; He added.</p>
<p>The company <a href="https://www.mercomindia.com/array-technologies-swings-to-q1-loss" target="_blank" rel="noopener">reported</a> 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.</p>
<p>In Q4 2023, the company <a href="https://www.mercomindia.com/array-tech-on-higher-operational-income" target="_blank" rel="noopener">reported</a> a net profit of $19.34 million, an improvement of 268% YoY from a net loss of $5.25 million.</p>


Solar Tracker Firm Array Tech’s Revenue Dips 50% YoY in Q2 2024


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					</table><p>Utility-scale solar tracker company <a href="https://arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a> swung to a profit of $13.6 million for the first quarter (Q1) of the financial year (FY) 2023 from a loss of $37.5 million year-over-year (YoY), mainly on higher shipment of its products at a higher average selling price due to improved pass-through pricing.</p>
<p>The company’s revenue rose 25% YoY to $376.8 million for January-March.</p>
<p>Array’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization increased to $67 million compared to $0.7 million YoY.</p>
<p>The company’s financial performance was helped by a decline in operating expenses to $53.7 million in the first quarter compared to $64.9 million YoY.</p>
<p>The company attributed lower amortization expenses related to the acquisition of solar tracker manufacturer Soluciones Tecnicas Integrales Norland (STI) for the reduced expenses.</p>
<p>Array’s executed contracts and awarded orders totaled $1.6 billion by the end of Q1.</p>
<p>Array’s CEO Kevin Hostetler said, “When we compare Array’s performance this quarter to a year ago, the contrast is striking. We have not only continued to grow the business organically but have improved profitability at the same time. The meaningful expansion in our gross margin year over year represents our improved contracting process but is also indicative of the significant improvements we have made in our operational execution and our product and pricing strategies.”</p>
<p>“The margin performance was driven by favorable project mix and one-time benefits from lower-than-expected logistics costs as both ocean and domestic trucking rates came in lower than forecasted. It does not reflect benefits related to either the domestic content provisions or manufacturing credits included in the IRA, which we continue to view as potential upside.”</p>
<p>The net loss of Array Technologies <a href="https://www.mercomindia.com/new-acquisition-q4-net-loss-to-17-3-million" target="_blank" rel="noopener">narrowed</a> to $17.3 million in the fourth quarter of 2022 compared with $32.1 million YoY, mainly driven by the additional revenue from the company’s acquisition of solar tracker manufacturer STI.</p>
<p>Array <a href="https://www.mercomindia.com/array-technologies-in-q3-on-higher-sales-volume-and-prices" target="_blank" rel="noopener">swung</a> to profit in the third quarter of 2022 on the back of strong growth in sales volume and prices. The company’s quarterly net income came in at $28.6 million, compared to a net loss of $33 million (YoY).</p>


Array Swings to $13.6 Million Profit in Q1 on Higher Solar Tracker Shipments


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					</table><p>The net loss of <a href="https://arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a provider of utility-scale solar tracker technology solutions, narrowed to $17.3 million in the fourth quarter (Q4) of the financial year (FY) 2022 compared with $32.1 million year-over-year (YoY).</p>
<p>The company said that the decrease in loss was mainly driven by the additional revenue from the company’s acquisition of solar tracker manufacturer Soluciones Tecnicas Integrales Norland (STI).</p>
<p>Array Technologies <a href="https://www.mercomindia.com/array-tech-acquire-sti-norland" target="_blank" rel="noopener">signed</a> an agreement with STI Norland in November 2021 to acquire the latter for €570 million (~$652.16 million) in cash and stock.</p>
<p>Array’s revenue for Q4 rose 83% YoY to $402.1 million, primarily driven by a higher average selling price of a product called Duratrack.</p>
<p>Additionally, the revenue was positively impacted by the acquisition of STI, which contributed $132.5 million to the total during the October-December period.</p>
<p>Array’s adjusted Earnings Before Tax, Interest, Depreciation, and Amortization (EBITDA) amounted to $51.7 million in Q4 compared to $0.5 million in the same period last year.</p>
<p>Kevin Hostetler, the CEO, said, “The significant amount of cashflow produced in the second half of 2022 solidifies our liquidity position and dramatically improves our leverage position. And, finally, with the launch of OmniTrack and the availability of the STI H250 in the U.S., coupled with an expanded SmarTrack software powering all of our product lines, we have what we believe to be the strongest tracker hardware and software product portfolio in the industry.”</p>
<p><strong>Full-Year 2022</strong></p>
<p>The net loss of Array Technologies narrowed down by 34% YoY to $43.6 million in FY22, significantly due to the revenue contribution after the acquisition of STI Norland.</p>
<p>The company posted YoY growth of 92% in its revenue for FY22 at $1.6 billion. The company said that higher income was mainly driven by an increase in tracker shipments, which contributed $414.6 million to the total revenue for the year.</p>
<p>The revenue growth was also fuelled by a higher average selling price and STI acquisition, contributing $369.7 million to the overall revenue.</p>
<p>Array’s adjusted EBITDA increased to $128.7 million compared to $43.2 million in the same period a year ago.</p>
<p>The company <a href="https://www.mercomindia.com/array-technologies-in-q3-on-higher-sales-volume-and-prices" target="_blank" rel="noopener">swung</a> to a profit in the third quarter due to solid growth in sales volume and prices, and posted a net income of $28.6 million.</p>


New Acquisition Helps Array Technologies Cut Q4 Net Loss to $17.3 Million

<p><a href="https://ir.arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a U.S.-based solar tracking systems manufacturer, has signed an agreement to acquire Soluciones Técnicas Integrales Norland (<a href="https://stinorland.com/project/engie-gd/" target="_blank" rel="noopener">STI Norland</a>) for €570 million (~$652.16 million) in cash and stock.</p>
<p>The company will acquire STI Norland for €351 million (~$407 million) and 13.9 million shares of its common stock. STI Norland&#8217;s shareholders will be eligible for an additional payment of up to €55 million (~$62.93 million) in cash based on the earnings before interest, taxes, depreciation, and amortization (EBIDTA) of €47 million (~$53.77 million) that STI Norland generates in 2021.</p>
<p>Array Technologies obtained commitments from J.P. Morgan Securities and Guggenheim Securities as joint lead arrangers for bridge financing to complete the transaction. The transaction is expected to be completed in the first quarter of 2022.</p>
<p>Following the transaction, Array plans to initiate several cost reduction plans across the combined company, including evaluating additional supplier discounts and identifying common components.</p>
<p>STI Norland, a Spain-based solar tracker manufacturer, has supplied trackers to more than 400 projects worldwide, accounting for more than 12 GW of generation capacity. In 2020, it generated revenues and EBIDTA of around €200 million (~$228.78 million) and €43 million (~$49.18 million), respectively.</p>
<p>Array Technologies said STI Norland has an established sales presence in Europe, Latin America, Australia, and South Africa. The combined company is expected to derive around 30% of its revenues from international projects in 2022 and would have leading positions in North America, Latin America, and Europe, the three largest markets for solar outside of China.</p>
<p>According to Array, STI Norland manufactures a dual row tracker system, which is ideal for projects where the labor cost for installation is less than in the U.S. and wind, and snow load factors are significantly lower.</p>
<p>Brad Forth, Chairman of Array, said, &#8220;This transaction is an important first step in the expansion strategy that we articulated when we announced our preferred equity investment from Blackstone in August. The combination of Array and STI Norland creates the global leader in trackers with leading positions in every major market for solar outside of China and India.&#8221;</p>
<p>Last year, Array Technologies <a href="https://mercomindia.com/solar-tracking-array-closes-ipo/" target="_blank" rel="noopener">raised</a>  over $1 billion in one of the biggest solar initial public offerings in the world.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2021 Solar Funding and M&amp;A Report</a>, there were 29 solar M&amp;A transactions in Q3 2021 compared to 34 M&amp;A transactions in Q2 2021. By comparison, there were 17 transactions in Q3 2020. In 9M 2021, there were 83 transactions compared to 42 deals in 9M 2020.</p>


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