Array Technologies, Inc. - ARRY STOCK NEWS

ARRAY Technologies (NASDAQ: ARRY) has appointed H. Keith Jennings as its new Chief Financial Officer, effective January 6, 2025. Jennings brings over 30 years of experience in corporate finance, risk management, and strategic growth initiatives. He will report to CEO Kevin G. Hostetler and oversee ARRAY's financial strategy and operations. Previously, Jennings served as EVP and CFO at Weatherford International from 2020 to 2022, where he led Finance, IT, and Corporate Strategy functions. He currently serves as a non-executive director and audit chair for Noble and 5E Advanced Materials.

ARRAY Technologies (NASDAQ: ARRY) has announced a strategic $3 million investment in Swap Robotics, a utility-scale solar robotics company. The investment includes potential additional investments of $1 million each based on milestone achievements. This partnership aims to advance automation in PV installation technology, promising enhanced project efficiency and cost savings for developers and EPC companies. Swap Robotics brings significant experience with over 8,000 miles of autonomous outdoor navigation in the last 18 months. The collaboration focuses on developing automation-optimized designs and robotic installation solutions, positioning ARRAY at the forefront of solar industry automation.

ARRAY Technologies (NASDAQ: ARRY) has appointed two industry veterans to strengthen its EMEA leadership team. Leonardo Serpa joins as general manager EMEA from his previous role as CEO at Essentia Energia, bringing experience in negotiations with global solar and wind equipment suppliers. Héctor Sánchez, formerly vice president of sales at Soltec Trackers, takes on the newly created position of vice president of sales EMEA. Both executives will focus on expanding ARRAY's presence and enhancing client relationships across the EMEA region.

ARRAY Technologies (ARRY) reported Q3 2024 financial results with revenue of $231.4 million and gross margin of 33.8%. The company posted a net loss of $155.4 million, including a $162 million non-cash goodwill impairment charge. Adjusted EBITDA reached $46.7 million, with adjusted gross margin at 35.4%. The company maintains a healthy orderbook of $2 billion, with over 20% representing OmniTrack™ orders. For full-year 2024, ARRAY expects revenue between $900-920 million, adjusted EBITDA of $170-180 million, and free cash flow of $100-115 million. The company anticipates adjusted gross margin of approximately 34% for the year.

ARRAY Technologies, Inc. (Nasdaq: ARRY) has announced the release date for its third quarter 2024 earnings report. The company will disclose its financial results after market close on Thursday, November 7th, 2024, followed by a conference call at 5:00 p.m. Eastern Time on the same day.

Interested parties can access the conference call via phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available for approximately three hours after the call. Additionally, a simultaneous webcast of the conference call will be accessible through the Investor Relations section of ARRAY's website at http://ir.arraytechinc.com.

ARRAY Technologies (NASDAQ: ARRY), a leader in utility-scale solar tracking, has launched a reusable packaging solution to replace traditional cardboard boxes with durable plastic casing. This innovation aims to reduce waste and support customers' sustainability goals. The new packaging offers several advantages:

1. Increased efficiency: More tracker components can be transported per bulk.
2. Reduced transportation: Fewer trucks required on-site.
3. Decreased labor: Less handling, receiving, and transportation work.
4. Long lifespan: 15 years of use across the supply chain.
5. Cost savings: Potential for significant reductions in packaging expenses.

ARRAY has already successfully deployed this concept on a recent project, garnering strong customer interest for future installations. The company is actively seeking additional customers to pilot this initiative and further analyze its potential savings and environmental impact.

ARRAY Technologies (NASDAQ: ARRY) is developing a 77-degree stow capability for its solar tracker systems, offering enhanced protection against hail and wind damage. This innovation, set to be available in early 2026, responds to the increasing need for risk management in the solar industry due to rising hail damage costs. Key features include:

1. The steepest protective hail stow angle globally
2. High-tilt angle stow in either direction, regardless of wind conditions
3. Integration with ARRAY's Hail Alert Response and Passive Wind Stow
4. Up to 5% energy gain compared to active stow trackers
5. Durability enhancements including new bearing housing and larger gear rack

This development builds on ARRAY's existing DuraTrack design and SmarTrack Hail Alert Response software, reinforcing the company's commitment to improving solar energy system resilience in hail-prone regions.

Array Technologies (NASDAQ: ARRY) reported strong Q2 2024 financial results, with revenue of $255.8 million and adjusted gross margin of 35.0%. The company's orderbook remains healthy at over $2 billion. However, due to project delays caused by market uncertainties, Array has reduced its full-year 2024 revenue outlook to $900 million - $1 billion. Adjusted EBITDA is expected to be $185 million - $210 million, with adjusted net income per share of $0.64 - $0.74. The company anticipates volume to be down compared to 2023, with declining ASP. Q3 2024 revenue is projected between $220 - $235 million. Despite short-term challenges, Array remains confident in its operational execution and long-term growth prospects.

Array Technologies (NASDAQ: ARRY) has launched SkyLink, a revolutionary PV-powered wireless tracker system for solar installations. This system enhances the capabilities of Array's DuraTrack® and OmniTrack™️ offerings with new features including:

1. Eight linked-row architecture with passive wind mitigation
2. PV string-powered brushless DC motors
3. Zigbee wireless communication
4. Suite of SmarTrack™ features

SkyLink is designed to maximize solar efficiency in extreme weather conditions and reduce costs. It operates independently from the grid, requiring zero trenching. Key benefits include extreme weather response, increased project savings, optimal backtracking, and flexible design. The system aims to support wider adoption of sustainable energy solutions by ensuring uninterrupted solar production during power grid disruptions and adverse weather.