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Overview of Array Technologies, Inc.
Array Technologies, Inc. (NASDAQ: ARRY) is a globally recognized manufacturer of utility-scale solar tracking systems, providing integrated solutions that optimize the orientation of solar panels with a focus on engineered simplicity and reliability. The company’s expertise in solar tracking technology is demonstrated through its innovative single-axis tracker systems, which include a comprehensive integrated assembly of steel supports, electric motors, gearboxes, and electronic controllers engineered to maximize energy production while ensuring efficient installation and long-term durability. Key industry terms such as solar tracking, utility-scale solar, and renewable energy innovation encapsulate Array’s influence in the renewable energy sector.
Business Model and Operations
Array’s business model revolves around offering robust, reliable tracking solutions that serve as a critical component for solar energy projects worldwide. The company’s operations are divided into two primary segments: the Array Legacy Operations and the STI Operations, with the former contributing the majority of the revenue. Its products are designed to provide a competitive advantage by optimizing energy output through precise tracking of the sun’s path. This integrated system not only increases energy production but also guarantees a reduced overall cost of ownership, making it a preferred partner for large-scale solar developers.
Global Presence and Manufacturing Excellence
Headquartered in the United States, Array Technologies has established a diversified global footprint with operational facilities and supply chains spanning the United States, Australia, Spain, Brazil, and other regions. The company’s manufacturing strategy emphasizes resilience and local sourcing, leveraging domestic steel and an optimized, traceable supply chain. This strategy underpins its reputation as an American manufacturing success story, contributing to job creation and local economic development in its key operational regions.
Technological Innovation and Product Reliability
Array Technologies stands out due to its commitment to continuous technological advancement in solar tracker design. Its solutions incorporate smart technology through sophisticated software protocols that enable features such as passive wind mitigation, high-tilt angle stow positions designed to prevent damage from severe weather, and innovative wireless communication capabilities. The integration of these features results in trackers that not only withstand harsh environmental conditions but also enhance the overall efficiency and safety of solar installations.
Competitive Position and Industry Impact
Within the competitive landscape of renewable energy, Array Technologies distinguishes itself as a provider of complete and integrated solar tracking systems. Its dual-segment approach and focus on engineered reliability allow it to cater to a wide range of customer needs, from design and manufacturing to post-installation support. Array is frequently chosen by solar developers and engineering firms due to its comprehensive approach that minimizes installation complexity and ensures long-term operational efficiency. This strategic differentiation supports its standing as a trusted partner in a rapidly evolving industry.
Operational Strengths and Market Strategy
The company’s operational strengths include its emphasis on robust design and cost-effective deployment. Array Technologies leverages a global supply chain and a customer-centric approach to commission and support solar energy projects across varied geographies. Its proactive engagement with partners and continuous innovation in tracker technology is aimed at addressing real-world challenges such as extreme weather events and installation automation, ensuring that its products remain at the forefront of renewable energy solutions.
Commitment to Quality and Reliability
At its core, Array Technologies is committed to delivering sustainable, high-performance solutions for solar power generation. The company’s integrated tracking systems are designed to operate efficiently under the most demanding conditions, reflecting decades of experience and an uncompromising focus on reliability. This rigorous approach to quality, combined with its global manufacturing excellence, underscores the company’s ability to facilitate the widespread adoption of cost-effective renewable energy solutions.
Conclusion
In summary, Array Technologies, Inc. is an essential player in the solar energy industry, recognized for its innovative and reliable solar tracker solutions. Through a combination of advanced engineering, strategic global operations, and a deep understanding of the renewable energy market, Array continues to provide technology that optimizes solar energy production, delivering tangible benefits to a wide array of utility-scale projects. This comprehensive approach, grounded in decades of expertise, ensures that investors and stakeholders can appreciate the company’s fundamental role in advancing sustainable energy worldwide.
Array Technologies (NASDAQ: ARRY) has secured a significant contract with Primoris Services Corporation for up to 4GW of solar trackers, including a firm order for 2.5GW of DuraTrack® HZ v3 trackers. This agreement expands on previous purchases and highlights Array's competitive edge in installation efficiency. Shipments are expected to begin in June 2021, contributing to solar energy advancements in North America. Array's commitment to innovation is positioned to reduce labor costs and enhance project delivery for EPC customers.
Array Technologies, Inc. (Nasdaq: ARRY) will release its first quarter 2021 results after market close on May 11, 2021. The company will host a conference call at 5:00 p.m. ET the same day, accessible via phone or a live webcast. The call can be replayed for a limited time. Array is a leading provider of tracker solutions for utility-scale solar projects, emphasizing efficient installation and performance to lower energy costs. The company is headquartered in the U.S. and has a strong international presence.
On March 23, 2021, Array Technologies announced the completion of a secondary offering of 35,475,457 shares of common stock by a stockholder affiliated with Oaktree Capital at $28.00 per share. The offering included an additional 4,420,486 shares from the underwriters' option. Importantly, the Company did not benefit from the proceeds. Goldman Sachs & Co. LLC and J.P. Morgan served as the joint book-running managers for the offering. The registration statement was approved by the SEC on March 18, 2021, with details available on their website.
On March 18, 2021, Array Technologies (NASDAQ: ARRY) announced the pricing of a secondary stock offering by a stockholder controlled by Oaktree Capital. A total of 31,054,971 shares will be sold at $28.00 each, with an option for underwriters to buy an additional 4,420,486 shares within 30 days. The offering will close on March 23, 2021, subject to customary conditions. Array Technologies will not receive any proceeds from this sale, and major firms like Goldman Sachs and J.P. Morgan are managing the offering.
Array Technologies (NASDAQ: ARRY) announced that a stockholder controlled by Oaktree Capital will initiate an underwritten public offering of 31,054,971 shares of its common stock, with an option for underwriters to purchase an additional 4,420,486 shares. The company will not receive any proceeds from this offering. As of January 31, 2021, Array reported $774.9 million in executed contracts and awarded orders for tracker systems, expecting to recognize $693.2 million in revenue over the next twelve months. This press release also includes forward-looking statements regarding the company's projections.
Array Technologies (Nasdaq: ARRY) reported a Q4 2020 revenue of $180.6 million, down 20% year-over-year, with a net loss of $9.8 million compared to a net income of $26.8 million in Q4 2019. For the full year, revenues rose 35% to $872.7 million, yielding a net income of $59.1 million. The company anticipates 2021 revenues between $1,025 million and $1,125 million, driven by strong demand for solar energy and a favorable tax credit environment.
Adjusted EBITDA for Q4 decreased 60% to $20 million, with future growth strategies centered on U.S. market share expansion and international sales.
Array Technologies (NASDAQ: ARRY) announced the establishment of the Array Tech Research Center in Phoenix, AZ, dedicated to R&D, training, and client demonstrations of advanced solar tracker technology. This facility will help address utility-scale solar challenges, improve installation efficiency, and reduce costs. Innovations include extended row configurations, optimized foundation systems, toolless module mounting, and enhanced tracking performance via software. The center reflects Array's commitment to innovation and collaboration with customers to support the growing demand for solar energy.
Array Technologies (NASDAQ: ARRY) has announced it will release its fourth quarter and full-year 2020 financial results after market close on March 9, 2021. This will be followed by a conference call at 5:00 p.m. ET to discuss the results. Investors can access the call via phone or listen to a webcast on the company's Investor Relations website. Array Technologies is a major player in solar energy solutions, focusing on tracker systems for utility-scale projects, ensuring efficient installation and high performance.
Array Technologies, Inc. (NASDAQ: ARRY) announced the closing of a secondary stock offering controlled by Oaktree Capital, involving 36,656,250 shares at $35.00 each. This includes 4,781,250 shares from the underwriters’ additional purchase option. Array Technologies did not receive proceeds from this sale. The offering was managed by Goldman Sachs, J.P. Morgan, and Guggenheim among others. A registration statement was filed with the SEC, which was declared effective on December 2, 2020. The press release emphasizes Array’s role as a leading provider of solar energy solutions.
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