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Array Technologies, Inc. (NASDAQ: ARRY) stands as the global leader in solar tracking, boasting over 9 gigawatts of operational capacity and nearly three decades of industry experience. Based in Albuquerque, New Mexico, Array Technologies specializes in manufacturing ground-mounting systems for solar energy projects worldwide. The company's flagship single-axis tracker integrates steel supports, electric motors, gearboxes, and electronic controllers to optimize solar panel orientation throughout the day, thereby maximizing energy production.
Array Technologies is dedicated to delivering robust, reliable, and innovative solar tracking solutions that promise the lowest cost of ownership. Their products feature engineered simplicity, ensuring efficient installation and high reliability. The company serves various international markets, including the United States, Australia, Spain, Brazil, and numerous other regions, with the U.S. contributing the majority of its revenue.
Recent achievements highlight Array Technologies' commitment to expanding its global footprint and advancing renewable energy. Notably, the company has formed a strategic partnership with Aluminum Products Company (ALUPCO®) to support renewable energy projects in the Middle East. This collaboration is expected to facilitate the growth of solar capacity in the region, contributing to Saudi Arabia's Vision 2030 initiative aimed at achieving 130 gigawatts of renewable energy by 2030.
Array Technologies continues to innovate, evidenced by the introduction of their Hail Alert Response system. This technology employs advanced weather prediction algorithms to preemptively stow solar trackers approximately 30 minutes before a predicted hail event, safeguarding solar assets and enhancing their longevity.
The company recently announced its Fourth Quarter and Full Year 2023 financial highlights, showcasing its robust financial health and strategic growth. With ongoing investments in technology and a commitment to sustainable energy, Array Technologies is poised to maintain its leadership in the solar tracking market.
Array Technologies, Inc. (Nasdaq: ARRY) announced it will release its first quarter 2023 results on May 9, 2023, after market close. A conference call is scheduled for 5:00 p.m. ET that same day, accessible via phone and online. Investors can dial (877)-451-6152 domestically or (201)-389-0879 internationally to participate. A telephonic replay will be available three hours post-call until May 23, 2023. Array Technologies is a global leader in solar tracker technology, focused on enhancing energy production under varied conditions. The company is committed to driving sustainable energy adoption and operates a diversified global supply chain.
Array Technologies reported robust financial results for Q4 2022 and the full year, with revenue reaching $402.1 million in Q4, up 83% year-over-year, and $1.6 billion for the full year, marking a 92% increase. The net loss narrowed to $17.3 million in Q4, compared to $32.1 million the previous year. Adjusted EBITDA surged to $51.7 million in Q4 from $0.5 million a year prior. The company holds an order book of $1.9 billion and provides optimistic guidance for 2023, forecasting revenue between $1.8 billion and $1.95 billion and adjusted EBITDA of $240 million to $265 million.
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