Array Technologies, Inc. - ARRY STOCK NEWS

Array Technologies (NASDAQ: ARRY) has named Aaron Gabelnick as its chief strategy and technology officer, effective August 7, 2023. Gabelnick brings over 20 years of strategic global business experience, with a focus on technology and sustainability. He will lead Array's corporate strategy, technology development, and capital investments to drive the company's growth and expansion into complementary markets.

Array Technologies (NASDAQ: ARRY) has entered into an agreement with Lock Joint Tube to secure supply from a new steel mill in Texas dedicated to manufacturing utility-scale solar tubing. The collaboration aims to boost the integrity of the domestic solar supply chain, create new manufacturing jobs, and support Array’s continued expansion in the U.S., including in Texas and throughout the central U.S. The agreement aligns with Array’s intent to provide the highest US domestic content in the industry, in response to domestic content requirements in the Inflation Reduction Act (IRA).

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.

Array Technologies (NASDAQ: ARRY) announced it will not file its Annual Report on Form 10-K by the March 16, 2023 deadline and has applied for an extension. The company reassured investors that it does not anticipate any material changes to its preliminary 2022 results. A conference call discussing fourth quarter and full-year results is scheduled for March 21, 2023. The extension will not impact financial covenants or guidance for 2023. Array's focus on integrating STI Norland continues, despite potential uncertainties posed by external factors such as trade regulations and ongoing conflicts.

Array Technologies (NASDAQ: ARRY) has filed a Notification of Late Filing with the SEC and plans to file its Form 10-K for the fiscal year ended December 31, 2022, within a 15-day grace period. Preliminary unaudited financial results show expected revenues between $1.62 billion and $1.64 billion, with a net loss estimated at $40 million to $42 million. Adjusted EBITDA is projected between $126 million and $129 million, while free cash flow is expected to be $135 million to $137 million. For 2023, guidance is set for revenues of $1.8 billion to $1.95 billion, demonstrating year-over-year growth of over 15%.