Array Technologies Disappoints: Array Technologies Boosts 2025 Revenue by 40 Percent - Record Order Backlog - Shares Still Plunge

Albuquerque (USA) – US solar supplier Array Technologies has released its financial results for the fourth quarter and full year 2025. In particular, the company’s guidance for 2026 disappointed investors. The stock tumbled sharply.

Array Technologies reported fourth-quarter 2025 revenue of USD 226.0 million. This represents a decline of 18 percent compared to the same quarter last year (Q4 2024: USD 275.2 million). Gross margin came in at 8.6 percent, while adjusted EBITDA totaled USD 11.2 million (Q4 2024: USD 45.2 million). The company posted a net loss of USD 161.2 million, or minus USD 1.06 per share (Q4 2024: USD -141.2 million, -0.93 per share). Earnings were impacted, among other factors, by a one-time inventory write-down and a non-cash goodwill impairment related to a prior acquisition.

For the full year 2025, Array reported revenue of USD 1.28 billion, up 40 percent year-on-year (2024: USD 915.8 million). Adjusted EBITDA reached USD 187.6 million (2024: USD 173.6 million). Nevertheless, the company remained in the red for the year, posting a net loss of USD 112.0 million, although this marked a significant improvement compared to the previous year (USD -296.1 million). The order backlog totaled USD 2.2 billion as of December 31.

“Array closed out an exceptional year in which we further demonstrated the resilience and agility of our business,” said CEO Kevin Hostetler, commenting on fiscal year 2025. The record orderbook reflects targeted investments in strengthening the commercial organization, enhancing customer engagement, and advancing the product portfolio and technical sales capabilities. Volume growth of 35 percent outpaced broader industry trends, Hostetler added.

For 2026, the company expects revenue between USD 1.4 billion and USD 1.5 billion and adjusted EBITDA in a range of USD 200 million to USD 230 million. Adjusted earnings per share are projected at USD 0.65 to USD 0.75. This outlook is significantly below the average analyst expectations, which had forecast EBITDA of USD 256.4 million and earnings per share of USD 0.88 for 2026.

On the stock market, investors reacted negatively to the cautious 2026 outlook. Several major brokerage firms also lowered their price targets or downgraded the stock, including Deutsche Bank as well as target cuts by RBC Capital and Oppenheimer. Shares, which are listed in the renewable energy index RENIXX World, fell 27.7 percent to EUR 6.72 on the Stuttgart Stock Exchange (closing price, February 26, 2026).

Source: IWR Online, 27 Feb 2026