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We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic ( PV ) sites. With solutions engineered to withstand harsh weather conditions, Array s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field servic…
The business is unprofitable at the operating level (-2.26% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 40.2% YoY with margins expanding 22.5pp. However, free cash flow softened 46%, worth monitoring whether this is timing or structural.
Free cash flow declined 46% versus the prior year, cash generation momentum has weakened. Net debt of $522M represents 6.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.21B
▲ +40.2% YoY
Net Income (TTM)
-$67M
▲ +78.3% YoY
Op. Margin
-4.08%
▲ +22.5pp YoY
ROIC
-5.30%
▲ +18.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$58M
▼ -45.6% YoY
Op. Cash Flow (TTM)
$85M
▼ -33.9% YoY
Net Debt
$563M
Cash & Equiv.
$201M
3Y CAGR: -7.8%
3Y CAGR: -15.2%
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