Array Technologies announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, the company reported revenue of $275.2 million, exceeding the midpoint of its guidance, though sales were down 19.4% year-over-year. The full year 2024 saw Array achieve a record gross margin, despite full-year revenue of $915.8 million, which was down 42% year-over-year.
The company ended 2024 with a strong orderbook of $2 billion, representing 10% year-on-year growth, with OmniTrack products accounting for over 20% of this orderbook. Array also confirmed it is on track to deliver 100% domestic content solar trackers by the first half of 2025, and highlighted its investment in Swap Robotics to drive automation in PV installations.
For the first quarter of 2025, Array provided guidance expecting revenue between $260 million and $270 million. The full-year 2025 guidance projects revenue between $1.05 billion and $1.15 billion, adjusted gross margin between 28% and 29%, Adjusted EBITDA between $160 million and $175 million, and Adjusted diluted EPS between $0.60 and $0.70. Management noted persistent headwinds in the U.S. market, including permitting and interconnection delays, equipment shortages, and labor constraints, alongside macroeconomic challenges in Brazil.
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