Array Technologies, Inc. announced robust financial results for the second quarter ended June 30, 2025, reporting revenue of $362.24 million, a substantial 42% increase year-over-year and a 20% sequential rise. Net income attributable to common shareholders surged by 138% to $28.47 million, with diluted EPS reaching $0.19.
The company also reported Adjusted EBITDA of $64 million, representing a healthy 17.5% margin, and free cash flow of $37 million, a significant increase from $2 million in the prior year. Array successfully optimized its capital structure by issuing $345 million in new 2.88% Convertible Senior Notes due 2031, fully repaying its $233.88 million Term Loan, and repurchasing $100 million of 2028 Convertible Notes for $78.36 million, resulting in a $20.1 million gain on extinguishment of debt and an expected $9 million reduction in annualized cash interest expense.
Based on its strong year-to-date performance and confidence in second-half execution, Array Technologies raised its full-year 2025 guidance. The company now projects revenue between $1.18 billion and $1.215 billion, with the midpoint representing a 9% increase, and Adjusted EBITDA in the range of $185 million to $200 million. Adjusted diluted EPS is anticipated to be between $0.63 and $0.70, reflecting an increased midpoint for profitability guidance components.
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