Array Technologies, Inc. · NASDAQ:ARRY
Array Technologies — Q3 2026 Earnings Presentation
21 slides from Array Technologies's earnings presentation, Nov 4, 2026
Slide 1: 3Q 2026 Earnings Presentation
Exhibit 99.2 November 4, 2026 3Q 2026 EARNINGS PRESENTATION 0 3Q26 EARNINGS PRESENTATION
Slide 2: Disclaimer: Forward Looking Statements, Non-GAAP Financial Information
DISCLAIMER FORWARD LOOKING STATEMENTS NON-GAAP FINANCIAL INFORMATION This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management
Slide 3: Array's Momentum Continues to Build
ARRAY’S MOMENTUM CONTINUES TO BUILD A leading provider of utility-scale solar tracking, engineered foundation, and wire management solutions STRONG MOMENTUM A global leader ~Half of orderbook (1) 294 total active patents , $2.6 billion advancing the future of is tier-1 utilities, IPPs, (1) 309 addit
Slide 4: 3Q 2026 Financial Highlights
3Q 2026 FINANCIAL HIGHLIGHTS p �330.2Mp �69.2Mp �75.4M (1) GROSS PROFIT ADJUSTED GROSS PROFIT REVENUE (31)% vs 2Q26 (28)% vs 2Q26 (3)% vs 2Q26 (1) 21.0% Gross Margin 22.8% Adj. Gross Margin 3% volume growth vs 2Q26 (1) 27.8% YTD Adj. Gross Margin 30 bps increase vs YTD25 p �32.1Mp (�7.9)Mp �2.6B (1)
Slide 5: 3Q 2026 Business Highlights
3Q 2026 BUSINESS HIGHLIGHTS . . INNOVATE OUR FUTURE ELEVATE OUR INTERNATIONAL BUSINESS ADVANCE OUR CUSTOMER-FIRST CULTURE OPERATIONAL HIGHLIGHTS Completed acquisition of Affordable Wire Officially opened our new state-of-the-art Hosted APA Investor Technology Showcase Management, expanding product p
Slide 6: Commercial and Operational Excellence
COMMERCIAL AND OPERATIONAL EXCELLENCE RECORD ORDERBOOK as of 3Q26 ALBUQUERQUE MANUFACTURING FACILITY $2.6 �2.6B $2.5 $2.4 $2.2 Record orderbook as of 3Q26, +42% YoY $1.9 >�1.8B New orders 3Q26 TTM; 1.6x book-to-bill ~60% Expands 45X capture for in-house 216K Orderbook from new products components vs
Slide 7: Delivering on Our Balance-of-System Strategy
DELIVERING ON OUR BALANCE-OF-SYSTEM STRATEGY Interoperability progresses, providing comprehensive solutions across foundations, trackers and wire management APA & AWM INTEGRATION UPDATE INTEROPERABILITY IN PRACTICE Integration advancing well and progressing EZ PILE ahead of schedule across key opera
Slide 8: 3Q 2026 Financial Results
3Q 2026 FINANCIAL RESULTS ($ in millions, except EPS Data) 3Q26 2Q26 3Q25 Financial Highlights Revenue $330.2 $342.1 $393.5 (1) Gross margin 21.0% 29.1% 26.9% 3Q26 Adjusted Gross Margin of 22.8%, (520) bps vs 3Q25, Net (loss) income to Common Stockholders ($7.9) $8.4 $18.4 primarily due to a reserve
Slide 9: 3Q 2026 Leverage & Liquidity
3Q 2026 LEVERAGE & LIQUIDITY Total available liquidity of over �450M post acquisition of AWM. Net Debt leverage expected to rebound following 4Q26 deliveries LEVERAGE LIQUIDITY As of September 30, 2026 Corporate Ratings: B1 (stable) / B+ (stable) ($ millions) As of September 30, 2026 (1) ($ millions
Slide 10: Demand Remains Strong Amid Macro-Driven Project Timeline Extensions
DEMAND REMAINS STRONG AMID MACRO-DRIVEN PROJECT TIMELINE EXTENSIONS Policy uncertainty and financing conditions are extending project timelines and shifting deliveries into future periods, despite healthy underlying demand KEY RECENT POLICY & MACRO DEVELOPMENTS IMPLICATIONS FOR ARRAY ► Macro and pol
Slide 11: Updating 2026 Full Year Guidance
UPDATING 2026 FULL YEAR GUIDANCE FULL YEAR ENDING DECEMBER 31, 2026 PREVIOUS UPDATED 4Q26 ENDING December 31, 2026 Revenue $1.4B - $1.5B $1.34B - $1.4B Revenue $445M - $505M (1) Adjusted EBITDA $210M - $230M $190M - $210M (1) Adjusted Net Income Per Common Share $0.68 - $0.75 $0.57 - $0.69 Full-Year
Slide 12: Appendix
APPENDIX 11 11 3Q26 EARNINGS PRESENTATION
Slide 13: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS Array Technologies, Inc. As of (in thousands, except per share and share amounts) (Unaudited) September 30, 2026 December 31, 2025 Assets Current Assets Cash and cash equivalents $ 143,280 $ 244,388 Restricted cash - 1,596 Accounts receivable, net 329,456 271,57
Slide 14: Condensed Consolidated Statement of Operations
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Array Technologies, Inc. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) (Unaudited) 2026 2025 2026 2025 Revenue $ 330,212 $ 393,491 $ 895,689 $ 1,058,097 Cost of revenue Cost of product and serv
Slide 15: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Array Technologies, Inc. Nine Months Ended September 30, (in thousands) (Unaudited) 2026 2025 Operating activities Net income $ 34,540 $ 93,511 Adjustments to reconcile net income to cash produced by operating activities: Provision for bad debts 1,269 1
Slide 16: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Revenue $ 330,212 $ 342,065 $ 393,491 Cost of revenue 260,993 242,461 287,820 Gross profit 69,219 99,604 105,671 Gross m
Slide 17: Adjusted G&A Reconciliation
ADJUSTED G&A RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 General and administrative expense $ 58,783 $ 54,325 $ 52,248 Equity-based compensation (2,491) (4,579) (4,647) (a) Acquisition-related expenses (10,
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 8,197 $ 24,346 $ 1,997 $ (145,746) $ 33,503 Preferred dividends and accretion 16,113 15,908 1
Slide 19: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except per share amounts) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net income $ 8,197 $ 24,346 $ 33,503 Preferred dividends and accretion 16,113 15,908 15,144 $ (7,916) $ 8,438 Net (l
Slide 20: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net cash provided by operating activities $ 4,618 $ 121,279 $ 27,363 Purchase of property, plant and equipment (5,700) (7,633) (5,513) Free cash fl
Slide 21: Thank You
THANK YOU [email protected] 20 3Q26 EARNINGS PRESENTATION