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Sep 30, 2024
Array Technologies Q4 2024 Earnings Report
Array Technologies exceeded fourth quarter revenue guidance, achieved record gross margin for the full year, and delivered strong cash flow generation.
Key Takeaways
Array Technologies reported strong fourth quarter and full year 2024 results, exceeding the mid-point of their fourth quarter revenue guidance and achieving a record gross margin for the full year, driven by robust profitability and healthy cash flow.
Revenue for Q4 2024 was $275.2 million, exceeding the mid-point of guidance.
Gross Margin for Q4 2024 was 28.5%, with Adjusted Gross Margin at 29.8%.
Net loss to common shareholders for Q4 2024 was $(141.2) million, including significant non-cash impairment charges.
Adjusted EBITDA for Q4 2024 was $45.2 million.
Forward Guidance
For the first quarter of 2025, Array Technologies expects revenue between $260 million and $270 million, with an Adjusted EBITDA margin of 11% to 13%. For the full year 2025, revenue is projected to be between $1.05 billion and $1.15 billion, with Adjusted EBITDA between $180 million and $200 million, and Adjusted net income per share between $0.60 and $0.70.
Positive Outlook
- Anticipates modest growth in Europe in 2025, well-positioned to capture additional market share.
- Optimistic about future demand growth for utility-scale solar energy both domestically and internationally.
- Confident that the value proposition in the industry will continue to propel growth for years to come.
- On track to deliver 100% domestic content solar trackers by the first half of 2025.
- OmniTrack™ product continues to gain traction, accounting for over 20% of the orderbook.
Challenges Ahead
- Persistent headwinds impacting project timelines in the United States, including permitting and interconnection delays.
- Shortages of high-voltage circuit breakers and transformers continue to impact project timelines.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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