ARRY | Market Cap: $941.4M (07/13/26)
Industry:
Renewable & Alternative Energy

DESCRIPTION

Array Technologies makes solar tracking systems for utility-scale solar projects. Trackers are mechanical systems that rotate solar panels throughout the day to follow the sun, increasing energy generation compared to fixed-tilt systems. Array's flagship product is the DuraTrack HZ v3, a single-axis tracker that uses one motor to drive multiple rows of panels, reducing motor count per megawatt versus competing designs. Array has expanded its product line to address different site conditions, including OmniTrack (uneven terrain), SkyLink (wireless, no-trench installation), and Hail XP (extreme hail environments). Array also offers SmarTrack, a software suite that optimizes tracker angles in real time based on weather and terrain data. In August 2025, Array acquired APA for ~$185M, adding engineered foundation systems and fixed-tilt racking, positioning Array to sell a broader set of components beneath the solar panel. Array sells primarily to solar developers, IPPs, utilities, and EPCs, often under multi-year procurement contracts. The U.S. represents ~81% of revenue, with an international segment (STI Operations) serving Europe, Latin America, and Australia. Revenue is driven by megawatts shipped and average selling prices, both of which are tied to steel input costs and project timing. The IRA's Section 45X manufacturing tax credits have boosted margins by incentivizing domestic component sourcing, and Array's contracts generally allow tariff cost pass-through to customers.

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