Array Cuts 2026 Revenue Outlook After Delivery Timing Shift

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $330.2 million as the tracker maker booked a record $2.6 billion orderbook and lowered full-year sales to $1.34 billion–$1.40 billion.

Array Technologies, Inc. (ARRY) cut its 2026 revenue outlook to a range of $1.34 billion to $1.40 billion from $1.4 billion to $1.5 billion after third-quarter sales slipped and the company said updated guidance reflected shifts in the timing of certain project deliveries.

The integrated energy-infrastructure provider reported revenue of $330.2 million for the three months ended September 30, 2026, down from $342.1 million in the second quarter and 16% below $393.5 million a year earlier. Gross margin compressed to 21.0% from 29.1% in the prior quarter; adjusted gross margin fell to 22.8% from 30.8%. Adjusted EBITDA dropped to $32.1 million from $63.3 million. The company swung to a net loss to common stockholders of $7.9 million, or $0.05 a share, from net income of $8.4 million, or $0.05 a share, in the second quarter. Adjusted net income per diluted share was $0.06.

Chief Executive Officer Kevin G. Hostetler said the third quarter marked another milestone in ARRAY’s evolution from a tracker company to a provider of integrated energy infrastructure solutions, citing completion of the Affordable Wire Management acquisition, the formal launch of Atlas I and II foundation-to-tracker products, and a new 60-degree U.S. tracker variant. He said the updated full-year guidance reflects shifts in the timing of certain project deliveries, that underlying customer demand remains strong, and that operational execution and cost discipline are driving improved gross margin expectations.

Commercial momentum, the company said, included a record orderbook of $2.6 billion at September 30, up 42% year-over-year, from $2.5 billion at June 30. Trailing twelve-month net new orders exceeded $1.8 billion at a book-to-bill of 1.6x. The Albuquerque, New Mexico–based company completed the Affordable Wire Management deal, expanding the portfolio into wire management and reaching battery energy storage system and datacenter markets, and opened a manufacturing facility in Albuquerque. It also announced an agreement to combine in a stock-for-stock merger with Shoals Technologies Group, Inc., creating an integrated energy infrastructure platform.

For the year ending December 31, 2026, ARRAY now expects adjusted gross margin of approximately 27%, from a prior range of 27% to 28%. Adjusted EBITDA guidance was cut to $190 million to $210 million from $210 million to $230 million, and adjusted net income per common share to $0.57 to $0.69 from $0.68 to $0.75. For the quarter ending December 31, 2026, the company expects revenue of $445 million to $505 million. Hostetler said the company is entering 2027 with strong momentum and believes it is well positioned to deliver profitable growth.

Cash and cash equivalents were $143.3 million at September 30, 2026, compared with $244.4 million at year-end 2025. Long-term debt, net of current portion, was $658.6 million. Net cash provided by operating activities was $4.6 million in the third quarter, and free cash flow was a $1.1 million outflow.