Array Technologies Company Overview

ARRAY Technologies, Inc. is a Delaware public corporation headquartered in Albuquerque, New Mexico and traded on Nasdaq as ARRY. It began with Ron Corio's solar-tracker work in 1989, was formally established in 1992, and today sells utility-scale solar tracking systems, fixed-tilt products, engineered foundations, software and field services across the United States and international markets. Its stated mission is generating energy with integrity for a sustainable world. Common-stock control is dispersed among institutional shareholders, while a Series A preferred security carries senior economic rights but only limited class voting rights. ARRAY earns revenue mainly through project contracts with developers, independent power producers, utilities and EPC contractors, supported by direct selling, technical design, commissioning and training. The company is broadening from trackers into integrated balance-of-system solutions through APA Solar, the Atlas foundation-to-tracker suite and the pending AWM acquisition. Kevin Hostetler is CEO, and execution depends materially on project financing, policy incentives, customer concentration, supply-chain resilience and the timing of large solar projects.

ARRAY's history is a progression from a founder-led tracker specialist into a public, multinational solar-infrastructure supplier. The pivotal steps were utility-scale adoption, global expansion, the 2020 IPO, STI Norland's international platform, and APA Solar's addition of foundations and fixed-tilt systems.

Ron Corio began developing one of the early solar trackers in 1989, and ARRAY identifies 1992 as its formal establishment. That distinction matters because the operating origin predates the formal company milestone used in current corporate history. The company later moved from product invention toward repeatable utility-scale deployment, with a major project at Alamosa, Colorado in 2006 and cumulative tracker shipments above 1 GW by 2012.

Source: ARRAY's 100 GW history milestone.

The current legal parent is ARRAY Technologies, Inc.; STI Norland and APA are operating businesses within the consolidated group rather than successor companies replacing the parent. By June 2026, ARRAY reported cumulative tracker deliveries above 100 GW, showing how the founder-era product category became a global installed base rather than remaining a niche hardware line.

ARRAY formally states its mission as “Generating energy with integrity for a sustainable world” and pairs it with three values: putting passion into action, respecting what is right, and problem solving through technology and teamwork. The operating evidence connects that language primarily to reliability, engineering, responsible sourcing and solar-deployment efficiency.

The mission is not the same thing as a quantified corporate target. ARRAY's current materials do not present a separate formally labeled vision in the sources reviewed here, so its longer-term direction is better understood from repeated strategic actions: improving tracker resilience, expanding software and services, adding foundation systems, and increasing the technical interoperability of components around the solar array.

How is integrity translated into operating expectations?

ARRAY's values emphasize action, respect and collaborative problem solving, while governance materials link sustainability oversight to stakeholder engagement, environmental compliance and sourcing standards.

How is sustainability translated into customer value?

The product strategy focuses on more energy production, lower lifecycle costs, weather resilience and easier deployment, making sustainability inseparable from project economics for solar developers and asset owners.

Sources: ARRAY's mission and values, the 2026 proxy statement, and the current product portfolio.

This purpose can be qualified in one important way: solar deployment is still an industrial manufacturing and construction ecosystem. ARRAY therefore has to balance sustainability positioning with raw-material sourcing, logistics, product durability, customer economics and policy-dependent project development. Its mission is credible only to the extent that the hardware, software and service model lowers risk or cost for real projects.

ARRAY makes money by designing and delivering project-specific solar tracking and mounting systems, foundations, parts, software and services under contracts with solar developers, independent power producers, utilities and EPCs. Its economic value proposition is higher energy output, lower installation burden and lower lifetime system cost relative to less optimized mounting choices.

The core product remains the tracker: hardware and controls that rotate PV modules through the day. DuraTrack uses a linked-row architecture with a relatively low number of motors and controls per megawatt; OmniTrack adds terrain flexibility; DuraTrack D2S addresses dual-row international applications; SmarTrack adds software-based positioning and weather responses; APA brings fixed-tilt and foundation products.

Why is ARRAY more than a tracker-parts vendor?

The customer receives a configured system, engineering support and commissioning rather than an undifferentiated bundle of steel and motors sold as standalone components.

• Site and system design are matched to project conditions.
• Components are sourced, assembled and delivered in project phases.
• Commissioning and installer training support field execution.
• Software and field services continue the relationship after hardware selection.

Source: ARRAY's 2025 Form 10-K.

Source: ARRAY's Form 10-K business model.

Revenue recognition follows the delivery pattern of those contracts. In 2025, ARRAY disclosed $1.089 billion of revenue recognized over time and $195.3 million recognized at a point in time, out of $1.284 billion total revenue. Billing generally follows contractual project progress and shipment phases, making schedule execution and working-capital timing central to the model.

STI Norland expanded ARRAY internationally and diversified tracker architecture; APA moved the company beyond trackers into engineered foundations and fixed-tilt systems. Together, they changed the strategic question from “Which tracker wins?” toward “How much of the solar mechanical and balance-of-system stack can ARRAY integrate?”

The STI Norland acquisition closed in January 2022 and created a distinct STI Operations segment primarily associated with business outside the United States. That structure remains visible in ARRAY's reporting: Array Legacy Operations is primarily U.S.-oriented, STI Operations is primarily international, and APA is included in Array Legacy Operations.

APA has already been operationalized into the product roadmap. ARRAY launched Atlas in July 2026 as a suite engineered around ARRAY trackers and APA foundations, explicitly aiming to reduce interface fragmentation, procurement complexity and site uncertainty. AWM is different: as of the August 5 results release, it was still expected to close in the third quarter subject to approvals and customary conditions, so its strategic benefits remain prospective rather than consolidated fact.

ARRAY is owned by its shareholders, not by management or Nasdaq. Common-stock ownership is institutionally concentrated but not majority-controlled by a single disclosed holder. Governance authority sits with the elected board, while management executes strategy; separate Series A preferred securities have senior economic rights but only limited class voting rights.

The 2026 proxy reported 153.0 million common shares outstanding on March 16, 2026. Six holders were listed above 5% at that cutoff, with BlackRock, Vanguard and Hill City Capital the largest. Because beneficial-ownership filings reflect specific dates and reporting methodologies, they describe concentration rather than permanent control.

A later Schedule 13G filed July 30 reported First Trust-related entities with beneficial ownership of 10.4 million common shares, or 6.76% of the class, based on a June 30 event date; the filing also states that the securities were not held for the purpose of changing or influencing control. That subsequent filing reinforces the picture of a dispersed institutional register rather than a single controlling common shareholder.

Source: First Trust Schedule 13G.

The preferred layer is economically important but distinct from common-stock voting control. ARRAY's Series A redeemable perpetual preferred stock ranks senior to common stock for dividends and liquidation; holders vote separately on specified class matters but otherwise do not have general voting rights. The proxy also states that Blackstone's former registration, observer and board-designation rights had ended by March 31, 2025.

ARRAY sells into a multi-party buying process in which developers, independent power producers, utilities and EPC contractors can each shape the specification. It reaches them through direct commercial teams, technical selling, third-party performance studies, training, industry events and regional field support rather than through a consumer-style retail channel.

The chooser, contractual buyer, payer and end beneficiary can differ by project. An EPC may sign the supply contract; a developer or asset owner may influence the tracker selection; project lenders and tax-equity providers affect whether construction reaches financing; and the operating owner ultimately bears reliability, production and maintenance consequences. ARRAY therefore markets both to procurement decision-makers and to technical influencers.

ARRAY's “360-degree” selling approach works across the project ecosystem. The company says it educates customers and influencers through direct sales, independent studies, seminars and industry conferences, while engineering teams provide design consulting before award. After award, project management, commissioning, field engineers and installation training extend the relationship into execution.

Retention is therefore less about a subscription renewal than about being specified again on future projects. Reliability, warranty performance, engineering responsiveness, total cost of ownership, delivery execution and support determine whether a developer or EPC carries ARRAY into the next project or qualifies a second source. That makes installed-base credibility and customer service commercially important even when each solar project is separately financed.

ARRAY uses a hybrid manufacturing model: it keeps selected assembly and production capabilities in-house while outsourcing capital-intensive or lower-value components to specialized vendors, many of which can ship directly to project sites. This structure is designed to reduce labor, material movement, inventory burden and customer assembly work.

At year-end 2025, ARRAY described an approximately 283,000-square-foot Albuquerque manufacturing facility, additional New Mexico manufacturing and laboratory space coming online, and STI manufacturing and warehouse capacity in Spain and Brazil. APA added leased offices, manufacturing facilities and warehouses in Ohio and Connecticut. The footprint gives ARRAY both domestic-content capability and international production support.

Source: ARRAY's manufacturing disclosure.

The model creates two-sided resilience. Domestic manufacturing can help ARRAY respond to U.S. content rules and tariff exposure, while diversified vendors and international facilities support regional execution. But outsourcing also creates dependency on commodity inputs, vendor performance, transportation and trade policy. Direct shipment can improve working-capital efficiency only when upstream suppliers and project schedules remain synchronized.

Engineering is the coordinating layer. Products have to survive wind, hail, terrain, electrical, foundation and installation requirements while still arriving as an economical construction package. The 2026 Atlas launch illustrates the direction: ARRAY is trying to engineer the foundation-to-tracker interface as one system, reducing handoffs that would otherwise be split among component vendors and site designers.

Those companies compete for the same core utility-scale tracker decision identified by ARRAY in its 2025 filing. The comparison is not based on company size alone: buyers evaluate tracker performance, LCOE, reliability, warranty, distribution, training and support. Fixed-tilt and foundation suppliers become relevant when site design shifts beyond tracking.

The comparability limit is important. ARRAY's filing identifies principal competitors but does not establish a single standardized product-by-product performance ranking among them, so it would be misleading to infer superiority from marketing claims alone. A real procurement decision depends on site terrain, wind and hail conditions, module architecture, installation method, warranty terms, bankability, supply assurance and total project economics.

There is also a broader substitute layer. Solar projects themselves compete for power-system investment against conventional generation and other renewables such as wind, natural gas, nuclear and coal. If solar project economics deteriorate because of financing costs, grid constraints, power prices or policy changes, ARRAY can lose demand even without losing tracker share to another tracker supplier.

ARRAY's 2026 growth program has three linked engines: win more tracker projects with new terrain and weather-resilience products, sell more of the mechanical balance-of-system around those trackers, and use acquisitions plus international channels to broaden the addressable project set. The record orderbook provides execution visibility but is not the same as recognized revenue.

Product innovation is the first engine. In the first half of 2026 ARRAY formally launched DuraTrack D2S internationally and announced a next-generation OmniTrack for greater terrain variation. In July it added a 60-degree tracker capability for extreme-weather resilience and launched Atlas to integrate APA foundations with ARRAY trackers. These actions target specific project pain points rather than simply adding catalog breadth.

Sources: ARRAY's Atlas launch, AWM agreement, and August 2026 results.

Management updated 2026 guidance after the first half: revenue remained expected at $1.4-$1.5 billion, adjusted EBITDA was raised to $210-$230 million, and adjusted gross margin was expected at 27%-28%. Those are company forecasts, not realized results. The stronger operating indicator at June 30 was the $2.5 billion orderbook, which still has to convert through project schedules, customer readiness and contractual execution.

Kevin Hostetler leads the company as CEO and is also the chief operating decision maker for segment reporting. Operating execution is delegated across a specialist executive team, while independent Board Chair Brad Forth and the board oversee management. That separation matters because the company is simultaneously integrating acquisitions, launching products and managing public-company capital obligations.

Hostetler has served as CEO since April 2022 and brought prior experience leading engineered-products and infrastructure-service companies. Manning joined ARRAY in 2023 and became President and COO in 2024. Jennings became CFO in January 2025. The current executive roster also includes commercial, revenue, legal, human-resources and product chiefs, which reflects a more functionally specialized organization than a founder-led manufacturer.

Board oversight is separate. Brad Forth has served as Board Chair since October 2020 and chaired a predecessor entity from 2016. In March 2026 ARRAY expanded the board to ten directors, nine of whom the company described as independent, adding Emily Cohen and Carolyne Murff for deeper renewable-energy development and operating experience.

Sources: the current board page and 2026 proxy governance disclosures.

ARRAY's main constraints sit outside a simple factory-utilization equation. Demand depends on customers financing and permitting large solar projects; execution depends on suppliers and logistics; revenue timing depends on project schedules; and competitiveness depends on policy, tariffs, product reliability and customer concentration. Several risks can therefore move results at the same time.

Source: ARRAY's 2025 risk factors.

Customer concentration is measurable. During 2025 the two largest customers each exceeded 10% of revenue, and the five largest customers represented 29.8% of accounts receivable at year-end. The exposure is softened by the fact that large customer relationships often cover multiple separately financed projects, but a developer or EPC can still influence substantial order volume.

Policy and financing risks are especially intertwined in the U.S. Solar developers model tax incentives, interest rates, interconnection costs and power-purchase economics together. A change in one factor can cause customers to renegotiate PPAs, delay notice-to-proceed dates or reconfigure projects. For ARRAY, that means a large orderbook improves visibility without eliminating timing risk.

ARRAY today is best defined as an engineered solar-infrastructure manufacturer evolving from a tracker specialist into a more integrated mechanical and balance-of-system platform. Its identity combines a long installed history, public-company governance, project-based economics, hybrid manufacturing, direct technical selling, acquisition-led portfolio expansion and exposure to the financing cycle of utility-scale solar.

What is ARRAY's core economic engine?

Winning project specifications and converting them into engineered hardware, software and service revenue across large solar developments remains the central value-creation mechanism.

What is changing most materially?

APA, Atlas and the proposed AWM deal expand ARRAY from tracker selection toward a wider integrated system spanning foundations, mounting and balance-of-system components.

What ultimately governs execution quality?

Engineering reliability, project timing, supply-chain coordination, customer financing and disciplined integration determine whether orderbook growth becomes profitable delivered revenue across projects successfully.

Synthesis sources: ARRAY's 2025 Form 10-K, August 2026 update.