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Array Technologies Swings to Profit in Q1 2025 Amid Strong Global Demand

Array Technologies posted a net income of $2.3 million in Q1 2025, reversing a $11.3 million loss in the same quarter last year. Revenue nearly doubled year-over-year to $302.4 million, beating analyst estimates by 14%. The growth was driven by an 18% rise in contracts and increased adoption of its utility-scale solar trackers by independent power producers across Europe, the Middle East, and Asia.

Adjusted EBITDA rose 55% YoY to $40.6 million. The company maintained a robust order book of $2.08 billion. Despite geopolitical headwinds and uncertainty over tariffs and potential reforms to U.S. IRA tax credits, Array expects minimal project cost impact due to utility-scale solar’s resilient cost structure—where equipment typically accounts for just 50% of total project cost.

CEO Kevin Hostetler highlighted a strong recovery in market share and affirmed full-year 2025 guidance, projecting $1.05–$1.15 billion in revenue and $180–$200 million in adjusted EBITDA. Net income per share is expected to be between $0.60 and $0.70.

Array emphasized its domestic sourcing strength, with over 93% U.S. content in domestic bills of material and over 50 U.S. suppliers. Globally, it manages a 75 GW supply capacity across 125 partners, reinforcing its position amid shifting trade policies.