Business
Array Technologies, Inc. Announces Preliminary Financial Results for the Full Year 2022, Full Year 2023 Guidance and Earnings Release Date
Filed Notification of Late Filing on Form 12b-25 with the SEC and plans to file Form 10-K for the fiscal year ended December 31, 2022, within 15-day grace
About this update from Array Technologies, Inc.
[{"type":"text","content":"Filed Notification of Late Filing on Form 12b-25 with the SEC and plans to file Form 10-K for the fiscal year ended December 31, 2022, within 15-day grace period\nALBUQUERQUE, N.M., March 02, 2023 (GLOBE NEWSWIRE) -- Today Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading provider of tracker solutions, software and services for utility-scale solar energy projects announced selected preliminary unaudited financial results for its full year ended December 31, 2022 and provided full year 2023 guidance. The Company plans to release its full fourth quarter and full year 2022 financial results after the market close on Wednesday, March 15, 2023, to be followed by a conference call that same day at 5:00 p.m. Eastern Time. Full Year 2022 Preliminary Unaudited Financial Results Revenues expected in a range of $1,620 million to $1,640 millionGross margin expected in the range of 13.5% to 14.0%Net loss expected in the range of $40 million to $42 millionDiluted Loss Per Share expected in the range of $0.27 to $0.28Adjusted EBITDA(1) expected in a range of $126 million to $129 millionAdjusted Diluted Earnings Per Share(1) expected in the range of $0.34 to $0.37Free Cashflow(2) expected in the range of $135 million to $137 millionOrderbook at December 31, 2022 of $1.9 billion(3) (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below(2) Free Cashflow is defined as Net Cash Provided By (Used In) Operating Activities less Purchase of property, plant & equipment(3) Orderbook consists of Awarded Orders and Executed Contracts and does not include volume commitments “Array delivered a strong finish to the year with revenue expected to be above the high end of our full year guidance range and Adjusted EBITDA and Adjusted EPS expected to be at the midpoint of our range. Our expected full year revenue of more than $1.6 billion represents organic growth of nearly 50% and with the inclusion of STI Norland we nearly doubled the business in 2022. Gross margin grew from 9.7% in 2021 to between 13.5% and 14.0% in 2022. Inherent in those numbers is a fourth quarter gross margin between 19% and 20% which is well within the high teens to low twenties range we had provided as an exit point for the year. Adjusted EBITDA is expected to nearly triple from $43 million in 2021 to between $126 million a...