Business
Array Technologies, Inc. Reports Financial Results for the First Quarter 2022 – Delivers strong top-line growth, a robust backlog and continued margin progression in the legacy Array business
First Quarter 2022 Highlights Revenue of $300.6 millionNet loss to common stockholders of $33.7 millionAdjusted EBITDA(1) of $0.7 millionAdjusted basic and
About this update from Array Technologies, Inc.
[{"type":"text","content":"First Quarter 2022 Highlights Revenue of $300.6 millionNet loss to common stockholders of $33.7 millionAdjusted EBITDA(1) of $0.7 millionAdjusted basic and diluted net loss per share(1) of $0.02Executed contracts and awarded orders at March 31, 2022 totaling $2.0 billionJoined UN Global Compact, the world’s largest corporate sustainability initiative (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below. ALBUQUERQUE, N.M., May 10, 2022 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced financial results for its first quarter ended March 31, 2022. “Revenue in the first quarter of $300.6 million and Adjusted EBITDA of $0.7 million were both better than expected and reflected management’s continuing progress towards margin recovery and operational execution. For the legacy Array business, the first quarter’s revenue of $251 million represented the third sequential quarter of revenue growth and the gross margin of 8.5% represented the second sequential quarter of expansion,” said Nipul Patel, Chief Financial Officer of Array Technologies. “However, in the quarter we did see several cost challenges in our recently acquired STI business. Specifically, we are seeing higher construction costs, particularly in its U.S. business, and also elevated logistics costs as the war in Ukraine has reduced the availability of material that can be sourced in Europe.” Kevin Hostetler, Chief Executive Officer added, “Since joining the company, I have spent a lot of time talking with employees across the business and I am excited about the about their passion for the industry and the dedication they have to the company. This passion and dedication, coupled with Array’s differentiated technology provide a strong foundation to lead the transition to solar energy, a cause that was fundamental in my decision to lead this company. That said, I also undertook the responsibility to lead the company with the knowledge that it was going to be a challenging operating environment in the near-term. Many things outside of our control, like the AD/CVD investigation, the conflict in Ukraine, and the continued commodity and logistics volatility will create a difficult overhang for the ...