Business
Array Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2021
Fourth Quarter 2021 Financial Highlights Revenue of $219.9 millionNet loss to common stockholders of $32.1 millionAdjusted EBITDA of $0.5 million(1)Adjusted
About this update from Array Technologies, Inc.
[{"type":"text","content":"Fourth Quarter 2021 Financial Highlights Revenue of $219.9 millionNet loss to common stockholders of $32.1 millionAdjusted EBITDA of $0.5 million(1)Adjusted basic and diluted net loss per share of $(0.06)Executed contracts and awarded orders at December 31, 2021 totaling $1.8 billion, a new record Full Year 2021 Financial Highlights Revenue of $853.3 millionNet loss to common stockholders of $66.1 millionAdjusted EBITDA of $43.2 million(1)Adjusted Basic and Diluted net income per share of $0.07(1) (1) A reconciliation of the GAAP to the most comparable Non-GAAP results is included below. ALBUQUERQUE, N.M., April 05, 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 fourth quarter and full year ended December 31, 2021. “We delivered revenue in-line with expectations for the fourth quarter and the full year 2021. That said, our full year 2021 revenue and adjusted EBITDA were adversely impacted by approximately $7 million from the shifting of revenue into future periods due to the restatement of the first three quarters of 2021, as discussed in our Form 8-K filed on March 29, 2022. It is, however, important to reiterate that the total overall contractual revenue and cashflow for these projects remains unchanged, and that this shifting is merely a timing issue. Additionally, our adjusted EBITDA in the fourth quarter was impacted by the mix of deliveries which skewed heavier on the legacy, lower margin projects than we had forecasted. As we have stated before, there are a finite number of these contracts that we need to deliver; however, there can be some uncertainty as to the timing of when they will deliver. Further, the Company recognized slightly higher than expected material costs in the quarter due to changes in our supply chain plan to maintain customer delivery schedules,” said Jim Fusaro, Chief Executive Officer of Array Technologies. Mr. Fusaro continued, “Despite a challenging 2021 it is important to re-iterate that the foundation of Array’s growth remains stronger than ever. This is most evident by the fact that we enter 2022 with $1.8 billion in executed contracts and awarded orders. To put that number in context, we have organically more than doubled...