Business
Array Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2022 – Delivers full year revenue increase of 92% from 2021 to $1.6 billion, exiting the year with Fourth Quarter 2022 gross margin of 20.0%
Fourth Quarter 2022 Financial Highlights Revenue of $402.1 millionNet loss to common stockholders of $17.3 millionAdjusted EBITDA(1) of $51.7 millionBasic and
About this update from Array Technologies, Inc.
[{"type":"text","content":"Fourth Quarter 2022 Financial Highlights Revenue of $402.1 millionNet loss to common stockholders of $17.3 millionAdjusted EBITDA(1) of $51.7 millionBasic and diluted net loss per share of $0.11Adjusted diluted net income per share(1) of $0.10Executed contracts and awarded orders at December 31, 2022 totaling $1.9 billion Full Year 2022 Financial Highlights Revenue of $1,638 millionNet loss to common stockholders of $43.6 millionAdjusted EBITDA(1) of $128.7 millionBasic and diluted net loss per share of $0.29Adjusted diluted net income per share(1) of $0.38 (1) A reconciliation of the GAAP to the most comparable Non-GAAP results is included below. ALBUQUERQUE, N.M., March 21, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading provider of tracker solutions, software and services for utility-scale solar energy projects, today announced financial results for its fourth quarter and full year ended December 31, 2022. “I am pleased to announce that our 2022 results finished at the high-end of our preliminary ranges. Accordingly, revenue, adjusted EBITDA, and adjusted EPS all exceeded the midpoint of our full year guidance range as we had a very strong close out to our year,” said Kevin Hostetler, Chief Executive Officer. “As we enter 2023, we do so with an incredible amount of momentum: our $1.9 billion orderbook is priced to support long-term sustainability of our high teens to low twenties margin range. The significant amount of cashflow produced in the second half of 2022 solidifies our liquidity position and dramatically improves our leverage position. And, finally, with the launch of OmniTrack and the availability of the STI H250 in the U.S., coupled with an expanded SmarTrack software powering all of our product lines, we have what we believe to be the strongest tracker hardware and software product portfolio in the industry. Against that backdrop, our team remains focused on execution in our domestic and international markets, and we look towards further operational and financial improvements, which you can see embedded in our expectations for 2023. As a reminder, our guidance does not assume any potential benefits from the IRA related to the domestic content provision and the tracker manufacturing credits, meaning we view both as being additive to results in 2023 if resolution is r...