Business
Array Technologies, Inc. Reports Financial Results for the Second Quarter 2021
Second Quarter 2021 Financial Highlights Revenue of $202.8 millionNet loss of $17.0 thousandAdjusted EBITDA of $16.2 million(1)Adjusted Basic and Diluted Net
About this update from Array Technologies, Inc.
[{"type":"text","content":"Second Quarter 2021 Financial Highlights Revenue of $202.8 millionNet loss of $17.0 thousandAdjusted EBITDA of $16.2 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., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (Nasdaq: ARRY), one of the world’s largest manufacturers of ground-mounted systems used in solar energy projects, today announced financial results for its second quarter ended June 30, 2021 and full year 2021 guidance. “We delivered strong financial results in the second quarter, despite a challenging supply chain environment. Revenues grew 76% year-over-year to $202.8 million reflecting continued strong demand for our products. Adjusted EBITDA grew 23% to $16.2 million compared to the same period last year. Our lower margins this quarter relative to last year reflect the higher input and logistics costs that continue to be a headwind for our industry” said Jim Fusaro, Chief Executive Officer of Array Technologies. Mr. Fusaro continued, “I am pleased to report that given the hard work of our team to negotiate with our customers and suppliers over the past several months, we are now able to reintroduce guidance for the full year. More importantly, we have changed our business processes to reduce our exposure to future increases in commodity prices and shipping costs. That hard work and those changes are reflected in the profitability of the orders we have booked since May which have gross margins in line with what we generated last year. I am confident we are on a path to restore our gross margin to historical levels, but the improvement will be gradual as we still have legacy backlog at lower prices to burn off.” Mr. Fusaro concluded, “I remain bullish on the long-term prospects for utility-scale solar and for Array. The transition to renewable energy is only accelerating, we have more executed contracts and awarded orders than at any time in our history and we have taken the steps that were necessary to adapt our business to the current inflationary environment. I am confident that those changes, in combination with our relentless focus on supporting our customers, will see our company emerge even stronger from the current environment than we were before.” Second Quarter 2021 ...