Business
Array Technologies, Inc. Reports Financial Results for the Third Quarter 2021
Third Quarter 2021 Financial Highlights Revenue of $192.1 millionNet loss to common stockholders of $31.0 millionAdjusted EBITDA loss of $0.5
About this update from Array Technologies, Inc.
[{"type":"text","content":"Third Quarter 2021 Financial Highlights Revenue of $192.1 millionNet loss to common stockholders of $31.0 millionAdjusted EBITDA loss of $0.5 million(1)Adjusted basic and diluted net loss per share of $0.07(1)Executed contracts and awarded orders at September 30, 2021 totaling $1 billion, a new record (1) A reconciliation of the GAAP to the most comparable Non-GAAP results is included below. ALBUQUERQUE, N.M., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (Nasdaq: ARRY), one of the world’s largest providers of utility-scale solar tracking technology, today announced financial results for its third quarter ended September 30, 2021. “In the third quarter, we grew revenues 38%, generated over $315 million of new orders - the second highest level of quarterly bookings in our history - and ended the quarter with more than $1 billion in executed contracts and awarded orders, which is a new record for our company. Our results in the quarter demonstrate that the changes we made to our quoting and procurement processes have not impacted demand for our products or inhibited our ability to deliver for our customers. More importantly, we believe the third quarter represents the trough for our margins as it was the last quarter where the majority of our shipments were priced using our historical quoting and procurement processes. We expect that our gross margins should improve steadily over the next several quarters as new, higher margin orders constitute a larger and larger proportion of our shipments and legacy, lower price orders constitute a smaller and smaller proportion of our shipments.” said Jim Fusaro, Chief Executive Officer of Array Technologies. Mr. Fusaro continued, “We have worked diligently to adapt our business to the inflation, supply chain and logistics challenges facing our industry. We saw, and continue to see, the current environment as an opportunity to gain market share. We are seizing on that opportunity in two ways. First, we are leveraging the strength of the supply chain we have built over the past several months to win customers away from our competitors. Customers are coming to us because, in some cases, we are the only supplier that can reliably deliver product on time and at the promised price as well as source up to 90% of our bill of materials from U.S.-based suppliers—a capability that could giv...