Array Technologies, Inc. · NASDAQ:ARRY
Array Technologies — Merger or Acquisition (November 2026)
29 slides from Array Technologies's merger presentation, Nov 4, 2026
Slide 1: ARRAY and Shoals Announce Transformative Merger, Creating Integrated Energy Infrastructure Platform
Exhibit 99.2 ARRAY and Shoals Announce Transformative Merger, Creating Integrated Energy Infrastructure Platform November 4, 2026
Slide 2: Important Information and Disclaimers
Important Information and Disclaimers Non-GAAP Financial Measures This presentation includes certain financial measures that are not presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Net Debt,
Slide 3: Today's Presenters
Today’s Presenters Brad Forth Brandon Moss Kevin Hostetler Chief Executive Officer, Chief Executive Officer, Chairman of the Boards of Shoals Technologies Group ARRAY Technologies Shoals Technologies Group and ARRAY Technologies 3
Slide 4: Transaction Overview
LW comment for the second bullet on the page: Should the legal entity be the parent entity since Shoals is merging into ARRAY merger sub (a Transaction Overview subsidiary of ARRAY) Structure and • ARRAY and Shoals are merging in an all-stock transaction Economics • ARRAY will be the surviving legal
Slide 5: Expected Key Strategic and Financial Benefits of the Combination
Expected Key Strategic and Financial Benefits of the Combination WHAT THE MERGER ENABLES HOW WE EXPECT IT TO CREATE VALUE Greater product differentiation and Integrated SBOS/EBOS wins share by simplifying sourcing and vendor management, streamlining project customer value execution, lowering install
Slide 6: Combined Company Can Deliver "Full Stack" of Leading Solutions
Combined Company Can Deliver “Full Stack” of Leading Solutions Trackers EBOS Trackers (1) Leading DC Wiring Solution in the U.S. 105 GW Sold Globally OEM Fixed-tilt and Foundations Illustrative EBOS Combined Company Revenue Mix Components for #1 U.S. Module Manufacturer Leading Fixed-tilt & Eng. Fou
Slide 7: The Combination Expands Access to Attractive Profit Pools in Solar
Note: ARRAY showed different TAM numbers at APA showcase in August ($4.3B utility scale tracker US TAM, $1.7B foundations, $150M+ wire The Combination Expands Access to Attractive Profit Pools in Solar management) Estimated U.S. SBOS and EBOS Profit Pool ($ in millions) $100 $1,770 $320 Total 2027 U
Slide 8: Packaging SBOS and EBOS Creates Immediate Differentiation and Customer Value
Packaging SBOS and EBOS Creates Immediate Differentiation and Customer Value APA Foundations ARRAY Trackers Shoals EBOS AWM Wire Management + + + Expected Value for Developers & Operators Expected Value for EPCs • Lower total project cost through optimized, integrated • Simplified procurement with o
Slide 9: Product Integration Creates Opportunities for Innovation
Product Integration Creates Opportunities for Innovation ILLUSTRATIVE FEATURES THAT COULD BE ENABLED BY SBOS/EBOS INTEGRATION BLA Integrated BLA Enabled Automation Fully Integrated Integrated Site Harness Ready Tracker Power Tracker Enabling SBOS / EBOS Design Torque Tubes Cable Controls Design Sign
Slide 10: The Combined Company's Growth Opportunities Extend Beyond Solar
The Combined Company’s Growth Opportunities Extend Beyond Solar Existing Offerings Today and Combined Platform Opportunity COMBINED PLATFORM (NEAR-TERM) • Battery-site wire management (AWM)• Shoals Power Hub for DC aggregation Integrated storage BOS and EBOS, wire BESS + = • Foundations for battery
Slide 11: Shoals and ARRAY Have Highly Complementary Capabilities and Values
Shoals and ARRAY Have Highly Complementary Capabilities and Values Best-in-Class = • Product • Integrated • Electrical infrastructure expertise• Product quality innovation solutions • Customer engagement• Engineering capability • Quality• Manufacturing • Custom engineered and • International footpri
Slide 12: Combined Company Priorities
Combined Company Priorities Commercial Financial Strategic 1. Accelerate revenue growth by 1. Achieve $100+ million annual 1. Begin development of integrated selling the full product suite to every incremental EBITDA through cost SBOS-EBOS products project and commercial synergies 2. Benefit from bo
Slide 13: Commercial Priority #1: Sell the "Full Stack" Into Existing Customer Relationships
Commercial Priority #1: Sell the “Full Stack” Into Existing Customer Relationships Cross-sell today The opportunity Only ~20% ~$2.5B Of combined project volume in 2025-26 used both (1) Shoals and ARRAY products of incremental sales potential had each company sold its full product suite into every pr
Slide 14: Commercial Priority #2: Benefit from Both Companies' Customer Engagement Capabilities
Commercial Priority #2: Benefit from Both Companies’ Customer Engagement Capabilities to Increase Tracker Sales ARRAY Customer Engagement Initiatives + Shoals Customer Engagement Strengths • Formation of ARRAY Academy with targeted training on • Commercial pod structure for end-to-end customer insta
Slide 15: Significant Upside from Tracker Share Gains
Significant Upside from Tracker Share Gains U.S. Tracker Share Gain 1% 2% 3% 4% 5% Implied Incremental Gains 360 720 1,080 1,440 1,800 (1) (MW ) dc Representative Number ~1 ~2 ~4 ~5 ~6 (2) of Projects Implied Incremental $32 $65 $97 $130 $162 Revenue ($MM) Illustrative Contribution 30% Margin (%) Im
Slide 16: Commercial Priority #3: Accelerate Shoals' International Expansion
Commercial Priority #3: Accelerate Shoals’ International Expansion Through ARRAY’s Established Global Footprint GLOBAL COMMERCIAL REACH Portland, TN Madrid Albuquerque, NM North America Muscle Shoals, AL Pamplona Albuquerque, NM, Chandler, AZ and Ridgeville Corners, OH Ridgeville Corners, OH Chandle
Slide 17: Financial Priority #1: Achieve $100+ Million Annual Incremental EBITDA
Financial Priority #1: Achieve $100+ Million Annual Incremental EBITDA Expected Near-Term Synergies ($ in millions) Cost Synergies Revenue Synergies Synergies ramping to $100M by Year 3• C-Suite redundancies• Cross-sell EBOS $100 + • Organizational • Cross-sell trackers consolidation • Cross-sell fo
Slide 18: Financial Priority #2: Reduce Preferred Stock Outstanding
Financial Priority #2: Reduce Preferred Stock Outstanding Overview of Agreement with Preferred shareholders Key Term Expected Shareholder Benefits Commitment to redeem $161.3 million of Preferred Stock at a price • Captures 7 points of discount (~$11.3 million) (1) equal to 93% of the liquidation pr
Slide 19: Financial Priority #3: Maintain Balance Sheet Flexibility
Financial Priority #3: Maintain Balance Sheet Flexibility (1) Combined Company Pro Forma Capitalization Estimated Initial Estimated Pro Forma ARRAY Shoals Q4 Estimated Transaction Redemption of Combined at (2) ($mm) (9/30/26) (9/30/26) Change in Cash Expenses Preferred Stock December 31, 2026 Cash a
Slide 20: Key Combined Company Figures and Preliminary 2027 Outlook
Key Combined Company Figures and Preliminary 2027 Outlook (1) (1) Indicative 2027 Pro Forma Full Year Outlook Selected 2026 Pro Forma Year-End Balance Sheet Items Basic Shares $2.2B – $2.4B (2) 439.5M Revenues Outstanding Combined Company Diluted Shares 442.1M (2) $410M – $480M Outstanding Adj. EBIT
Slide 21: Q3 Earnings
Q3 Earnings 21
Slide 22: Q3 Earnings – Shoals Q3 2026 Results Key Takeaways
Q3 Earnings – Shoals Q3 2026 Results Key Takeaways $ in millions. Backlog + Awarded Orders $792 • Achieved record revenue from meaningful sequential production improvement, growing at 44% YoY Revenue $195.3 Y/Y Growth 43.8% • Delivered 160bps of sequential gross profit margin Gross Profit $62.4 expa
Slide 23: Q3 Earnings – ARRAY Q3 2026 Results Key Takeaways
Q3 Earnings – ARRAY Q3 2026 Results Key Takeaways $ in millions. $2.6 billion Backlog + Awarded Orders • Fourth consecutive record orderbook of $2.6 billion, a 42% $330.2 Revenue increase year-over-year Y/Y Growth (16.1%) • Fifth consecutive quarter >$400M new bookings $69.2 Gross Profit Gross Margi
Slide 24: Q&A
Q&A shoals | ARRAY
Slide 25: Appendix
Appendix shoals | ARRAY
Slide 26: Adjusted EBITDA Reconciliations – Shoals
Adjusted EBITDA Reconciliations Shoals Technologies Group, Inc. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) (Unaudited) 2026 2025 2026 2025 Net income $ 17,870 $ 11,879 $ 29,711 $ 25,452 Interest expense 3,894 2,832 10,271 7,483 Interest income — (38) (327) (232)
Slide 27: Adjusted Gross Profit Reconciliation – ARRAY
Adjusted Gross Profit Reconciliation Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Revenue $ 330,212 $ 342,065 $ 393,491 Cost of revenue 260,993 242,461 287,820 Gross profit 69,219 99,604 105,671 Gross m
Slide 28: Adjusted G&A Reconciliation – ARRAY
Adjusted G&A Reconciliation Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 General and administrative expense $ 58,783 $ 54,325 $ 52,248 Equity-based compensation (2,491) (4,579) (4,647) (1) Acquisition-related expenses (10,
Slide 29: Adjusted EBITDA Reconciliation – ARRAY
Adjusted EBITDA Reconciliation Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 8,197 $ 24,346 $ 1,997 $ (145,746) $ 33,503 Preferred dividends and accretion 16,113 15,908 1
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