Slide 1: Investor Presentation
November 2023 Investor Presentation 0
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Other Information This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our project
Slide 3: Table of Contents
Table of Contents Company & Market Overview Product Offerings & Technology Business & Financial Overview Summary 2
Slide 4: Company & Market Overview
Company & Market Overview ARRAY
Slide 5: Generating energy with integrity for a sustainable world
OUR MISSION Generating energy with integrity for a sustainable world OUR VALUES Problem solving through Putting passion into action Respecting what’s right technology and teamwork 4
Slide 6: Company History
Company History 1989 2004 2011 2013 2017 2020 Ron Corio develops first Array Technologies begins DuraTrack® HZ’s terrain Array Technologies ships Array expands globally Array launches onto the solar tracker for the shipping trackers to utility- flexibility wins over fixed-tilt DuraTrack® HZ tracker
Slide 7: Who We Are
Who We Are …in a Large and Growing Market… Tracker demand growing ~30% faster than the overall solar market (3) …that is Increasingly a Must Have… …that’s Underpinned by Megatrends… Top three competitive position in the U.S., Europe, Brazil, and Rest of Latin America (2) 03 Solar is the fastest grow
Slide 8: Growth Underpinned By Powerful Megatrends
Growth Underpinned By Powerful Megatrends The cost to install solar has dropped by more than 50% over the last decade, leading the industry to Cost Competitiveness with Fossil Generation expand into new markets. (1) Utility-scale solar with trackers have a lower Levelized Cost of Energy (LCOE) than
Slide 9: Market Themes
Market Themes Solar is Pulling Away U.S. Market Growth Government Policy Support from the Competition is Accelerating is Strengthening Solar PV’s installed power capacity Solar accounted for 54% of all new Inflation Reduction Act (IRA) paved the poised to surpass coal by 2027, electricity-generating
Slide 10: Tracker Market Outpacing Total Utility Scale Solar Growth
Tracker Market Outpacing Total Utility Scale Solar Growth Total PV Installations over 1 MW Total Tracker Installations over 1 MW GW ~13% CAGR GW ~17% CAGR ‘22-‘30 ‘22-‘30 375 150 125 300 100 225 75 150 50 75 25 0 0 APAC Africa ME Europe LatAm North America APAC Africa ME Europe LatAm North America S
Slide 11: A Compelling Value Proposition
A Compelling Value Proposition Trackers Illustrative Daily Generation Profile Array broadens the envelope of peak generation Array increases to better match with demand/energy value production The mounting during the system rotates evening hours throughout the day when electricity to align the solar
Slide 12: Product Offerings & Technology
Product Offerings & Technology 11
Slide 13: Trackers Require Unique Expertise and Know-How
Trackers Require Unique Expertise and Know-How Civil Engineering Mechanical Engineering Site-specific tracker configuration Component and system design Local building codes, standards and compliance Finite element analysis PV plant design optimization Reliably and life testing Extreme weather perfor
Slide 14: What Makes a Great Tracker?
What Makes a Great Tracker? Fewest failure points to maximize uptime coupled with best software and controls to maximize production in all conditions Lowest LCOE Streamlined installation and commissioning that Designed to last 30 years reduces construction labor while minimizing scheduled and time o
Slide 15: Product Portfolio
Product Portfolio We offer an evolving suite of tracker products all powered by SmarTrack™ software Multi-Row Dual-Row DuraTrack® OmniTrack™ STI H250 "STI's legacy sought after tracker with a strong “Gold standard in solar tracking" “All the benefits of DuraTrack plus more" global reputation" Best p
Slide 16: Benefits of Multi-Row and Dual-Row Trackers
Benefits of Multi-Row and Dual-Row Trackers Multi-Row (Array DuraTrack®, Array OmniTrack™) Dual-Row (Array STI H250) Articulating drivelines allows greater flexibility and tolerance to High tolerances for fragmented, highly-angled blocks and/or irregular operate across challenging terrain. boundarie
Slide 17: Array DuraTrack
Array DuraTrack® Lower Capex Higher Production Lower Opex BOOST SITE DESIGN HIGH POWER MACHINE LEARNING ZERO SCHEDULED PATENTED PASSIVE PRODUCTION FLEXIBILITY DENSITY SOFTWARE MAINTENANCE WIND STOW Less than Up to 25° Up to 120 Determines Industrial grade Fully mechanical, 1 Motor per MW offset modu
Slide 18: OmniTrack
OmniTrack™ All the benefits of DuraTrack® with the additions of: More slope without sacrifice LEADING TERRAIN MINIMIZE SITE LESS ENVIRONMENTAL ADAPTABILITY GRADING IMPACT Up to 1° (1.75%) Grading cost Engineered to N/S slope change savings reduce or eliminate in torque tube grading Less grading = le
Slide 19: STI H250
STI H250 SIMPLE SITE DESIGN HIGH POWER LOW CONSTRUCTION FLEXIBILITY DENSITY MAINTENANCE Reduced number of Up to 15% N-S Up to 60 modules per Easier cleaning and key components row and 120 per access to components (motors, actuators, Up to 10% E-W motor control systems) vs between linked rows Annual
Slide 20: SmarTrack
SmarTrack™ BOOST SEVERE WEATHER HIGHLY SECURE RAPID, SEAMLESS NO ADDITIONAL PRODUCTION RESPONSE PLATFORM INTEGRATION SENSORS REQUIRED Increase energy harvest Intelligent response to All tracker control Remote one-time No extra sensors for by up to 5% by rapidly minimize damage risk decisions made im
Slide 21: Business & Financial Overview
Business & Financial Overview 20
Slide 22: Leveraging Robust & Diverse Supply Chain
Leveraging Robust & Diverse Supply Chain ELIMINATING SINGLE SOURCE points of failure, so that no matter what happens, we can optimize delivery. GLOBAL SUPPLY CHAIN that can be tailored geographically as needed. High Domestic Content Meeting Local Requirements 40+ GW of global capacity United States
Slide 23: Engineering & Product Management Focus Areas
Engineering & Product Management Focus Areas Array has applied for 111 patents since start of 2022 – over 100 granted thus far Reducing Installation Costs Expanding Product Offerings Expanding Software & Non-Tracker Offerings Optimizing the installation and OmniTrack and U.S. expansion of Enha
Slide 24: Historical Financials
Historical Financials ($M) Sales Gross Margin, Adjusted Gross Margin 11.1% 13.0% 14.3% Mid-to- $1,638 $1,550 8.0% High Twenties $853 (1) (1) 2021 2022 2023E 2021 2022 2023E Gross Margin Adjusted Gross Margin (2) ($M) Net Income (Loss), Adjusted EBITDA (2) Diluted EPS, Adjusted Diluted EPS (2) Net In
Slide 25: 1H 2023 Financial Results
1H 2023 Financial Results 1H Snapshot Y/Y Comparison Six Months Ended June 30, Revenue up 22.8% from volume and ASP growth ($ in millions, except EPS Data) 2023 2022 Y/Y Revenue $884.5 $720.5 +$164.0 Gross margin 27.6% 8.2% +1940 bps Adjusted Gross margin increased to 28.4% from 9.6% Net income
Slide 26: Summary
Summary ARRAY
Slide 27: Why Invest in Array?
Why Invest in Array? 1 Gain exposure to largest 2 …With a Company That Has 3 …And Delivers Strong part of the solar market… a Strong Market Position… Returns for Stakeholders Ground mount solar is fastest Trackers growing faster and taking Strong organic growth growing source of new generation
Slide 28: Appendix
Appendix ARRAY
Slide 29: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation ($ in thousands) Six Months Ended Year Ended June 30, December 31, 2023 2022 2022 2021 Revenue 884,498 720,451 1,637,546 853,318 Cost of revenue 640,555 661,197 1,424,828 785,015 Gross Profit 243,943 59,254 212,718 68,303 Amortization of Developed Technology 7,27
Slide 30: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in thousands) Six Months Ended Year Ended June 30, December 31, 2023 2022 2022 2021 Net income (loss) $ 90,940 $ (30,961) $ 4,432 $ (50,403) Preferred dividends and accretion $ 25,268 $ 23,788 $ 48,054 $ 15,715 Net income (loss) to common shareholders $ 65,672 $ (54
Slide 31: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation ($ in thousands) Six Months Ended Year Ended June 30, December 31, 2023 2022 2022 2021 Net income (loss) $ 90,940 $ (30,961) $ 4,432 $ (50,403) Preferred dividends and accretion $ 25,268 $ 23,788 $ 48,054 $ 15,715 Net income (loss) to common shareholders $ 65,672 $
Slide 32: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation ($ in thousands, except per share amounts) Six Months Ended Year Ended June 30, December 31, 2023 2022 2022 2021 Loss per common share Basic $ 0.44 $ (0.37) $ (0.29) $ (0.51) Diluted $ 0.43 $ (0.37) $ (0.29) $ (0.51) Weighted average common shares outstanding Basic 150,76