Slide 1: 1Q25 Earnings Presentation
1Q25 EARNINGS PRESENTATION May 6, 2025
Slide 2: Disclaimer
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N DISCLAIMER Forward Looking Statements Thi s presentation contains forward-looking statements that are based on our management’s beli efs and assumptions and on informati on currently available to our management. Forward-looking statements inclu de inform
Slide 3: Business Update
RNNI N G S P R ON REE S E N T A T IIO BUSINESS 1Q 2 5 E A R UPDATE Kevin G. Hostetler, Chief Executive Officer Neil Manning, President & Chief Operating Officer 3
Slide 4: Generating Energy with Integrity
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N GENERATING ENERGY WITH INTEGRITY FOR A SUSTAINABLE WORLD Putting passion Respecting Problem-solving through into action what’s right technology and teamwork ARRAY TECHNOLOGIES Leading the way to a brighter, smarter future Demonstrated Track Record of Del
Slide 5: Financial Highlights
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N FINANCIAL HIGHLIGHTS 2025 First Quarter $302.4M $80.1M 26.5% Revenue Adjusted Gross Profit(1) Adjusted Gross Margin (1) Up 97% from 1Q24, Outperformed expectations Expected compression due Up 10% from 4Q24 despite impacts of project mix to lower margin p
Slide 6: Orderbook Details
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ORDERBOOK DETAILS Orderbook resiliency despite near-term policy driven headwinds International Markets $2.0B 18% 9% Orderbook Increase in contracting over 4Q24, Growth in domestic orderbook maintained at close of 1Q25 primarily in the U.S. and Europe in
Slide 7: Current Market Dynamics
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N CURRENT MARKET DYNAMICS Utility-scale solar is the most cost effective and fastest growing energy source 84% 5X 50% 2024 new U.S. Electric generation Peak demand Additional electricity Solar and Solar + Battery(1) growth rates(2) production required by 2
Slide 8: Current Market Dynamics
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N CURRENT MARKET DYNAMICS Despite near-term uncertainty, Utility-scale solar is the most cost effective and fastest growing energy source Near-term Uncertainty Long-term Confidence Impact of Tariffs on Demand The U.S. needs more generation capacity • D
Slide 9: How Are We Responding to Near-Term Uncertainty?
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N HOW ARE WE RESPONDING TO NEAR-TERM UNCERTAINTY? Actions Results Reviewed tariff provisions on contracts Over 75% of contracted projects gives Array right to pass Comprehensive Reconfirmed delivery dates with customers through 100% of tariffs to the
Slide 10: Array's Global Supply Chain: Regionally Tailored & Resilient
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ARRAY’S GLOBAL SUPPLY CHAIN: REGIONALLY TAILORED & RESILIENT Optimized to drive lowest cost for customers ARRAY’s regionally tailored Supply Chain is ideally suited to mitigate numerous potential impacts Our longstanding U.S. centric supply chain min
Slide 11: Product & Innovation Updates
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N PRODUCT & INNOVATION UPDATES Continued momentum on recently launched products, field validation of solutions, and new opportunities SmarTrack & SkyLink Repowering 2000 V Hail Alert Launched in Q3 2024 Response ► Our first commercial ► Nearly 3.5x growth
Slide 12: Financial Update
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N FINANCIAL UPDATE H. Keith Jennings, Chief Financial Officer 12 12
Slide 13: 1Q25 Financial Highlights
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N 1Q25 FINANCIAL HIGHLIGHTS Strong quarter driven by 143% volume growth and delivering on pushouts from 2024 REVENUE ADJ. GROSS PROFIT & ADJ GROSS MARGIN(1) $302.4 $275.2 $80.1 $82.0 NOTABLE PERFORMANCE $58.7 $153.4 ► Revenue growth of 97% over $ millions
Slide 14: 1Q25 Financial Results
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N 1Q25 FINANCIAL RESULTS Strong results exceeded expectations in revenue, gross margin and adjusted EPS ($ in millions, except EPS Data) 1Q25 4Q24 1Q24 FINANCIAL PERFORMANCE ► Q1 Revenue of $302.4M, Revenue $302.4 $275.2 $153.4 increased 97% over 1Q24, lar
Slide 15: Leverage and Liquidity
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N LEVERAGE and LIQUIDITY Current Leverage Net Available Liquidity As of Corporate Ratings: B1 (Stable) / B+ (Stable) As of March 31, 2025 (2) ($millions) March 31, 2025 Proforma Cash & Cash Equivalents $348.3 $348.3 ($millions) Amount x EBITDA Revolving Cr
Slide 16: 2025 Full Year Guidance Maintained
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N 2025 FULL YEAR GUIDANCE MAINTAINED Adjusted Net Income Revenue Adjusted Gross Margin (1)(2) Adjusted EBITDA (1)(2) per common share (1)(2) $1.05B - $1.15B 29% - 30% $180M - $200M $0.60 - $0.70 Includes Adjusted G&A Effective tax between $144M and $152M r
Slide 17: Array Is Well-Positioned As We Continue to Deliver Renewable Energy Solutions
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ARRAY IS WELL-POSITIONED AS WE CONTINUE TO DELIVER RENEWABLE ENERGY SOLUTIONS Delivering value to our shareholders, capturing demand growth momentum of the utility-scale solar industry ~30% 9.5% ~30% Forecasted 2025 Forecasted 2025 of forecasted 2025 Vol
Slide 18: Appendix
APPENDIX 18 1 Q 2 5 E A R N I N G S P RE S E N T A T IO N
Slide 19: Adjusted Gross Profit Reconciliation
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ADJUSTED GROSS PROFIT RECONCILIATION ($ in thousands) Three Months Ended March 31, 2025 2024 Revenue 302,363 153,403 Cost of revenue 225,935 98,313 Gross profit 76,428 55,090 Gross margin 25.3% 35.9% Amortization of developed technology 3,639 3,639 Adjus
Slide 20: Adjusted EBITDA Reconciliation
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ADJUSTED EBITDA RECONCILIATION Three Months Ended March 31, ($ in thousands) 2025 2024 Net income $ 16,746 $ 2,165 Preferred dividends and accretion 14,443 13,502 Net income (loss) to common shareholders $ 2,303 $ (11,337) Other expense, net (3,342) (4,4
Slide 21: Adjusted Net Income Reconciliation
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ADJUSTED NET INCOME RECONCILIATION Three Months Ended March 31, ($ in thousands) 2025 2024 Net income $ 16,746 $ 2,165 Preferred dividends and accretion 14,443 13,502 Net income (loss) to common shareholders $ 2,303 $ (11,337) Amortization of Intangibles
Slide 22: Adjusted EPS Reconciliation
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N ADJUSTED EPS RECONCILIATION ($ in thousands) Income (loss) per common share Basic $ 0.02 $ (0.07) Diluted $ 0.02 $ (0.07) Weighted average number of common shares outstanding Basic 152,076 151,351 Diluted 152,783 151,351 Adjusted net income per common sh
Slide 23: Free Cash Flow Reconciliation
1 Q 2 5 E A R N I N G S P RE S E N T A T IO N FREE CASH FLOW RECONCILIATION ($ in thousands) Three Months Ended March 31, 2025 2024 Net cash provided by (used in) operating activities (13,059) 47,502 Purchase of property, plant and equipment (2,352) (2,396) Free cash flow (15,411) 45,106 23