Slide 1: Array Technologies Q4 & FY 2024 Earnings Call
Array Technologies Q4 & FY 2024 Earnings Call February 27, 2025 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 includ e information concerning our possib
Slide 3: Business Update
Business Update Kevin Hostetler, CEO Neil Manning, President & COO 2
Slide 4: Financial Highlights
Financial Highlights 4Q 2024 Full Year 2024 ► Momentum continued, solid orderbook of $2.0 billion as of 12/31/2024 ► 10% orderbook growth underpinned by 20% domestic orderbook growth ► Revenue grew 19% sequentially, driven by U.S. performance. ROW was ► Operational improvements, new product developm
Slide 5: 2024 Business Highlights
2024 Business Highlights ► Commenced construction on new state-of-the-art manufacturing facility in Albuquerque, New Mexico ► Growth in our innovative product portfolio ► SmartTrack suite of controller and software services ► OmniTrack terrain following tracker, currently 30% of the orderbook ► SkyL
Slide 6: Resilient Orderbook and Pipeline Momentum
Resilient Orderbook and Pipeline Momentum Orderbook and Pipeline Update Orderbook and Pipeline Update Orderbook Resilience in 2025 +10% year >60% year over year over year ► 10% growth in orderbook year over year, with domestic orderbook growing at >20% year over year ($B) ► Strong contracting moment
Slide 7: Current Market Dynamics
Current Market Dynamics Overall, market is stabilizing and improving from the level of project pushouts experienced mid-year Utility-scale solar remains the cheapest and fastest-growing energy source to meet the increasing demand for energy ► Solar and solar + battery storage projects represented 64
Slide 8: Building a Foundation for Future Growth
Building a Foundation for Future Growth Focused research & development in 2024 continues to solve the industry’s biggest challenges Array Innovation Product Development – Extreme Weather Focus 329 Launched in 2024 ► SmarTrack Hail Alert Response ► SmarTrack Automated Snow Response ► SkyLink for Dura
Slide 9: Driving Down Customer's CAPEX and LCOE with Automation
Driving Down Customer’s CAPEX and LCOE with Automation Innovation with ecosystem partners to empower solar developers, EPCs, and project teams Field Installation Automation Autonomous Robotic Module Cleaning ► Array has partnered with Swap Robotics, a leader in ► Robotic Module Cleaning with Single
Slide 10: Array's Global Supply Chain: Robust, Diverse & Resilient
Array’s Global Supply Chain: Robust, Diverse & Resilient 100% Certifiable Table 1 U.S. Domestic Content Capable 1H 2025 TRUSTED supply base that has enabled Array to deploy over 82 GW to date via long standing relationships that mitigate tariff exposure and maximize incentives for localized content
Slide 11: Financial Update
Financial Update Keith Jennings, CFO 10
Slide 12: 2024 Fourth Quarter Financial Results
2024 Fourth Quarter Financial Results 4Q Snapshot Q4 Notable Items ($ in millions, except EPS Data) Q4-24 Q4-23 Q3-24 Y/Y Q/Q ► Revenue declined Y/Y as volume growth fully offset Revenue $275.2 $341.6 $231.4 ($66.4) $43.8 by ASP compression Gross margin 28.5% 24.7% 33.8% +380 bps -530 bps ► Sequenti
Slide 13: 2024 Full Year Financial Results
2024 Full Year Financial Results Full Year Snapshot Full Year Notable Items ($ in millions, except EPS Data) FY2024 FY2023 Y/Y ► Revenue decline primarily from lower volumes and Revenue $915.8 $1,576.6 ($660.8) ASP decline Gross margin(1) 32.5% 26.4% +610 bps Net income (loss) to ► Adjusted gross ma
Slide 14: 2025 First Quarter and Full Year Guidance
2025 First Quarter and Full Year Guidance Full Year Ending December 31, 2025 Q1 and FY Outlook Assumptions ► Q1: Revenue of $260 million to $270 million Revenue $1.05 billion to $1.15 billion ► Q1: Adjusted EBITDA margin of 11-13% Adjusted EBITDA(1) (2) $180 million to $200 million ► FY: Adjusted GM
Slide 15: Appendix
Appendix ARRAY
Slide 16: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation ($ in thousands) 15
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in thousands) 16
Slide 18: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation ($ in thousands) 17
Slide 19: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation ($ in thousands, except per share amounts) 18
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in thousands) 19