Slide 1: 2Q25 Earnings Presentation
2Q25 EARNINGS PRESENTATION 2Q25 EARNINGS PRESENTATION August 7, 2025 Highly confidential – Internal use only 1
Slide 2: Disclaimer: Forward Looking Statements
DISCLAIMER 2Q25 EARNINGS PRESENTATION Forward Looking Statements 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 po
Slide 3: Array Technologies: Generating Energy with Integrity
2Q25 EARNINGS PRESENTATION 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 Delivering Power Acros
Slide 4: Business Update
2Q25 EARNINGS PRESENTATION BUSINESS UPDATE Kevin G. Hostetler, Chief Executive Officer Neil Manning, President & Chief Operating Officer Highly confidential – Internal use only 44
Slide 5: 2025 Second Quarter Highlights
2025 SECOND QUARTER HIGHLIGHTS 2Q25 EARNINGS PRESENTATION �362.2M �97.1M & 26.8% �28.5M & �63.6M REVENUE GROSS PROFIT & MARGIN NET INCOME & ADJUSTED EBITDA(1) +42% vs. 2Q24, +20% vs. 1Q25 +15% YoY Adj. EBITDA(1) growth vs. 2Q24 �100.8M & 27.8% ADJ. GROSS PROFIT & ADJ. MARGIN (1) +28% YTD YoY Adj. EB
Slide 6: APA Solar Strategic Highlights
APA SOLAR STRATEGIC HIGHLIGHTS 2Q25 EARNINGS PRESENTATION Market Diversification Expanded Product Offerings Platform for Growth Engineered Foundation Solutions Address difficult subsurface needs in frost heave, hard, and mixed soils without requiring expensive and difficult to maintain specialized
Slide 7: Navigating Near-Term Uncertainty
NAVIGATING NEAR-TERM UNCERTAINTY 2Q25 EARNINGS PRESENTATION Challenges Actions ITC/PTC credit eligibility window reduced; projects must Disciplined and customer-centric outreach “commence construction” before mid’26 or placed in Maintaining operational agility despite regulatory headwinds serv
Slide 8: Product Updates
PRODUCT UPDATES 2Q25 EARNINGS PRESENTATION HAIL XPTM ALL THE EXISTING BENEFITS OF DURATRACK AND OMNITRACKTM Built upon proven ► Passive wind mitigation DuraTrack® and ► High power density – Up to 120 modules per row SmarTrack® Hail Alert Response designs ► ARRAY SmarTrack optimized for backtracking,
Slide 9: Supply Chain & Commercial Updates
SUPPLY CHAIN & COMMERCIAL UPDATES 2Q25 EARNINGS PRESENTATION 100% DOMESTICALLY SOURCED TRACKER (1) ► Established new U.S. production lines with valued partners enabling 100% domestic content(1) DuraTrack® and OmniTrackTM trackers ► Announced agreement to supply over 200 MWac of ARRAY OmniTrack track
Slide 10: Financial Update
2Q25 EARNINGS PRESENTATION FINANCIAL UPDATE H. Keith Jennings, Chief Financial Officer 10
Slide 11: Financial Highlights
2Q25 FINANCIAL HIGHLIGHTS 2Q25 EARNINGS PRESENTATION Performance driven by volume growth from commercial execution (1) Gross Profit (GAAP) Adj. Gross Profit Revenue Gross Margin (GAAP) Adj. Gross Margin (1) YEAR OVER YEAR $362.2 $302.4 ► Revenue + 42% $255.8 $97.1 $100.8 $86.0 $89.6 $76.4 $80.1 ► Ad
Slide 12: Financial Results
2Q25 FINANCIAL RESULTS 2Q25 EARNINGS PRESENTATION Strong results exceeded expectations in revenue, adjusted EBITDA(1) and adjusted EPS (1) ($ in millions, except EPS Data) 2Q25 1Q25 2Q24 FINANCIAL PERFORMANCE Revenue $362.2 $302.4 $255.8 ► Q2 Revenue growth of 42% over Gross margin 26.8% 25.3% 33.6%
Slide 13: Leverage and Liquidity
LEVERAGE and LIQUIDITY 2Q25 EARNINGS PRESENTATION Total availability liquidity maintained at over �500M with Net Debt leverage of 1.7X Current Leverage Net Available Liquidity Corporate Ratings: B1 (Stable) / B+ (stable) As of June 30, 2025 ($ millions) Amount xEBITDA(3) ($ millions) As of June 30,
Slide 14: Capital Structure
CAPITAL STRUCTURE 2Q25 EARNINGS PRESENTATION Capital markets transactions create strategic operating runway Maturity Profile Ending 2Q25 (1) Issuance of 2031 convertible senior notes shifts average Post-Transactions Improvements maturity profile ~2 yrs to mid-2029 Revolving Credit Facility (RCF) a
Slide 15: Revised 2025 Full Year Guidance
REVISED 2025 FULL YEAR GUIDANCE 2Q25 EARNINGS PRESENTATION Raising full-year revenue outlook and increasing midpoint of profitability metrics FY2025 Previous Guidance Revised Guidance Revenue $1.05B - $1.15B $1.180B - $1.215B Adjusted Gross Margin 29% - 30% 28% - 29% Adjusted EBITDA $180M - $200M $1
Slide 16: Array Investment Highlights
ARRAY INVESTMENT HIGHLIGHTS 2Q25 EARNINGS PRESENTATION Leading Solution in High Demand Market US domestic demand fueled by significant AI datacenter growth and manufacturing onshoring Solar leads the industry as the quickest and least expensive way to deploy energy developments, less than half t
Slide 17: Appendix
APPENDIX 17 2Q25 EARNINGS PRESENTATION
Slide 18: Condensed Consolidated Statement of Operations
2Q25 EARNINGS PRESENTATION Condensed Consolidated Statement of Operations Array Technologies, Inc. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) (Unaudited) 2025 2024 2025 2024 Revenue $ 362,243 $ 255,766 $ 664,606 $ 409,169 Cost of revenue Cost of pr
Slide 19: Condensed Consolidated Statement of Cash Flows
2Q25 EARNINGS PRESENTATION Condensed Consolidated Statement of Cash Flows Array Technologies, Inc. Six Months Ended June 30, (in thousands) (Unaudited) 2025 2024 Operating activities Net income $ 60,008 $ 27,863 Adjustments to reconcile net income to cash provided by operating activities: Provision
Slide 20: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets 2Q25 EARNINGS PRESENTATION Array Technologies, Inc. As of, (in thousands, except per share and share amounts) (Unaudited) June 30, 2025 December 31, 2024 Assets Current Assets Cash and cash equivalents $ 377,271 $ 362,992 Restricted cash 1,499 1,149 Accounts rec
Slide 21: Adjusted Gross Profit Reconciliation
2Q25 EARNINGS PRESENTATION ADJUSTED GROSS PROFIT RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Revenue $ 362,243 $ 302,363 $ 255,766 Cost of revenue 265,119 225,935 169,813 Gross profit 97,124 76,4
Slide 22: Adjusted G&A Reconciliation
2Q25 EARNINGS PRESENTATION ADJUSTED G&A RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 General and administrative expense $ 44,954 $ 43,945 $ 36,971 Equity based compensation (3,898) (2,798) (808) Certain legal expense
Slide 23: Adjusted EBITDA Reconciliation
2Q25 EARNINGS PRESENTATION ADJUSTED EBITDA RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net income (loss) $ 43,262 $ 16,746 $ (126,903) $ (141,354) $ 25,698 $ 2,165
Slide 24: Adjusted Net Income Reconciliation
2Q25 EARNINGS PRESENTATION ADJUSTED NET INCOME RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except per share amounts) (Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Net Income $ 43,262 $ 16,746 $ 25,698 Preferred dividends and accretion 14,788 14,443 13,749 Net i
Slide 25: Free Cash Flow Reconciliation
2Q25 EARNINGS PRESENTATION FREE CASH FLOW RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Net cash provided by operating activities $ 43,841 $ (13,059) $ 3,957 Purchase of property, plant and equipment (6,631) (2,352) (