Array Technologies, Inc. (ARRY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

2026 and 2027 projects associated with our sole remaining legacy fixed-priced VCA. This effort resulted in an improved higher margin order book with a more diverse product mix. Excluding the legacy VCA project reconfiguring noted, our gross new bookings were approximately one times booked to bill and our customer mix continues to improve. Our direct engagement with utilities, developers, and independent power producers or IPPs pay dividends as the amount of our business with these tier one customers has accelerated. We continue to add new customers to our order book as well, and we remain committed to deepening our collaboration and relationships with the critical decision makers on solar projects. As of quarter end, roughly half of our order book now represents business directly with utilities, IPPs, and developers, several of which are new customers to array. A clear reflection of our strengthening the front end of our business and our commitment to deepening the collaboration and relationships with these critical decision makers. On the product mix front, we are excited by the accelerated market adoption of our new products, and as of today, our Omnitrack and Skylink new products now constitute more than 35% of our order book. We expect the traction of these products to continue as customers look to build solar sites on increasingly difficult terrains. Additionally, our team achieved a significant milestone through the booking of our first project for our Hale XP platform, our most advanced tracker designed for extreme weather events. We're pleased with the initial customer reception for this groundbreaking offering following its launch in May, and Neil will discuss more on its value and relevant use cases later in the call. Turning to slide six, I want to reitera...