Key Highlights

  • Third-quarter Revenue of USD 330.2 million, GAAP gross Margin of 21.0% and adjusted gross margin of 22.8%, alongside a net loss to common stockholders of USD 7.9 million.
  • GAAP net loss per share of USD 0.05, compared with adjusted Net Income of USD 0.06 per diluted share and adjusted EBITDA of USD 32.1 million.
  • Full-year 2026 revenue guidance now spans USD 1.34 billion to USD 1.40 billion, down from USD 1.4 billion to USD 1.5 billion.
  • Executed contracts and awarded orders reached a record USD 2.6 billion at September 30, 2026, up 42% from a year earlier, with trailing book-to-bill at 1.6x.

Third-Quarter Results and a Record Order Book

ARRAY Technologies (NASDAQ:ARRY) published its third-quarter 2026 figures on November 4, 2026, covering the quarter that ended September 30. Revenue came in at USD 330.2 million, with gross margin at 21.0% and adjusted gross margin at 22.8%. On a GAAP basis the company recorded a net loss to common stockholders of USD 7.9 million, or USD 0.05 per share, while adjusted net income was USD 0.06 per diluted share and adjusted EBITDA reached USD 32.1 million. The release contains no prior-year quarter, so no year-over-year comparison is drawn. Order intake stood out, with trailing twelve-month net new orders above USD 1.8 billion and executed contracts plus awarded orders climbing 42% to a record USD 2.6 billion, which management linked to momentum heading into 2027.

Delivery Timing Behind the Lower Full-Year Ranges

Management tied the revised full-year view to when certain projects are delivered rather than to softer customer demand. Revenue guidance now sits between USD 1.34 billion and USD 1.40 billion, versus the earlier USD 1.4 billion to USD 1.5 billion, while adjusted EBITDA is expected at USD 190 million to USD 210 million and adjusted Earnings Per Share at USD 0.57 to USD 0.69. Based on those stated ranges, the revenue midpoint is about USD 80 million lower and the adjusted EBITDA midpoint about USD 20 million lower, which is simple arithmetic rather than a company figure. Adjusted gross margin is now expected near 27%, and fourth-quarter revenue of USD 445 million to USD 505 million implies a heavy final quarter. Management still expects better gross margin and cost discipline to offset the smaller Volume outlook.

Shoals Merger, Acquisition Progress and Policy Risks

ARRAY Technologies (NASDAQ:ARRY) also agreed to a stock-for-stock Merger with Shoals Technologies Group, and the third-quarter call was run as a joint analyst call. The earnings release left the merger terms out. During the quarter the company completed its Affordable Wire Management acquisition, a move that opens battery storage and Data Center markets, rolled out Atlas foundation-to-tracker products and opened a plant in Albuquerque. Risks flagged include the scheduled end of the federal solar Investment Tax Credit for projects placed in service after 2027, tariffs, convertible notes, preferred dividends, and the timing of earnout payments linked to acquisitions.

Where Things Stand

Management says the cut reflects delivery timing, and the record orderbook is consistent with that view without proving it. ARRAY Technologies (NASDAQ:ARRY) still posted a small quarterly loss, lowered all three full-year targets and left a steep fourth-quarter revenue requirement attached to the remaining guidance. A USD 2.6 billion order base and a 1.6x trailing book-to-bill give visibility, but deliveries are what convert orders into revenue. Watch the joint call on the Shoals deal, fourth-quarter shipments and any change to tax-credit rules.