Array Technologies announced an all-stock merger agreement with Shoals Technologies Group alongside third-quarter results that showed a record orderbook but lower 2026 financial expectations. The combination is intended to create a broader energy-infrastructure platform; the announcement summarized here does not provide the exchange ratio, transaction value or expected closing date.
Array also reported progress in expanding beyond solar trackers, including a completed acquisition that gives it products for battery storage and data-center markets.
Key details
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Third-quarter revenue was $330.2 million. Gross margin was 21.0%, or 22.8% on an adjusted basis. Array recorded a $7.9 million net loss attributable to common stockholders, equal to a loss of 5 cents per diluted share. Adjusted EBITDA was $32.1 million, and adjusted diluted earnings were 6 cents per share.
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Orders and awarded contracts reached a record $2.6 billion at Sept. 30, up 42% from a year earlier. Array said it generated more than $1.8 billion of net new orders over the trailing 12 months, with a book-to-bill ratio of 1.6 times.
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Array lowered its full-year 2026 outlook. It now expects revenue of $1.34 billion to $1.40 billion, down from a prior range of $1.40 billion to $1.50 billion. Adjusted EBITDA is projected at $190 million to $210 million, versus $210 million to $230 million previously. Adjusted earnings per share are now expected at 57 to 69 cents, compared with 68 to 75 cents. The company attributed the revised outlook to shifts in the timing of certain project deliveries.
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The company expects fourth-quarter revenue of $445 million to $505 million. It also now expects full-year adjusted gross margin of about 27%. Array said improved gross-margin expectations reflect operational execution and cost discipline.
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The Shoals agreement is a stock-for-stock merger. Array described the planned combination as creating an integrated energy-infrastructure platform. The details provided here do not specify how ownership would be divided or what other terms would govern the transaction.
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Array completed its acquisition of Affordable Wire Management. The deal adds wire-management products and gives Array access to battery energy storage system and data-center markets, broadening its business beyond solar-tracker systems.
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Array introduced Atlas I and II, integrated foundation-to-tracker products, and a new U.S. tracker variant designed for areas with high wind and hail exposure. It also opened a manufacturing facility in Albuquerque, which the company said significantly expands its U.S. manufacturing capacity.
Plain-English implications
The results show a growing base of orders, while the lowered annual guidance reflects delays in when some projects are expected to be delivered. Array is also expanding its product range and markets, and the proposed merger would combine its business with Shoals in an all-stock transaction. The transaction’s ownership split and other financial terms are not included in the announcement summarized here.