Array shifts to integrated solar platform with record orderbook

Investing.com -- Array Technologies is expanding beyond solar tracker manufacturing to become an integrated balance-of-system platform provider, according to Jefferies. The company now offers foundations, trackers, electrical systems, controls, and software.

Array reported a record $2.5 billion orderbook, up 37% year-over-year at 1.5 times book-to-bill. Newer products now represent roughly 50% of the orderbook versus 7% in the first quarter of 2024. The company has delivered 102 gigawatts globally and holds 259 active patents with 230 pending.

The company expects 36-39 gigawatts per year of U.S. utility-scale solar shipments through 2030 and 100 gigawatt-hours of annual U.S. storage installations by 2030. Array said 79% of planned 2026 U.S. capacity additions will come from solar and storage. Average U.S. project size increased 30% in 2026 versus 2023, with average orderbook project size now exceeding 250 megawatts.

Array sized its U.S. total addressable market at $4.3 billion for tracking, $1.7 billion for foundations plus fixed-tilt, and more than $150 million for wire management.

The company acquired APA in August 2025, which grew revenue from $15 million in 2019 to $130 million in 2025 and is running more than 17% higher year-to-date. Array guided APA to a double-digit three-year revenue compound annual growth rate, with engineered foundations rising from roughly 20% to 50% of APA revenue, high-20% adjusted gross margin, and high-teens adjusted EBITDA margin.

Array expects to close its AWM acquisition in the third quarter of 2026 for a $153 million base purchase price at about 6.0 times trailing twelve-month EBITDA. AWM operates at a high-30% EBITDA margin and will expand Array's addressable market by more than $250 million across solar, battery storage, and datacenter applications.

The company said OmniTrack 2.0 can deliver up to $2.5 million in savings per 100 megawatts. Array reported a 50% SmarTrack attach rate on 2026 deliveries, with installs exceeding full-year 2025. About half of the 100 gigawatt installed base represents a retrofit opportunity.

Array is targeting free cash flow growth year-over-year in 2027 and core net debt leverage below 2.5 times.

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