← Array Technologies, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $290.8m | $647.9m | $872.7m | $853.3m | $1.6b | $1.6b | $915.8m | $1.3b | |
| Total cost of revenue | $279.2m | $497.1m | $669.9m | $770.5m | $1.4b | $1.2b | $618.1m | $985.6m | |
| Gross profit | $11.6m | $150.8m | $202.8m | $82.9m | $227.3m | $415.6m | $297.7m | $298.6m | |
| Total operating expenses | $72.8m | $67.4m | $107.6m | $107.6m | $245.4m | $201.4m | $524.7m | $327.5m | |
| (Loss) income from operations | ($61.2m) | $83.4m | $95.2m | ($24.7m) | ($18.1m) | $214.1m | ($227.0m) | ($29.0m) | |
| Inventory valuation charge | — | — | — | — | — | $0 | $0 | $29.5m | |
| Amortization of developed technology and backlog | — | $0 | $0 | $14.6m | $14.6m | $14.6m | $14.6m | $17.5m | |
| General and administrative | $46.9m | $41.2m | $55.6m | $81.0m | $150.8m | $159.5m | $160.6m | $198.6m | |
| Change in fair value of contingent consideration | ($825k) | $640k | $26.4m | $2.7m | ($4.5m) | $3.0m | $125k | $177k | |
| Depreciation and amortization | $26.7m | $25.5m | $25.5m | $23.9m | $99.1m | $38.9m | $36.1m | $26.2m | |
| Long-lived assets impairment | — | — | — | — | $0 | $0 | $91.9m | $0 | |
| Goodwill impairment | — | — | — | — | $0 | $0 | $236.0m | $102.6m | |
| Interest income | — | $39.7m | $59.1m | $209k | $3.2m | $8.3m | $16.8m | $11.9m | |
| Foreign currency gain (loss), net | — | $0 | $0 | $0 | $1.2m | ($53k) | ($4.5m) | $2.0m | |
| Gain on extinguishment of debt, net | — | — | — | — | — | $0 | $0 | $14.2m | |
| Net (loss) income | ($60.8m) | $39.7m | $59.1m | ($50.4m) | $4.4m | $137.2m | ($240.4m) | ($52.2m) | |
| Preferred dividends and accretion | — | $0 | $0 | ($15.7m) | $48.1m | $51.7m | $55.7m | $59.8m | |
| Net (loss) income to common shareholders, basic | — | $39.7m | $59.1m | ($66.1m) | ($43.6m) | $85.5m | ($296.1m) | ($112.0m) | |
| Net (loss) income to common shareholders, diluted | — | — | $0 | ($66.1m) | ($43.6m) | $85.5m | ($296.1m) | ($112.0m) | |
| Basic (in dollars per share) | ($0.51) | $0.33 | $0.49 | ($0.39) | $0.03 | $0.91 | ($1.58) | ($0.34) | |
| Diluted (in dollars per share) | ($0.51) | $0.33 | $0.49 | ($0.39) | $0.03 | $0.90 | ($1.58) | ($0.34) | |
| Cost of product and service revenue | — | $39.7m | $59.1m | $770.5m | $1.4b | $1.1b | $603.6m | $938.6m | |
| Interest expense | ($19.0m) | ($18.8m) | ($15.1m) | ($35.5m) | ($33.5m) | ($44.2m) | ($34.8m) | ($27.3m) | |
| Other expense, net | ($447k) | ($33k) | ($2.3m) | ($905k) | $2.8m | ($1.0m) | ($1.0m) | ($992k) | |
| (Loss) income before income tax expense (benefit) | ($80.7m) | $64.6m | $77.8m | ($61.1m) | ($5.0m) | $177.2m | ($250.6m) | ($29.2m) | |
| Income tax expense (benefit) | ($19.9m) | $24.8m | $18.7m | ($10.7m) | ($9.4m) | $39.9m | ($10.2m) | $23.0m | |
| Total other expense | ($19.5m) | ($18.8m) | ($17.4m) | ($36.4m) | $13.2m | ($37.0m) | ($23.6m) | ($222k) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.