Array Technologies ($ARRY) Delivers Record Revenue and Improves Gross Margins During Q3 2022
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November 9, 2022 – TheNewswire - Array Technologies (NASDAQ:ARRY), a leading provider of tracker solutions and services for utility-scale solar energy projects, has reported third quarter results highlighting record quarterly revenue of $515 million and EBITDA of $55.4 million.
The company says that it executed contracts and awards totaling $1.8 billion for the quarter, which represented a 77% increase over the same period last year. Array has guided for full year 2022 revenue to be in the range of $1.5 to $1.6 billion.
Kevin Hostetler, Array CEO commented: “In the last few months we debuted two new product offerings in the U.S. - the STI H250 and the Array OmniTrack. These product launches enable us to provide even greater site and weather flexibility at a time when the adoption of utility-scale solar is poised to expand to many new geographic locations. With our full suite of products and the strength of our domestic supply chain, we believe we are incredibly well positioned to take advantage of the secular growth that is on the horizon due, in part, to the passage of the Inflation Reduction Act.”
Array Technologies is a leading global renewable energy company and provider of utility-scale solar tracking technology. Engineered to withstand the harshest conditions on the planet, Array’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, Array relies on its diversified global supply chain and customer-centric approach to deliver, commission and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy.
Shares of Array Technologies trade on the NASDAQ under the ticker symbol ARRY. For more information visit www.greenstocknews.com
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