---
title: "Array Tech | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 223.41 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285442609.md"
datetime: "2026-05-06T21:18:33.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285442609.md)
  - [en](https://longbridge.com/en/news/285442609.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285442609.md)
---

# Array Tech | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 223.41 M

Revenue: As of FY2026 Q1, the actual value is USD 223.41 M, beating the estimate of USD 201.66 M.

EPS: As of FY2026 Q1, the actual value is USD -0.09, beating the estimate of USD -0.1672.

EBIT: As of FY2026 Q1, the actual value is USD 10.29 M.

#### Segment Revenue

-   **Array Legacy Operations**
    -   Revenue was $217,381 thousand for the three months ended March 31, 2026, an increase of 2% compared to $213,214 thousand for the same period in 2025.
-   **STI Operations**
    -   Revenue was $6,031 thousand for the three months ended March 31, 2026, a decrease of 93% compared to $89,149 thousand for the same period in 2025, primarily due to a 96% drop in volume attributed to macroeconomic issues.

#### Operational Metrics

-   **Gross Profit (Loss)**
    -   **Array Legacy Operations**
        -   Gross profit was $65,257 thousand for the three months ended March 31, 2026, a decrease of 1% from $65,681 thousand for the same period in 2025.
        -   Gross margin decreased to 30.0% in 2026 from 30.8% in 2025, driven by a 4% increase in cost per watt, partially offset by a 3% increase in average selling prices, a 3% one-time incremental 45X benefit, and 2% tariff relief.
    -   **STI Operations**
        -   Gross loss was - $2,253 thousand for the three months ended March 31, 2026, a decrease of 121% from a gross profit of $10,747 thousand for the same period in 2025.
        -   Gross margin decreased to -37.4% in 2026 from 12.1% in 2025, mainly due to an increased cost per watt on lower volumes.
-   **Consolidated Gross Profit**
    -   Consolidated gross profit was $63,004 thousand for the three months ended March 31, 2026, an 18% decrease from $76,428 thousand for the same period in 2025.
    -   Consolidated gross margin increased to 28.2% in 2026 from 25.3% in 2025.
-   **Income from Operations**
    -   Consolidated income from operations decreased by 74% to $7,109 thousand for the three months ended March 31, 2026, from $27,284 thousand for the same period in 2025.
-   **General and Administrative Expenses**
    -   Consolidated general and administrative expenses increased by 15% to $50,404 thousand for the three months ended March 31, 2026, from $43,945 thousand for the same period in 2025, primarily due to $2.7 million in personnel-related expenses and $5.0 million in acquisition-related deferred compensation, partially offset by a $1.3 million decrease in professional services.
-   **Change in Fair Value of Contingent Consideration**
    -   The change in fair value of contingent consideration resulted in a gain of - $2,586 thousand for the three months ended March 31, 2026, compared to - $150 thousand for the same period in 2025, primarily due to a $0.3 million increase in the fair value of the TRA liability, more than offset by a $2.7 million decrease in the fair value of the Earnout Consideration.
-   **Depreciation and Amortization**
    -   Consolidated depreciation and amortization expense increased by 51% to $8,077 thousand for the three months ended March 31, 2026, from $5,349 thousand for the same period in 2025, mainly due to $2.4 million of incremental depreciation and amortization from APA.
-   **Net Income**
    -   Consolidated net income decreased by 88% to $1,997 thousand for the three months ended March 31, 2026, from $16,746 thousand for the same period in 2025.

#### Cash Flow

-   **Net Cash Used in Operating Activities**
    -   Net cash used in operating activities was - $29,421 thousand for the three months ended March 31, 2026, compared to - $13,059 thousand for the same period in 2025.
-   **Net Cash Used in Investing Activities**
    -   Net cash used in investing activities was - $7,511 thousand for the three months ended March 31, 2026, compared to - $2,352 thousand for the same period in 2025, primarily due to property, plant, and equipment purchases.
-   **Net Cash Used in Financing Activities**
    -   Net cash used in financing activities was - $7,612 thousand for the three months ended March 31, 2026, compared to - $1,725 thousand for the same period in 2025, mainly due to - $27,412 thousand in repayments of Other Debt and - $2,574 thousand in Tax Receivable Agreement (TRA) payments, partially offset by $24,218 thousand in proceeds from Other Debt issuance.

#### Unique Metrics

-   **Segment Assets**
    -   **Array Legacy Operations**: $1,265,004 thousand as of March 31, 2026.
    -   **STI Operations**: $210,023 thousand as of March 31, 2026.
    -   **Consolidated**: $1,475,027 thousand as of March 31, 2026.
-   **Capital Expenditures**
    -   **Array Legacy Operations**: $7,018 thousand for the three months ended March 31, 2026.
    -   **STI Operations**: $493 thousand for the three months ended March 31, 2026.
    -   **Consolidated**: $7,511 thousand for the three months ended March 31, 2026.
-   **IRA Vendor Rebates**
    -   Array Technologies, Inc. had outstanding Vendor Rebate receivables of $164.7 million (in Prepaid expenses and other) and $35.1 million (in Other assets) as of March 31, 2026.
-   **Remaining Performance Obligations**
    -   As of March 31, 2026, Array Technologies, Inc. had $544.0 million of remaining performance obligations, with 94% expected to be recognized as revenue within the next twelve months.
-   **Surety Bonds**
    -   As of March 31, 2026, Array Technologies, Inc. had $230.8 million in outstanding surety bonds.

#### Future Outlook and Strategy

Array Technologies, Inc. is actively managing risks from customer contracts, accelerating productivity initiatives, expanding its supplier base, and implementing overhead cost-containment practices to mitigate inflationary pressures and volatility in raw material prices. The company is monitoring geopolitical conflicts and disruptions in key shipping lanes, adjusting procurement strategies and local sourcing efforts to minimize negative impacts on its supply chain and operations. Furthermore, the company continues to evaluate the potential impacts of new tariffs, trade policies, and the Section 337 investigation on TOPCon solar cells, which could affect module supply and demand for its tracker systems.

### Related Stocks

- [ARRY.US](https://longbridge.com/en/quote/ARRY.US.md)

## Related News & Research

- [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md)
- [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md)
- [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md)
- [Hafnia’s Q1 2026 Financial Results Presentation to Be Held on 27 May 2026 | HAFN Stock News](https://longbridge.com/en/news/287014236.md)
- [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md)