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Array Technologies beats Q3 revenue estimates; to merge with Shoals Technologies

By Reuters News


Overview

  • Solar infrastructure provider's Q3 revenue rose yr/yr, beating analyst expectations

  • Adjusted EPS for Q3 missed analyst expectations

  • Company announced stock-for-stock merger agreement with Shoals Technologies Group


Outlook

  • Array Technologies lowers 2026 revenue outlook to $1.34 bln-$1.40 bln from $1.4 bln-$1.5 bln

  • Company cuts 2026 adjusted EBITDA forecast to $190 mln-$210 mln from $210 mln-$230 mln

  • Array expects Q4 2026 revenue between $445 mln and $505 mln


Result Drivers

  • ORDERBOOK GROWTH - Co reported record $2.6 bln in executed contracts and awarded orders at end-Q3, up 42% yr/yr, citing strong commercial momentum

  • PRODUCT EXPANSION - Acquisition of Affordable Wire Management expanded co's product portfolio into wire management and provided access to battery energy storage and data center markets

  • NEW PRODUCT LAUNCHES - Co launched Atlas I and II integrated solutions and a new 60-degree U.S. tracker variant targeting high wind and hail regions


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$330.20 mln

$322.72 mln (21 Analysts)

Q3 Adjusted EPS

Miss

$0.06

$0.09 (20 Analysts)


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 13 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the renewable energy equipment & services peer group is "buy"

  • Wall Street's median 12-month price target for Array Technologies Inc is $6.00, about 29.3% above its November 3 closing price of $4.64

  • The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago


Reuters Recommended Reads

  • Nov 4 - FTC Solar Q3 revenue slightly beats estimates on project wins

  • Nov 4 - SolarEdge Q3 revenue slightly misses estimates on soft demand

  • Nov 3 - Primoris Services Q3 revenue falls on lower renewables revenue


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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