• Revenue: $256 million, slightly above the high end of the guidance range.

• Adjusted Gross Margin: 35%, with a 540 basis points improvement compared to the prior year.

• Adjusted EBITDA: $55.4 million, representing 21.7% of revenue.

• Free Cash Flow: $1.8 million for the quarter.

• Cash Balance: $282 million at the end of the quarter.

• GAAP Net Income: $12 million, compared to $52.4 million in the prior year.

• Adjusted Net Income: $30.6 million, compared to $74.3 million in the prior year.

• Basic and Diluted Income Per Share: $0.08, compared to $0.34 in the prior year.

• Adjusted Basic and Diluted Net Income Per Share: $0.20, compared to $0.49 in the prior year.

• Operating Expenses: $46.4 million, down approximately 8% from the previous year.

• New Bookings: $429 million in the second quarter.

• Full Year 2024 Revenue Guidance: $900 million to $1 billion.

• Full Year 2024 Adjusted EBITDA Guidance: $185 million to $210 million.

• Full Year 2024 Adjusted EPS Guidance: $0.64 to $0.74.

• Full Year 2024 Free Cash Flow Guidance: $60 million to $100 million.

• Third Quarter 2024 Revenue Guidance: $220 million to $235 million.

• Warning! GuruFocus has detected 3 Warning Sign with ARRY.

Release Date: August 08, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Array Technologies Inc (NASDAQ:ARRY) achieved $256 million in revenue for Q2 2024, slightly above the high end of their guidance range.

• The company reported an adjusted gross margin of 35%, reflecting a 540 basis points improvement compared to the prior year.

• Array Technologies Inc (NASDAQ:ARRY) delivered $55.4 million of adjusted EBITDA, representing 21.7% of revenue.

• The company ended the quarter with a strong cash balance of $282 million.

• Array Technologies Inc (NASDAQ:ARRY) launched SkyLink, a new tracker system that enhances flexibility and reduces project costs, receiving positive feedback from customers.

Negative Points

• Array Technologies Inc (NASDAQ:ARRY) reduced its full-year 2024 revenue guidance due to customer project timing challenges and other industry factors.

• The company experienced a reduction in its backlog by approximately $200 million due to commodity price updates, project scope changes, and FX impacts.

• Array Technologies Inc (NASDAQ:ARRY) reported a decline in operating expenses, but adjusted EBITDA was significantly lower compared to the same period in the prior year.

• The company is facing short-term challenges in the solar industry, including project delays due to AD/CVD petitions and domestic content guidance uncertainties.

• Array Technologies Inc (NASDAQ:ARRY) noted macroeconomic delays in Brazil, impacting the economic cases for power purchase agreements and causing project delays.