0001820721-25-000095 | 10-Q | XBRL Viewer

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Acquisition - Schedule of Purchase Price Allocation (Details) - APA $ in Thousands	Aug. 14, 2025 USD ($)
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 80,800
Developed technology
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 21,800
Estimated Weighted Average Useful Life in Years	5 years
Computer software and other
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 13,000
Estimated Weighted Average Useful Life in Years	5 years
Customer relationships
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 34,000
Customer relationships \| Minimum
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	5 years
Customer relationships \| Maximum
Business Combination [Line Items]
Estimated Weighted Average Useful Life in Years	9 years
Backlog
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 2,000
Estimated Weighted Average Useful Life in Years	1 year
Trade name
Business Combination [Line Items]
Estimated Fair Value (in USD)	$ 10,000
Estimated Weighted Average Useful Life in Years	10 years

Redeemable Perpetual Preferred Stock	9 Months Ended
Redeemable Perpetual Preferred Stock	Sep. 30, 2025
Temporary Equity Disclosure [Abstract]
Redeemable Perpetual Preferred Stock	Redeemable Perpetual Preferred Stock Series A Redeemable Perpetual Preferred Stock The Company entered into a Securities Purchase Agreement, dated August 10, 2021, pursuant to which the Company issued 400,000 shares of its Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”) and 9,000,000 shares of the Company’s common stock for an aggregate purchase price of approximately $395.4 million (the “Initial Closing”). The Series A Shares have no maturity date. The Company has classified the Series A Shares as temporary equity and is accreting the carrying amount to its full redemption amount from the date of issuance to the earliest redemption date, which is August 10, 2026, using the effective interest method. Such accretion totaled $7.6 million and $6.9 million for the three months ended September 30, 2025 and 2024, respectively, and $22.2 million and $20.4 million for the nine months ended September 30, 2025 and 2024, respectively. Dividends On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Shares either in (i) cash at the then-applicable Cash Regular Dividend Rate (as defined below), (ii) through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate (each as defined below) of 6.25%, or (iii) a combination thereof. Following the fifth anniversary of the Initial Closing, dividends on the Series A Shares are payable only in cash. To the extent the Company does not declare such dividends and pay in cash following the fifth anniversary of the Initial Closing, the dividends accrue to the Liquidation Preference (“Default Accrued Dividends”) at the then-applicable Cash Regular Dividend Rate plus 200 basis points. In the event there are Default Accrued Dividends outstanding for six consecutive quarters, the Company, at the option of the holders of the Series A Shares, will pay 100% of the amount of Default Accrued Dividends by delivering to such holder a number of shares of the Company’s common stock equal to the quotient of (i) the amount of Default Accrued Dividends divided by (ii) 95% of the 30-day volume-weighted average share price of the Company’s common stock. The “Cash Regular Dividend Rate” of the Series A Shares means (i) initially, 5.75% per annum on the Liquidation Preference and (ii) increased by (a) 50 basis points on each of the fifth, sixth and seventh anniversaries of the Initial Closing and (b) 100 basis points on each of the eighth, ninth and tenth anniversaries of the Initial Closing. The “Accrued Regular Dividend Rate” on the Series A Shares means 6.25% per annum on the Liquidation Preference. As used herein, “Liquidation Preference” means, with respect to the Series A Shares, the initial liquidation preference of $1,000 per share, plus accrued dividends of such share at the time of the determination. During the three months ended September 30, 2025 and 2024, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25%, totaling $7.6 million and $7.1 million, respectively. During the nine months ended September 30, 2025 and 2024, such dividends totaled $22.2 million and $20.9 million, respectively. As of September 30, 2025 and December 31, 2024, total accrued and unpaid dividends were $83.1 million and $60.9 million, respectively. The Series A Shares have similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, the discount on Series A Shares is considered an unstated dividend cost that is amortized over the period preceding commencement of the perpetual dividend using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the Series A Shares by a corresponding amount. Accordingly, the discount is amortized over five years using the effective yield method.

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 221,516	$ 362,992
Restricted cash	1,587	1,149
Accounts receivable, net of allowance of $8,418 and $4,848, respectively	378,592	275,838
Inventories, net	180,885	200,818
Prepaid expenses and other	83,969	157,927
Total current assets	866,549	998,724
Property, plant and equipment, net	54,664	26,222
Goodwill	245,215	160,189
Other intangible assets, net	244,484	181,409
Deferred income tax assets	17,312	17,754
Other assets	182,937	41,701
Total assets	1,611,161	1,425,999
Current liabilities
Accounts payable	231,876	172,368
Accrued expenses and other	76,583	91,183
Income tax payable	2,479	5,227
Deferred revenue	95,387	119,775
Current portion of contingent consideration	17,666	1,193
Current portion of warranty liability	4,234	2,063
Current portion of debt	22,595	30,714
Other current liabilities	7,669	15,291
Total current liabilities	458,489	437,814
Deferred income tax liabilities	22,042	21,398
Contingent consideration, net of current portion	11,212	7,868
Warranty liability, net of current portion	5,984	4,830
Long-term debt, net of current portion	658,378	646,570
Other long-term liabilities	50,467	18,684
Total liabilities	1,206,572	1,137,164
Commitments and contingencies (Note 12)
Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 483,112 and 460,920 shares issued as of September 30, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates	451,306	406,931
Stockholders’ equity
Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates	0	0
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 152,747,767 and 151,951,652 shares issued at respective dates	152	151
Additional paid-in capital	238,043	297,780
Accumulated deficit	(277,113)	(370,624)
Accumulated other comprehensive loss	(7,799)	(45,403)
Total stockholders’ equity	(46,717)	(118,096)
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity	$ 1,611,161	$ 1,425,999

Related Party Transactions - Schedule of Future Minimum Operating Lease Payments Maturity (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Related Party Transactions [Abstract]
2025	$ 926
2026	2,451
2027	2,531
2028	2,601
2029	2,679
Thereafter	33,898
Total lease payments	45,086
Less: Imputed lease interest	(18,427)
Total lease liabilities	$ 26,659

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Related Party Transactions [Abstract]
Operating lease agreements	$ 0.4	$ 0.4

Condensed Consolidated Balance Sheet Details - Schedule of Components of Contingent Consideration Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Business Combination [Line Items]
Current portion of contingent consideration	$ 17,666	$ 1,193
Contingent consideration, net of current portion	11,212	7,868
TRA
Business Combination [Line Items]
Current portion of contingent consideration	3,093	1,193
Contingent consideration, net of current portion	5,375	7,868
Earnout Consideration
Business Combination [Line Items]
Current portion of contingent consideration	14,573	0
Contingent consideration, net of current portion	$ 5,837	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 8,418	$ 4,848
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	500,000	500,000
Temporary equity, shares issued (in shares)	483,112	460,920
Temporary equity, liquidation preference	$ 493,100	$ 493,100
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,500,000	4,500,000
Preferred Stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	152,747,767	151,951,652

Debt - Narrative (Details)							3 Months Ended		9 Months Ended
Debt - Narrative (Details)	Jun. 27, 2025 USD ($) $ / shares shares	May 01, 2025 USD ($)	Dec. 09, 2021 USD ($)	Dec. 09, 2021 USD ($)	Dec. 03, 2021 USD ($)	Oct. 14, 2020 USD ($)	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) day $ / shares shares	Sep. 30, 2024 USD ($)	Jun. 26, 2025 $ / shares	Dec. 31, 2024 USD ($)
Short-Term Debt [Line Items]
First lien secured leverage ratio, maximum		7.10
First lien secured leverage ratio, minimum		5.50
Repayments of other debt									$ 233,875,000	$ 3,225,000
Debt							$ 695,598,000		695,598,000			$ 692,917,000
Unamortized discount and issuance costs							14,625,000		14,625,000			15,633,000
Gain on extinguishment of debts, net							0	$ 0	14,207,000	0
Proceeds from issuance of convertible notes									345,000,000	0
Fees paid on issuance of convertible notes									10,434,000	$ 0
2028 Convertible notes
Short-Term Debt [Line Items]
Debt							325,000,000		325,000,000			425,000,000
Carrying Value							320,367,000		320,367,000			417,525,000
2031 Convertible notes
Short-Term Debt [Line Items]
Debt							345,000,000		345,000,000			0
Carrying Value							335,012,000		335,012,000			0
Deferred income tax asset	$ 8,600,000
Total secured credit facility
Short-Term Debt [Line Items]
Debt							0		0			233,875,000
Convertible Senior Notes due 2031
Short-Term Debt [Line Items]
Debt conversion, converted instrument, shares issued (in shares) \| shares	42,500,000
Fees paid on issuance of convertible notes	$ 35,100,000
Derivatives, exercise price (in dollars per share) \| $ / shares	$ 8.12
Derivatives, cap price (in dollars per share) \| $ / shares	$ 12.74										$ 8.12
Convertible Senior Notes due 2031 \| 2028 Convertible notes
Short-Term Debt [Line Items]
Unamortized discount and issuance costs							10,000,000.0		10,000,000.0
Gain on extinguishment of debts, net									5,900,000
Bridge loan facility aggregate principal amount	$ 345,000,000
Stated interest rate (as a percent)	2.875%
Proceeds from issuance of convertible notes	$ 78,400,000
2028 Convertible notes							345,000,000.0		345,000,000.0
Carrying Value							335,000,000.0		$ 335,000,000.0
Convertible Senior Notes due 2031 \| 2028 Convertible notes \| Conversion Period One
Short-Term Debt [Line Items]
Fundamental change repurchase (as a percent)									100.00%
Convertible Senior Notes due 2031 \| 2028 Convertible notes \| Common Stock
Short-Term Debt [Line Items]
Convertible notes payable							$ 1,000		$ 1,000
Conversion of stock, shares converted per dollar (in shares) \| shares									123.1262
Convertible note, conversion price (in dollar per share) \| $ / shares							$ 8.12		$ 8.12
Convertible Senior Notes due 2031 \| Convertible Notes Payable
Short-Term Debt [Line Items]
Redemption price (as a percent)									100.00%
Subject to redemption							$ 100,000,000		$ 100,000,000
Convertible Senior Notes due 2031 \| Convertible Notes Payable \| Conversion Period One
Short-Term Debt [Line Items]
Trading days \| day									20
Consecutive trading days \| day									30
Conversion price (as a percent)									130.00%
Convertible Senior Notes due 2031 \| Convertible Notes Payable \| Conversion Period Two
Short-Term Debt [Line Items]
Trading days \| day									5
Consecutive trading days \| day									10
Convertible notes payable							1,000		$ 1,000
Conversion price (as a percent)									98.00%
Convertible Senior Notes due 2028
Short-Term Debt [Line Items]
Debt conversion, converted instrument, shares issued (in shares) \| shares	17,800,000
Fees paid on issuance of convertible notes	$ 52,900,000
Derivatives, exercise price (in dollars per share) \| $ / shares	$ 23.86
Derivatives, cap price (in dollars per share) \| $ / shares	$ 36.02
Convertible Senior Notes due 2028 \| 2028 Convertible notes
Short-Term Debt [Line Items]
Unamortized discount and issuance costs							$ 4,600,000		$ 4,600,000			7,500,000
Gain on extinguishment of debts, net	$ 20,100,000
Bridge loan facility aggregate principal amount			$ 425,000,000	$ 425,000,000	$ 425,000,000
Stated interest rate (as a percent)			1.00%	1.00%	1.00%
Proceeds from issuance of convertible notes			$ 413,300,000	$ 48,600,000	$ 364,700,000
Debt instrument, interest rate, effective percentage discount (as a percent)			2.75%	2.75%	2.75%
Debt instrument, annual interest rate (as a percent)							1.00%		1.00%
Repurchase of debt	100,000,000.0
2028 Convertible notes	98,500,000						$ 325,000,000.0		$ 325,000,000.0			425,000,000
Carrying Value							320,400,000		320,400,000			417,500,000
Convertible Senior Notes due 2028 \| 2028 Convertible notes \| Common Stock
Short-Term Debt [Line Items]
Convertible notes payable							$ 1,000		$ 1,000
Conversion of stock, shares converted per dollar (in shares) \| shares									41.9054
Convertible note, conversion price (in dollar per share) \| $ / shares							$ 23.86		$ 23.86
Debt conversion, converted instrument, shares issued (in shares) \| shares									10,100,000
Convertible Senior Notes due 2028, $375 Million \| 2028 Convertible notes
Short-Term Debt [Line Items]
Bridge loan facility aggregate principal amount					$ 375,000,000
Convertible Senior Notes due 2028, $50 Million \| 2028 Convertible notes
Short-Term Debt [Line Items]
Bridge loan facility aggregate principal amount			$ 50,000,000	$ 50,000,000
Convertible Senior Notes Due 2028 and 2031 \| 2028 Convertible notes
Short-Term Debt [Line Items]
Unamortized discount and issuance costs	10,400,000
Proceeds from issuance of convertible notes	$ 334,600,000
Term loan facility
Short-Term Debt [Line Items]
Debt instrument term						7 years
Debt												233,900,000
Unamortized discount and issuance costs												7,900,000
Term loan facility \| Total secured credit facility
Short-Term Debt [Line Items]
Maximum borrowing capacity						$ 575,000,000
Revolving credit facility
Short-Term Debt [Line Items]
Maximum borrowing capacity							$ 166,000,000		$ 166,000,000			200,000,000
Debt instrument term						5 years
Debt							0		0			0
Available borrowing capacity							145,300,000		$ 145,300,000			172,000,000.0
Revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Short-Term Debt [Line Items]
Revolving loan applicable margin (as a percent)									3.25%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR) Plus 1%
Short-Term Debt [Line Items]
Debt instrument term									1 month
Revolving loan applicable margin (as a percent)									2.25%
Revolving loan applicable margin, floor (as a percent)									1.00%
Revolving credit facility \| Total secured credit facility
Short-Term Debt [Line Items]
Maximum borrowing capacity						$ 200,000,000
Repayments of other debt		$ 166,000,000
Standby Letters of Credit
Short-Term Debt [Line Items]
Letters of credit outstanding							$ 20,700,000		$ 20,700,000			$ 28,000,000.0

Acquisition (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions Purchase Price Consideration

The purchase consideration to acquire APA consisted of the following:


Cash consideration paid	166,135
Earn-out	20,007
Purchase consideration	$	186,142

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary estimates of fair values of the assets acquired and liabilities assumed as of the Closing Date:


Preliminary fair value of net assets acquired and liabilities assumed:	Acquisition Date
Cash and cash equivalents	$	1,219
Accounts receivable	29,043
Inventories	25,467
Prepaid expenses and other	466
Property, plant and equipment	14,256
Other intangible assets	80,800
Other assets	27,050
Total assets acquired	$	178,301

Accounts payable	12,540
Deferred revenue	22,121
Other liabilities	4,079
Other long-term liabilities	26,330
Total liabilities assumed	$	65,070

Preliminary fair value of net assets acquired	113,231
Preliminary allocation to goodwill	$	72,911

Schedule of Purchase Price Allocation

The preliminary purchase price allocation includes $80.8 million of acquired identifiable intangible assets as follows:


	Estimated Fair Value (in USD)		Estimated Weighted Average Useful Life in Years
(in thousands, except useful lives)
Developed technology	$	21,800	5
Computer software and other	13,000		5
Customer relationships	34,000		5-9
Backlog	2,000		1
Trade name	10,000		10
Total	$	80,800

Schedule of Business Acquisition, Pro Forma Information

The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the APA Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the APA Acquisition been consummated on January 1, 2024. These results are prepared in accordance with U.S. GAAP.


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Revenue	$	30,793	$	41,438	$	97,814	$	96,048
Net loss	$	4,486	$	2,206	$	6,197	$	5,794

Pro forma adjustments (1)	$	6,620	$	6,998	$	19,860	$	21,823

(1) Pro forma adjustments represent incremental expenses, net of estimated taxes, resulting from the APA Acquisition, including Deferred Consideration expense, intangible asset amortization, and the impacts of lease re-measurements and increases to the fair value of inventories and property, plant and equipment.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Debt - Other Debt Narrative (Details) - STI $ in Millions	Sep. 30, 2025 USD ($) note
Short-Term Debt [Line Items]
Other long-term debt	$ 25.6
Euros
Short-Term Debt [Line Items]
Other long-term debt	19.0
United States of America, Dollars
Short-Term Debt [Line Items]
Other long-term debt	$ 6.6
Other debt
Short-Term Debt [Line Items]
Notes Payable \| note	1
Letters of credit outstanding	$ 6.6
Minimum \| Other debt
Short-Term Debt [Line Items]
Stated interest rate (as a percent)	2.50%
Maximum \| Other debt
Short-Term Debt [Line Items]
Stated interest rate (as a percent)	6.10%

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net income (loss)	$ 33,503	$ (141,354)	$ 93,511	$ (113,491)
Less: preferred dividends and accretion	15,144	14,080	44,375	41,332
Net income (loss) to common shareholders basic	18,359	(155,434)	49,136	(154,823)
Net income (loss) to common shareholders, diluted	$ 18,359	$ (155,434)	$ 49,136	$ (154,823)
Basic:
Weighted average shares (in shares)	152,727	151,923	152,465	151,691
Income (loss) per share (in dollars per share)	$ 0.12	$ (1.02)	$ 0.32	$ (1.02)
Diluted:
Effect of restricted stock and performance awards (in shares)	1,363	0	885	0
Weighted average shares (in shares)	154,090	151,923	153,350	151,691
Income (loss) per share (in dollars per share)	$ 0.12	$ (1.02)	$ 0.32	$ (1.02)

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands):


	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Notes	$	320,367	$	288,304	$	417,525	$	311,525
2031 Convertible Notes	335,012		445,913		—		—

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 528,097	$ 430,786
Finite-lived intangible assets, accumulated amortization	293,913	259,677
Total amortizable intangibles, net	234,184	171,109
Total other intangible assets, net	244,484	181,409
Trade name
Finite-Lived Intangible Assets [Line Items]
Trade name	10,300	10,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	225,600	203,800
Finite-lived intangible assets, accumulated amortization	$ 134,925	123,462
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	14 years
Computer software and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 29,040	15,826
Finite-lived intangible assets, accumulated amortization	$ 15,251	14,552
Computer software and other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	3 years
Computer software and other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	5 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 225,177	179,166
Finite-lived intangible assets, accumulated amortization	$ 121,065	102,541
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	10 years
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	1 year
Finite-lived intangible assets, gross	$ 21,138	16,877
Finite-lived intangible assets, accumulated amortization	19,388	16,877
Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	27,142	15,117
Finite-lived intangible assets, accumulated amortization	$ 3,284	$ 2,245
Trade name \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	10 years
Trade name \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	20 years

Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended		9 Months Ended
	Aug. 14, 2025 USD ($) installment day $ / shares shares	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 $ / shares
Business Combination [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001
Amortization of intangible assets			$ 10,600	$ 11,900	$ 27,900	$ 36,600
APA
Business Combination [Line Items]
Cash consideration paid	$ 166,135
Earn-out	$ 20,007
Financial performance targets	3 years
Aggregate purchase price consideration	$ 186,142
Purchase price consideration	$ 40,000
Number of installments \| installment	3
Earnout consideration (in shares) \| shares	4,686,530
Trading days \| day	10
Earnout consideration earned	$ 90,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Other intangible assets	$ 80,800
Direct transaction costs	9,100
Pro forma information, revenue of acquiree since acquisition date, actual		$ 16,900
Pro forma information, net loss of acquiree since acquisition date, actual		$ 1,800
Expenses to the deffered consideration	2,500
Amortization of intangible assets	$ 1,800
APA \| After First and Second Anniversary
Business Combination [Line Items]
Number of installments \| installment	3
Contingent consideration, payment period	2 years
Threshold trading days \| day	5
APA \| After First Anniversary
Business Combination [Line Items]
Threshold trading days \| day	5
Deferred consideration percent	50.00%
APA \| Second Anniversary
Business Combination [Line Items]
Contingent consideration, payment period	2 years
Deferred consideration percent	50.00%
APA \| After Second Anniversary
Business Combination [Line Items]
Threshold trading days \| day	5

Acquisition

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition

On August 14, 2025 (the “Closing Date”), the Company, through its indirect wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the APA Acquisition, pursuant to the terms of the equity purchase agreement, dated as of June 17, 2025, by and among the Company, Buyer, APA, SunHoldings, LLC, an Ohio limited liability company (“Seller”) and the guarantors party thereto (as amended, the “Purchase Agreement”). The cash consideration paid was approximately $166.1 million. The Purchase Agreement also includes an earnout provision estimated to have a fair value of approximately $20.0 million as of the Closing Date (the “Earnout Consideration”), under which the Seller may receive shares of Company common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending on September 30, 2028. As a result, the purchase consideration approximates $186.1 million. Subject to the terms and conditions set forth in the Purchase Agreement, the Company has also agreed to pay aggregate deferred purchase price consideration of approximately $40.0 million payable in three installments over a two-year period based on service within five business days after the first and second anniversaries from the Closing Date and as set forth below (the “Deferred Consideration”). Each of the Earnout Consideration and Deferred Consideration are described in more detail below. The Company is currently finalizing the valuation of the acquired assets and liabilities and assessing the related accounting impacts.

The purchase consideration to acquire APA consisted of the following:


Cash consideration paid	166,135
Earn-out	20,007
Purchase consideration	$	186,142

Earnout Consideration

The Purchase Agreement includes an earnout provision pursuant to which Seller may be granted shares of the Company’s common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending September 30, 2028. The maximum number of shares payable as Earnout Consideration is 4,686,530 shares of common stock, which

was determined by dividing $40 million by the volume weighted average price of the Company’s common stock for the 10 trading days immediately following the Closing Date. The number of shares payable will be subject to reduction if the cumulative value of the Earnout Consideration earned (measured on each date such shares are issued) exceeds $90 million. The Purchase Agreement provides that, to the extent the issuance of any Earnout Consideration or Deferred Consideration Shares would require stockholder approval under Nasdaq Listing Rule 5635(a), the Company will pay cash in lieu of issuing such shares, unless such stockholder approval has been obtained.

The Earnout Consideration is accounted for as contingent consideration, and the fair value is estimated each reporting period. As of the Closing Date, the Earnout Consideration was estimated to have a fair value of approximately $20.0 million using a Monte-Carlo simulation method. Changes in fair value of the contingent liability are recognized in contingent consideration on the condensed consolidated statements of operations. Estimating the amount of payments that may be made under the Earnout Consideration is by nature imprecise. The significant fair value inputs used to estimate the future expected Earnout Consideration payments to Seller include a discount rate, earnings forecasts, and actual and estimated future volatility in the Company’s stock price.

Deferred Consideration Installments

The Deferred Consideration which will be payable to Seller in three installments (each, a “Deferred Consideration Installment”): (i) within five business days after the first anniversary of the Closing Date, an amount equal to 50% of the Deferred Consideration, (ii) on December 31, 2026, an amount equal to (A) 50% of the Deferred Consideration multiplied by (B) the proportion of the two-year period from the Closing Date to the second anniversary of the Closing Date that has elapsed as of December 31, 2026 and (iii) within five business days after the second anniversary of the Closing Date, an amount equal to the remaining balance of the Deferred Consideration. As more fully described in the Purchase Agreement, the Deferred Consideration Installments are subject to reduction if certain equity holders of Seller cease to be employees of the Company under certain circumstances. Each Deferred Consideration Installment will, at the Company’s election, be paid (i) in cash, (ii) through the issuance of shares of Company common stock, par value $0.001 per share, valued at the closing price on the trading day immediately preceding the applicable Deferred Consideration Anniversary (if any such shares are issued, the “Deferred Consideration Shares”) or (iii) by any combination of the foregoing. As the Deferred Consideration Installments are tied to future service to the Company, they are considered compensatory and not included in purchase consideration.

Purchase Price Allocation

The APA Acquisition was accounted for as a business combination applying ASC 805. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the expected synergies of the combined entities that are expected to be realized from the APA Acquisition. The goodwill is deductible for tax purposes.

The following table summarizes the preliminary estimates of fair values of the assets acquired and liabilities assumed as of the Closing Date:


Preliminary fair value of net assets acquired and liabilities assumed:	Acquisition Date
Cash and cash equivalents	$	1,219
Accounts receivable	29,043
Inventories	25,467
Prepaid expenses and other	466
Property, plant and equipment	14,256
Other intangible assets	80,800
Other assets	27,050
Total assets acquired	$	178,301

Accounts payable	12,540
Deferred revenue	22,121
Other liabilities	4,079
Other long-term liabilities	26,330
Total liabilities assumed	$	65,070

Preliminary fair value of net assets acquired	113,231
Preliminary allocation to goodwill	$	72,911

The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (defined as the twelve months following the Closing Date). The Company is in the process of specifically identifying the amounts assigned to certain tangible assets and liabilities acquired, identifiable intangible assets, income and non-income based taxes, residual goodwill, and the allocation of goodwill to reporting units, and the Company is in the process of reviewing the related third-party valuation. The amounts recorded as of September 30, 2025 are preliminary, as there was insufficient time between the Closing Date and the end of the period to finalize the analysis. These preliminary estimates are subject to change and related accounting adjustments may be materially different, as the Company obtains additional information on these matters and as additional information is made known during the post-acquisition measurement period.

The preliminary purchase price allocation includes $80.8 million of acquired identifiable intangible assets as follows:


	Estimated Fair Value (in USD)		Estimated Weighted Average Useful Life in Years
(in thousands, except useful lives)
Developed technology	$	21,800	5
Computer software and other	13,000		5
Customer relationships	34,000		5-9
Backlog	2,000		1
Trade name	10,000		10
Total	$	80,800

The preliminary fair value of the identifiable intangible assets has been estimated using the Multi-Period Excess Earnings Method (Customer relationships and Backlog), Relief from Royalty Method (Trade name), and Replacement Cost Method (Developed technology and Computer software and other). The intangible assets are being amortized over their estimated useful lives on a straight-line basis that reflects the economic benefit of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the APA Acquisition. Direct transaction costs incurred related to the APA Acquisition were $9.1 million and are included in General and administrative expenses in the condensed consolidated statement of operations.

Included in the Company’s condensed consolidated statement of operations from the Closing Date of August 14, 2025 through September 30, 2025 are revenue of $16.9 million and an operating loss of $1.8 million, inclusive of $2.5 million of expenses related to the Deferred Consideration and $1.8 million of amortization expense related to identified intangible assets.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information presents the combined results of operations of the Company and APA as if the acquisition had occurred on January 1, 2024, after giving effect to certain unaudited pro forma adjustments. The unaudited pro forma adjustments reflected herein include only those adjustments that are directly attributable to the APA Acquisition and factually supportable. The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the APA Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the APA Acquisition been consummated on January 1, 2024. These results are prepared in accordance with U.S. GAAP.


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Revenue	$	30,793	$	41,438	$	97,814	$	96,048
Net loss	$	4,486	$	2,206	$	6,197	$	5,794

Pro forma adjustments (1)	$	6,620	$	6,998	$	19,860	$	21,823

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s disaggregated revenues (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Over-time revenue	$	317,821	$	174,128	$	901,988	$	508,062
Point in time revenue	75,670		57,278		156,109		132,513
Total revenue	$	393,491	$	231,406	$	1,058,097	$	640,575

Contract assets consisting of unbilled receivables are recorded within Accounts receivable, net on the condensed consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Unbilled receivables	$	118,889	$	94,045

Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands):


	September 30, 2025		December 31, 2024
Deferred revenue	$	95,387	$	119,775

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

The Company, in the normal course of business, is subject to claims and litigation. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss.

On May 14, 2021, a putative class action (the “Plymouth Action”) was filed in the U.S. District Court for the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended (the “Securities Act”). The complaint alleges misstatements and/or omissions in the Company’s registration statements and prospectuses related to the Company’s October 2020 initial public offering, the Company’s December 2020 offering, and the Company’s March 2021 offering during the putative class period of October 14, 2020 through May 11, 2021. A consolidated amended class action complaint was filed on December 7, 2021 with additional allegations regarding misstatements and/or omissions in: (1) in the Company’s Annual Report on Form 10-K and associated press release announcing results for the fourth quarter and full fiscal year 2020; and (2) in the Company’s November 5, 2020 and March 9, 2021 earnings calls.

On June 30, 2021, a substantially similar second putative class action was filed in the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Act, which was consolidated with the Plymouth Action.

All Defendants in the Plymouth Action, including the Company, moved to dismiss the consolidated amended complaint. On May 19, 2023, the court granted the Company’s motion to dismiss and, on July 5, 2023, denied a request from the Plymouth Action plaintiffs for leave to amend the consolidated amended complaint and dismissed the Plymouth Action in its entirety with prejudice.

On August 4, 2023, the lead plaintiffs filed a notice of appeal of the court’s dismissal of the consolidated amended complaint to the U.S. Court of Appeals for the Second Circuit. After full briefing, the court of appeals heard oral argument on June 26, 2024 and the case is still pending decision by the court.

On July 16, 2021, a verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Exchange Act for misleading proxy statements, (2) breach of fiduciary duty, (3) unjust enrichment, (4) abuse of control, (5) gross mismanagement, (6) corporate waste, (7) aiding and abetting breach of fiduciary duty, and (8) contribution under sections 10(b) and 21D of the Exchange Act.

On July 30, 2021, a second verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Exchange Act for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty.

On August 24, 2021, the Southern District of New York derivative actions were consolidated, and the court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action.

On August 3, 2022, a verified derivative complaint was filed in the Court of Chancery of the State of Delaware against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty and (2) unjust enrichment.

On August 11, 2022, a second verified derivative complaint was filed with the Court of Chancery against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty; (2) aiding and abetting breaches of fiduciary duty; (3) waste of corporate assets; (4) unjust enrichment; (5) insider selling; and (6) aiding and abetting insider selling.

On September 2, 2022, the derivative cases with the Court of Chancery were consolidated and the court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action.

The Company continues to believe the claims alleged in the actions are without merit and intends to continue to vigorously defend its position in these matters. The Company has not recorded any material loss contingency in the condensed consolidated balance sheets as of September 30, 2025.

The Company is party to various other legal proceedings, claims, governmental and/or regulatory inspections, inquiries and investigations arising out of the ordinary course of its business. The Company believes that there are no other proceedings or claims pending against it, the ultimate resolution of which could have a material adverse effect on its financial condition or results of operations. In all cases, at each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies (ASC 450). Legal costs are expensed as incurred. It is possible that future results for any particular quarter or annual period may be materially affected by changes in our assumption or the effectiveness of the Company’s strategies relating to these proceedings.

Contingent Consideration

Tax Receivable Agreement

Concurrent with the Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC on July 8, 2016, the Company’s operating subsidiary, Array Tech, Inc. (f/k/a Array Technologies, Inc.), entered into a tax receivable agreement (the “TRA”) with the former majority shareholder of Array Tech, Inc. The TRA is valued based on the future expected payments under the agreement. The TRA provides for the payment by Array Tech, Inc., to the former owners for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Array Tech, Inc., from the use of certain deductions generated by the increase in the tax value of the developed technology. The TRA is accounted for as contingent consideration and subsequent changes in fair value of the contingent liability are recognized in contingent consideration on the condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the fair value of the TRA was $8.5 million and $9.1 million, respectively.

The TRA liability is valued using a Monte-Carlo simulation method as of the end of each reporting period. Estimating the amount of payments that may be made under the TRA is by nature imprecise. The significant fair value inputs used to estimate the future expected TRA payments to the former owners include the timing of

tax payments, a discount rate, book income projections, timing of expected adjustments to calculate taxable income and the projected rate of use for attributes defined in the TRA.

Payments made under the TRA consider tax positions taken by the Company and are due within 125 days following the filing of the Company’s U.S. federal and state income tax returns under procedures described in the agreement. The current portion of the TRA liability is based on tax returns. The TRA will continue until all tax benefit payments have been made or the Company elects early termination under the terms described in the TRA.

The following table summarizes the activity related to the estimated TRA liability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	7,857	$	8,704	$	9,061	$	10,363
Payments	—		—		(1,204)		(1,427)
Fair value adjustment	611		(39)		611		(271)
Ending balance	$	8,468	$	8,665	$	8,468	$	8,665

The TRA liability requires significant judgment and is classified as Level 3 in the fair value hierarchy.

Earnout Consideration

As discussed in Note 3 – Acquisition, the Purchase Agreement includes an earnout provision pursuant to which Seller may be granted shares of the Company’s common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending September 30, 2028 (the “Earnout Consideration”). The maximum number of shares payable as Earnout Consideration is 4,686,530 shares of common stock, which was determined by dividing $40 million by the volume weighted average price of the Company’s common stock for the 10 trading days immediately following the Closing Date. The number of shares payable will be subject to reduction if the cumulative value of the Earnout Consideration earned (measured on each date such shares are issued) exceeds $90 million. The Purchase Agreement provides that, to the extent the issuance of any Earnout Consideration or Deferred Consideration Shares would require stockholder approval under Nasdaq Listing Rule 5635(a), the Company will pay cash in lieu of issuing such shares, unless such stockholder approval has been obtained.

The Earnout Consideration is accounted for as contingent consideration, and the fair value is estimated each reporting period. As of September 30, 2025, the Earnout Consideration was estimated to have a fair value of approximately $20.4 million using a Monte-Carlo simulation method. Changes in fair value of the contingent liability are recognized in contingent consideration on the condensed consolidated statements of operations. Estimating the amount of payments that may be made under the Earnout Consideration is by nature imprecise. The significant fair value inputs used to estimate the future expected Earnout Consideration payments to Seller include a discount rate, earnings forecasts, and actual and estimated future volatility in the Company’s stock price.

The following table summarizes the activity related to the estimated Earnout Consideration liability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	—	$	—	$	—	$	—
Additions	20,007		—		20,007		—
Payments	—		—		—		—
Fair value adjustment	403		—		403		—
Ending balance	$	20,410	$	—	$	20,410	$	—

The Earnout Consideration liability requires significant judgment and is classified as Level 3 in the fair value hierarchy.

Surety Bonds

As of September 30, 2025, the Company posted surety bonds in the total amount of $227.4 million. The Company is required to provide surety bonds to various parties as required for certain transactions initiated during the ordinary course of business to guarantee the Company’s performance in accordance with contractual or legal obligations. These off-balance sheet arrangements do not adversely impact the Company’s liquidity or capital resources.

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company disaggregates its revenue from contracts with customers by sales recorded over time and sales recorded at a point in time. The following table presents the Company’s disaggregated revenues (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Over-time revenue	$	317,821	$	174,128	$	901,988	$	508,062
Point in time revenue	75,670		57,278		156,109		132,513
Total revenue	$	393,491	$	231,406	$	1,058,097	$	640,575

Contract Balances

The timing of revenue recognition, billings and cash collections result in billed accounts receivable, unbilled receivables (“contract assets”), and deferred revenue (“contract liabilities”) on the condensed consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses, in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. For certain customer contracts, billing can occur in advance of shipment, resulting in contract liabilities. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets and the corresponding amounts recorded in Revenue relate to fluctuations in the timing and volume of billings.


	September 30, 2025		December 31, 2024
Unbilled receivables	$	118,889	$	94,045

The Company also receives advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities. The changes in contract liabilities, recorded within Deferred revenue, relate to advanced orders and payments received by the Company.

Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands):


	September 30, 2025		December 31, 2024
Deferred revenue	$	95,387	$	119,775

During the nine months ended September 30, 2025, the Company converted $87.8 million in Deferred revenue to Revenue, which represented 73% of the prior year’s Deferred revenue balance. Included in Deferred revenue as of December 31, 2024 are cash advances for signed contracts that begin several months subsequent to receiving the advance. In addition, Deferred revenue includes paid extended warranty, which can be recognized upon expiration of the warranty.

Bill-and-Hold Arrangements

Revenue recognized for the Company’s federal investment tax credit (“ITC”) contracts and standalone system component sales is recorded at a point in time and recognized when obligations under the terms of the contract with the Company’s customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is typically upon delivery to the customer in line with shipping terms.

In certain situations, the Company recognizes revenue under a bill-and-hold arrangement with its customers. An example of such a situation is when customers purchase material prior to the start of construction of a solar project in order to meet the Five Percent Safe Harbor test to qualify for the ITC. Because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in its custody. All bill-and-hold inventory is bundled or palletized in the Company’s warehouses, separately identified as not belonging to the Company and ready for immediate transport to the customer project upon request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer.

The Company did not recognize any revenue from bill-and-hold arrangements during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, the Company recognized $1.9 million in revenue from one customer under such arrangements.

Remaining Performance Obligations

As of September 30, 2025, the Company had $400.6 million of remaining performance obligations. The Company expects to recognize revenue on 95% of these performance obligations in the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 160,189
Acquisition	72,911
Foreign currency translation	12,115
Goodwill, ending balance	245,215
Array Legacy Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	69,727
Acquisition	72,911
Foreign currency translation	0
Goodwill, ending balance	142,638
Accumulated impairment	51,900
STI Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	90,462
Acquisition	0
Foreign currency translation	12,115
Goodwill, ending balance	102,577
Accumulated impairment	$ 236,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Condensed Consolidated Balance Sheet Details - Schedule of Components of Other Assets - (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
IRA vendor rebates	$ 110,593	$ 0
Other	72,344	41,701
Total other assets	$ 182,937	$ 41,701

Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
2028 Convertible notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	$ 320,367	$ 417,525
Fair Value	288,304	311,525
2031 Convertible notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	335,012	0
Fair Value	$ 445,913	$ 0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 2,168	$ 11,847	$ 18,359	$ 29,666
Cash paid for income taxes	5,364	8,219	22,952	25,220
Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	4,545	1,016	4,545	1,016
Contingent consideration	20,007	0	20,007	0
Preferred Series A dividends and accretion	$ 15,144	$ 14,080	$ 44,375	$ 41,332

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid for interest	$	2,168	$	11,847	$	18,359	$	29,666
Cash paid for income taxes	5,364		8,219		22,952		25,220

Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	4,545		1,016		4,545		1,016
Contingent consideration	20,007		—		20,007		—
Preferred Series A dividends and accretion	15,144		14,080		44,375		41,332

Acquisition - Schedule of Business Acquisitions Purchase Price Consideration (Details) - APA $ in Thousands	Aug. 14, 2025 USD ($)
Business Combination [Line Items]
Cash consideration paid	$ 166,135
Earn-out	20,007
Purchase consideration	$ 186,142

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

RSU activity under the 2020 Plan during the nine months ended September 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	2,648,161	$	10.97
Shares granted	2,944,857	6.25
Shares vested	(784,833)	12.46
Shares forfeited/canceled	(407,966)	9.91
Outstanding non-vested, September 30, 2025	4,400,219	$	7.64

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the nine months ended September 30, 2025 and 2024:


	2025		2024
Volatility	79	%	79	%
Risk-free interest rate	3.57	%	4.62	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the nine months ended September 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	924,241	$	12.76
Shares granted	659,773	8.53
Shares vested	—	—
Shares forfeited/canceled	(57,237)	5.29
Outstanding non-vested, September 30, 2025	1,526,777	$	10.61

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by operating segment during the nine months ended September 30, 2025, consisted of the following (in thousands):


	Array Legacy Operations		STI Operations		Total
Beginning balance	$	69,727	$	90,462	$	160,189
Acquisition	72,911		—		72,911
Foreign currency translation	—		12,115		12,115
Ending balance (1)	$	142,638	$	102,577	$	245,215

(1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million. Goodwill attributable to STI Operations is net of cumulative impairments of $236.0 million.

Schedule of Finite-Lived Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	September 30, 2025		December 31, 2024
Amortizable:
Developed technology	5-14	$	225,600	$	203,800
Computer software and other	3-5	29,040		15,826
Customer relationships	5-10	225,177		179,166
Backlog	1	21,138		16,877
Trade name	10-20	27,142		15,117
Total amortizable intangibles		528,097		430,786
Accumulated amortization:
Developed technology		134,925		123,462
Computer software and other		15,251		14,552
Customer relationships		121,065		102,541
Backlog		19,388		16,877
Trade name		3,284		2,245
Total accumulated amortization		293,913		259,677
Total amortizable intangibles, net		234,184		171,109

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	244,484	$	181,409

Schedule of Indefinite-Lived Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	September 30, 2025		December 31, 2024
Amortizable:
Developed technology	5-14	$	225,600	$	203,800
Computer software and other	3-5	29,040		15,826
Customer relationships	5-10	225,177		179,166
Backlog	1	21,138		16,877
Trade name	10-20	27,142		15,117
Total amortizable intangibles		528,097		430,786
Accumulated amortization:
Developed technology		134,925		123,462
Computer software and other		15,251		14,552
Customer relationships		121,065		102,541
Backlog		19,388		16,877
Trade name		3,284		2,245
Total accumulated amortization		293,913		259,677
Total amortizable intangibles, net		234,184		171,109

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	244,484	$	181,409

Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets

Estimated future amortization expense of intangible assets as of September 30, 2025, is as follows (in thousands):


	Amount
Remainder of 2025	$	12,863
2026	44,693
2027	38,249
2028	38,249
2029	38,249
Thereafter	61,881
	$	234,184

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total	$ 83,134	$ 50,987
Less: accumulated depreciation	(28,470)	(24,765)
Property, plant and equipment, net	54,664	26,222
Land
Property, Plant and Equipment [Line Items]
Total	1,676	1,585
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Total	$ 12,443	9,108
Buildings and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	15 years
Buildings and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Total	$ 42,748	27,853
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total	$ 6,014	4,287
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Total	$ 1,324	603
Hardware
Property, Plant and Equipment [Line Items]
Total	$ 4,669	3,603
Hardware \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Hardware \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 14,260	$ 3,948

Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders' Equity (unaudited) - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Temporary equity, beginning balance (in shares) at Dec. 31, 2023

432

Temporary equity, beginning balance at Dec. 31, 2023

$ 351,260

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 41,332

Temporary equity, ending balance (in shares) at Sep. 30, 2024

453

Temporary equity, ending balance at Sep. 30, 2024

$ 392,592

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023

151,242

Stockholders' equity, beginning balance at Dec. 31, 2023

259,248

$ 151

$ 344,517

$ (130,230)

$ 44,810

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

632

Vesting of restricted stock units

Employee purchase plan (in shares)

Employee purchase plan

853

Equity-based compensation

6,043

Tax withholding related to vesting of equity-based compensation

(1,734)

Preferred cumulative dividends plus accretion

(41,332)

Net income (loss)

(113,491)

Foreign currency translation

(45,100)

^[1]

(45,100)

Stockholders' equity, ending balance (in shares) at Sep. 30, 2024

151,934

Stockholders' equity, ending balance at Sep. 30, 2024

$ 64,487

$ 151

308,347

(243,721)

(290)

Temporary equity, beginning balance (in shares) at Jun. 30, 2024

446

Temporary equity, beginning balance at Jun. 30, 2024

$ 378,512

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 14,080

Temporary equity, ending balance (in shares) at Sep. 30, 2024

453

Temporary equity, ending balance at Sep. 30, 2024

$ 392,592

Stockholders' equity, beginning balance (in shares) at Jun. 30, 2024

151,875

Stockholders' equity, beginning balance at Jun. 30, 2024

199,963

$ 151

320,379

(102,367)

(18,200)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

Vesting of restricted stock units

Employee purchase plan (in shares)

Employee purchase plan

356

Equity-based compensation

1,704

Tax withholding related to vesting of equity-based compensation

(12)

Preferred cumulative dividends plus accretion

(14,080)

Net income (loss)

(141,354)

Foreign currency translation

17,910

^[1]

17,910

Stockholders' equity, ending balance (in shares) at Sep. 30, 2024

151,934

Stockholders' equity, ending balance at Sep. 30, 2024

$ 64,487

$ 151

308,347

(243,721)

(290)

Temporary equity, beginning balance (in shares) at Dec. 31, 2024

460

Temporary equity, beginning balance at Dec. 31, 2024

$ 406,931

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 44,375

Temporary equity, ending balance (in shares) at Sep. 30, 2025

483

Temporary equity, ending balance at Sep. 30, 2025

$ 451,306

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2024

151,952

Stockholders' equity, beginning balance at Dec. 31, 2024

(118,096)

$ 151

297,780

(370,624)

(45,403)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

693

Vesting of restricted stock units

$ 1

Employee purchase plan (in shares)

103

Employee purchase plan

649

Equity-based compensation

11,217

Tax withholding related to vesting of equity-based compensation

(539)

Purchase of 2031 Capped Calls, net of tax effect

(26,689)

Preferred cumulative dividends plus accretion

(44,375)

Net income (loss)

93,511

Foreign currency translation

37,604

^[1]

37,604

Stockholders' equity, ending balance (in shares) at Sep. 30, 2025

152,748

Stockholders' equity, ending balance at Sep. 30, 2025

$ (46,717)

$ 152

238,043

(277,113)

(7,799)

Temporary equity, beginning balance (in shares) at Jun. 30, 2025

476

Temporary equity, beginning balance at Jun. 30, 2025

$ 436,162

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred cumulative dividends plus accretion (in shares)

Preferred cumulative dividends plus accretion

$ 15,144

Temporary equity, ending balance (in shares) at Sep. 30, 2025

483

Temporary equity, ending balance at Sep. 30, 2025

$ 451,306

Stockholders' equity, beginning balance (in shares) at Jun. 30, 2025

152,661

Stockholders' equity, beginning balance at Jun. 30, 2025

(70,867)

$ 151

248,285

(310,616)

(8,687)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock units (in shares)

Vesting of restricted stock units

$ 1

Employee purchase plan (in shares)

Employee purchase plan

346

Equity-based compensation

4,602

Tax withholding related to vesting of equity-based compensation

(46)

Preferred cumulative dividends plus accretion

(15,144)

Net income (loss)

33,503

Foreign currency translation

888

^[1]

888

Stockholders' equity, ending balance (in shares) at Sep. 30, 2025

152,748

Stockholders' equity, ending balance at Sep. 30, 2025

$ (46,717)

$ 152

$ 238,043

$ (277,113)

$ (7,799)

[1]	There are no tax effects on foreign currency adjustments.

Segment Reporting - Narrative (Details) - segment	9 Months Ended	34 Months Ended
Segment Reporting - Narrative (Details) - segment	Sep. 30, 2025	Sep. 30, 2025
Segment Reporting [Abstract]
Number of operating segments	2	2
Number of reportable segments	2	2

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Array Technologies, Inc. (the “Company”) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites, and is headquartered in Albuquerque, New Mexico. On January 11, 2022, the Company acquired 100% of the share capital of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as a business combination. Upon completion of the STI Acquisition, the Company began operating as two reportable operating segments: the Array legacy operating segment (“Array Legacy Operations”) and the acquired operating segment (“STI Operations”) pertaining to STI. On August 14, 2025, the Company acquired 100% of the issued and outstanding equity interests of APA Solar, LLC (“APA”), the terms of which are discussed in Note 3 – Acquisition (the “APA Acquisition”). APA designs, engineers and manufactures solar racking, mounting and foundation systems, and the integration of such systems into the Company’s business model through the APA Acquisition supports the Company’s strategic expansion in the solar energy market and expands its operational footprint. APA is currently reported within the Array Legacy Operations segment.

Condensed Consolidated Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Current Inventory, Net

Inventories, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	75,144	$	60,588
Finished goods	105,741		140,230
Total inventories, net	$	180,885	$	200,818

Schedule of Components of Prepaid Expenses and Other Current Assets and Other Assets

The following table shows the components of Prepaid expenses and other current assets (in thousands):


	September 30, 2025		December 31, 2024
IRA vendor rebates	$	42,742	$	115,458
Prepaid taxes	24,088		14,650
Other	17,139		27,819
Total prepaid expenses and other current assets	$	83,969	$	157,927

Other assets

The following table shows the components of Other assets (in thousands):


	September 30, 2025		December 31, 2024
IRA vendor rebates	$	110,593	$	—
Other	72,344		41,701
Total other assets	$	182,937	$	41,701

Schedule of Components of Contingent Consideration Liabilities

The following table shows the components of contingent consideration (in thousands):


	September 30, 2025		December 31, 2024
Current portion of contingent consideration
TRA	$	3,093	$	1,193
Earnout Consideration	14,573		—
Total current portion of contingent consideration	$	17,666	$	1,193

Contingent consideration, net of current portion
TRA	$	5,375	$	7,868
Earnout Consideration	5,837		—
Total contingent consideration, net of current portion	$	11,212	$	7,868

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Income Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	33,503	$	(141,354)	$	93,511	$	(113,491)
Less: preferred dividends and accretion	15,144		14,080		44,375		41,332
Net income (loss) to common shareholders	$	18,359	$	(155,434)	$	49,136	$	(154,823)
Basic:
Weighted average shares	152,727		151,923		152,465		151,691
Income (loss) per share	$	0.12	$	(1.02)	$	0.32	$	(1.02)
Diluted:
Effect of restricted stock and performance awards	1,363		—		885		—
Weighted average shares	154,090		151,923		153,350		151,691
Income (loss) per share	$	0.12	$	(1.02)	$	0.32	$	(1.02)

Equity-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

2020 Equity Incentive Plan

On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. The 2020 Plan authorized 6,683,919 new shares, subject to adjustments pursuant to the 2020 Plan.

Restricted Stock Units

Pursuant to the 2020 Plan, the Company grants time-based restricted stock units (“RSUs”) to employees and members of the Company’s board of directors. The fair value of the RSUs is determined using the market value of the Company’s common stock on the grant date and is recognized on a straight-line basis over the vesting term of the awards.

RSU activity under the 2020 Plan during the nine months ended September 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	2,648,161	$	10.97
Shares granted	2,944,857	6.25
Shares vested	(784,833)	12.46
Shares forfeited/canceled	(407,966)	9.91
Outstanding non-vested, September 30, 2025	4,400,219	$	7.64

Performance Stock Units

The Company has granted performance-based restricted stock units (“PSUs”) to certain employees. The PSUs generally cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return compared to a certain index which modifies the number of PSUs that vest. PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates, and the assigned fair value on grant date is recognized on a straight-line basis over the vesting term of the awards. The probability of the awards meeting the performance related vested conditions is not included in the grant date fair value, but rather is estimated quarterly and the expense recognition is trued- up accordingly upon any probability to vest revision.

Certain PSU awards do not yet have a grant date because not all of the performance criteria is known at inception. Until the grant date is established, these awards are remeasured at fair value each reporting period using a Monte Carlo simulation, and the associated expense is recognized and trued up quarterly based on the updated fair value and estimated probability of vesting.

The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the nine months ended September 30, 2025 and 2024:


	2025		2024
Volatility	79	%	79	%
Risk-free interest rate	3.57	%	4.62	%
Dividend yield	—	%	—	%

PSU activity under the 2020 Plan during the nine months ended September 30, 2025, was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2024	924,241	$	12.76
Shares granted	659,773	8.53
Shares vested	—	—
Shares forfeited/canceled	(57,237)	5.29
Outstanding non-vested, September 30, 2025	1,526,777	$	10.61

For three months ended September 30, 2025 and 2024, the Company recognized $4.6 million and $2.0 million, respectively, in equity-based compensation costs. For nine months ended September 30, 2025 and 2024, the Company recognized $11.3 million and $6.9 million, respectively, in equity-based compensation costs. These amounts include equity-based compensation related to RSUs, PSUs, and the Company’s Employee Stock Purchase Plan (“ESPP”). The ESPP, approved by the Compensation Committee in December 2021, allows employees to purchase shares at a 15% discount off the lower of the stock price at the beginning or ending of each six months offering period through payroll deductions. The plan is considered compensatory in nature and the Company began recording equity-based compensation expense in 2022.

At September 30, 2025, the Company had $31.1 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over 2.1 years and 2.4 years, respectively.

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 9,941,000	$ 3,850,000	$ 30,092,000	$ 12,964,000
Tax expense (benefit) related to equity-based compensation	$ 0	$ 0	1,200,000	500,000
Tax benefit				0
Reserves for uncertain tax positions			$ 700,000	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Revenue- Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Revenue- Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($) customer	Sep. 30, 2024 USD ($) customer	Sep. 30, 2025 USD ($) customer	Sep. 30, 2024 USD ($) customer
Disaggregation of Revenue [Line Items]
Deferred revenue recognized			$ 87,800
Percentage of deferred revenue recognized			73.00%
Revenue	$ 393,491	$ 231,406	$ 1,058,097	$ 640,575
Revenue, bill and hold performance obligation, number of customers \| customer	1	1	1	1
Remaining performance obligation	$ 400,600		$ 400,600
Percentage of performance obligation to be recognized	95.00%		95.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, period	12 months		12 months
One Customer
Disaggregation of Revenue [Line Items]
Revenue			$ 0	$ 1,900

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s total debt (in thousands):


	September 30, 2025		December 31, 2024
Senior Secured Credit Facility:
Term loan facility	$	—	$	233,875
Revolving credit facility	—		—
Total secured credit facility	—		233,875

2028 Convertible notes	325,000		425,000
2031 Convertible notes	345,000		—
Other debt	25,598		34,042
Total principal	695,598		692,917
Unamortized discount and issuance costs, total	(14,625)		(15,633)
Current portion of debt	(22,595)		(30,714)
Total long-term debt, net of current portion	$	658,378	$	646,570

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021, on February 26, 2021 and again on March 2, 2023 (the “Third Amendment”).

On May 1, 2025, Array Tech, Inc. and ATI Investment Sub, Inc., both wholly owned subsidiaries of the Company, entered into an amendment (the “Fourth Amendment”) to the Credit Agreement. The Fourth Amendment, among other things, (i) refinanced the Revolving Credit Facility with new revolving commitments and loans thereunder and (ii) revised the Consolidated First Lien Secured Leverage Ratio as applicable under Section 7.09 (Financial Covenant) of the Credit Agreement from 7.10:1.00 to 5.50:1.00.

As amended by the Fourth Amendment, the Revolving Credit Facility has total commitments of $166 million and a maturity date of October 14, 2028. The Company was in compliance with all applicable covenants under the Credit Agreement as of September 30, 2025.

Term Loan Facility

At December 31, 2024, the outstanding balance on the Term Loan Facility was $233.9 million, presented in the accompanying condensed consolidated balance sheets net of debt discount and issuance costs of $7.9 million. During the second quarter of 2025, the Company repaid in full the remaining balance of the Term Loan Facility using proceeds from the issuance of the 2031 Convertible Notes (as defined below). As a result, the Term Loan Facility was fully extinguished and no longer outstanding as of September 30, 2025. The $5.9 million in unamortized debt discount and issuance costs were written off in connection with the extinguishment and recorded in Gain on extinguishment of debts, net during the nine months ended September 30, 2025.

Revolving Credit Facility

The Company had no outstanding balance under the Revolving Credit Facility at both September 30, 2025 and December 31, 2024. At September 30, 2025 and December 31, 2024 the Company had $20.7 million and $28.0 million, respectively, in standby letters of credit, and $145.3 million and $172.0 million, respectively, available to withdraw against total commitments under the Revolving Credit Facility of $166.0 million and $200.0 million, respectively. The Revolving Credit Facility incurs interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (as defined in the Credit Agreement) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate (each as defined in the Credit Agreement), one half of 1.00% above the Federal Funds Rate (as defined in the Credit Agreement) or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%.

Convertible Notes

On December 3, 2021 and December 9, 2021, the Company completed a $425 million private offering ($375 million and $50 million, respectively), of its 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”), resulting in net proceeds of $413.3 million ($364.7 million and $48.6 million, respectively), after deducting the original issue discount of 2.75% but before deducting initial purchasers’ discounts and offering expenses. The 2028 Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee. The 2028 Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. Interest is payable semiannually in arrears at a rate of 1.00% per year on June 1 and December 1 of each year, beginning on June 1, 2022.

On June 27, 2025, the Company issued aggregate principal amount of $345 million of its 2.875% Convertible Senior Notes due 2031 (the “2031 Convertible Notes” and, together with the 2028 Convertible Notes, the “Convertible Notes”) in a private placement. The Company incurred $10.4 million of initial purchasers’ discounts and offering expenses, resulting in net proceeds of $334.6 million. The 2031 Convertible Notes were issued pursuant to an indenture, dated June 27, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “2031 Indenture”). The 2031 Convertible Notes are senior unsecured obligations of the Company and will mature on July 1, 2031, unless earlier converted, redeemed, or repurchased. Interest is payable semiannually in arrears at a rate of 2.875% per year on January 1 and July 1 of each year, beginning on January 1, 2026.

The Company used approximately $78.4 million of the proceeds from the 2031 Convertible Notes to repurchase $100.0 million aggregate principal amount of the 2028 Convertible Notes. The repurchased 2028 Convertible Notes had a net carrying value of $98.5 million, inclusive of unamortized debt discount, resulting in a gain on extinguishment of debt of approximately $20.1 million. This gain is recorded in Gain on extinguishment of debts, net in the Company’s condensed consolidated statements of operations during the nine months ended September 30, 2025.

As of September 30, 2025 and December 31, 2024, the principal balance of the 2028 Convertible Notes was $325.0 million and $425.0 million, respectively, with unamortized discount and issuance costs of $4.6 million and $7.5 million, respectively, for a net carrying amount of $320.4 million and $417.5 million, respectively. As of September 30, 2025, the principal balance of the 2031 Convertible Notes was $345.0 million with unamortized issuance costs of $10.0 million, for a net carrying amount of $335.0 million.

Neither the 2028 Convertible Notes nor the 2031 Convertible Notes were convertible during the three and nine months ended September 30, 2025, and none have been converted to date. As the average market price of the Company’s common stock has not exceeded the applicable conversion prices, there was no dilutive impact from either series of Convertible Notes for the three and nine months ended September 30, 2025.

Redemption

At any time prior to the close of business on the business day immediately preceding April 1, 2031, the 2031 Convertible Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2025 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price then in effect on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2031 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the 2031 Convertible Notes on each such trading day; (3) if the Company calls such 2031 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the 2031 Convertible Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events as described in the Indenture. On or after April 1, 2031, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2031 Convertible Notes may convert all or any portion of their 2031 Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion of the 2031 Convertible Notes, the Company will pay cash up to the aggregate principal amount of the 2031 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2031 Convertible Notes being converted.

The Company may redeem (an “Optional Redemption”) for cash all or any portion of the 2031 Convertible Notes, at its option, on or after July 6, 2029, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2031 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems less than all the outstanding 2031 Convertible Notes, at least $100 million aggregate principal amount of 2031 Convertible Notes must be outstanding and not subject to redemption as of the date of the relevant notice of redemption. No sinking fund is provided for the 2031 Convertible Notes.

The conversion rate for the 2028 Convertible Notes was initially, and remains currently, 41.9054 shares of the Company’s common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $23.86 per share, or 10.1 million shares of common stock. The conversion rate for the 2031 Convertible Notes was initially 123.1262 shares per $1,000 principal amount, equivalent to a conversion price of approximately $8.12 per share of common stock. The conversion rate for the Convertible Notes is subject to adjustment under certain circumstances in accordance with the terms of each of the Indentures. In addition,

following certain corporate events that occur prior to the maturity date of the 2031 Convertible Notes or if the Company delivers a notice of redemption in respect of the 2031 Convertible Notes, the Company will, under certain circumstances, increase the conversion rate of the 2031 Convertible Notes for a holder who elects to convert its 2031 Convertible Notes (or any portion thereof) in connection with such a corporate event or convert its 2031 Convertible Notes called (or deemed called) for redemption during the related Redemption Period (as defined in the 2031 Indenture), as the case may be.

If the Company undergoes a Fundamental Change (as defined in the 2031 Indenture), holders may require, subject to certain conditions and exceptions, the Company to repurchase for cash all or any portion of their 2031 Convertible Notes at a Fundamental Change Repurchase Price (as defined in the Indenture) equal to 100% of the principal amount of the 2031 Convertible Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the Fundamental Change Repurchase Date (as defined in the 2031 Indenture).

The Indenture includes customary covenants and sets forth certain events of default after which the 2031 Convertible Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company or certain of its subsidiaries after which the 2031 Convertible Notes become automatically due and payable.

Capped Calls

In connection with the issuances of the Convertible Notes, the Company entered into separate capped call transactions with certain financial institutions. The capped calls are designed to reduce potential dilution to the Company’s common stockholders upon conversion of the related series of Convertible Notes and/or offset any cash payments the Company may be required to make in excess of the principal amount of the 2028 Convertible Notes or 2031 Convertible Notes, as applicable.

In connection with the issuance of the 2028 Convertible Notes, the Company paid $52.9 million to enter into capped calls (the “2028 Capped Calls”). These instruments cover approximately 17.8 million shares of common stock, with an initial strike price of $23.86 and a cap price of $36.02 per share, subject to customary anti-dilution adjustments. These instruments are scheduled to expire on December 1, 2028. In connection with the early extinguishment of a portion of the 2028 Convertible Notes, none of the 2028 Capped Calls were settled, and the Company has not unwound, terminated, or otherwise adjusted any portion of these instruments.

In connection with the issuance of the 2031 Convertible Notes, the Company paid $35.1 million to enter into capped calls (the “2031 Capped Calls”). These instruments cover approximately 42.5 million shares of common stock, with an initial strike price of $8.12 and a cap price of $12.74 per share, subject to anti-dilution adjustments. These instruments are scheduled to expire on July 1, 2031. The net effect of the 2031 Capped Calls raises the conversion price on the 2031 Convertible Notes from $8.12 to $12.74. However, the 2031 Capped Calls are separate transactions from the 2031 Convertible Notes and do not affect the terms of the 2031 Convertible Notes nor the rights of the note holders. Upon conversion of the 2031 Convertible Notes, the 2031 Capped Calls are expected to reduce potential dilution by delivering shares of the Company’s common stock (or, at the Company’s election and subject to certain conditions, the cash equivalent value) to the Company.

Together, the 2028 Capped Calls and the 2031 Capped Calls are collectively referred to herein as the “Capped Calls”. At issuance of each of the Capped Calls, the Company concluded that the Capped Calls met the criteria

for equity classification because they are indexed to the Company’s common stock and the Company has discretion to settle the Capped Calls in shares or cash. As a result, the amount paid for the Capped Calls was recorded as a reduction to Additional paid-in capital.

The Company made a tax election to integrate the 2031 Convertible Notes and the 2031 Capped Calls. The accounting impact of this tax election makes the 2031 Capped Calls deductible as original issue discount interest for tax purposes over the term of the note, and as a result, the Company established a Deferred income tax asset of $8.6 million at inception, with an offsetting adjustment to Additional paid-in capital on the consolidated balance sheets.

If the Convertible Notes are converted, the number of shares to be issued by the Company would be effectively partially offset by the shares of common stock received by the Company under the Capped Calls, thereby mitigating dilution. The Capped Calls are subject to termination or adjustment upon the occurrence of certain events, including mergers, tender offers, nationalization, insolvency, delisting of the Company’s common stock, events of default, changes in law, failure to deliver, stock splits, combinations, dividends, repurchases, or early conversion of the Convertible Notes.

Other Debt

Other debt consists of the debt obligations of STI Operations (“Other Debt”). Interest rates on Other Debt are based on SOFR or EURIBOR plus a spread and range from 2.5% to 6.1% annually. Of the $25.6 million carrying value of the Other Debt balance as of September 30, 2025, $19.0 million is denominated in Euros and $6.6 million is denominated in U.S. dollar. These debt obligations mature between 2025 and 2027.

At September 30, 2025, STI Operations had one note payable with a carrying value of $6.6 million outstanding, which resulted from reverse factoring arrangements with a bank. The note payable is included in the carrying value of Other Debt of $25.6 million and was fully paid by the Company on October 10, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In May 2024, the Company entered into a triple net lease (“NNN term lease”) with GDC Sunshine LLC (“Lessor”) for 13 1/2 years (162 full calendar months) for a new manufacturing and office facility in Bernaillo County, New Mexico. The NNN term lease agreement allows for an extension of one consecutive period of 10 years. The new facility that is mixed use and built for general purposes will be approximately 216,000 square feet when constructed. The Company took control of the facility in the fourth quarter of 2025, at which point the NNN term lease commenced and will be accounted for as a finance lease. Future minimum lease payments under the NNN term lease, assuming the Company executes the renewal option, are estimated to be $105.0 million, payable over the expected lease term beginning with the commencement date. In connection with this NNN term lease and the Company’s planned acquisition of machinery and equipment related to the new facility, the Lessor and the Company entered into a series of transactions with Bernalillo County (the “County”) related to a tax abatement plan. These transactions had no net impact to the consolidated financial statements of the Company. The tax abatement plan provides for the effective elimination of 75% of the real property taxes and 100% of the personal property taxes payable to the County by the Company and the Lessor during the term of the NNN term lease, and the abatement of 100% of the sales and use taxes that would be incurred by the Company and the Lessor related to the purchase and use of machinery and equipment.

Summary of Significant Accounting Policies (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jun. 02, 2025	Nov. 06, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Reclassification [Line Items]
Vendor rebates, outstanding			$ 42,742,000		$ 42,742,000		$ 115,458,000
Goodwill impairment			0	$ 162,000,000	0	$ 162,000,000
Impairment of long lived assets					0
Research and development expense			2,300,000	$ 1,600,000	7,200,000	$ 5,300,000
Simple Agreement Of Future Equity (SAFE) Agreement
Reclassification [Line Items]
Investment in equity securities		$ 3,000,000
Contingent payment upon milestone achievements	$ 2,000,000
Equity method investments		$ 3,000,000
Simple Agreement Of Future Equity (SAFE) Agreement \| Preferred Stock
Reclassification [Line Items]
Converted into preferred shares (in shares)	182,669
Prepaid Expenses and Other Current Assets
Reclassification [Line Items]
Vendor rebates, outstanding			42,700,000		42,700,000		115,500,000
Other Assets
Reclassification [Line Items]
Vendor rebates, outstanding			$ 110,600,000		$ 110,600,000		$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	720,294	3,834,690	1,241,815	3,834,690
2028 Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)			0	0

Acquisition - Business Acquisition, Pro Forma Information (Details) - APA - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Revenue	$ 30,793	$ 41,438	$ 97,814	$ 96,048
Net loss	4,486	2,206	6,197	5,794
Pro forma adjustments	$ 6,620	$ 6,998	$ 19,860	$ 21,823

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	September 30, 2025		December 31, 2024
Land	N/A	$	1,676	$	1,585
Buildings and land improvements	15-39	12,443		9,108
Manufacturing equipment	7	42,748		27,853
Furniture, fixtures and equipment	5-7	6,014		4,287
Vehicles	5	1,324		603
Hardware	3-5	4,669		3,603
Construction in progress	N/A	14,260		3,948
Total		83,134		50,987
Less: accumulated depreciation		(28,470)		(24,765)
Property, plant and equipment, net		$	54,664	$	26,222

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2025

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information consists of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid for interest	$	2,168	$	11,847	$	18,359	$	29,666
Cash paid for income taxes	5,364		8,219		22,952		25,220

Non-cash investing and financing activities
Property, plant and equipment acquisitions funded by liabilities	4,545		1,016		4,545		1,016
Contingent consideration	20,007		—		20,007		—
Preferred Series A dividends and accretion	15,144		14,080		44,375		41,332

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.6	$ 1.3	$ 3.8	$ 3.3
Depreciation allocated to cost of revenue	0.8	0.7	2.0	1.6
Depreciation included in depreciation and amortization	$ 0.8	$ 0.6	$ 1.8	$ 1.7

Condensed Consolidated Balance Sheet Details

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Condensed Consolidated Balance Sheet Details

Inventories, net

Inventories, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	75,144	$	60,588
Finished goods	105,741		140,230
Total inventories, net	$	180,885	$	200,818

The Company values inventory using costing methods that approximate a first-in, first-out (“FIFO”) basis.

Prepaid expenses and other current assets

The following table shows the components of Prepaid expenses and other current assets (in thousands):


	September 30, 2025		December 31, 2024
IRA vendor rebates	$	42,742	$	115,458
Prepaid taxes	24,088		14,650
Other	17,139		27,819
Total prepaid expenses and other current assets	$	83,969	$	157,927

Other assets

The following table shows the components of Other assets (in thousands):


	September 30, 2025		December 31, 2024
IRA vendor rebates	$	110,593	$	—
Other	72,344		41,701
Total other assets	$	182,937	$	41,701

Contingent consideration

The following table shows the components of contingent consideration (in thousands):


	September 30, 2025		December 31, 2024
Current portion of contingent consideration
TRA	$	3,093	$	1,193
Earnout Consideration	14,573		—
Total current portion of contingent consideration	$	17,666	$	1,193

Contingent consideration, net of current portion
TRA	$	5,375	$	7,868
Earnout Consideration	5,837		—
Total contingent consideration, net of current portion	$	11,212	$	7,868

Goodwill and Other Intangible Assets, Net - Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 12,863
2026	44,693
2027	38,249
2028	38,249
2029	38,249
Thereafter	61,881
Total amortizable intangibles, net	$ 234,184	$ 171,109

Equity-Based Compensation - Schedule of Assumptions (Details) - PSUs	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	79.00%	79.00%
Risk-free interest rate	3.57%	4.62%
Dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Redeemable Perpetual Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jan. 07, 2022	Aug. 10, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)			483,112		483,112		460,920
Percentage of variable weighted average price of temporary equity (as a percent)	95.00%
Terms of variable weighted average price of temporary equity	30 days
Preferred cumulative dividends plus accretion			$ 15,144	$ 14,080	$ 44,375	$ 41,332
Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, accretion of interest			7,600	6,900	22,200	20,400
Initial liquidation preference (in dollars per share)	$ 1,000
Preferred cumulative dividends plus accretion			7,600	$ 7,100	22,200	$ 20,900
Dividends payable			$ 83,100		$ 83,100		$ 60,900
Temporary equity, amortization of discount, period	5 years
Series A Redeemable Perpetual Preferred Shares \| S 2022 Q3 Dividends
Class of Stock [Line Items]
Dividend rate, percentage (as a percent)			6.25%	6.25%	6.25%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividends
Class of Stock [Line Items]
Dividend rate, percentage (as a percent)	5.75%
Temporary equity dividend rate spread (as a percent)	2.00%
Percent of the amount of default accrued dividends to be paid (as a percent)	100.00%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividends \| Fifth, Sixth, and Seventh Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread (as a percent)	0.50%
Series A Redeemable Perpetual Preferred Shares \| O 2022 Q3 Dividends \| Eighth, Ninth, and Tenth Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread (as a percent)	1.00%
Securities Purchase Agreement
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock		$ 395,400
Securities Purchase Agreement \| Common Stock
Class of Stock [Line Items]
Stock issued (in shares)		9,000,000
Securities Purchase Agreement \| Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)		400,000

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

In connection with the acquisition of APA, the Company entered into lease agreements with related parties owned by certain members of APA's management team, which currently govern the occupation and use of two manufacturing facilities and three warehouses in Ohio. Each of the leases expires in 2030, with two five-year renewal options. The Company makes monthly lease payments based on APA's actual rent expense. In addition, the Company is responsible for the actual insurance costs, tenant improvements required to conduct operations, and real estate taxes.

Expenses related to these operating lease agreements are allocated based on usage to Cost of product and service revenue and General and administrative expenses in the accompanying condensed Consolidated statements of operations. Total costs related to these operating lease agreements were $0.4 million for the three and nine months ended September 30, 2025.

Future minimum operating lease payments as of September 30, 2025, are as follows (in thousands):


	Operating Leases
2025	$	926
2026	2,451
2027	2,531
2028	2,601
2029	2,679
Thereafter	33,898
Total lease payments	45,086
Less: Imputed lease interest	(18,427)
Total lease liabilities	$	26,659

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Organization and Business (Details) - segment	9 Months Ended	34 Months Ended
Organization and Business (Details) - segment	Sep. 30, 2025	Sep. 30, 2025	Aug. 14, 2025	Jan. 11, 2022
Business Combination, Contingent Consideration [Line Items]
Number of reportable segments	2	2
Number of operating segments	2	2
STI
Business Combination, Contingent Consideration [Line Items]
Percentage of share capital acquired (as a percent)				100.00%
APA
Business Combination, Contingent Consideration [Line Items]
Percentage of share capital acquired (as a percent)			100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill

Changes in the carrying amount of goodwill by operating segment during the nine months ended September 30, 2025, consisted of the following (in thousands):


	Array Legacy Operations		STI Operations		Total
Beginning balance	$	69,727	$	90,462	$	160,189
Acquisition	72,911		—		72,911
Foreign currency translation	—		12,115		12,115
Ending balance (1)	$	142,638	$	102,577	$	245,215

(1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million. Goodwill attributable to STI Operations is net of cumulative impairments of $236.0 million.

As discussed in Note 3 - Acquisition, on the Closing Date, the Company acquired APA. A preliminary goodwill balance of $72.9 million was recognized for the excess of the consideration transferred over the net assets acquired. Goodwill resulting from this transaction has not yet been allocated at the reporting unit level. Goodwill will be allocated to the appropriate reporting unit during the measurement period once the Company has completed its analysis of the impact of the acquisition on its reporting units.

The Company tests goodwill for impairment annually, or more frequently if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. There were no indicators of impairment as of September 30, 2025.

During the three months ended September 30, 2024, the Company identified indicators of impairment related to the Company’s reporting units. The Company experienced a sustained decline in its stock price, which hit a 52-week low during the quarter, resulting in a decrease in market capitalization. In addition, the Company updated its long-term projections for the Company’s reporting units and further evaluated the execution risk associated with the Company’s projections. The fair value of the Array Legacy Operations and STI Operations reporting units were determined using the income approach and then compared to the Guideline publicly traded companies (“GPC”) marketplace EBITDA multiples to corroborate the fair value of the reporting unit. As the fair value of the STI Operations reporting unit was less than its carrying value, the Company recorded a goodwill impairment charge of $162.0 million related to the STI Operations reporting unit during the third quarter of 2024.

Long Lived Assets

The Company assesses long-lived assets classified as “held and used,” including property, plant and equipment, lease assets and intangible assets for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable.

As of September 30, 2025, no events or circumstances were noted that would indicate the carrying amount of any of Array Legacy’s Operations or STI Operations assets may not be recoverable.

Other Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	September 30, 2025		December 31, 2024
Amortizable:
Developed technology	5-14	$	225,600	$	203,800
Computer software and other	3-5	29,040		15,826
Customer relationships	5-10	225,177		179,166
Backlog	1	21,138		16,877
Trade name	10-20	27,142		15,117
Total amortizable intangibles		528,097		430,786
Accumulated amortization:
Developed technology		134,925		123,462
Computer software and other		15,251		14,552
Customer relationships		121,065		102,541
Backlog		19,388		16,877
Trade name		3,284		2,245
Total accumulated amortization		293,913		259,677
Total amortizable intangibles, net		234,184		171,109

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	244,484	$	181,409

Amortization expense related to intangible assets was $10.6 million and $11.9 million for the three months ended September 30, 2025 and 2024, respectively, of which $4.4 million and $3.6 million, respectively, was included in Amortization of developed technology and backlog, a component of cost of revenue, and $6.2 million and $8.3 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Amortization expense related to intangible assets was $27.9 million and $36.6 million for the nine months ended September 30, 2025 and 2024, respectively, of which $11.7 million and $10.9 million, respectively, was included in Amortization of developed technology and backlog, a component of cost of revenue, and $16.2 million and $25.7 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Estimated future amortization expense of intangible assets as of September 30, 2025, is as follows (in thousands):


	Amount
Remainder of 2025	$	12,863
2026	44,693
2027	38,249
2028	38,249
2029	38,249
Thereafter	61,881
	$	234,184

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Future Minimum Operating Lease Payments Maturity

Future minimum operating lease payments as of September 30, 2025, are as follows (in thousands):


	Operating Leases
2025	$	926
2026	2,451
2027	2,531
2028	2,601
2029	2,679
Thereafter	33,898
Total lease payments	45,086
Less: Imputed lease interest	(18,427)
Total lease liabilities	$	26,659

Condensed Consolidated Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
IRA vendor rebates	$ 42,742	$ 115,458
Prepaid taxes	24,088	14,650
Other	17,139	27,819
Prepaid Expense and Other Assets, Current	$ 83,969	$ 157,927

Commitments and Contingencies - Schedule of Liability Related To Estimated Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Payments			$ (1,204)	$ (1,427)
Fair value adjustment	$ 1,014	$ (39)	1,014	(271)
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	7,857	8,704	9,061	10,363
Payments	0	0	(1,204)	(1,427)
Fair value adjustment	611	(39)	611	(271)
Ending balance	8,468	8,665	8,468	8,665
Array \| Earnout Consideration
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	0	0	0	0
Additions	20,007	0	20,007	0
Payments	0	0	0	0
Fair value adjustment	403	0	403	0
Ending balance	$ 20,410	$ 0	$ 20,410	$ 0

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Segment revenue	$ 393,491	$ 231,406	$ 1,058,097	$ 640,575
Product cost	269,147	140,528	726,080	385,468
Amortization of developed technology and backlog	4,434	3,639	11,713	10,918
Depreciation	778	602	1,973	1,531
Other costs	13,461	8,322	39,108	23,300
Gross profit	105,671	78,315	279,223	219,358
Total operating expenses	(60,220)	(210,990)	(160,112)	(304,017)
Total other income (expense), net	(2,007)	(4,829)	4,492	(15,868)
Income before income taxes	43,444	(137,504)	123,603	(100,527)
Segment assets	1,611,161	1,563,104	1,611,161	1,563,104
Capital expenditures	5,513	1,077	14,496	5,604
Depreciation and amortization	12,169	13,198	31,636	39,933
Interest income	2,977	4,223	10,096	12,685
Interest expense	5,046	8,264	21,849	25,818
Array Legacy Operations
Segment Reporting Information [Line Items]
Segment revenue	353,374	160,266	858,474	459,807
Product cost	233,575	84,474	560,535	238,628
Amortization of developed technology and backlog	4,434	3,639	11,713	10,918
Depreciation	845	602	1,973	1,480
Other costs	12,393	5,825	32,440	16,663
Gross profit	102,127	65,726	251,813	192,118
Total operating expenses	0	0	0	0
Total other income (expense), net	0	0	0	0
Segment assets	1,211,117	898,159	1,211,117	898,159
Capital expenditures	5,211	986	13,922	4,283
Depreciation and amortization	9,209	6,903	23,134	20,428
Interest income	2,866	3,415	9,513	8,816
Interest expense	4,362	7,734	19,905	24,134
Outbound freight	12,000	5,700	31,800	16,400
STI Operations
Segment Reporting Information [Line Items]
Segment revenue	40,117	71,140	199,623	180,768
Product cost	35,572	56,054	165,545	146,840
Amortization of developed technology and backlog	0	0	0	0
Depreciation	(67)	0	0	51
Other costs	1,068	2,497	6,668	6,637
Gross profit	3,544	12,589	27,410	27,240
Total operating expenses	0	0	0	0
Total other income (expense), net	0	0	0	0
Segment assets	400,044	664,945	400,044	664,945
Capital expenditures	302	91	574	1,321
Depreciation and amortization	2,960	6,295	8,502	19,505
Interest income	111	808	583	3,869
Interest expense	$ 684	$ 530	$ 1,944	$ 1,684

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the financial results by segment during the periods presented (in thousands):


	Three months ended September 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	353,374	$	40,117	$	393,491
Less:
Product cost (1)	233,575		35,572		269,147
Amortization of developed technology and backlog	4,434		—		4,434
Depreciation	845		(67)		778
Other costs (2)	12,393		1,068		13,461
Gross profit	102,127		3,544		105,671

Total operating expenses	—		—		(60,220)
Total other income, net	—		—		(2,007)
Income before income taxes					$	43,444

Segment assets	1,211,117		400,044		1,611,161
Capital expenditures	5,211		302		5,513
Depreciation and amortization	9,209		2,960		12,169
Interest income	2,866		111		2,977
Interest expense	4,362		684		5,046


	Three months ended September 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	160,266	$	71,140	$	231,406
Less:
Product cost (1)	84,474		56,054		140,528
Amortization of developed technology and backlog	3,639		—		3,639
Depreciation	602		—		602
Other costs (2)	5,825		2,497		8,322
Gross profit	65,726		12,589		78,315

Total operating expenses	—		—		(210,990)
Total other expense, net	—		—		(4,829)
Income before income taxes					$	(137,504)

Segment assets	898,159		664,945		1,563,104
Capital expenditures	986		91		1,077
Depreciation and amortization	6,903		6,295		13,198
Interest income	3,415		808		4,223
Interest expense	7,734		530		8,264


	Nine months ended September 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	858,474	$	199,623	$	1,058,097
Less:
Product cost (1)	560,535		165,545		726,080
Amortization of developed technology and backlog	11,713		—		11,713
Depreciation	1,973		—		1,973
Other costs (2)	32,440		6,668		39,108
Gross profit	251,813		27,410		279,223

Total operating expenses	—		—		(160,112)
Total other income, net	—		—		4,492
Income before income taxes					$	123,603

Segment assets	1,211,117		400,044		1,611,161
Capital expenditures	13,922		574		14,496
Depreciation and amortization	23,134		8,502		31,636
Interest income	9,513		583		10,096
Interest expense	19,905		1,944		21,849


	Nine months ended September 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	459,807	$	180,768	$	640,575
Less:
Product cost (1)	238,628		146,840		385,468
Amortization of developed technology and backlog	10,918		—		10,918
Depreciation	1,480		51		1,531
Other costs (2)	16,663		6,637		23,300
Gross profit	192,118		27,240		219,358

Total operating expenses	—		—		(304,017)
Total other expense, net	—		—		(15,868)
Income before income taxes					$	(100,527)

Segment assets	898,159		664,945		1,563,104
Capital expenditures	4,283		1,321		5,604
Depreciation and amortization	20,428		19,505		39,933
Interest income	8,816		3,869		12,685
Interest expense	24,134		1,684		25,818

(1) Includes 45X benefits realized.

(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the three months ended September 30, 2025 and 2024 for Array Legacy Operations was $12.0 million and $5.7 million, respectively. Outbound freight for the nine months ended September 30, 2025 and 2024 for Array Legacy Operations was $31.8 million and $16.4 million, respectively.

Acquisition - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Aug. 14, 2025	Dec. 31, 2024
Business Combination [Line Items]
Preliminary allocation to goodwill	$ 245,215		$ 160,189
APA
Business Combination [Line Items]
Cash and cash equivalents		$ 1,219
Accounts receivable		29,043
Inventories		25,467
Prepaid expenses and other		466
Property, plant and equipment		14,256
Other intangible assets		80,800
Other assets		27,050
Total assets acquired		178,301
Accounts payable		12,540
Deferred revenue		22,121
Other liabilities		4,079
Other long-term liabilities		26,330
Total liabilities assumed		65,070
Preliminary fair value of net assets acquired		113,231
Preliminary allocation to goodwill		$ 72,911

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Aug. 14, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 245,215,000		$ 245,215,000		$ 160,189,000
Goodwill impairment		0	$ 162,000,000	0	$ 162,000,000
Amortization expense related to intangible assets		10,600,000	11,900,000	27,900,000	36,600,000
Amortization of developed technology and backlog		4,434,000	3,639,000	11,713,000	10,918,000
Depreciation and amortization		6,958,000	8,880,000	17,951,000	27,384,000
APA
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 72,911,000
Amortization expense related to intangible assets	$ 1,800,000
Array Legacy Operations
Finite-Lived Intangible Assets [Line Items]
Goodwill		142,638,000		142,638,000		$ 69,727,000
Goodwill impairment			162,000,000.0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of developed technology and backlog			4,400,000	10,900,000	10,900,000
Depreciation and amortization		$ 6,200,000	$ 8,300,000	$ 16,200,000	$ 25,700,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 393,491	$ 231,406	$ 1,058,097	$ 640,575
Unbilled receivables	118,889		118,889		$ 94,045
Deferred revenue	95,387		95,387		$ 119,775
Over-time revenue
Disaggregation of Revenue [Line Items]
Total revenue	317,821	174,128	901,988	508,062
Point in time revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 75,670	$ 57,278	$ 156,109	$ 132,513

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+ Details

Condensed Consolidated Balance Sheet Details - Schedule of Current Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 75,144	$ 60,588
Finished goods	105,741	140,230
Inventory, Net, Total	$ 180,885	$ 200,818

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands):


	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Convertible Notes	$	320,367	$	288,304	$	417,525	$	311,525
2031 Convertible Notes	335,012		445,913		—		—

The fair value of the Convertible Notes is estimated using Level 2 inputs, as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

The fair value of the Term Loan Facility and Other Debt is estimated using Level 2 inputs. The carrying values of the Term Loan Facility outstanding under the Senior Secured Credit Facility recorded in the condensed consolidated balance sheets approximate fair value due to the variable nature of the interest rates.

Other Debt with an aggregate carrying value of $25.6 million, consists of variable and fixed rate obligations. Due to the relative short-term maturity of the fixed rate obligations, the Company believes the carrying value approximates fair value. The carrying value of the variable rate obligations approximates fair value due to the variable nature of the interest rates.

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 33,503

$ (141,354)

$ 93,511

$ (113,491)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]

Foreign currency translation

^[1]

888

17,910

37,604

(45,100)

Comprehensive income (loss)

$ 34,391

$ (123,444)

$ 131,115

$ (158,591)

[1]	There are no tax effects on foreign currency adjustments.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s total debt (in thousands):


	September 30, 2025		December 31, 2024
Senior Secured Credit Facility:
Term loan facility	$	—	$	233,875
Revolving credit facility	—		—
Total secured credit facility	—		233,875

2028 Convertible notes	325,000		425,000
2031 Convertible notes	345,000		—
Other debt	25,598		34,042
Total principal	695,598		692,917
Unamortized discount and issuance costs, total	(14,625)		(15,633)
Current portion of debt	(22,595)		(30,714)
Total long-term debt, net of current portion	$	658,378	$	646,570

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net income (loss)	$ 93,511,000	$ (113,491,000)
Adjustments to reconcile net income to cash provided by operating activities:
Goodwill impairment	0	162,000,000
Provision for bad debts	1,001,000	3,415,000
Deferred tax expense (benefit)	6,748,000	(7,279,000)
Depreciation and amortization	19,923,000	29,015,000
Amortization of developed technology and backlog	11,713,000	10,918,000
Amortization of debt discount and issuance costs	4,407,000	4,652,000
Gain on extinguishment of debts, net	(14,207,000)	0
Equity-based compensation	11,343,000	6,851,000
Change in fair value of contingent consideration	1,014,000	(271,000)
Warranty provision	10,290,000	36,000
Inventory reserve	3,360,000	2,481,000
Other non-cash	(2,017,000)	0
Changes in working capital, net	(88,941,000)	(1,933,000)
Net cash provided by operating activities	58,145,000	96,394,000
Investing activities
Purchase of property, plant and equipment	(14,496,000)	(5,604,000)
Acquisition, net of cash acquired	(164,916,000)	0
Retirement/disposal of property, plant and equipment	0	38,000
Sale of equity investment	0	11,975,000
Net cash (used in) provided by investing activities	(179,412,000)	6,409,000
Financing activities
Proceeds from issuance of other debt	108,659,000	19,024,000
Proceeds from issuance of convertible notes	345,000,000	0
Premium paid on capped call	(35,087,000)	0
Fees paid on issuance of convertible notes	(10,434,000)	0
Repayments of other debt	(119,181,000)	(24,879,000)
Repayments of term loan facility	(233,875,000)	(3,225,000)
Repayments of convertible notes	(78,363,000)	0
Contingent consideration payments	(1,204,000)	(1,427,000)
Other financing	(1,033,000)	(1,734,000)
Net cash used in financing activities	(25,518,000)	(12,241,000)
Effect of exchange rate changes on cash and cash equivalent balances	5,747,000	(7,270,000)
Net change in cash and cash equivalents and restricted cash	(141,038,000)	83,292,000
Cash and cash equivalents, and restricted cash beginning of period	364,141,000	249,080,000
Cash and cash equivalents and restricted cash, end of period	$ 223,103,000	$ 332,372,000

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	33,503	$	(141,354)	$	93,511	$	(113,491)
Less: preferred dividends and accretion	15,144		14,080		44,375		41,332
Net income (loss) to common shareholders	$	18,359	$	(155,434)	$	49,136	$	(154,823)
Basic:
Weighted average shares	152,727		151,923		152,465		151,691
Income (loss) per share	$	0.12	$	(1.02)	$	0.32	$	(1.02)
Diluted:
Effect of restricted stock and performance awards	1,363		—		885		—
Weighted average shares	154,090		151,923		153,350		151,691
Income (loss) per share	$	0.12	$	(1.02)	$	0.32	$	(1.02)

Potentially dilutive common shares issuable pursuant to equity-based awards of 720,294 and 1,241,815 were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2025, respectively, as their effect would have been antidilutive. Since the Company was in a loss position for the three and nine months ended September 30, 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. As such, 3,834,690 shares of common stock equivalents were excluded from the calculation of diluted net loss per share during the three and nine months ended September 30, 2024, as they had an antidilutive effect.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the nine months ended September 30, 2025 and 2024, as the average market price of the Company’s common stock did not exceed the applicable conversion price during those periods.

Equity-Based Compensation - Schedule of RSU/PSU Activity (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
RSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) \| shares	2,648,161
Shares granted (in shares) \| shares	2,944,857
Shares vested (in shares) \| shares	(784,833)
Shares forfeited/canceled (in shares) \| shares	(407,966)
Outstanding non-vested, ending balance (in shares) \| shares	4,400,219
Weighted Average Grant Date Fair Value
Outstanding non-vested, beginning balance (in dollars per share) \| $ / shares	$ 10.97
Shares granted (in dollars per share) \| $ / shares	6.25
Shares vested (in dollars per share) \| $ / shares	12.46
Shares forfeited/canceled (in dollars per share) \| $ / shares	9.91
Outstanding non-vested, ending balance (in dollars per share) \| $ / shares	$ 7.64
PSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) \| shares	924,241
Shares granted (in shares) \| shares	659,773
Shares vested (in shares) \| shares	0
Shares forfeited/canceled (in shares) \| shares	(57,237)
Outstanding non-vested, ending balance (in shares) \| shares	1,526,777
Weighted Average Grant Date Fair Value
Outstanding non-vested, beginning balance (in dollars per share) \| $ / shares	$ 12.76
Shares granted (in dollars per share) \| $ / shares	8.53
Shares vested (in dollars per share) \| $ / shares	0
Shares forfeited/canceled (in dollars per share) \| $ / shares	5.29
Outstanding non-vested, ending balance (in dollars per share) \| $ / shares	$ 10.61

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Oct. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 4.6	$ 2.0	$ 11.3	$ 6.9
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Unrecognized compensation costs	31.1		$ 31.1
Unrecognized compensation costs, period of recognition			2 years 4 months 24 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 31.1		$ 31.1
Unrecognized compensation costs, period of recognition			2 years 1 month 6 days
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)					6,683,919
Vesting period			6 months
Employees to purchase shares as percent			15.00%

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt	$ 695,598	$ 692,917
Unamortized discount and issuance costs, total	(14,625)	(15,633)
Current portion of debt	(22,595)	(30,714)
Total long-term debt, net of current portion	658,378	646,570
Total secured credit facility
Debt Instrument [Line Items]
Debt	0	233,875
Term loan facility \| Total secured credit facility
Debt Instrument [Line Items]
Debt	0	233,875
Revolving credit facility \| Total secured credit facility
Debt Instrument [Line Items]
Debt	0	0
2028 Convertible notes
Debt Instrument [Line Items]
Debt	325,000	425,000
2031 Convertible notes
Debt Instrument [Line Items]
Debt	345,000	0
Other debt
Debt Instrument [Line Items]
Debt	$ 25,598	$ 34,042

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Presentation The accompanying unaudited condensed consolidated financial statements in this Quarterly Report have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Array’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of results for the interim periods reported have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. Principles of Consolidation The condensed consolidated financial statements include the accounts of Array Technologies, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 Business Combinations (“ASC 805”). The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives, and market multiples, amongst other items. Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.” The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service revenue on the condensed consolidated statements of operations. For vendor rebates related to past purchases that are owed to the Company upon execution of the agreement, the Company defers recognition of this portion of the rebate and recognizes the amounts as a reduction to cost of product and service revenue as future purchases occur. As of September 30, 2025, the Company had an outstanding Vendor Rebate receivable of $42.7 million and $110.6 million included in Prepaid expenses and other and Other assets, respectively. As of December 31, 2024 the Company had an outstanding Vendor Rebate receivable of $115.5 million and zero, included in Prepaid expenses and other and Other assets, respectively. Inflation Reduction Act 45X Credits The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to production costs. The tax credit is recorded as a reduction to the Income tax payable on the condensed consolidated balance sheets dated September 30, 2025 and December 31, 2024. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBB”). The OBBB extended key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating the income tax impact of OBBB on the Company’s future consolidated financial statements. Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. The Company does not amortize goodwill but instead tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Such triggering events potentially warranting an annual or interim goodwill impairment assessment include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained decreases in the Company’s stock price or market capitalization. Goodwill is assessed for impairment using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using an income approach based on discounted cash flows. The fair value determined under the income approach is then compared to guideline publicly-traded companies (“GPC”) market place EBITDA multiples to corroborate the fair value of the reporting unit determined under the income approach. The Company has not identified any indicators of impairment that would require the Company to test its goodwill for impairment as of September 30, 2025. Equity Investment On November 6, 2024, Array invested $3.0 million through a Simple Agreement for Future Equity (“SAFE”) with a technology company. On June 2, 2025, the SAFE investment converted into 182,669 preferred shares of the company at the predetermined price. Array will invest up to $2.0 million in future SAFEs contingent upon the achievement of defined milestones by the technology company. The initial investment of $3.0 million was recorded as an equity investment at cost and is included within Other assets on the condensed consolidated balance sheet. The investment will be carried at cost and remeasured to fair value if impaired or if there are observable transaction prices. The conversion did not result in the recognition of a gain or loss. Long-Lived Assets In testing long-lived assets and goodwill for impairment, the Company first tests its long-lived assets for impairment, and then tests the goodwill of a reporting unit that includes the long-lived assets covered under the long-lived asset test for impairment. If an asset group includes only a portion of a reporting unit, the carrying amount of goodwill is not included in the asset group. The carrying values are adjusted, if necessary, for the result of each impairment test prior to performing the next test. When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to be generated from the underlying asset group and the cash flows resulting from the asset grouping’s eventual disposition. If the projections indicate that the underlying asset grouping is not expected to be recoverable, the estimated fair value of the asset group is determined. An impairment loss is recognized based on the difference between the carrying value of the asset group and its estimated fair value. The loss is allocated to the long-lived assets. The Company has not identified indicators of impairment that would require the Company to test its long-lived assets for impairment as of September 30, 2025. Revenue Recognition A majority of our revenue is recognized over time as work progresses, and for single performance obligations, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations. Research and Development The Company incurs research and development costs while researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production. Research and development expense was $2.3 million and $1.6 million during the three months ended September 30, 2025 and 2024, respectively, and $7.2 million and $5.3 million during the nine months ended September 30, 2025 and 2024, respectively. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ending December 31, 2025, with early adoption permitted. The Company will adopt this reporting standard with its annual report on Form 10-K for 2025 and expects no material impacts upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In July 2025, the FASB issued a new accounting standard, which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new guidance in the first quarter of fiscal year 2026 and does not expect a material impact on its consolidated financial statements upon adoption. In September 2025, the FASB issued ASU 2025-06, which updates the accounting for internal-use software by removing project stage references and introduces a new capitalization threshold based on management authorization and project completion probability. The guidance requires evaluation of significant development uncertainty, including novel functionality and unresolved performance requirements. ASU 2025-06 also requires website-specific development costs to be evaluated under the same framework as other internal-use software and clarifies that capitalized internal-use software costs are subject to the property, plant and equipment disclosure requirements under ASC 360-10. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on our financial statement disclosures.

Commitments and Contingencies - Narrative (Details) $ in Thousands		9 Months Ended
	Aug. 14, 2025 USD ($) day shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Surety Bond
Business Combination, Contingent Consideration [Line Items]
Contractual obligation		$ 227,400
Array \| Tax Receivable Agreement
Business Combination, Contingent Consideration [Line Items]
Contingent consideration		$ 8,468	$ 7,857	$ 9,061	$ 8,665	$ 8,704	$ 10,363
Tax receivable agreement, payment term		125 days
Array \| Earnout Consideration
Business Combination, Contingent Consideration [Line Items]
Contingent consideration		$ 20,410	$ 0	$ 0	$ 0	$ 0	$ 0
APA
Business Combination, Contingent Consideration [Line Items]
Financial performance targets	3 years
Earnout consideration (in shares) \| shares	4,686,530
Purchase price consideration	$ 40,000
Trading days \| day	10
Earnout consideration earned	$ 90,000

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Liability Related to Estimated Contingent Consideration

The following table summarizes the activity related to the estimated TRA liability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	7,857	$	8,704	$	9,061	$	10,363
Payments	—		—		(1,204)		(1,427)
Fair value adjustment	611		(39)		611		(271)
Ending balance	$	8,468	$	8,665	$	8,468	$	8,665

The following table summarizes the activity related to the estimated Earnout Consideration liability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	—	$	—	$	—	$	—
Additions	20,007		—		20,007		—
Payments	—		—		—		—
Fair value adjustment	403		—		403		—
Ending balance	$	20,410	$	—	$	20,410	$	—

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 393,491,000	$ 231,406,000	$ 1,058,097,000	$ 640,575,000
Cost of revenue
Cost of product and service revenue	283,386,000	149,452,000	767,161,000	410,299,000
Amortization of developed technology and backlog	4,434,000	3,639,000	11,713,000	10,918,000
Total cost of revenue	287,820,000	153,091,000	778,874,000	421,217,000
Gross profit	105,671,000	78,315,000	279,223,000	219,358,000
Operating expenses
General and administrative	52,248,000	40,149,000	141,147,000	114,904,000
Change in fair value of contingent consideration	1,014,000	(39,000)	1,014,000	(271,000)
Depreciation and amortization	6,958,000	8,880,000	17,951,000	27,384,000
Goodwill impairment	0	162,000,000	0	162,000,000
Total operating expenses	60,220,000	210,990,000	160,112,000	304,017,000
Income (loss) from operations	45,451,000	(132,675,000)	119,111,000	(84,659,000)
Interest income	2,977,000	4,223,000	10,096,000	12,685,000
Interest expense	(5,046,000)	(8,264,000)	(21,849,000)	(25,818,000)
Foreign currency (loss) gain, net	(6,000)	(106,000)	2,026,000	(1,073,000)
Gain on extinguishment of debts, net	0	0	14,207,000	0
Other income (expense), net	68,000	(682,000)	12,000	(1,662,000)
Total other income (expense), net	(2,007,000)	(4,829,000)	4,492,000	(15,868,000)
Income (loss) before income tax expense	43,444,000	(137,504,000)	123,603,000	(100,527,000)
Income tax expense	9,941,000	3,850,000	30,092,000	12,964,000
Net income (loss)	33,503,000	(141,354,000)	93,511,000	(113,491,000)
Preferred dividends and accretion	15,144,000	14,080,000	44,375,000	41,332,000
Net income (loss) to common shareholders basic	18,359,000	(155,434,000)	49,136,000	(154,823,000)
Net income (loss) to common shareholders, diluted	$ 18,359,000	$ (155,434,000)	$ 49,136,000	$ (154,823,000)
Income (loss) per common share
Basic (in dollars per share)	$ 0.12	$ (1.02)	$ 0.32	$ (1.02)
Diluted (in dollars per share)	$ 0.12	$ (1.02)	$ 0.32	$ (1.02)
Weighted average number of common shares outstanding
Basic (in shares)	152,727	151,923	152,465	151,691
Diluted (in shares)	154,090	151,923	153,350	151,691

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

ASC 280 Segment Reporting establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM is the Chief Executive Officer of the Company.

The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the project’s desired power output. The Company provides the solar tracking system components, which include standard and nonstandard parts. The Company delivers the fully functioning tracker systems for the project sites and provides commissioning services. Although the solar array may use different components and technology depending on the geography and type of system, the Company conducts its operations in the United States (“U.S.”) and internationally, primarily in Spain and Brazil, and is expanding into other international markets through STI Operations.

The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems in the U.S., and STI Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems outside of the U.S.

The Company’s CODM assesses the performance of each operating segment by using gross profit. This measure is also predominantly used in the annual budget and forecasting process. The CODM primarily uses the annual operating plan and the monthly financial results for Array Legacy Operations and STI Operations when making decisions about the allocation of operating and capital resources to each segment.

The following tables summarize the financial results by segment during the periods presented (in thousands):


	Three months ended September 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	353,374	$	40,117	$	393,491
Less:
Product cost (1)	233,575		35,572		269,147
Amortization of developed technology and backlog	4,434		—		4,434
Depreciation	845		(67)		778
Other costs (2)	12,393		1,068		13,461
Gross profit	102,127		3,544		105,671

Total operating expenses	—		—		(60,220)
Total other income, net	—		—		(2,007)
Income before income taxes					$	43,444

Segment assets	1,211,117		400,044		1,611,161
Capital expenditures	5,211		302		5,513
Depreciation and amortization	9,209		2,960		12,169
Interest income	2,866		111		2,977
Interest expense	4,362		684		5,046


	Three months ended September 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	160,266	$	71,140	$	231,406
Less:
Product cost (1)	84,474		56,054		140,528
Amortization of developed technology and backlog	3,639		—		3,639
Depreciation	602		—		602
Other costs (2)	5,825		2,497		8,322
Gross profit	65,726		12,589		78,315

Total operating expenses	—		—		(210,990)
Total other expense, net	—		—		(4,829)
Income before income taxes					$	(137,504)

Segment assets	898,159		664,945		1,563,104
Capital expenditures	986		91		1,077
Depreciation and amortization	6,903		6,295		13,198
Interest income	3,415		808		4,223
Interest expense	7,734		530		8,264


	Nine months ended September 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	858,474	$	199,623	$	1,058,097
Less:
Product cost (1)	560,535		165,545		726,080
Amortization of developed technology and backlog	11,713		—		11,713
Depreciation	1,973		—		1,973
Other costs (2)	32,440		6,668		39,108
Gross profit	251,813		27,410		279,223

Total operating expenses	—		—		(160,112)
Total other income, net	—		—		4,492
Income before income taxes					$	123,603

Segment assets	1,211,117		400,044		1,611,161
Capital expenditures	13,922		574		14,496
Depreciation and amortization	23,134		8,502		31,636
Interest income	9,513		583		10,096
Interest expense	19,905		1,944		21,849


	Nine months ended September 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	459,807	$	180,768	$	640,575
Less:
Product cost (1)	238,628		146,840		385,468
Amortization of developed technology and backlog	10,918		—		10,918
Depreciation	1,480		51		1,531
Other costs (2)	16,663		6,637		23,300
Gross profit	192,118		27,240		219,358

Total operating expenses	—		—		(304,017)
Total other expense, net	—		—		(15,868)
Income before income taxes					$	(100,527)

Segment assets	898,159		664,945		1,563,104
Capital expenditures	4,283		1,321		5,604
Depreciation and amortization	20,428		19,505		39,933
Interest income	8,816		3,869		12,685
Interest expense	24,134		1,684		25,818

(1) Includes 45X benefits realized.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Nov. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-39613
Entity Registrant Name	ARRAY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2747826
Entity Address, Address Line One	3901 Midway Place NE
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87109
City Area Code	(505)
Local Phone Number	881-7567
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	ARRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		152,747,767
Entity Central Index Key	0001820721
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	September 30, 2025		December 31, 2024
Land	N/A	$	1,676	$	1,585
Buildings and land improvements	15-39	12,443		9,108
Manufacturing equipment	7	42,748		27,853
Furniture, fixtures and equipment	5-7	6,014		4,287
Vehicles	5	1,324		603
Hardware	3-5	4,669		3,603
Construction in progress	N/A	14,260		3,948
Total		83,134		50,987
Less: accumulated depreciation		(28,470)		(24,765)
Property, plant and equipment, net		$	54,664	$	26,222

Depreciation expense was $1.6 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively, of which $0.8 million and $0.7 million, respectively, was included in Cost of product and service revenue and $0.8 million and $0.6 million, respectively, was included in Depreciation and amortization on the accompanying condensed consolidated statements of operations.

Depreciation expense was $3.8 million and $3.3 million for the nine months ended September 30, 2025 and 2024, respectively, of which $2.0 million and $1.6 million, respectively, was included in Cost of product and service revenue and $1.8 million and $1.7 million, respectively, was included in Depreciation and amortization on the accompanying condensed consolidated statements of operations.

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)
Fair Value Disclosures [Abstract]
Other debt	$ 25.6

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The accompanying unaudited condensed consolidated financial statements in this Quarterly Report have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Array’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of results for the interim periods reported have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Array Technologies, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Business Combinations	Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 Business Combinations (“ASC 805”). The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives, and market multiples, amongst other items.
Inflation Reduction Act Vendor Rebates	Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) was established as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates.” The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service revenue on the condensed consolidated statements of operations. For vendor rebates related to past purchases that are owed to the Company upon execution of the agreement, the Company defers recognition of this portion of the rebate and recognizes the amounts as a reduction to cost of product and service revenue as future purchases occur.
Inflation Reduction Act 45X Credits	Inflation Reduction Act 45X Credits The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to production costs. The tax credit is recorded as a reduction to the Income tax payable on the condensed consolidated balance sheets dated September 30, 2025 and December 31, 2024. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBB”). The OBBB extended key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating the income tax impact of OBBB on the Company’s future consolidated financial statements.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. The Company does not amortize goodwill but instead tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Such triggering events potentially warranting an annual or interim goodwill impairment assessment include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained decreases in the Company’s stock price or market capitalization. Goodwill is assessed for impairment using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using an income approach based on discounted cash flows. The fair value determined under the income approach is then compared to guideline publicly-traded companies (“GPC”) market place EBITDA multiples to corroborate the fair value of the reporting unit determined under the income approach.
Long-Lived Assets	Long-Lived Assets In testing long-lived assets and goodwill for impairment, the Company first tests its long-lived assets for impairment, and then tests the goodwill of a reporting unit that includes the long-lived assets covered under the long-lived asset test for impairment. If an asset group includes only a portion of a reporting unit, the carrying amount of goodwill is not included in the asset group. The carrying values are adjusted, if necessary, for the result of each impairment test prior to performing the next test. When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to be generated from the underlying asset group and the cash flows resulting from the asset grouping’s eventual disposition. If the projections indicate that the underlying asset grouping is not expected to be recoverable, the estimated fair value of the asset group is determined. An impairment loss is recognized based on the difference between the carrying value of the asset group and its estimated fair value. The loss is allocated to the long-lived assets.
Revenue Recognition	Revenue Recognition A majority of our revenue is recognized over time as work progresses, and for single performance obligations, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations.
Research and Development	Research and Development The Company incurs research and development costs while researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ending December 31, 2025, with early adoption permitted. The Company will adopt this reporting standard with its annual report on Form 10-K for 2025 and expects no material impacts upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In July 2025, the FASB issued a new accounting standard, which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new guidance in the first quarter of fiscal year 2026 and does not expect a material impact on its consolidated financial statements upon adoption. In September 2025, the FASB issued ASU 2025-06, which updates the accounting for internal-use software by removing project stage references and introduces a new capitalization threshold based on management authorization and project completion probability. The guidance requires evaluation of significant development uncertainty, including novel functionality and unresolved performance requirements. ASU 2025-06 also requires website-specific development costs to be evaluated under the same framework as other internal-use software and clarifies that capitalized internal-use software costs are subject to the property, plant and equipment disclosure requirements under ASC 360-10. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on our financial statement disclosures.

Subsequent Events (Details) ft² in Thousands, $ in Millions	Dec. 31, 2025 USD ($)	May 31, 2024 ft²
Subsequent Event [Line Items]
Term of contract		162 months
Lease renewal period		10 years
Leased property area \| ft²		216
Forecast
Subsequent Event [Line Items]
Construction cost \| $	$ 105.0
Effective elimination interest rate	75.00%
Tax payable, interest rate	100.00%
Sales, interest rate	100.00%

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company follows guidance under ASC Topic 740-270 Income Taxes, which requires that an estimated annual effective tax rate is applied to year-to-date ordinary income (loss). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. The Company recorded Income tax expense of $9.9 million and $30.1 million for the three and nine months ended September 30, 2025. The Income tax expense for the three and nine months ended September 30, 2025 was favorably impacted by tax credits recorded during the periods. Additionally, tax expense of zero and $1.2 million related to equity-based compensation was recorded discretely for the three and nine months ended September 30, 2025, respectively. The Company recorded Income tax expense of $3.9 million and $13.0 million for the three and nine months ended September 30, 2024. The income tax expense for the three and nine months ended September 30, 2024 was favorably impacted by lower profits in non-US jurisdictions and additional tax credits recorded during the period. Additionally, tax expense of zero and $0.5 million related to equity-based compensation was recorded discretely for the three and nine months ended September 30, 2024. No tax benefit was recorded on the goodwill impairment recorded in the nine months ended September 30, 2024, as the goodwill is non-deductible for income tax purposes. The OBBB, as defined in Note 2 - Summary of S ignificant Accounting Policies, extended key provisions of the 2017 Tax Cuts and Jobs Act, including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is continuing to evaluate the income tax impact of OBBB on the Company’s future consolidated financial statements. As of September 30, 2025 and 2024, the balance of reserves for uncertain tax positions was $0.7 million and zero, respectively.

- Definition

The entire disclosure for income tax.

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+ Details