Array Technologies — Solar Balance-of-System · fobi

Array Technologies

Array Technologies manufactures solar tracking systems that optimize panel angle and energy yield for utility-scale projects. Market cap ~$1B; over 50 GW installed globally; trackers increase solar yield by 15–25%.

Leading US solar tracker supplier enabling higher capacity factors and lower levelized costs for large solar farms.

arraytechinc.com Solar Balance-of-SystemUSApublic · ARRY

At a glance

Total raised

$154M

last round ipo

Headcount

1k-5k

approximate · public range

Headquarters

Albuquerque

USA

Founded

1989

37 years active

Status

Public

Ticker · ARRY

Subsector

Solar Balance-of-System

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Date	Stage	Amount	Valuation	Lead investors
Oct 15, 2020	IPO	$154M	—	—

AI bull / bear

Bull case

Array Technologies sits at the center of the utility-scale solar buildout with over 50 GW installed globally and a proven tracker design that boosts energy yield by 15–25%. That yield premium is becoming table stakes for project economics, not optional. The company's US manufacturing footprint gives it a structural advantage under IRA domestic-content provisions, which reward projects using American-made equipment with higher tax credit multipliers. Developers chasing those bonuses will gravitate toward Array over import-reliant competitors. At roughly $1 billion market cap, the business is priced for skepticism rather than the multi-decade solar deployment curve the US is embarking on. With grid-scale solar project pipelines at record levels and tracker attachment rates rising, Array's installed base creates a natural upgrade and replacement cycle. The company has already absorbed the worst of steel cost volatility and supply chain disruption; normalized input costs and improving logistics should expand margins from recent troughs.

Bear case

Array Technologies operates in a narrowing window. Solar tracker technology is mature and increasingly commoditized, with Nextracker holding a dominant ~30% market share and Chinese competitors like Arctech gaining traction on price. Array's products are steel-intensive, leaving gross margins perpetually exposed to raw material swings that management cannot fully hedge. The company's revenue is also lumpy and concentrated among a handful of large EPC contractors, creating quarter-to-quarter volatility that punishes the stock. Meanwhile, the long-term threat is structural: bifacial modules and next-generation fixed-tilt designs are narrowing the energy yield gap that trackers rely on to justify their upfront cost premium. If tracker attachment rates plateau or fall, Array's addressable market shrinks. The SPAC merger overhang and lack of analyst coverage relative to peers mean the stock suffers from an information discount, making it harder to raise equity or attract institutional holders when capital is needed to fund working capital for large project wins.

Generated by deepseek-v4-flash · June 2, 2026Refreshes quarterly · see disclosures

Array Technologies

At a glance

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Funding history

Stock performance

How they make money

Founder backgrounds

Ron Corio

AI bull / bear

In the news

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Leadership

Products

DuraTrack HZ v3

DuraTrack Hail XP

OmniTrack

Open roles

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