Array Technologies Inc. (ARRY) Investor event highlighting APA Solar and diversification strategy

Equity Research 21 August 2026 | 12:52PM EDT

Array Technologies Inc. (ARRY): Investor event highlighting APA Solar and diversification strategy

On 8/20, ARRY hosted an investor event discussing the long-term outlook for APA Brian Lee, CFA | Solar, which it acquired in August 2025, as well as additional details on its Goldman Sachs & Co. LLC

balance-of-system strategy. Management provided incremental details on APA’s Tyler Bisset, CFA | business, including strong demand, new growth verticals, and financial targets, as Goldman Sachs & Co. LLC

well as strategies to expand its addressable market and customer wallet share. Keshav Choudhary | Additionally, the company discussed innovations within its core business, other Goldman Sachs India SPL growth opportunities, and its disciplined capital allocation framework. We highlight key takeaways here within.

Implications Advancing APA Solar. ARRY provided incremental details on the outlook for APA Solar, which it acquired in August 2025 and provides ARRY with fixed-tilt mounting systems and engineered foundation solutions to complement its existing tracker technology. In particular, management highlighted the strategic rationale of the acquisition, including key competitive advantages, synergistic opportunities, and product innovations. We note that APA discussed how its Atlas portfolio broadens this offering across conventional, alternative, and engineered foundations, while Atlas II reduces component counts by more than half compared to the existing A-frame 2.0, providing lower costs and faster installation times. Importantly, APA’s average pipeline project size increased 155% versus pre-acquisition levels as it better leverages ARRY’s larger utility-scale customer base and improved access to capital. Management also targets engineered foundations increasing from ~20% to ~50% of APA’s revenue mix over the near-term horizon, with international revenue reaching ~15% of sales.

Foundations experiencing strong revenue growth amid positive margin contribution. APA revenue reached ~$130mn in 2025 and increased by 17% yoy in 1H26. Looking ahead, management expects APA growth to accelerate in 2H26 following a weather-constrained 1Q in core Northeast markets. We highlight that ARRY anticipates APA revenue to grow at a significant double-digit CAGR over the next three years, driven by an increasing engineered-foundation mix and international sales. Management targets adj. gross margins in the high-20%/low-30% range over time, broadly in line with ARRY’s 27%-28% FY26 adj. gross margin guidance.

Diversifying platform to expand market potential. ARRY discussed its balance-of-system strategy to diversify its business, expand its addressable market,

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and increase wallet share. While ARRY estimates a core addressable domestic tracker market of ~$4.3bn, APA adds ~$1.7bn of U.S. TAM across foundations and fixed tilt. APA’s 150,000-square-foot manufacturing facility and newly operational 130,000 sq ft Bryan, Ohio facility provide capacity to support larger project volumes. Additionally, the company believes that the pending AWM acquisition would add ~$150mn of U.S. wire-management TAM and up to an additional ~$250mn globally, taking the combined identified opportunity up to ~$6.4bn. AWM would also extend the platform into battery storage and data center adjacencies. Separately, Software revenue grew more than 100% yoy, with an attach rate of ~50% year to date, and management communicated a legacy retrofit opportunity of more than 50GW, supporting further expansion of this recurring, high-margin revenue.

Capital allocation. Management…