Q2 2026 Array Technologies Inc Earnings Call Transcript
Key Points
- Array Technologies Inc (ARRY) delivered exceptional Q2 2026 results with revenue of $342 million, up 53% sequentially, and adjusted EBITDA of $63 million, more than doubling the first quarter.
- The company achieved a third consecutive record order book of $2.5 billion, up 37% year-over-year, with a 12-month trailing book-to-bill ratio of 1.5 times.
- Strong cash generation in Q2, with free cash flow of $114 million and cash balance increasing to $307 million, enabling the company to fully fund the AWM acquisition with cash on hand.
- Innovation momentum is robust with five significant product launches in 2026, including OmniTrac 2.0, DuraTrac D2S, and the Array Atlas suite, which are driving customer adoption and expanding market opportunities.
- The APA acquisition is performing well, with year-to-date book-to-bill over 1.5 times and first-half revenue 17% ahead of 2025, validating the M&A playbook.
- The company raised its full-year adjusted gross margin guidance to 27%-28% and increased adjusted EBITDA guidance to $210-$230 million, reflecting strong execution and cost discipline.
- Array Technologies Inc (ARRY) faces potential revenue timing risks due to permitting and site readiness issues, which could push some revenue from 2026 to 2027.
- Second-half gross margins are expected to be impacted by increased international mix and the absence of one-time benefits, such as tariff recovery and catch-up 45X credits, which benefited the first half.
- The company anticipates higher metals and logistics costs in the second half, which could pressure margins despite productivity initiatives.
- Free cash flow conversion is expected to be lower than initially guided, at 20-25% of EBITDA, due to the shift of revenue collections into Q1 2027.
- The pending AWM acquisition, while accretive, is subject to regulatory approvals and closing conditions, and its contribution is not included in the current guidance, adding uncertainty.
- The company is monitoring the potential impact of Section 232 tariffs, which could affect the industry and Array's operations, but has not yet provided specific guidance on this matter.
Good afternoon, ladies and gentlemen, and welcome to RAE Technologies Second Quarter 2026 Earnings Conference Call.
At this time, all lines are in listen-only mode.
Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the. Operator.
This call is being recorded on Wednesday, August 5, 2026.
I would now like to turn the conference over to Sarah Shepherd, Senior Director of Investor Relations.
Please go ahead.
Thank you.
I would like to welcome everyone to Ray Technologies second quarter 2026 earnings conference call.
I'm joined on this call by Kevin Hofstetler, our CEO. Keith Jennings, our CFO and Neil Manning, our President and COO.
Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com, where the related presentation and press release are also available.
Today's
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