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Array Technologies Reports Q1 2024 Net Loss of $11.3 Million Amid 59% Revenue Decline, Maintains Guidance.

US solar tracker manufacturer Array Technologies (NASDAQ:ARRY) reported a net loss of USD 11.3 million (EUR 10.5m) in Q1 2024, down from a profit of USD-17.2 million the previous year. Revenue fell by 59% to USD 153.4 million due to lower volumes and a decline in the average selling price due to decreased input costs. The company reported a record adjusted gross margin of 38.3% due to recognition of 45X benefits associated with its torque tube, one-time supplier settlement benefit and structural cost enhancements. CEO Kevin Hostetler noted continued strong global demand for Array’s products and services. Array confirmed its full-year guidance, including revenue in the range of USD 1.25 billion to USD1.4 billion and adjusted earnings per share in the mid-2020.

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