Arrow Technologies, a subsidiary of Array Technologies, has reported a year-end revenue of up to US$1.57 billion and EBITDA of US$290 million for 2023, according to its financial forecasts. The company’s consistency of these results has helped the company exceed its forecasts for the year, with the company reporting a year’s total of US $1.58 billion in revenue and EBTDA. Kevin Hostetler, Array CEO, stated that the company implemented many structural enhancements to its business which improved its margin profile and enabled it to more than double its adjusted EBITDDA to $288 million and generate US$215 million of free cash flow. The firm also plans to expand its US pipeline, with plans to build a new manufacturing plant in Albuquerque, New Mexico. It earned an additional US$49.9 million through benefits from the 45X manufacturing tax credit. Array expects adjusted EBIDA to increase in 2024, but expects revenue to fall slightly to between US$285-315 million, with a fall in commodity input prices encouraging the company to make arrangements for future tracker production and deliveries for the second half of 2024 and 2025.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
