Summary
Array Technologies: Upgraded To Buy As Near-Term Uncertainties Ease
Array Technologies is upgraded to a 'Buy' as regulatory uncertainty eases, demand rebounds, and pricing stabilizes. Q3 bookings surged, driving the order book to $1.9B and signaling robust recovery in ARRY's core business. 45x credit eligibility from the APA acquisition materially boosts margin potential, with EBITDA margins now guided above 20%.
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Array Technologies Inc. Profile
| Technology Hardware, Storage & Peripherals Industry | Information Technology Sector | Kevin G. Hostetler CEO | NASDAQ (NMS) Exchange | 04271T100 CUSIP |
| US Country | 1,021 Employees | - Last Dividend | - Last Split | - IPO Date |
Overview
Array Technologies, Inc. is a prominent manufacturer and supplier of ground-mounting tracking systems for solar energy projects. Operating primarily in the United States, the company also has a significant international presence in countries including Spain, Brazil, and Australia. Founded in 1987 and headquartered in Albuquerque, New Mexico, Array Technologies segments its operations into Array Legacy Operations and STI Operations. With a commitment to enhancing solar energy efficiency, the company has established itself as a leader in solar tracking technology, contributing to the global transition towards sustainable energy.
Products and Services
- DuraTrack HZ v3 - This product represents a single-axis solar tracker designed to increase the efficiency of solar panels by following the sun's trajectory across the sky. It’s engineered to reduce the cost of solar energy production, making it a vital component for large-scale solar energy projects.
- Array STI H250 - Aimed at delivering a lower levelized cost of energy (LCOE), the STI H250 is a solar tracker system that focuses on cost-effectiveness without compromising performance. Its innovative design and functionality make it suitable for a wide range of solar energy applications.
- Array OmniTrack - Although the description in the provided text does not specify, given the context, it can be inferred that the Array OmniTrack is another innovative tracking solution designed to enhance the performance of solar arrays. Its inclusion in the product lineup suggests its role in addressing specific market needs or challenges within the solar industry.
- SmarTrack - This software product is a testament to Array Technologies' commitment to leveraging technology to enhance solar energy production. Utilizing site-specific historical weather and energy production data, along with machine learning algorithms, SmarTrack optimizes the positioning of solar arrays in real-time. This maximizes energy production, ensuring that solar energy projects achieve optimal efficiency and output.
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