Array Technologies is transitioning from a solar tracker manufacturer to a full-scale integrated balance-of-system platform provider, citing a record $2.5 billion orderbook that is up 37% year-over-year and maintains a 1.5 times book-to-bill ratio.
The company’s orderbook now averages project sizes exceeding 250 megawatts, with newer products accounting for roughly half of the total, up from just 7% in the first quarter of 2024. Array’s U.S. total addressable market is estimated at $4.3 billion for tracking, $1.7 billion for foundations and fixed-tilt systems, and more than $150 million for wire management. The company projects 79% of planned 2026 U.S. capacity additions will derive from solar and storage, with average project sizes rising 30% compared to 2023.
Array’s strategic expansion includes the acquisition of APA, which grew revenue from $15 million in 2019 to $130 million in 2025 and is currently running 17% above year-to-date levels. APA is expected to achieve a double-digit three-year revenue CAGR, with high-20% adjusted gross margins and high-teens adjusted EBITDA margins. The company’s engineered foundations segment is projected to expand from 20% to 50% of APA’s revenue.
Array also plans to acquire AWM in the third quarter of 2026 for a base purchase price of $153 million, or approximately 6.0 times trailing twelve-month EBITDA. AWM operates with high-30% EBITDA margins and expands Array’s addressable market by more than $250 million. The company’s OmniTrack 2.0 platform is estimated to deliver up to $2.5 million in savings per 100 megawatts, while its SmarTrack technology maintains a 50% attach rate on 2026 deliveries.
Array has delivered 102 gigawatts globally and holds 259 active patents with 230 pending. The company projects U.S. utility-scale solar shipments of 36–39 gigawatts annually through 2030, alongside 100 gigawatt-hours of annual storage installations. Roughly half of the 100-gigawatt installed base represents retrofit opportunities, with Array’s installations already exceeding full-year 2025 levels.
Jefferies highlights Array’s core net debt leverage target of below 2.5 times and expects free cash flow growth in 2027, framing the company’s shift as a strategic move to capture broader market share in the solar and storage sectors.
