Array Technologies, Inc.

What does it do?

Array Technologies makes the moving metal frames that hold solar panels on large solar farms. Instead of panels sitting still at a fixed angle, Array's 'trackers' slowly rotate throughout the day to follow the sun — like a sunflower. This can boost a solar farm's energy output by up to 25% compared to fixed panels. Their main product, DuraTrack HZ V3, is one of the most widely used trackers on utility-scale solar projects in the US and beyond.

How does it make money?

Array makes money by selling solar tracker hardware and software to developers building large solar farms — think massive projects covering hundreds of acres. Revenue jumped 44% year-over-year, from $0.9B to $1.3B, showing strong demand. They also have a second business segment called STI Operations, which they gained through acquiring Spanish solar tracker company STI Norland, giving them exposure to European and Latin American markets. However, despite that revenue growth, the company is still losing money — net income was negative $100M — meaning costs are outpacing what they earn on each sale.

Why do investors care?

The growth story is simple: more solar farms get built, more trackers get sold, and Array is already one of the biggest names in the space. The interesting part is whether they can fix their profitability — gross profit (revenue minus the direct cost of making their products) was essentially zero, which means they're barely breaking even on the products themselves before even paying for staff, offices, or debt. If they can get costs under control as revenue scales up, profits could flip quickly. Investors are essentially betting on a turnaround story inside a high-growth industry.