Array Technologies Inc 2025年季度报告

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No Principal payments on other debtPrincipal payments on term loan facility Contingent consideration payments(1,204)Other financing(14) Effect of exchange rate changes on cash and cash equivalentbalances2,488Net change in cash and cash equivalents and restricted cash(14,648)Cash and cash equivalents, and restricted cash beginning of Cash and cash equivalents and restricted cash, end of period$349,493$ 1.Organization and Business On January 11, 2022, the Company acquired100% of the share capital of Soluciones Técnicas IntegralesNorland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as abusiness combination. Upon completion of the STI Acquisition, the Company began operating astworeportable operating segments:the Array Legacy operating segment (“Array Legacy Operations”) and the acquired operating segment (“STI Operations”) pertaining to STI.2.Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements in this Quarterly Report have beenprepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions toForm 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”).Accordingly, these interim financial statements do not include all of the information and footnotes required by only of normal recurring adjustments) considered necessary for a fair statement of results for the interimperiods reported have been included. These unaudited condensed consolidated financial statements should be Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025.Principles of Consolidation subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.Use of Estimates those estimates.Inflation Reduction Act Vendor Rebates clean energy component domestically produced and sold by a manufacturer. The Company has, and willcontinue to enter into, arrangements with manufacturing vendors that produce section 45X Credit eligible parts, The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of product and service revenue on the condensedconsolidated statements of operations. For vendor rebates related to past purchases that are owed to theCompany upon execution of the agreement, the Company defers recognition of this portion of the rebate andrecognizes the amounts as a reduction to cost of product and service revenue as future purchases occur.As of March 31, 2025, the Company had an outstanding Vendor Rebate receivable of $116.7million and $23.1million, respectively, included in Prepaid expenses and other and Other Assets. As of December 31, 2024 theCompany had an outstanding Vendor Rebate receivable of $115.5million, included in Prepaid expenses and Inflation Reduction Act 45X CreditsThe Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, underIAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as areduction to production costs.The tax credit is recorded as a reduction to the Income tax payable on thecondensed consolidated balance sheets dated March 31, 2025and December 31, 2024. may be up to one year from the acquisition date. The Company does not amortize goodwill but instead testsgoodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it ismore likely than not that the asset is impaired. Such triggering events potentially warranting an annual or Goodwillis assessed for impairment using either a qualitative assessment or quantitative approach todetermine whether it is more likely than not that the fair value of the reporting unit is less than the carrying and company-specific considerations, legal and regulatory environments, and historical performance. If theCompany cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fairvalue of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential.When determining the fair value of a reporting unit using the quantitative approach, we determin