Array Technologies Inc. 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ ☐Yes☒No Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:As of May1, 2025, there were152,547,038shares of common stock, par value $0.001 per share, issued and outstanding. Array Technologies, Inc.Index to Form 10-Q PART I—FINANCIAL INFORMATION Array Technologies, Inc.Condensed Consolidated Balance Sheets(unaudited) Array Technologies, Inc.Condensed Consolidated Balance Sheets(unaudited)(continued) Array Technologies, Inc.Condensed Consolidated Statements of Operations(unaudited) Array Technologies, Inc.Condensed Consolidated Statements of Comprehensive Income (Loss)(unaudited) See accompanying Notes to Condensed Consolidated Financial Statements. Array Technologies, Inc. 1.Organization and Business Array Technologies, Inc. (the “Company”) is a leading global provider of solar tracking technology to utility-scaleanddistributed generation customers,who construct,develop and operate solar PV sites,and is 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 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 2.Summary of Significant Accounting Policies Basis of Accounting and Presentation 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 theUnited 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 byU.S. GAAP for annual financial statements. In the opinion of Array’s management, all adjustments (consisting Principles of Consolidation The condensed consolidated financial statements include the accounts of Array Technologies, Inc. and itssubsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requiresmanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities, the Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includesnumerous green energy credits. The 45X advanced manufacturing production tax credit (“45X Credit”) wasestablished as part of the IRA. The section 45X Credit is a per-unit tax credit that is earned over time for each 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 theCompany recognizes such rebates as a reduction of cost of product and service revenue on the condensed 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, 2