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ARRAY TECHNOLOGIES Array Technologies , Inc. Reports Financial Results for the Third Quarter 2021 November 11 , 2021 Third Quarter 2021 Financial Highlights • Revenue of $ 192.1 million • Net loss to common stockholders of $ 31.0 million • Adjusted EBITDA loss of $ 0.5 million ( 1 ) Adjusted basic and diluted net loss per share of $ 0.07 ( 1 ) • Executed contracts and awarded orders at September 30 , 2021 totaling $ 1 billion , a new record ● ( 1 ) A reconciliation of the GAAP to the most comparable Non - GAAP results is included below . ALBUQUERQUE , N.M. , Nov. 11 , 2021 ( GLOBE NEWSWIRE ) -- Array Technologies , Inc. ( Nasdaq : ARRY ) , one of the world's largest providers of utility - scale solar tracking technology , today announced financial results for its third quarter ended September 30 , 2021 . " In the third quarter , we grew revenues 38 % , generated over $ 315 million of new orders - the second highest level of quarterly bookings in our history - and ended the quarter with more than $ 1 billion in executed contracts and awarded orders , which is a new record for our company . Our results in the quarter demonstrate that the changes we made to our quoting and procurement processes have not impacted demand for our products or inhibited our ability to deliver for our customers . More importantly , we believe the third quarter represents the trough for our margins as it was the last quarter where the majority of our shipments were priced using our historical quoting and procurement processes . We expect that our gross margins should improve steadily over the next several quarters as new , higher margin orders constitute a larger and larger proportion of our shipments and legacy , lower price orders constitute a smaller and smaller proportion of our shipments . " said Jim Fusaro , Chief Executive Officer of Array Technologies . Mr. Fusaro continued , " We have worked diligently to adapt our business to the inflation , supply chain and logistics challenges facing our industry . We saw , and continue to see , the current environment as an opportunity to gain market share . We are seizing on that opportunity in two ways . First , we are leveraging the strength of the supply chain we have built over the past several months to win customers away from our competitors . Customers are coming to us because , in some cases , we are the only supplier that can reliably deliver product on time and at the promised price as well as source up to 90 % of our bill of materials from U.S. - based suppliers - a capability that could give us a tremendous competitive advantage if the proposed domestic content requirements of the current Build Back Better Act are enacted into law . Second , we are aggressively pursuing opportunities for strategic acquisitions , the first of which we announced today - our acquisition of STI Norland . STI accelerates our international expansion and will be significantly be accretive to our margins and earnings per share , " added Mr. Fusaro . Mr. Fusaro concluded , “ I am incredibly excited about the road ahead for Array . We have successfully adapted our business model to the current environment and demonstrated that we can generate bookings in - line with our historical gross margins . The domestic supply chain we have built is helping us to take market share and positions us to be an even bigger winner as U.S. content evolves into a competitive differentiator and with our acquisition of STI Norland we now are equally well positioned to accelerate our international growth . We are building a great company and I am more confident than ever that we will emerge from the current environment even stronger than we were before . " Third Quarter 2021 Financial Results Revenues increased 38 % to $ 192.1 million compared to $ 139.5 million for the prior - year period , primarily driven by continued strong demand for our products as well as favorable comparisons to the third quarter of last year which had lower shipments as a result of the pull forward of orders into the first quarter of 2020 related to the ITC step down . Gross profit decreased 65 % to $ 9.3 million compared to $ 26.7 million in the prior year period , driven primarily by higher raw material input and logistics costs . Gross margin decreased to 4.8 % from 19.2 % driven by higher raw material and freight costs , partially offset by greater absorption of fixed costs as a result of higher sales volumes compared to the prior year period . Operating expenses decreased to $ 25.4 million compared to $ 31.8 million during the same period in the prior year , primarily due to lower contingent consideration expense of $ 12.7 million . This decrease was partially offset by higher costs associated with being a public company and increased payroll related costs due to higher headcount . Net loss to common stockholders was $ 31.0 million compared to a net loss of $ 7.2 million during the same period in the prior year , and basic and diluted loss per share were $ 0.24 compared to basic and diluted loss per share of $ 0.06 during the same period in the prior year . Adjusted EBITDA decreased to a loss of $ 0.5 million , compared to $ 16.6 million for the prior - year period . Adjusted net loss was $ 9.8 million compared to adjusted net income of $ 12.4 million during the same period in the prior year and adjusted basic and diluted adjusted net loss per share was $ 0.07 compared to adjusted net income per share of $ 0.10 during the same period in the prior year . Executed Contracts and Awarded Orders