Slides
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ARRAY and Shoals Announce Transformative Merger, Creating Integrated Energy Infrastructure Platform November 4, 2026
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Important Information and Disclaimers Non-GAAP Financial Measures This presentation includes certain financial measures that are not presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Net Debt, Net Debt to Adjusted EBITDA and Adjusted General and Administrative Expenses. ARRAY and Shoals believe these non-GAAP financial measures provide useful information to investors regarding operating performance because they exclude certain items that management does not believe are indicative of ongoing operating results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Shoals defines Adjusted EBITDA as net income plus/(minus) (i) interest expense, (ii) interest income, (iii) income tax expense, (iv) depreciation expense, (v) amortization of intangibles, (vi) equity-based compensation, (vii) gain (loss) on sale of asset, (viii) wire insulation shrinkback litigation expenses, (ix) plant optimization expenses, (x) shareholder litigation expenses, (xi) litigation settlement expense, net of insurance recoveries, and (xii) transaction, integration, and restructuring costs. Shoals and ARRAY define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. ARRAY defines Adjusted EBITDA as net income (loss) to common stockholders plus (i) other income, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax expense, (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) certain legal expenses, and (xiii) acquisition-related expenses. ARRAY defines Adjusted Gross Profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses. ARRAY defines Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. ARRAY defines Adjusted General and Administrative Expenses as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, and (iii) acquisition-related expenses. ARRAY defines Net Debt as total debt less cash and cash equivalents and Net Debt to Adjusted EBITDA as Net Debt divided by pro forma Adjusted EBITDA for the applicable period. Shoals and ARRAY define pro forma Adjusted EBITDA as the combined Adjusted EBITDA of ARRAY and Shoals for the applicable period as if the proposed transaction had been completed at the beginning of that period. Pro forma Adjusted EBITDA has not been prepared in accordance with Article 11 of Regulation S-X. For more information regarding the use of these non-GAAP financial measures, please refer to the reconciliations on slides 26 – 29 and Shoals’ and ARRAY’s SEC filings. The companies are not providing a reconciliation of projected Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, because certain information necessary to calculate such measure is not available without unreasonable effort, including items that are uncertain, depend on various factors and could have a material impact on GAAP results. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would” and similar expressions. These statements include, but are not limited to, statements regarding the expected benefits, timing and completion of the proposed transaction, ARRAY’s and Shoals' plans, objectives, expectations and intentions, the expected ownership of the combined company, the expected leadership and governance structure of the combined company, anticipated financial performance, expected synergies, capital structure actions, redemption of ARRAY’s preferred stock, strategic plans, customer benefits, growth opportunities, the anticipated timing of shareholder meetings and closing of the proposed transaction and other statements that are not historical facts. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside the control of ARRAY and Shoals. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on the anticipated terms and timing, including obtaining shareholder and regulatory approvals, the anticipated tax treatment, redemption of ARRAY’s preferred stock, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of ARRAY’s and Shoals' businesses and the satisfaction of other conditions to the completion of the proposed transaction; (ii) the risk that governmental or regulatory approvals required for the proposed transaction may not be obtained or may result in the imposition of conditions that could adversely affect the combined company or the anticipated benefits of the proposed transaction; (iii) the risk that a condition to closing may not be satisfied, that an event, change or other circumstance could give rise to the termination of the proposed transaction, or that the proposed transaction may not be completed on the expected timeline or at all; (iv) failure to realize the anticipated benefits of the proposed transaction, including because of a delay in completing the transaction or because the businesses of ARRAY and Shoals are not integrated successfully on the anticipated timeline, or at all, or integration is more costly or difficult than expected; (v) the risk that anticipated cost savings and other synergies may not be fully realized or may take longer to realize than expected; (vi) ARRAY’s and Shoals' ability to implement their respective business strategies; (vii) pricing trends; (viii) potential litigation relating to the proposed transaction that could be instituted against ARRAY, Shoals or their respective directors and officers; (ix) the risk that disruptions from the proposed transaction will harm ARRAY’s or Shoals' businesses, including their current plans and operations, or divert management’s attention from ongoing business operations and opportunities; (x) the ability of ARRAY or Shoals to retain and hire key personnel; (xi) potential adverse reactions or changes to business, employee, customer or supplier relationships resulting from the announcement, pendency or completion of the proposed transaction; (xii) the risk that the announcement, pendency or completion of the proposed transaction could adversely affect the market price or long-term value of ARRAY’s or Shoals' common stock; (xiii) legislative, regulatory and economic developments affecting ARRAY’s and Shoals' businesses; (xiv) general economic and market developments and conditions, including changes in the solar industry, interest rates and access to capital; (xv) the evolving legal, regulatory and tax regimes under which ARRAY and Shoals operate; (xvi) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect ARRAY’s or Shoals' financial performance; (xvii) restrictions during the pendency of the proposed transaction that may impact ARRAY’s or Shoals' ability to pursue certain business opportunities or strategic transactions; (xviii) the unpredictability and severity of catastrophic events, including acts of terrorism or the outbreak of war or hostilities, as well as ARRAY’s and Shoals' responses to any of the foregoing; and (xix) failure to receive the approval of the shareholders of ARRAY and Shoals. All such factors are difficult to predict, are beyond ARRAY’s and Shoals' control, and are subject to additional risks and uncertainties, including those detailed in ARRAY’s annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on its website at www.arraytechinc.com and on the website of the Securities and Exchange Commission at http://www.sec.gov, and those detailed in Shoals' annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on its website at investors.shoals.com and on the SEC’s website at http://www.sec.gov. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Neither ARRAY nor Shoals undertakes any obligation to update forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. No Offer or Solicitation This presentation is for informational purposes only and does not constitute an offer to buy or sell, the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Important Additional Information and Where to Find It In connection with the proposed transaction, ARRAY and Shoals expect to file a joint proxy statement with the SEC and ARRAY intends to file with the SEC a registration statement on Form S-4 that will include the joint proxy statement of ARRAY and Shoals and that will also constitute a prospectus of ARRAY. Each of ARRAY and Shoals may also file other relevant documents with the SEC regarding the proposed transaction. This presentation is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that ARRAY or Shoals may file with the SEC. The definitive joint proxy statement/prospectus (if and when available) will be mailed to shareholders of ARRAY and Shoals. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ARRAY, SHOALS AND THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about ARRAY, Shoals and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents filed with the SEC by ARRAY may be obtained free of charge on ARRAY’s website at www.arraytechinc.com or, alternatively, by directing a request by mail to ARRAY’s Corporate Secretary at 701 Atrisco Vista Blvd, Albuquerque, New Mexico 87120. Copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents filed with the SEC by Shoals may be obtained free of charge on Shoals' website at investors.shoals.com or, alternatively, by directing a request by mail to Shoals' Corporate Secretary at 1500 Shoals Way, Portland, Tennessee 37148. Participants in the Solicitation ARRAY, Shoals and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the proposed transaction. Information regarding the directors and executive officers of ARRAY, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in ARRAY’s annual report on Form 10-K for the year ended December 31, 2025, including under the heading “Directors, Executive Officers and Corporate Governance,” and proxy statement for ARRAY’s 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 7, 2026, including under the headings “Executive Officers,” “Board of Directors,” “Compensation of Directors” and “Security Ownership of Certain Beneficial Owners and Management.” To the extent holdings of ARRAY common stock by the directors and executive officers of ARRAY have changed from the amounts reflected therein, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 (“Form 3”), Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”), subsequently filed by ARRAY’s directors and executive officers with the SEC. Information about the directors and executive officers of Shoals, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Shoals' annual report on Form 10-K for the year ended December 31, 2025, including under the heading “Directors, Executive Officers and Corporate Governance,” and proxy statement for Shoals' 2026 Annual Meeting of shareholders, which was filed with the SEC on March 20, 2026, including under the headings “Board Committees and Membership,” “Compensation of Non-Employee Directors,” “Compensation Discussion and Analysis” and “Security Ownership of Certain Beneficial Owners and Management.” To the extent holdings of Shoals common stock by the directors and executive officers of Shoals have changed from the amounts reflected therein, such changes have been or will be reflected on Forms 3, Forms 4 or Forms 5, subsequently filed by Shoals' directors and executive officers with the SEC. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement and joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the registration statement and joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of any of the documents referenced herein from ARRAY or Shoals using the sources indicated above. 2
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Today’s Presenters Brandon Moss Chief Executive Officer, Shoals Technologies Group Kevin Hostetler Chief Executive Officer, ARRAY Technologies Brad Forth Chairman of the Boards of Shoals Technologies Group and ARRAY Technologies 3
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ARRAY is the legal acquiror, while Shoals shareholders will own 65% of the combined company. This structure maintains ARRAY’s existing debt financing, thereby reducing execution risk as well as transaction fees and expenses. Transaction Overview Structure and Economics • ARRAY and Shoals are merging in an all-stock transaction • ARRAY will be the surviving legal entity and ARRAY’s common stock will be the equity of the combined company • Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share that they own • Shoals shareholders will own approximately 65% of the combined company’s basic shares outstanding (64.5% fully diluted) • ARRAY shareholders will own approximately 35% of the combined company’s basic shares outstanding (35.5% fully diluted) • All of ARRAY’s existing debt and Preferred Stock will remain outstanding following the closing, except for the Preferred Stock Redemption described below Governance • Brandon Moss will be the CEO of the combined company; Kevin Hostetler to transition to special advisor role • Brad Forth will be the Chairman of the Board of the combined company • The combined company’s Board of Directors will have 10 directors, including four independent directors from each of the current Shoals and ARRAY boards, as well as Brad Forth and Brandon Moss Corporate Identity • Combined company to announce new corporate name and ticker symbol in the coming months to reflect the expanded scope of its p roducts, services and strategic opportunities Preferred Stock Redemption • ARRAY will commit to redeem $161.3 million of its Series A Redeemable Preferred Stock (the “Preferred Stock”) within 90 days of the closing of the merger and an additional $156.3 million of Preferred Stock over the next three years—together reducing Preferred Stock by more than 60% Timing and Conditions • Transaction is subject to approval by ARRAY and Shoals shareholders, receipt of required regulatory approvals and other custo mary closing conditions • Expected closing in the first quarter of 2027 4 LW comment for the second bullet on the page: Should the legal entity be the parent entity since Shoals is merging into ARRAY merger sub (a subsidiary of ARRAY)
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Expected Key Strategic and Financial Benefits of the Combination Note: CAC = Customer Acquisition Cost. 1) Based on analysis of projects sold by Shoals and ARRAY from January 2025 to September 2026. Figures are approximate. 2) Amounts are approximate as of September 30, 2026. 3) Assumes minimum redemptions are made on the latest permitted repayment date under the agreement with the Preferred Stock investors. Management may elect to make larger or earlier redemptions, which could result in additional savings. See page 18 for further details. Larger addressable market with minimal incremental CAC Expands the available profit pool by driving more revenue from the same customers and sales resources Significant reductions in corporate overhead Elimination of duplicate public company costs and other corporate overhead expected to save $20 million annually Greater utilization of tax assets Shoals’ ~$1.6 billion tax amortization asset and $237 million of NOLs will significantly reduce the combined company’s cash tax obligations(2) Redemption of a portion of ARRAY’s Preferred Stock Commitment to redeem $317.5 million of Preferred Stock is expected to reduce cash distributions by nearly $100 million over the next five years(3) 2.6x net debt to Adjusted EBITDA in 2026 and estimated less than 2x by year-end 2027 Conservative credit metrics support better access to capital and increased flexibility to invest in growth initiatives Balance sheet capacity for future acquisitions Flexibility to capitalize on M&A opportunities that diversify the business and unlock new growth vectors WHAT THE MERGER ENABLES HOW WE EXPECT IT TO CREATE VALUE Greater product differentiation and customer value Integrated SBOS/EBOS wins share by simplifying sourcing and vendor management, streamlining project execution, lowering installation costs, and integrating warranty support Cross-selling across customer relationships Accelerates revenue growth by cross-selling to the ~80% of projects that did not use both companies’ products(1) More opportunities for product innovation Earns wallet share by enabling innovative products that give customers a compelling reason to purchase the full product suite from us while still offering standalone options FASTER REVENUE GROWTH GREATER PROFITABILITY AND FREE CASH FLOW MORE STRATEGIC FLEXIBILITY 5
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Combined Company Can Deliver “Full Stack” of Leading Solutions Trackers EBOS Fixed-tilt and Foundations Wire Mgmt.OEMBESS + Data Center 6 Illustrative Combined Company Revenue Mix Trackers Wire Management Fixed-tilt and Foundations EBOS 105 GW Sold Globally(1) Leading Wire Management Product in the U.S. Leading DC Wiring Solution in the U.S. Leading Fixed-tilt & Eng. Foundations Products Innovative DC Recombiner Solution OEM Components for #1 U.S. Module Manufacturer BESS + Data Center 61) Through September 30, 2026.
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Note: CAC = Customer Acquisition Cost. 1) Figures for each product category are based on estimated ASPs per watt and gross margin applied to 40 GW U.S. utility-scale solar market. Excludes junction boxes. The combined company will have access to a U.S. SBOS / EBOS profit pool of approximately $1.8 billion annually The Combination Expands Access to Attractive Profit Pools in Solar Estimated U.S. SBOS and EBOS Profit Pool ($ in millions) $300 $1,050 $320 $100 $1,770 Foundations Trackers/Fixed-tilt EBOS Wire Management Total ~$1.8B Total 2027 U.S. SBOS / EBOS profit pool(1) The same customer buys all of these products so we can access these profit pools with minimal incremental CAC 7 Note: ARRAY showed different TAM numbers at APA showcase in August ($4.3B utility scale tracker US TAM, $1.7B foundations, $150M+ wire management)
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Packaging SBOS and EBOS Creates Immediate Differentiation and Customer Value Shoals EBOSAPA Foundations ARRAY Trackers AWM Wire Management+ + + Expected Value for EPCsExpected Value for Developers & Operators Tracker and wire management integration, trunk bus eBOS architectures are there… you will have a single point of accountability. You can optimize the system design. You can reduce your execution risk… this is where industry is moving. “ — Manager, Origination & Structuring / Business Development, Developer • Lower total project cost through optimized, integrated EBOS/SBOS design • Reduced execution risk with fewer vendors, interfaces, and failure points • Faster project timelines driven by simplified procurement and installation • Improved lifecycle economics through lower maintenance, higher system reliability and increased energy yield • Greater bankability from a scaled, integrated provider with proven solutions • Simplified procurement with one integrated EBOS/SBOS solution and fewer vendors to manage • Lower installation labor and cost through pre-engineered, easier-to-deploy systems • Streamlined project execution with better product compatibility and fewer field issues • Reduced schedule risk through coordinated supply, delivery, and technical support • Improved margin opportunity from faster installs, less rework, and greater execution efficiency 8
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Product Integration Creates Opportunities for Innovation Harness Ready T orque Tubes Reduces field labor hours Integrated Site Design Significant material cost savings BLA Integrated Tracker Power Cable Eliminates trenching BLA Enabled Tracker Controls Enables individual row tracking and simplified O&M Automation Enabling Design Lowers installation costs Fully Integrated SBOS / EBOS Significant product, installation and logistics cost savings More ComplexStraightforward ILLUSTRATIVE FEATURES THAT COULD BE ENABLED BY SBOS/EBOS INTEGRATION 9
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The Combined Company’s Growth Opportunities Extend Beyond Solar BESS DATA CENTERS + • Shoals Power Hub for DC aggregation • Wiring, disconnect and load-break switches = + • AirLink plug-and-play power distribution • Recombiners sized for AI halls = Wire management and high-power cabinets U.S. BESS + Data Center Market Opportunity(1) ~$3 billion → ~$5 billion NEW GROWTH VECTORS Creates opportunities for growth outside of solar EXPANDING MARKET Large whitespace enhances growth opportunity PREMIUM FOR SPEED Customers value solutions that accelerate speed-to- power WHY IT MATTERS Existing Offerings Today and Combined Platform Opportunity Combined capabilities extend the platform into storage, data centers and integrated energy infrastructure Integrated storage BOS and EBOS, wire management and foundations COMBINED PLATFORM (NEAR-TERM) 2026 2030 1) Source: Management estimates, includes both AC and DC markets. 10 • Cable management and routing (AWM) • Battery-site wire management (AWM) • Foundations for battery enclosures (APA)
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11 Shoals and ARRAY Have Highly Complementary Capabilities and Values Best-in-Class • Product innovation • Quality • Customer engagement • Integrated solutions • Manufacturing • Global presence • Electrical infrastructure expertise • Customer engagement • Custom engineered and manufactured solutions at scale • Product quality • Engineering capability • International footprint • Field service = The combination of ARRAY and Shoals will create a company that customers see as best-in-class across what matters to them
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Combined Company Priorities Commercial Financial Strategic 1. Accelerate revenue growth by selling the full product suite to every project 2. Benefit from both companies’ customer engagement capabilities to increase tracker sales 3. Expand Shoals’ international reach through ARRAY’s established global footprint 1. Achieve $100+ million annual incremental EBITDA through cost and commercial synergies 2. Reduce Preferred Stock outstanding 3. Maintain balance sheet flexibility for future M&A 1. Begin development of integrated SBOS-EBOS products 2. Successfully launch AirLink and expand Power Hub solutions for data center markets 3. Diversify into new power infrastructure categories outside of solar 12
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Commercial Priority #1: Sell the “Full Stack” Into Existing Customer Relationships 1) Based on project-level matching of Shoals and ARRAY projects from January 2025 to September 2026 and assuming ARRAY owned APA + AWM over that period. Figures are approximate. 2) Assumes combined company sold all product categories at current ASPs per watt for each product category to every project completed by the companies over the period. Figures are adjusted to be for a 12-month period and are approximate. Of combined project volume in 2025-26 used both Shoals and ARRAY products(1) Only ~20% Used both Used one company’s products The opportunity ~$2.5B of incremental sales potential had each company sold its full product suite into every project served by the other(2) Cross-sell today Cross-selling to the ~80% of projects that did not use both companies’ products represents a significant growth opportunity 13
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Significant Upside from Tracker Share Gains 1) Assumes 40 GW U.S. utility-scale solar market and 90% of the market uses trackers. 2) Assumes average utility-scale solar project size of 300 MW. U.S. Tracker Share Gain 1% 2% 3% 4% 5% Implied Incremental Gains (MWdc)(1) 360 720 1,080 1,440 1,800 Representative Number of Projects(2) ~1 ~2 ~4 ~5 ~6 Implied Incremental Revenue ($MM) $32 $65 $97 $130 $162 Illustrative Contribution Margin (%) 30% Implied Incremental Adjusted EBITDA ($MM) $10 $19 $29 $39 $49 Only a handful of additional project wins per year can materially increase Adjusted EBITDA 14
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Commercial Priority #3: Accelerate Shoals’ International Expansion Through ARRAY’s Established Global Footprint GLOBAL COMMERCIAL REACH North America Albuquerque, NM, Chandler, AZ and Ridgeville Corners, OH Latin America São Paulo Europe Madrid and Pamplona, Spain, and Istanbul, Turkey Asia-Pacific Sydney, Australia Customer support near core markets, with 8 sales / operating locations around the world Albuquerque, NM São Paulo Madrid Pamplona Portland, TN Muscle Shoals, AL Chandler, AZ Ridgeville Corners, OH Sydney ARRAY: Shoals:Established sales presence and customer relationships Established U.S. sales presence and customer relationships Sales officeSales officeARRAY: Shoals: Istanbul 15
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Financial Priority #1: Achieve $100+ Million Annual Incremental EBITDA ~$35 $100 Year 1 Year 3 Synergies ramping to $100M by Year 3 Expected Near-Term Synergies ($ in millions) Cost Synergies • C-Suite redundancies • Organizational consolidation • Public company costs • Freight and logistics • Legal costs • IT hardware and software • Duplicative professional services • Marketing costs Revenue Synergies • Cross-sell EBOS • Cross-sell trackers • Cross-sell foundations • Cross-sell wire management • New integrated products + Synergies are expected to create significant value for the combined company’s shareholders 16
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Financial Priority #2: Reduce Preferred Stock Outstanding Note: ARRAY will pay a cash fee equal to 1.00% of the aggregate liquidation preference of all outstanding shares of Preferred Stock, plus accrued and unpaid dividends. 1) Inclusive of liquidation preference plus accrued and unpaid dividends to the redemption date whether or not they are declared. Key Term Expected Shareholder Benefits • Captures 7 points of discount (~$11.3 million) • Improves free cash flow by reducing future distributions by over $60 million over the next five years • Captures 4 points of discount (~$6.3 million) • Combined with the Initial Redemption, improves free cash flow by reducing future distributions by nearly $100 million over the next five years • Captures a discount on any redemptions completed within the four years following the closing of the merger • Enables regular redemptions using available free cash flow The Preferred Stock redemption is expected to create value for shareholders by capturing a discount and reducing distributions Commitment to redeem $161.3 million of Preferred Stock at a price equal to 93% of the liquidation preference(1) with such redemption to be completed within 90 days following the closing date of the merger (the “Initial Redemption”) Commitment to redeem $156.3 million of Preferred Stock at a price equal to 96% of the liquidation preference(1) and in amounts not less than $52 million on each of the first, second and third anniversaries of the Initial Redemption Option to redeem additional Preferred Stock in excess of $317.5 million at a price equal to 96% of the liquidation preference(1), provided that such redemptions occur within 48 months of the merger’s closing date Reduce the minimum amount of each redemption from $200 million to $50 million Overview of Agreement with Preferred shareholders 17
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Financial Priority #3: Maintain Balance Sheet Flexibility 1) These indicative pro forma balance sheet are provided solely to show the potential scale of the combined company and do not represent financial projections of either Shoals or ARRAY. 2) Includes severance, integration and rebranding costs; transaction fees and expenses; and Preferred Stock amendment fee. Combined Company Pro Forma Capitalization(1) ($mm) ARRAY (9/30/26) Shoals (9/30/26) Q4 Estimated Change in Cash Estimated Transaction Expenses(2) Initial Redemption of Preferred Stock Estimated Pro Forma Combined at December 31, 2026 Cash and Cash Equivalents $143.3 $7.7 $27.7 -- $(150.0) $28.7 Revolving Credit Facilities -- $163.8 -- $65.0 -- $228.8 1.00% Convertible Notes $325.0 -- -- -- -- 325.0 2.875% Convertible Notes 345.0 -- -- -- -- 345.0 Other Debt 3.2 -- -- -- -- 3.2 Total Debt $673.2 $163.8 -- $65.0 -- $902.0 Series A Perpetual Preferred Stock $510.0 -- -- -- $(161.3) $348.7 Net Debt / 2026E Adj. EBITDA 2.6x 1.2x -- -- -- 2.6x The combined company will be 2.6x levered on a pro forma 2026 basis and estimated less than 2x by year-end 2027, creating flexibility for future complementary M&A 18
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Indicative 2027 Pro Forma Full Year Outlook(1) Selected 2026 Pro Forma Y ear-End Balance Sheet Items(1) Key Combined Company Figures and Preliminary 2027 Outlook 1) All amounts are pro forma and approximate assuming the transaction closed on December 31, 2026. These indicative ranges of estimated 2027 revenue and Adjusted EBITDA and the pro forma balance sheet and other financial items are provided solely to show the potential scale of the combined company and do not represent financial projections of either Shoals or ARRAY. These estimates were developed by reference to each company’s separately prepared projections evaluated by the respective boards and management teams of Shoals and ARRAY, and are not the projections relied upon by either company's board of directors or financial advisor in evaluating the transaction. These estimates may not be indicative of future performance and should not be relied upon as such. Actual combined company results may differ materially from such indicative estimates. No independent auditor or accountant has audited, examined, or performed any procedures on these estimates, which were not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information. Except as required by law, neither Shoals nor ARRAY undertakes any obligation to update these estimates, even if any underlying assumptions are no longer appropriate. 2) As of September 30, 2026. Includes 439.5 million pro forma basic shares outstanding and an estimated 2.6 million RSUs and PSUs. 3) Includes the Initial Redemption of Preferred Stock, but not any subsequent redemptions. Revenues $2.2B – $2.4B Combined Company Adj. EBITDA $410M – $480M Combined Company Net Debt Diluted Shares Outstanding(2) Basic Shares Outstanding(2) Preferred Stock Outstanding(3) 439.5M 442.1M $873.3M $348.7M Cash Taxes Minimal 19 Indicative outlook supported by $3.4 billion of combined backlog and awarded orders as of September 30, 2026
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Q3 Earnings 20
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Key Takeaways Q3 Earnings – Shoals Q3 2026 Results • Achieved record revenue from meaningful sequential production improvement, growing at 44% YoY • Delivered 160bps of sequential gross profit margin expansion • Adjusted EBITDA margin exceeded 20% in the period • One of strongest booking periods on in company history balanced against record revenue to drive book to bill of 1.0x • Nearly $1 billion quoted in the quarter, supporting the continued growth we see ahead • Generated nearly $29 million of operating cash flow, enabling a $33 million reduction in revolver oustandings Backlog + Awarded Orders $792 Revenue $195.3 Y/Y Growth 43.8% Gross Profit $62.4 Gross Margin 31.9% SG&A Costs $31.0 Net Income $17.9 Adj. EBITDA(1) $39.8 Adj. EBITDA Margin(1) 20.4% Cash from Operations $28.9 Capital Expenditures $2.8 Net Debt(2) $156.1 $ in millions. 21 1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure. 2) Net Debt defined as Total Debt less Cash & Cash Equivalents.
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Key Takeaways Q3 Earnings – ARRAY 22 Q3 2026 Results • Fourth consecutive record orderbook of $2.6 billion, a 42% increase year-over-year • Fifth consecutive quarter >$400M new bookings • Over $1.8 billion of trailing twelve-month net new orders at a book-to-bill of 1.6x • New products account for nearly 60% of orderbook(3) • Completed acquisition of AWM expanding into complementary wire management BESS and Data Center markets • Formally launched Atlas I and II, integrated foundation-to- tracker solutions, delivering on the APA integration strategy • Adjusted Gross Margin and EBITDA include an $11 million non- cash charge (330bps) for a 2023 45X receivable reserve Backlog + Awarded Orders $2.6 billion Revenue $330.2 Y/Y Growth (16.1%) Gross Profit $69.2 Gross Margin 21.0% Adjusted Gross Margin(1) 22.8% G&A Costs $58.8 Adjusted G&A(1) $45.8 Net Income ($7.9) Adjusted EBITDA(1) $32.1 Adj. EBITDA Margin(1) 9.7% Cash from Operations $4.6 Capital Expenditures $5.7 Net Debt(2) $530.0 1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure. 2) Net Debt defined as Total Debt less Cash & Cash Equivalents. 3) New product introductions include OmniTrack®, SkyLink, Hail XPTM, D2STM, APA , and AWM as % of orderbook. $ in millions.
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Q&A 23
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Appendix 24
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1) For the three and nine months ended September 30, 2026, represents $0.7 million and $7.3 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the three and nine months ended September 30, 2025, represents $6.8 million and $11.9 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. We consider this litigation distinct from ordinary course legal matters given the expected magnitude of the expenses, the nature of the allegations in the Company’s complaint, the amount of damages sought, and the impact of the matter underlying the litigation on the Company’s financial results. In the future, we also intend to exclude from our non-GAAP measures the benefit of recovery, if any. We believe excluding expenses from these discrete litigation events provides investors with a better view of the operating performance of our business and allows for comparability through periods. 2) For the three and nine months ended September 30, 2026, represents $0.1 million and $1.2 million of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, including items such as professional fees, relocation, facility set-up and other costs, which relates to costs classified within cost of revenue based on their nature and function. For the three and nine months ended September 30, 2025, represents $0.7 million of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, which primarily consisted of costs classified within general and administrative expenses based on their nature and function. We believe excluding expenses from these events provides investors with a better view of the operating performance of our business and allows for comparability through periods. 3) For the three and nine months ended September 30, 2026, represents $0.1 million and $2.3 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation and for the three and nine months ended September 30, 2026, represents 1.0 million and $6.3 million, respectively, in settlement expenses associated with this litigation. For the three and nine months ended September 30, 2025, represents $0.3 million and $1.2 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation. We consider expenses incurred in connection with these legal matters distinct from normal matters and expenses within the operation of our business. 4) Represents costs incurred in connection with the proposed transaction, primarily consisting of legal, investment banking, accounting, consulting and other professional and advisory fees. We believe these costs are not reflective of our core operations and that excluding them provides a more meaningful view of our ongoing operating performance. Adjusted EBITDA Reconciliations Shoals Technologies Group, Inc. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) (Unaudited) 2026 2025 2026 2025 Net income $ 17,870 $ 11,879 $ 29,711 $ 25,452 Interest expense 3,894 2,832 10,271 7,483 Interest income — (38) (327) (232) Income tax expense 6,218 3,991 9,487 9,405 Depreciation expense 3,174 1,466 8,113 4,296 Amortization of intangibles 1,910 1,909 5,703 5,710 Equity-based compensation 4,096 2,421 11,794 7,675 (Gain) loss on sale of asset 2 7 4 (3,127) Wire insulation shrinkback litigation expenses(1) 711 6,831 7,294 11,906 Plant optimization expenses(2) 115 676 1,232 676 Shareholder litigation expenses(3) 144 261 2,264 1,174 Litigation settlement expense(3) 1,000 — 6,250 — Transaction, integration and restructuring costs(4) 671 — 671 — Adjusted EBITDA $ 39,805 $ 32,235 $ 92,467 $ 70,418 25
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Adjusted Gross Profit Reconciliation 1) Represents acquisition-related fair value adjustments to Property, plant, and equipment. Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Revenue $ 330,212 $ 342,065 $ 393,491 Cost of revenue 260,993 242,461 287,820 Gross profit 69,219 99,604 105,671 Gross margin 21.0% 29.1% 26.9% Amortization of developed technology and backlog 6,144 5,615 4,434 Acquisition-related expenses(1) 41 40 399 Adjusted gross profit 75,404 105,259 110,504 Adjusted gross margin 22.8% 30.8% 28.1% 26
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Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 General and administrative expense $ 58,783 $ 54,325 $ 52,248 Equity-based compensation (2,491) (4,579) (4,647) Acquisition-related expenses(1) (10,471) (5,761) (8,545) Adjusted general and administrative expense $ 45,821 $ 43,985 $ 39,056 Adjusted G&A Reconciliation 1) Represents acquisition-related expenses. 27
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Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 8,197 $ 24,346 $ 1,997 $ (145,746) $ 33,503 Preferred dividends and accretion 16,113 15,908 15,537 15,422 15,144 Net (loss) income to common stockholders $ (7,916) $ 8,438 $ (13,540) $ (161,168) $ 18,359 Other income, net (1,679) (2,215) (2,418) (752) (3,045) Foreign currency (gain) loss, net (39) (529) (161) (16) 6 Preferred dividends and accretion 16,113 15,908 15,537 15,422 15,144 Interest expense 5,810 5,786 5,563 5,482 5,046 Income tax expense (benefit) 1,651 7,377 2,128 (7,074) 9,941 Depreciation expense 3,343 2,728 2,364 2,336 1,537 Amortization of intangibles 5,965 7,371 7,388 7,508 6,199 Amortization of developed technology and backlog 6,144 5,615 5,614 5,807 4,434 Equity-based compensation 2,491 4,579 3,941 4,228 4,647 Change in fair value of contingent consideration (10,293) 2,441 (2,586) (837) 1,014 Goodwill impairment - - - 102,560 - Acquisition-related expenses(1) 10,471 5,761 4,997 5,960 8,912 Inventory valuation charge(2) - - - 29,516 - Other costs(3) - - - 2,267 - Adjusted EBITDA $ 32,061 $ 63,260 $ 28,827 $ 11,239 $ 72,194 Adjusted EBITDA margin 9.7% 18.5% 12.9% 5.0% 18.3% Adjusted EBITDA Reconciliation 1) Represents acquisition-related expenses. 2) Represents inventory valuation charge related to phase-out of STI H250TM inventory that is not SmarTrack® compatible. 3) Represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. 28
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0 3Q26 EARNINGS PRESENTATION 3Q 2026 EARNINGS PRESENTATION November 4, 2026
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1 DISCLAIMER 3Q26 EARNINGS PRESENTATION FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, liquidity and capital resources, business strategies, including with respect to completed or potential strategic transactions, technology or product developments, financing and investment plans, dividend policy, including with respect to our Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”), competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits and the reduction or elimination of certain government incentives, uncertainty relating to the implementation and impacts of tariffs and changes in trade policy, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, the expected benefits of, and our ability to integrate, APA Solar, LLC (“APA”) and Affordable Wire Management, LLC (“AWM”), the amount, timing and form of payment of earnout and deferred consideration payable in connection with our acquisitions of APA and AWM, the expected impact of tax legislation on our cash taxes, the expected sufficiency of our liquidity, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “positioned,” “designed to” or similar expressions and the negatives of those terms. Our actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act (“OBBB”), which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; termination of the Federal Investment Tax Credit for solar facilities placed in service after December 31, 2027 (other than facilities that began construction before July 4, 2026), the foreign entity of concern and material assistance limitations under the OBBB, and related guidance issued by Treasury and the IRS, including with respect to the beginning of construction; our ability to realize the anticipated benefits of 45X advanced manufacturing production tax credits, including the amount, timing and collectability of vendor rebates; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions, including under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974, and the timing and amount of any refunds of tariffs previously paid under the International Emergency Economic Powers Act; the outcome of pending and future antidumping and countervailing duty and anti-circumvention proceedings, the Section 232 investigation of polysilicon and its derivatives, and the U.S. International Trade Commission Section 337 investigation relating to tunnel oxide passivated contact solar cells and modules, and their effect on the cost and availability of modules for our customers’ projects; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea and Strait of Hormuz, conflict in the Middle East (including, but not limited to, the war in Iran), changing trade policies, inflation and interest rates; fluctuations in foreign currency exchange rates, including the Brazilian Real, and the phase-out of tax incentives in Brazil; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, of regulations mandating the use of renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials, including steel and aluminum; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; the development, deployment and commercialization of new products, including DuraTrack D2STM, OmniTrack 2.0, the 60 degree variant of DuraTrack, and our ARRAY AtlasTM suite of foundation-to-tracker solutions; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information and the use of artificial intelligence by cyber threat actors; a failure to maintain an effective system of integrated internal controls over financial reporting, including following the completion of our strategic transactions, which may impair our ability to report our financial results accurately; our substantial indebtedness, including our ability to repay, refinance or settle our convertible notes at or prior to maturity; our ability to pay cash dividends on the Series A Shares, the increases in the dividend rate applicable to the Series A Shares, and the potential issuance of shares of our common stock in respect of any accrued dividends; the amount, timing and form of payment of earnout and deferred consideration payable in connection with our acquisitions of APA and AWM, including any dilution resulting from the issuance of shares of our common stock in satisfaction thereof; risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA and AWM into our existing operations, realize the anticipated benefits or synergies of our strategic transactions and achieve strategic and other objectives relating to our strategic transactions; risks related to any unforeseen liabilities of APA or AWM; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. You should read this presentation with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. NON - GAAP FINANCIAL INFORMATION This presentation includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense, Net Debt, and Free cash flow. We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common stockholders plus (i) other income, net, (ii) gain on extinguishment of debts, net, (iii) foreign currency (gain) loss, net, (iv) preferred dividends and accretion, (v) interest expense, (vi) income tax expense, (vii) depreciation expense, (viii) amortization of intangibles, (ix) amortization of developed technology and backlog, (x) equity-based compensation, (xi) change in fair value of contingent consideration, (xii) certain legal expenses, and (xiii) acquisition-related expenses. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net income as net income (loss) to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) gain on extinguishment of debts, net (v) Series A preferred stock accretion, (vi) equity-based compensation, (vii) change in fair value of contingent consideration, (viii) certain legal expenses, (ix) acquisition-related expenses, and (x) income tax expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, and (iii) acquisition-related expenses. We define Net Debt as total debt less cash and cash equivalents. We define Free cash flow as Net cash provided by operating activities less purchase of property, plant and equipment. A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this presentation. We calculate net income (loss) per common share as net income (loss) to common stockholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per common share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period. We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense, Net Debt, and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense, Net Debt, and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense, Net Debt, and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense, Net Debt, and Free cash flow on a supplemental basis. You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net income (loss) to Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income and Adjusted net income per common share, General and administrative expense to Adjusted general and administrative expense, Net Debt, and Net cash provided by operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business. MARKET AND INDUSTRY DATA This presentation also contains information regarding our market and our industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and we have not independently verified its accuracy or completeness.
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2 3Q26 EARNINGS PRESENTATION ARRAY’S MOMENTUM CONTINUES TO BUILD A leading provider of utility - scale solar tracking, engineered foundation, and wire management solutions STRONG MOMENTUM A global leader advancing the future of clean energy 105 GW trackers delivered globally 5 significant product launches in 2026 ~Half of orderbook is tier-1 utilities, IPPs, and developers 294 total active patents(1), 309 additional pending(1) $2.6 billion record orderbook 1.6x LTM book-to-bill WHY WE WIN • Patented linked-row architecture • Patented passive wind stow technology PROVEN MARKET LEADERSHIP • Long-standing relationships with leading developers and IPPs • High repeat customer activity DEEP CUSTOMER RELATIONSHIPS • Expanding beyond trackers through APA & AWM acquisitions • Increasing share of wallet opportunity PLATFORM EXPANSION 42% YoY orderbook growth (1) Includes APA & AWM
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3 $69.2M GROSS PROFIT (31)% vs 2Q26 21.0% Gross Margin $75.4M ADJUSTED GROSS PROFIT (1) (28)% vs 2Q26 22.8% Adj. Gross Margin(1) 27.8% YTD Adj. Gross Margin(1) 30 bps increase vs YTD25 ( $7.9)M NET LOSS $9.4M ADJUSTED NET INCOME (1) $0.06 ADJUSTED EARNINGS PER SHARE (1) $32.1M ADJUSTED EBITDA (1) (49)% vs 2Q26 9.7% Adj. EBITDA Margin(1) $2.6B ORDERBOOK Fourth Consecutive Record Orderbook +42% growth vs 3Q25 Fifth consecutive quarter >$400M new bookings Trailing twelve-month book-to-bill of 1.6x New products account for nearly 60% of orderbook(2) (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure (2) New product introductions - OmniTrack®, SkyLink, Hail XPTM, D2STM, APA , and AWM as % of orderbook $330.2M REVENUE (3)% vs 2Q26 3% volume growth vs 2Q26 3Q26 EARNINGS PRESENTATION 3Q 2026 FINANCIAL HIGHLIGHTS
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4 3Q26 EARNINGS PRESENTATION 3Q 2026 BUSINESS HIGHLIGHTS OPERATIONAL HIGHLIGHTS PRODUCT HIGHLIGHTS INNOVATE OUR FUTURE . ELEVATE OUR INTERNATIONAL BUSINESS . ADVANCE OUR CUSTOMER - FIRST CULTURE Hosted APA Investor Technology Showcase detailing balance-of-system strategy Launched AtlasTM, expanding product portfolio with suite of foundation-to-tracker solutions exclusive to ARRAY First D2STM order in EMEA, continuing new product development adaption momentum Completed acquisition of Affordable Wire Management, expanding product portfolio and entering BESS and datacenter markets Officially opened our new state-of-the-art manufacturing facility in Albuquerque, NM First 60-degree tracker awards to service high wind and hail regions in the US
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5 3Q26 EARNINGS PRESENTATION COMMERCIAL AND OPERATIONAL EXCELLENCE RECORD ORDERBOOK as of 3Q26 FOURTH CONSECUTIVE QUARTER OF RECORD ORDERBOOK ALBUQUERQUE MANUFACTURING FACILITY 216K sq ft, opened Sept. 2026 (1) New product introductions - OmniTrack®, SkyLink, Hail XPTM, D2STM, APA, and AWM as % of orderbook Expands 45X capture for in-house components vs supplier rebate share Optimizes inventory through production, assembly, warehousing, and logistics $1.9 $2.2 $2.4 $2.5 $2.6 3Q25 4Q25 1Q26 2Q26 3Q26 $2.6B Record orderbook as of 3Q26, +42% YoY >$1.8B New orders 3Q26 TTM; 1.6x book-to-bill ~60% Orderbook from new products introductions(1)
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6 3Q26 EARNINGS PRESENTATION DELIVERING ON OUR BALANCE - OF - SYSTEM STRATEGY Interoperability progresses, providing comprehensive solutions across foundations, trackers and wire management APA & AWM INTEGRATION UPDATE Integration advancing well and progressing ahead of schedule across key operational and commercial functions Increasing collaboration on combined bids and project opportunities Financial reporting and controls, sourcing, and synergy tracking progressing toward full integration Integration plan moved into execution following closing in 3Q 2027 roadmap focused on building an integrated supply-chain operating model Key priorities include supplier diversification, stronger supplier agreements, inventory planning, and logistics optimization INTEROPERABILITY IN PRACTICE EZ PILE ATLASTM II WIRE MANAGEMENT INTEGRATION AWM product with APA-supplied foundations and assembled hooks More efficient supply chain planning and cost optimization APA foundations now feature pre- drilled holes purpose-fit for AWM hooks Faster installation, reduced field labor ~7GW Total Pipeline ~1.6GW in Mid-to-Late-Stage Pipeline
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7 3Q 2026 FINANCIAL RESULTS Financial Highlights 3Q26 Adjusted Gross Margin(1) of 22.8%, (520) bps vs 3Q25, primarily due to a reserve for a 2023 45X receivable (330) bps, domestic input costs, and international mix 3Q26 Adjusted EBITDA(1) of $32.1M, sequentially down 49% vs 2Q26, primarily due to a reserve for a 2023 45X receivable (330) bps, decreased volume leverage and gross margin input costs (1) See Appendix for reconciliation of non-GAAP measures to the closest GAAP measure ($ in millions, except EPS Data) 3Q26 2Q26 3Q25 Revenue $330.2 $342.1 $393.5 Gross margin 21.0% 29.1% 26.9% Net (loss) income to Common Stockholders ($7.9) $8.4 $18.4 Diluted net (loss) income per share ($0.05) $0.05 $0.12 Net cash provided by operating activities $4.6 $121.3 $27.4 Adjusted gross margin(1) 22.8% 30.8% 28.1% Adjusted EBITDA(1) $32.1 $63.3 $72.2 Adjusted EBITDA margin(1) 9.7% 18.5% 18.3% Adjusted net income(1) $9.4 $37.0 $45.8 Adjusted net income per common share(1) $0.06 $0.24 $0.30 Free Cash Flow(1) ($1.1) $113.6 $21.9 3Q26 EARNINGS PRESENTATION
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8 3Q26 EARNINGS PRESENTATION 3Q 2026 LEVERAGE & LIQUIDITY Total available liquidity of over $450M post acquisition of AWM. Net Debt leverage e xpected to rebound following 4Q26 deliveries LIQUIDITY ($ millions) As of September 30, 2026 Cash & Cash Equivalents $143.3 RCF $370.0 Less LC hold(3) ($47.4) Available Liquidity $465.9 (1) Trailing Twelve Months (TTM) Adj EBITDA of $135M as of September 30, 2026 (2) Represents outstanding principals of respective instruments (3) LC hold does not represent a balance sheet commitment and; therefore, is not considered part of net debt; however, LC hold in excess of $50 million will be reflected in covenant test. (4) Net Debt defined as Total Debt less Cash & Cash Equivalents LEVERAGE Corporate Ratings: B1 (stable) / B+ (stable) ($ millions) As of September 30, 2026 Amount xEBITDA(1) Cash & Cash Equivalents $143.3 Revolving Credit Facility (RCF) ($370)(2) $0.0 Total Secured Debt $0.0 NA Net First Lien Leverage ($143.3) Convertible Notes due 2028(2) $325.0 Convertible Notes due 2031(2) $345.0 Other Debt $3.2 Total Debt $673.2 5.0X Net Debt(4) $530.0 3.9X
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9 3Q26 EARNINGS PRESENTATION DEMAND REMAINS STRONG AMID MACRO - DRIVEN PROJECT TIMELINE EXTENSIONS Policy uncertainty and financing conditions are extending project timelines and shifting deliveries into future periods, despite healthy underlying demand KEY RECENT POLICY & MACRO DEVELOPMENTS IMPLICATIONS FOR ARRAY ► Section 232 Polysilicon Tariffs: New 15% tariff and minimum import prices on solar cells and modules creating cost uncertainty(1) ► FCC Foreign Inverter Ban: New restrictions on foreign inverter models requiring developers to reassess equipment sourcing(2) ► Federal Permitting: Additional reviews impacting approximately 30% of the U.S. solar pipeline, extending development timelines(3) ► Interest Rates: Higher financing costs impacting project economics and slowing financial close DEMAND REMAINS STRONG 216 – 240 GWdc U.S. industry utility- scale pipeline already safe-harbored(4) $2.6B ARRAY record orderbook 4Q26 Peak delivery quarter; some project timing shift to 2027 based on delivery availability windows 2027 ~80% of total orderbook and ~70% of domestic tracker orderbook scheduled to deliver over next 6 quarters; 1H’27 expected to deliver slightly over 40% of 2027 revenue ► Macro and policy uncertainty is extending customer project timelines and delaying notices to proceed (NTPs), shifting the timing of ARRAY deliveries (1) Presidential Proclamation 11052, Aug. 6, 2026. (2) FCC Covered List update, Jul. 28, 2026; SolarInsure, Sept. 2026. (3) Wood Mackenzie via pv magazine, Jul. 2026; Senate cloture schedule, Oct. 2026. (4) SEIA/Wood Mackenzie U.S. Solar Market Insight, Q2 2026.
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10 3Q26 EARNINGS PRESENTATION UPDATING 2026 FULL YEAR GUIDANCE FULL YEAR ENDING DECEMBER 31, 2026 PREVIOUS UPDATED Revenue $1.4B - $1.5B $1.34B - $1.4B Adjusted EBITDA(1) $210M - $230M $190M - $210M Adjusted Net Income Per Common Share(1) $0.68 - $0.75 $0.57 - $0.69 (1) A reconciliation of projected adjusted gross profit, adjusted gross margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per common share, adjusted G&A, Net Debt, and free cash flow, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from adjusted EBITDA and adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results. 4Q26 ENDING December 31, 2026 Full-Year 2026 Assumptions: FY Adjusted Gross Margin(1): ~27% (Prior: 27% - 28%) FY Adjusted G&A(1): ~13.25% at mid-point (Prior ~12% of revenue) Free Cash Flow(1) conversion as % of Adjusted EBITDA: Expect some timing shift into Q1’27 with Q4’26 peak (unchanged) Revenue $445M - $505M Includes anticipated contributions from acquisition of AWM, closed Aug. 31, 2026.
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11 11 APPENDIX 3Q26 EARNINGS PRESENTATION
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12 Array Technologies, Inc. As of (in thousands, except per share and share amounts) (Unaudited) September 30, 2026 December 31, 2025 Assets Current Assets Cash and cash equivalents $ 143,280 $ 244,388 Restricted cash - 1,596 Accounts receivable, net 329,456 271,578 Inventories, net 167,494 150,374 Prepaid expenses and other 95,431 201,108 Total current assets 735,661 869,044 Property, plant and equipment, net 67,442 58,225 Lease assets 94,294 97,088 Goodwill 231,765 135,173 Other intangible assets, net 274,638 238,579 Deferred income tax assets 24,980 23,965 Other assets 156,171 29,718 Total assets $ 1,584,951 $ 1,451,792 Liabilities, Redeemable Perpetual Preferred Stock and Stockholders' Equity Current Liabilities Accounts payable $ 199,966 $ 143,994 Accrued expenses 101,533 54,289 Income tax payable - 4,687 Current portion of deferred revenue 108,484 128,433 Current portion of contingent consideration 13,166 14,551 Current portion of warranty liability 10,301 10,844 Current portion of lease liabilities 8,470 7,662 Current portion of debt 3,244 10,315 Other current liabilities 8,826 2,237 Total current liabilities 453,990 377,012 Deferred income tax liabilities 19,479 22,133 Deferred revenue, net of current portion 36,031 16,794 Contingent consideration, net of current portion 18,405 12,739 Warranty liability, net of current portion 6,308 5,466 Lease liabilities, net of current portion 89,117 89,552 Long-term debt, net of current portion 658,550 658,664 Other long-term liabilities 1,450 9,044 Total liabilities 1,283,330 1,191,404 Commitments and contingencies Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 authorized; 400,000 (1) and 490,829 shares issued as of September 30, 2026 and December 31, 2025, respectively; liquidation preference of $510.0 mill ion and $493.1 million at each date, respectively 509,978 466,728 Stockholders' equity Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates - - Common stock of $0.001 par value - 1,000,000,000 shares authorized; 154,269,366 and 152,779,614 shares issued at respective date s 155 152 Additional paid-in capital 189,253 226,848 Accumulated deficit (388,319) (422,859) Accumulated other comprehensive loss (9,446) (10,481) Total stockholders' equity (208,357) (206,340) Total liabilities, redeemable perpetual preferred stock and stockholders' equity $ 1,584,951 $ 1,451,792 3Q26 EARNINGS PRESENTATION CONDENSED CONSOLIDATED BALANCE SHEETS (1) Adjusted to reflect the increase in Liquidation Preference rather than the number of shares.
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13 3Q26 EARNINGS PRESENTATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Array Technologies, Inc. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) (Unaudited) 2026 2025 2026 2025 Revenue $ 330,212 $ 393,491 $ 895,689 $ 1,058,097 Cost of revenue Cost of product and service revenue 254,849 283,386 646,489 767,161 Amortization of developed technology and backlog 6,144 4,434 17,373 11,713 Total cost of revenue 260,993 287,820 663,862 778,874 Gross profit 69,219 105,671 231,827 279,223 Operating expenses General and administrative 58,783 52,248 163,512 141,147 Change in fair value of contingent consideration (10,293) 1,014 (10,438) 1,014 Depreciation and amortization 6,789 6,958 22,939 17,951 Total operating expenses 55,279 60,220 176,013 160,112 Income from operations 13,940 45,451 55,814 119,111 Interest income 2,152 2,977 6,941 10,096 Interest expense (5,810) (5,046) (17,159) (21,849) Foreign currency gain (loss), net 39 (6) 729 2,026 Gain on extinguishment of debts, net - - - 14,207 Other (expense) income, net (473) 68 (629) 12 Total other (expense) income, net (4,092) (2,007) (10,118) 4,492 Income before income tax expense 9,848 43,444 45,696 123,603 Income tax expense 1,651 9,941 11,156 30,092 Net income 8,197 33,503 34,540 93,511 Preferred dividends and accretion 16,113 15,144 47,558 44,375 Net (loss) income to common stockholders $ (7,916) $ 18,359 $ (13,018) $ 49,136 (Loss) income per common share Basic $ (0.05) $ 0.12 $ (0.08) $ 0.32 Diluted $ (0.05) $ 0.12 $ (0.08) $ 0.32 Weighted average number of common shares outstanding Basic 154,014 152,727 153,616 152,465 Diluted 154,014 154,090 153,616 153,350
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14 3Q26 EARNINGS PRESENTATION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Array Technologies, Inc. Nine Months Ended September 30, (in thousands) (Unaudited) 2026 2025 Operating activities Net income $ 34,540 $ 93,511 Adjustments to reconcile net income to cash produced by operating activities: Provision for bad debts 1,269 1,001 Deferred tax expense (1,832) 6,748 Depreciation and amortization 29,159 19,923 Amortization of developed technology and backlog 17,373 11,713 Amortization of debt discount and issuance costs 2,669 4,407 Gain on extinguishment of debts, net - (14,207) Equity-based compensation 11,011 11,343 Change in fair value of contingent consideration (10,438) 1,014 Provision for certain non-trade receivables 10,922 - Warranty provision 9,076 10,290 Inventory reserve 5,204 3,360 Other non-cash 730 (2,017) Changes in operating assets and liabilities (13,207) (88,941) Net cash provided by operating activities 96,476 58,145 Investing activities Purchase of property, plant and equipment (20,844) (14,469) Acquisition, net of cash acquired (160,869) (164,916) Investment in securities (1,000) - Net cash used in investing activities (182,713) (179,412) Financing activities Proceeds from issuance of other debt 58,185 108,659 Proceeds from issuance of convertible notes - 345,000 Premium paid on capped call - (35,087) Fees paid on issuance of convertible notes - (10,434) Repayments of other debt (67,551) (119,181) Repayments of term loan facility - (233,875) Repayments of convertible notes - (78,363) Dividends pain on Series A Redeemable Perpetual Preferred Stock (4,308) - Contingent consideration payments (2,574) (1,204) Other financing (2,040) (1,033) Net cash used in financing activities (18,288) (25,518) Effect of exchange rate changes on cash and cash equivalent balances 1,821 5,747 Net change in cash and cash equivalents and restricted cash (102,704) (141,038) Cash and cash equivalents, and restricted cash beginning of period 245,984 364,141 Cash and cash equivalents and restricted cash, end of period $ 143,280 $ 223,103
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15 3Q26 EARNINGS PRESENTATION ADJUSTED GROSS PROFIT RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Revenue $ 330,212 $ 342,065 $ 393,491 Cost of revenue 260,993 242,461 287,820 Gross profit 69,219 99,604 105,671 Gross margin 21.0% 29.1% 26.9% Amortization of developed technology and backlog 6,144 5,615 4,434 Acquisition-related expenses(a) 41 40 399 Adjusted gross profit 75,404 105,259 110,504 Adjusted gross margin 22.8% 30.8% 28.1% a) Represents acquisition-related fair value adjustments to Property, plant, and equipment.
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16 Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 General and administrative expense $ 58,783 $ 54,325 $ 52,248 Equity-based compensation (2,491) (4,579) (4,647) Acquisition-related expenses(a) (10,471) (5,761) (8,545) Adjusted general and administrative expense $ 45,821 $ 43,985 $ 39,056 a) Represents acquisition-related expenses. 3Q26 EARNINGS PRESENTATION ADJUSTED G&A RECONCILIATION
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17 Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 8,197 $ 24,346 $ 1,997 $ (145,746) $ 33,503 Preferred dividends and accretion 16,113 15,908 15,537 15,422 15,144 Net (loss) income to common stockholders $ (7,916) $ 8,438 $ (13,540) $ (161,168) $ 18,359 Other income, net (1,679) (2,215) (2,418) (752) (3,045) Foreign currency (gain) loss, net (39) (529) (161) (16) 6 Preferred dividends and accretion 16,113 15,908 15,537 15,422 15,144 Interest expense 5,810 5,786 5,563 5,482 5,046 Income tax expense (benefit) 1,651 7,377 2,128 (7,074) 9,941 Depreciation expense 3,343 2,728 2,364 2,336 1,537 Amortization of intangibles 5,965 7,371 7,388 7,508 6,199 Amortization of developed technology and backlog 6,144 5,615 5,614 5,807 4,434 Equity-based compensation 2,491 4,579 3,941 4,228 4,647 Change in fair value of contingent consideration (10,293) 2,441 (2,586) (837) 1,014 Goodwill impairment - - - 102,560 - Acquisition-related expenses(a) 10,471 5,761 4,997 5,960 8,912 Inventory valuation charge(b) - - - 29,516 - Other costs(c) - - - 2,267 - Adjusted EBITDA $ 32,061 $ 63,260 $ 28,827 $ 11,239 $ 72,194 Adjusted EBITDA margin 9.7% 18.5% 12.9% 5.0% 18.3% a) Represents acquisition-related expenses. b) Represents inventory valuation charge related to phase-out of STI H250 TM inventory that is not SmarTrack® compatible. c) Represents $1.2 million organization restructuring and $1.1 million resolution of STI legacy VAT matter. 3Q26 EARNINGS PRESENTATION ADJUSTED EBITDA RECONCILIATION
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18 3Q26 EARNINGS PRESENTATION ADJUSTED NET INCOME RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands, except per share amounts) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net income $ 8,197 $ 24,346 $ 33,503 Preferred dividends and accretion 16,113 15,908 15,144 Net (loss) income to common stockholders $ (7,916) $ 8,438 $ 18,359 Amortization of intangibles 5,965 7,371 6,199 Amortization of developed technology and backlog 6,144 5,615 4,434 Amortization of debt discount and issuance costs 901 892 879 Series A Preferred Stock accretion 8,201 8,032 7,548 Equity-based compensation 2,491 4,579 4,647 Change in fair value of contingent consideration (10,293) 2,441 1,014 Acquisition-related expenses(a) 10,535 5,825 8,944 Income tax expense of adjustments (b) (6,581) (6,145) (6,262) Adjusted net income $ 9,447 $ 37,048 $ 45,762 (Loss) income per common share Basic $ (0.05) $ 0.05 $ 0.12 Diluted $ (0.05) $ 0.05 $ 0.12 Weighted average number of common shares outstanding Basic 154,014 153,866 152,727 Diluted 154,014 155,685 154,090 Adjusted net income per common share Basic $ 0.06 $ 0.24 $ 0.30 Diluted $ 0.06 $ 0.24 $ 0.30 Weighted average number of common shares outstanding Basic 154,014 153,866 152,727 Diluted 155,108 155,685 154,090 a) Represents acquisition-related expenses and fair value adjustments to Property, plant, and equipment. b) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.
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19 3Q26 EARNINGS PRESENTATION FREE CASH FLOW RECONCILIATION Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net cash provided by operating activities $ 4,618 $ 121,279 $ 27,363 Purchase of property, plant and equipment (5,700) (7,633) (5,513) Free cash flow $ (1,082) $ 113,646 $ 21,850
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20 3Q26 EARNINGS PRESENTATION THANK YOU investors@arraytechinc.com