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PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"cash":{"value":200702000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"capex":{"value":7511000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"revenue":{"value":223412000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"RevenueFromContractWithCustomerExcludingAssessedTax","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"net_income":{"value":1997000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"NetIncomeLoss","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"period_end":"2026-03-31","eps_diluted":{"value":-0.09,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"EarningsPerShareDiluted","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"fiscal_label":"2026Q1","gross_profit":{"value":63004000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"GrossProfit","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"debt_long_term":{"value":656958000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"LongTermDebtNoncurrent","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"shares_diluted":{"value":152956000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"operating_income":{"value":7109000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-06","concept":"OperatingIncomeLoss","accession":"0001628280-26-031453","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}}},{"cfo":{"value":121279000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-05","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"fcf":{"value":113646000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-05","concept":"NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"cash":{"value":307302000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"capex":{"value":7633000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-05","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"revenue":{"value":342065000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"RevenueFromContractWithCustomerExcludingAssessedTax","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"net_income":{"value":24346000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"NetIncomeLoss","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"period_end":"2026-06-30","eps_diluted":{"value":0.05,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"EarningsPerShareDiluted","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"fiscal_label":"2026Q2","gross_profit":{"value":99604000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"GrossProfit","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"debt_long_term":{"value":657749000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"LongTermDebtNoncurrent","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"shares_diluted":{"value":155685000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}},"operating_income":{"value":34765000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-05","concept":"OperatingIncomeLoss","accession":"0001628280-26-053517","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json","retrieved_at":"2026-09-19T21:33:25+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-19T21:33:25+00:00"},"notes":[],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-5.57,"p50":-0.2,"p90":4.535,"p_up":0.467},"5d":{"p10":-11.342,"p50":-0.644,"p90":10.15,"p_up":0.463},"10d":{"p10":-14.241,"p50":-0.728,"p90":13.079,"p_up":0.433}},"state":"down/below/off/stuck/effort/mid/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"A broader product portfolio can improve project economics, but the underwriting must separate backlog, recognized sales and collected cash. The existing guidance excludes AWM. Strong adjusted EBITDA can coexist with a cash-heavy acquisition, service-linked seller payments and a preferred dividend transitioning to cash.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare pre-AWM execution with guidance, then isolate new AWM sales and costs. Improve confidence when collections fund the expanded portfolio and senior claims; reduce it if Q4 concentration, receivables or purchase obligations require sustained new funding."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1820721/000162828026053517/arry-20260630.htm","title":"August 5 10-Q: accounts, rebates, debt, preferred and APA terms","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1820721/000162828026053342/exhibit9912026q2pressrelea.htm","title":"August 5 results and reconciliations","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1820721/000162828026053342/exhibit9922026q2earnings.htm","title":"August 5 presentation: guidance excludes AWM and Q4 collection timing","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1820721/000119312526306194/d97599dex991.htm","title":"July 16 AWM terms and trailing sales","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1820721/000162828026059584/arry-20260831.htm","title":"August 31 closing cash consideration","retrieved":"2026-09-19"}],"business":{"drivers":["Project delivery, backlog conversion and sales mix","Supplier rebates, acquired products and adjusted-to-GAAP costs","Customer collections, acquisition payments and preferred dividends"],"description":"Array supplies solar trackers, foundations, fixed-tilt systems, software and related equipment. Revenue depends on project delivery and customer construction schedules. APA is already consolidated, while AWM adds wire and cable management from its August 31 acquisition. Supplier rebates and manufacturing credits affect costs. Convertible debt, preferred dividends and acquisition-related payments create cash claims beyond operating profit."},"earnings":{"source":"estimated from 10-Q filed 2026-08-05 plus 90 days","next_report_date":"2026-11-03"},"identity":{"cik":1820721,"sic":"3674","name":"Array Technologies, Inc.","symbol":"ARRY","cluster":"Energy, materials & power","exchange":"Nasdaq"},"research":{"risks":["Project delays, financing and interconnection can defer backlog conversion.","Customer concentration and receivable collection create cash volatility.","Rebate realization, tariffs and incentive changes affect product cost and demand.","AWM acquisition accounting, integration and contingent payments remain uncertain.","APA service payments and earnouts can use cash or dilute equity.","Preferred dividends, redemption economics and convertible debt rank ahead of common equity."],"title":"Backlog conversion after acquisitions and preferred cash claims","question":"Can project delivery and the expanded product portfolio finance cash obligations ahead of common equity?","economics":"H1 sales were $565.477M, adjusted EBITDA $92.087M and GAAP operating income $41.874M. Net income $26.343M became a $5.102M common-stockholder loss after $31.445M preferred dividends/accretion. CFO $91.858M less capex $15.144M gave $76.714M. June cash was $307.302M against $670M convertible principal and a $506.4M preferred liquidation claim. Preferred dividends become cash-only after August 10 absent default accrual. The $1.4B-$1.5B annual sales and $210M-$230M adjusted EBITDA guidance explicitly exclude AWM. AWM closed August 31 for about $165M cash; service-conditioned payments up to $10M and earnouts up to $40M are separate. APA service-linked payments total $40M under employment conditions and are compensation, not purchase price. Vendor-rebate receivables of $142.7M include $91.3M long-term; they are not free cash.","change_note":"First completed pre/post-acquisition model with explicit preferred cash transition, compensation-linked seller payments and rebate collection timing.","checkpoints":[{"event":"Q3 consolidated perimeter","watch":"Check pre-AWM revenue separately from one month of acquired operations.","timing":"Quarter ending September 30","date_status":"estimated"},{"event":"Q4 delivery and Q1 collections","watch":"Compare backlog conversion, contract assets and vendor-rebate cash receipts.","timing":"Year-end 2026 into Q1 2027","date_status":"estimated"},{"event":"Acquisition and preferred claims","watch":"Confirm AWM purchase accounting, APA payment elections and preferred cash declarations.","timing":"Next quarterly filing","date_status":"estimated"}],"countercase":"Record backlog can mask a concentrated delivery schedule and working-capital needs. Vendor rebates can improve margins before cash arrives. Acquisition integration, service payments and preferred dividends can absorb cash that EBITDA appears to generate, while payment in shares shifts the burden to dilution.","limitations":["The August earnings presentation explicitly excludes AWM from guidance. Added AWM revenue and earnings are desk assumptions; July disclosed nearly $60M trailing sales, not a future sales forecast.","AWM closed August 31 for approximately $165M cash subject to settlement. The earlier $153M base price and $203M headline including maximum contingent/service amounts are not three separate cash payments.","AWM purchase accounting is not yet available. Acquired amortization is a provisional scenario, not reported GAAP. Employment-conditioned payments are treated as compensation proxies pending filing confirmation.","APA service-linked payments are compensation, separate from acquisition earnouts. All-cash settlement is a conservative scenario; contracts permit common shares or a combination, which changes dilution and cash needs.","Preferred dividends become cash-only after August 10, 2026 absent default accrual. Forecast uses a $510M liquidation base and quarterly cash allowance; exact declaration, payment dates and redemption economics are not modeled.","45X vendor rebates and own credits reduce product costs and are already inside the margin scenario. Receivables are not counted as incremental revenue or instantly collected cash. No legal eligibility forecast is made.","Backlog is not guaranteed revenue. Q4 delivery concentration shifts some collections into Q1 2027. No full debt, revolver, common EPS, preferred redemption or acquisition accounting model is supplied."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":325000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":582523000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":358040000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":424000000.00000006}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue including modeled post-close AWM ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported H1 amount converted to millions.","label":"H1 revenue","value":565.477,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1820721/000162828026053517/arry-20260630.htm","source_date":"2026-08-05"},{"id":"h1_core_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported H1 amount converted to millions.","label":"H1 core revenue","value":565.477,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1820721/000162828026053517/arry-20260630.htm","source_date":"2026-08-05"},{"id":"h1_awm_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Pre-AWM consolidated perimeter. 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August earnings presentation explicitly excludes AWM from guidance. 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