Array Technologies’ Revenue Breakdown (2019-2022)

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This statistic highlights Array Technologies’ Revenue Breakdown, split between Over-time revenues and Point in time revenues, reported on a quarterly basis from Q1 2019 onwards.
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This statistic highlights Array Technologies’ Revenue Breakdown, split between Over-time revenues and Point in time revenues, reported on a quarterly basis from Q1 2019 onwards.

Array Technologies is one of the world’s largest producers of ground-mounting systems used in solar energy equipments. The company’s customers are spread across United States and other international regions. It produces and supplies solar tracking systems and related products for these customers. The selling of solar tracking systems and parts produces revenue for Array Technologies. EPCs, utilities, solar developers, and independent power producers are among their clients. They engage into a contract with their clients for each particular solar project that covers, among other things, the pricing, specs, delivery dates, and warranty for the equipment being purchased. Their tracker system and parts’ delivery period can range from a few days to several months. Contracts can be for hundreds of thousands of dollars to tens of millions of dollars.

Array Technologies’ Revenue Breakdown

Revenue Breakdown Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Over-time revenues $112.00 $189.00 $169.00 88%
Point in time revenues $27.10 $13.10 $22.30 12%
Total $139.10 $202.10 $191.30 100%

(All the figures in millions, except percentages)

The company’s revenue growth is dependent on the number of solar energy projects installed each year, as well as the ability of the company to grow its share in each of the geographies where the company competes. The total revenue of Array Technologies has increased from $139.1 million in Q3 2020 to $191.3 million in Q3 2021, marking an increment of 37.5% on a year-on-year basis. However, on a quarter-on-quarter basis, the revenue witnessed a decline from $202.1 million in Q2 2021 to $191.3 million in Q3 2021, declining by 5.34%.

Array technologies has its revenue broken down into two main segments, namely, over-time revenues and point in time revenues. The revenue breakdown of Q3 2021 suggests that Over-time revenues contributed the major share of total revenue, accounting for 88%, whereas Point in time revenues constitutes a meagre 12% of the total share. While over-time revenue was highest in Q2 2021, standing at $189 million, the point in time revenue peaked in Q3 2020, standing at $27.1 million. The total revenue was highest in Q2 2021, which is nearly 10 million more than the latest quarter.

Array Technologies revenue can be further bifurcated into the following segments:

Over-time revenues 

The over-time revenue of the company contributes 88% to the total revenue generated in Q3 2021. The revenue witnessed a rise from $112 million in Q3 2020 to $169 million in Q3 2021, making an increment of 50% on a year-on-year basis. However, on a quarterly basis, the revenue from this segment decreased from $189 million in Q2 2021 to $169 million in Q3 2021, marking a decline of 11%.

Point in time revenues

The point in time revenue of the company contributes 12% to the total revenue generated in Q3 2021. The revenue fell by nearly $5 million, from $27.1 million in Q3 2020 to $22.3 million in Q3 2021, making a decrease of nearly 20% on a year-on-year basis. However, on a quarterly basis, the revenue from this segment witnessed a rise from $13.1 million in Q2 2021 to $22.3 million in Q3 2021, marking an increment of 70.23%.

About Array Technologies

Array Technologies is based in Albuquerque, New Mexico, and its headquarters and primary manufacturing facilities are also located there. Its main product is a single-axis “tracker,” which is an integrated system of steel supports, electric motors, gearboxes, and electronic controls. Trackers rotate solar panels during the day to keep them oriented correctly to the sun, allowing them to produce more electricity. The company distributes its products to EPCs that build solar energy projects as well as large solar developers, independent power producers, and utilities, frequently under master supply agreements or multi-year procurement contracts. EPCs, who build several projects for a variety of end clients, are their biggest customers. They often directly influence or make the decision to use their products. The company’s common stock is traded on the NASDAQ under the ticker “ARRY.”

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