Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

ASC 280 Segment Reporting establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Historically, the Company managed its business on the basis of one operating and reportable segment. Concurrent with the acquisition of STI in January 2022, the Company began operating as two segments; Array Legacy Operations and STI Operations.

The following table provides a reconciliation of certain financial information for the Company’s reportable segments to information presented in its condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Array Legacy Operations	$	160,266	$	244,857	$	459,807	$	895,322
STI Operations	71,140		105,581		180,768		339,614
Total	$	231,406	$	350,438	$	640,575	$	1,234,936
Gross Profit
Array Legacy Operations	$	65,726	$	58,233	$	192,118	$	241,019
STI Operations	12,589		29,146		27,240		90,303
Total	$	78,315	$	87,379	$	219,358	$	331,322