Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Reporting Information, by Segment

The following tables summarize the financial results by segment during the periods presented (in thousands):


	Three months ended June 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	291,886	$	70,357	$	362,243
Less:
Product cost (1)	193,620		53,215		246,835
Amortization of developed technology	3,640		—		3,640
Depreciation	578		34		612
Other costs (2)	10,043		3,989		14,032
Gross profit	84,005		13,119		97,124

Total operating expenses	—		—		(50,748)
Total other income, net	—		—		10,503
Income before income taxes					$	56,879

Segment assets	1,090,094		452,064		1,542,158
Capital expenditures	6,497		134		6,631
Depreciation and amortization	7,024		2,872		9,896
Interest income	3,600		200		3,800
Interest expense	8,021		747		8,768


	Three months ended June 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	185,160	$	70,606	$	255,766
Less:
Product cost (1)	97,575		60,634		158,209
Amortization of developed technology	3,640		—		3,640
Depreciation	368		27		395
Other costs (2)	6,271		1,298		7,569
Gross profit	77,306		8,647		85,953

Total operating expenses	—		—		(46,351)
Total other expense, net	—		—		(6,094)
Income before income taxes					$	33,508

Segment assets	879,073		772,449		1,651,522
Capital expenditures	1,091		1,040		2,131
Depreciation and amortization	6,413		6,558		12,971
Interest income	3,587		1,195		4,782
Interest expense	8,205		409		8,614


	Six months ended June 30, 2025
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	505,100	$	159,506	$	664,606
Less:
Product cost (1)	326,960		129,973		456,933
Amortization of developed technology	7,279		—		7,279
Depreciation	1,128		67		1,195
Other costs (2)	20,047		5,600		25,647
Gross profit	149,686		23,866		173,552

Total operating expenses	—		—		(99,892)
Total other income, net	—		—		6,499
Income before income taxes					$	80,159

Segment assets	1,090,094		452,064		1,542,158
Capital expenditures	8,711		272		8,983
Depreciation and amortization	13,925		5,542		19,467
Interest income	6,647		472		7,119
Interest expense	15,543		1,260		16,803


	Six months ended June 30, 2024
	Array Legacy Operations		STI Operations		Consolidated

Segment revenue	$	299,541	$	109,628	$	409,169
Less:
Product cost (1)	154,154		90,786		244,940
Amortization of developed technology	7,279		—		7,279
Depreciation	878		51		929
Other costs (2)	10,838		4,140		14,978
Gross profit	126,392		14,651		141,043

Total operating expenses	—		—		(93,027)
Total other expense, net	—		—		(11,039)
Income before income taxes					$	36,977

Segment assets	879,073		772,449		1,651,522
Capital expenditures	3,297		1,230		4,527
Depreciation and amortization	13,525		13,210		26,735
Interest income	5,401		3,061		8,462
Interest expense	16,400		1,154		17,554

(1) Includes 45X benefits realized.

(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the three months ended June 30, 2025 and 2024 for Array Legacy Operations was $9.9 million and $6.2 million, respectively. Outbound freight for the six months ended June 30, 2025 and 2024 for Array Legacy Operations was $19.8 million and $10.6 million, respectively.