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Segment Reporting
 9 Months Ended
Sep. 30, 2025
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 (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM is the Chief Executive Officer of the Company.

The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the project’s desired power output. The Company provides the solar tracking system components, which include standard and nonstandard parts. The Company delivers the fully functioning tracker systems for the project sites and provides commissioning services. Although the solar array may use different components and technology depending on the geography and type of system, the Company conducts its operations in the United States (“U.S.”) and internationally, primarily in Spain and Brazil, and is expanding into other international markets through STI Operations.

The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems in the U.S., and STI Operations consists primarily of amounts earned from the design, manufacture and sale of utility-scale solar tracker systems outside of the U.S.

The Company’s CODM assesses the performance of each operating segment by using gross profit. This measure is also predominantly used in the annual budget and forecasting process. The CODM primarily uses the annual operating plan and the monthly financial results for Array Legacy Operations and STI Operations when making decisions about the allocation of operating and capital resources to each segment.

The following tables summarize the financial results by segment during the periods presented (in thousands):
Three months ended September 30, 2025
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$353,374 $40,117 $393,491 
Less:
Product cost (1)
233,575 35,572 269,147 
Amortization of developed technology and backlog
4,434 — 4,434 
Depreciation
845 (67)778 
Other costs (2)
12,393 1,068 13,461 
Gross profit
102,127 3,544 105,671 
Total operating expenses
— — (60,220)
Total other income, net
— — (2,007)
Income before income taxes
$43,444 
Segment assets
1,211,117 400,044 1,611,161 
Capital expenditures
5,211 302 5,513 
Depreciation and amortization
9,209 2,960 12,169 
Interest income
2,866 111 2,977 
Interest expense
4,362 684 5,046 

Three months ended September 30, 2024
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$160,266 $71,140 $231,406 
Less:
Product cost (1)
84,474 56,054 140,528 
Amortization of developed technology and backlog
3,639 — 3,639 
Depreciation
602 — 602 
Other costs (2)
5,825 2,497 8,322 
Gross profit
65,726 12,589 78,315 
Total operating expenses
— — (210,990)
Total other expense, net
— — (4,829)
Income before income taxes
$(137,504)
Segment assets
898,159 664,945 1,563,104 
Capital expenditures
986 91 1,077 
Depreciation and amortization
6,903 6,295 13,198 
Interest income
3,415 808 4,223 
Interest expense
7,734 530 8,264 

Nine months ended September 30, 2025
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$858,474 $199,623 $1,058,097 
Less:
Product cost (1)
560,535 165,545 726,080 
Amortization of developed technology and backlog
11,713 — 11,713 
Depreciation
1,973 — 1,973 
Other costs (2)
32,440 6,668 39,108 
Gross profit
251,813 27,410 279,223 
Total operating expenses
— — (160,112)
Total other income, net
— — 4,492 
Income before income taxes
$123,603 
Segment assets
1,211,117 400,044 1,611,161 
Capital expenditures
13,922 574 14,496 
Depreciation and amortization
23,134 8,502 31,636 
Interest income
9,513 583 10,096 
Interest expense
19,905 1,944 21,849 

Nine months ended September 30, 2024
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$459,807 $180,768 $640,575 
Less:
Product cost (1)
238,628 146,840 385,468 
Amortization of developed technology and backlog
10,918 — 10,918 
Depreciation
1,480 51 1,531 
Other costs (2)
16,663 6,637 23,300 
Gross profit
192,118 27,240 219,358 
Total operating expenses
— — (304,017)
Total other expense, net
— — (15,868)
Income before income taxes
$(100,527)
Segment assets
898,159 664,945 1,563,104 
Capital expenditures
4,283 1,321 5,604 
Depreciation and amortization
20,428 19,505 39,933 
Interest income
8,816 3,869 12,685 
Interest expense
24,134 1,684 25,818 

(1) Includes 45X benefits realized.
(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the three months ended September 30, 2025 and 2024 for Array Legacy Operations was $12.0 million and $5.7 million, respectively. Outbound freight for the nine months ended September 30, 2025 and 2024 for Array Legacy Operations was $31.8 million and $16.4 million, respectively.