Segment Reporting (Tables)

9 Months Ended

Sep. 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 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.