Array Technologies, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
ARRY$4.73-8.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net (loss) income | $(52,235) | $(240,394) | $137,240 |
| Adjustments to net (loss) income: | |||
| Goodwill impairment | 102,560 | 236,000 | — |
| Impairment of long-lived assets | — | 91,904 | — |
| Provision for credit losses | 912 | 2,058 | 2,527 |
| Deferred tax expense (benefit) | 3,195 | (37,650) | (8,862) |
| Depreciation and amortization | 29,768 | 38,221 | 40,268 |
| Amortization of developed technology and backlog | 17,520 | 14,558 | 14,558 |
| Amortization of debt discount and issuance costs | 5,216 | 6,087 | 10,570 |
| Gain on extinguishment of debt, net | (14,207) | — | — |
| Gain on debt refinancing | — | — | (457) |
| Equity-based compensation | 15,571 | 10,349 | 14,540 |
| Change in fair value of contingent consideration | 177 | 125 | 2,964 |
| Warranty provision | 17,273 | 3,163 | 4,666 |
| Inventory reserve | 3,515 | 2,923 | 6,431 |
| Inventory valuation charge | 29,516 | — | — |
| Other non-cash | (2,032) | — | — |
| Changes in operating assets and liabilities, net of business acquisition: | |||
| Accounts receivable | 31,008 | 41,423 | 92,800 |
| Inventories | 52,852 | (44,787) | 66,743 |
| Income tax receivables | (6,849) | (4,112) | 9 |
| Prepaid expenses and other | (25,844) | (69,708) | (10,840) |
| Accounts payable | (35,868) | 58,180 | (37,654) |
| Accrued expenses and other | (54,136) | (436) | 5,325 |
| Income tax payable | (540) | (863) | 1,936 |
| Lease liabilities | 2,202 | (8,624) | 1,177 |
| Deferred revenue | 489 | 55,563 | (111,986) |
| Other operating assets and liabilities | (18,278) | — | — |
| Net cash provided by operating activities | 101,785 | 153,980 | 231,955 |
| Investing activities: | |||
| Purchase of property, plant and equipment | (21,972) | (7,305) | (16,989) |
| Acquisition, net of cash acquired | (164,916) | — | — |
| Retirement/disposal of property, plant and equipment | — | 34 | 168 |
| Cash payments for the acquisition of right-of-use assets | — | (11,276) | — |
Consolidated Statements of Cash Flows(continued)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investment in securities | (1,000) | (3,000) | — |
| Sale of equity investment | — | 11,975 | — |
| Net cash used in investing activities | (187,888) | (9,572) | (16,821) |
| Financing activities: | |||
| Proceeds from issuance of other debt | 151,151 | 93,059 | 63,311 |
| Proceeds from issuance of convertible notes | 345,000 | — | — |
| Premium paid on capped call | (35,087) | — | — |
| Fees paid on issuance of convertible notes | (10,434) | — | — |
| Repayments of other debt | (174,392) | (97,424) | (88,063) |
| Repayments of term loan facility | (233,875) | (4,300) | (74,300) |
| Repayments of convertible notes | (78,363) | — | — |
| Contingent consideration payments | (1,204) | (1,427) | (1,200) |
| Other financing | (849) | (1,752) | (1,509) |
| Net cash used in financing activities | (38,053) | (11,844) | (101,761) |
| Effect of exchange rate changes on cash and cash equivalent balances | 5,999 | (17,503) | 1,806 |
| Net change in cash and cash equivalents | (118,157) | 115,061 | 115,179 |
| Cash and cash equivalents and restricted cash, beginning of period | 364,141 | 249,080 | 133,901 |
| Cash and cash equivalents and restricted cash, end of period | $245,984 | $364,141 | $249,080 |
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