XML 44 R29.htm IDEA: XBRL DOCUMENT
v3.25.4

Segment and Geographic Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information ASC Topic 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 projects 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 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 and delivery of solar arrays in the United States, and STI Operations consists primarily of amounts earned from the design and delivery of solar arrays outside of the United States. APA is a component of the Array Legacy Operations reportable segment. 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):
| Year ended December 31, 2025
| Array Legacy Operations |  | STI Operations |  | Consolidated
Segment revenue | $ | 1,070,478 |  |  | $ | 213,663 |  |  | $ | 1,284,141 |
Less: |  |  |  |  |
Product cost(1) | 704,429 |  |  | 177,833 |  |  | 882,262 |
Inventory valuation charge | — |  |  | 29,516 |  |  | 29,516 |
Amortization of developed technology and backlog | 17,520 |  |  | — |  |  | 17,520 |
Depreciation | 3,569 |  |  | — |  |  | 3,569 |
Other costs(2) | 44,968 |  |  | 7,753 |  |  | 52,721 |
Gross profit | $ | 299,992 |  |  | $ | (1,439) |  |  | $ | 298,553 |
Total operating expenses | — |  |  | — |  |  | (327,548) |
Total other expense, net | — |  |  | — |  |  | (222)
Loss before income taxes |  |  |  |  | $ | (29,217) |
Segment assets | 1,235,937 |  |  | 215,855 |  |  | 1,451,792 |
Capital expenditures | 21,077 |  |  | 895 |  |  | 21,972 |
Depreciation and amortization | 35,846 |  |  | 11,442 |  |  | 47,288 |
Interest income | 10,912 |  |  | 940 |  |  | 11,852 |
Interest expense | 24,996 |  |  | 2,335 |  |  | 27,331 |
| Year ended December 31, 2024
| Array Legacy Operations |  | STI Operations |  | Consolidated
Segment revenue | $ | 661,629 |  |  | $ | 254,178 |  |  | $ | 915,807 |
Less: |  |  |  |  |
Product cost(1) | 353,034 |  |  | 225,517 |  |  | 578,551 |
Amortization of developed technology and backlog | 14,558 |  |  | — |  |  | 14,558 |
Depreciation | 2,045 |  |  | 90 |  |  | 2,135 |
Other costs(2) | 21,961 |  |  | 925 |  |  | 22,886 |
Gross profit | $ | 270,031 |  |  | $ | 27,646 |  |  | $ | 297,677 |
Total operating expenses | — |  |  | — |  |  | (524,682) |
Total other expense, net | — |  |  | — |  |  | (23,571) |
Loss before income taxes |  |  |  |  | $ | (250,576) |
Segment assets | 1,018,487 |  |  | 407,512 |  |  | 1,425,999 |
Capital expenditures | 6,423 |  |  | 882 |  |  | 7,305 |
Depreciation and amortization | 27,303 |  |  | 25,476 |  |  | 52,779 |
Interest income | 12,767 |  |  | 4,010 |  |  | 16,777 |
Interest expense | 32,516 |  |  | 2,309 |  |  | 34,825 |
| Year ended December 31, 2023
| Array Legacy Operations |  | STI Operations |  | Consolidated
Segment revenue | $ | 1,172,827 |  |  | $ | 403,724 |  |  | $ | 1,576,551 |
Less: |  |  |  |  |
Product cost(1) | 805,174 |  |  | 305,778 |  |  | 1,110,952 |
Amortization of developed technology and backlog | 14,558 |  |  | — |  |  | 14,558 |
Depreciation(3) | 1,348 |  |  | — |  |  | 1,348 |
Other costs(2)(3) | 34,142 |  |  | — |  |  | 34,142 |
Gross profit | $ | 317,605 |  |  | $ | 97,946 |  |  | $ | 415,551 |
Total operating expenses | — |  |  | — |  |  | (201,427) |
Total other expense, net | — |  |  | — |  |  | (36,967) |
Income before income taxes |  |  |  |  | $ | 177,157 |
Segment assets | 868,697 |  |  | 838,044 |  |  | 1,706,741 |
Capital expenditures | 15,748 |  |  | 1,241 |  |  | 16,989 |
Depreciation and amortization | 26,840 |  |  | 27,986 |  |  | 54,826 |
Interest income | 3,985 |  |  | 4,345 |  |  | 8,330 |
Interest expense | 40,982 |  |  | 3,247 |  |  | 44,229 |
(1) Includes 45X benefits realized in the amount of $173.6 million, $137.8 million, and $9.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. (2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the years ended December 31, 2025, 2024 and 2023 for Array Legacy Operations was $43.8 million, $21.6 million, and $33.5 million, respectively. (3) Depreciation and Other for STI Operations for the year ended December 31, 2023 is immaterial and included within Product cost. The following table presents revenues by geographic region, based on the customers project location (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
U.S. | $ | 1,041,372 |  |  | $ | 643,481 |  |  | $ | 1,166,160 |
Spain | 141,047 |  |  | 83,742 |  |  | 99,160 |
Brazil | 60,716 |  |  | 135,102 |  |  | 257,872 |
Australia | 23,779 |  |  | 8,708 |  |  | 20,842 |
Remainder | 17,227 |  |  | 44,774 |  |  | 32,517 |
Total revenue | $ | 1,284,141 |  |  | $ | 915,807 |  |  | $ | 1,576,551 |
The following table presents property, plant and equipment, net by geographic region at the end of the period (in thousands):
| December 31,
| 2025 |  | 2024
U.S. | $ | 51,452 |  |  | $ | 20,058 |
Spain | 3,129 |  |  | 2,967 |
Brazil | 156 |  |  | 13 |
Australia | 384 |  |  | 471 |
Remainder | 3,104 |  |  | 2,713 |
Total property, plant and equipment, net | $ | 58,225 |  |  | $ | 26,222 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration