ARRY Array Technologies Inc

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Array Technologies, Inc. (the “Company”), formerly ATI Intermediate Holdings, LLC, is a Delaware corporation formed in December 2018 as a wholly owned subsidiary of ATI Investment Parent, LLC (“Former Parent”). On October 14, 2020, the Company converted from a Delaware limited liability company to a Delaware corporation and changed the Company’s name to Array Technologies, Inc.

Basis of Accounting and Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), pursuant to the rules and regulations of the SEC. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of results for the interim periods reported. The results for the three and six months ended June 30, 2024, are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim periods, or any future year or period. The balance sheet as of December 31, 2023, included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024.

Unless expressly stated or the context otherwise requires, the terms “the Company”, “we”, “us”, “our”, “Array”, and “Array Technologies” refer to Array Technologies, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report.

Reclassifications

Software Implementation Costs

During the first quarter the Company reclassified capitalized software costs recorded as Property, plant and equipment, net to Intangible assets, net on the condensed consolidated balance sheets. The reclassification was recorded retrospectively and resulted in a $4.0 million increase to Intangible assets, net at December 31, 2023, with a corresponding decrease in the same amount to Property, plant and equipment, net.

These reclassifications did not impact the Company’s operating income (loss), net income (loss), earnings (loss) per share, or statements of cash flows for any current or historical periods.

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Amortization of Developed Technology

Beginning in the third quarter of 2023, the Company retrospectively reclassified amounts recorded for amortization of certain acquired intangible assets in prior presentations from Total operating expenses under the caption "Depreciation and amortization" to Total cost of revenue under the caption "Amortization of developed technology" in the condensed consolidated statements of operations. The Company believes this presentation enhances the comparability of the Company’s financial statements to industry peers.

These reclassifications did not impact the Company’s operating income (loss), net income (loss) or earnings (loss) per share for any current or historical periods. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows.

Brazil Value-Added Tax Benefit

Revenue in 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), that has been reclassified and included in cost of revenues for all periods presented. For the six months ended June 30, 2023, the Brazil ICMS value-added tax benefit was $13.2 million, which has been included in cost of sales.

This reclassification had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows.

Divestiture of Investment in Equity Securities

In June 2024, we divested 100% percent of our equity investment in preferred stock of a private company we purchased in 2021. We received $12.0 million in proceeds for the divestiture in July 2024. We recorded a receivable in the amount of $12.0 million included in Prepaid expenses and other on the condensed consolidated balance sheet at June 30, 2024. No gain or loss resulted from this transaction.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.

Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements; however, management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.

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Research and Development

The Company incurs research and development costs during its process of researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our team of internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production. Research and development expense was $1.8 million and $2.3 million during the three months ended June 30, 2024 and 2023, respectively, and $3.7 million and $4.4 million during the six months ended June 30, 2024 and 2023, respectively.

Impact of the Ongoing Russian-Ukraine Conflict

The ongoing Russian-Ukraine conflict has reduced the availability of material that can be sourced in Europe and, as a result, increased logistics costs for the procurement of certain inputs and materials used in our products. We do not know the ultimate severity or duration of the conflict, but we continue to monitor the situation and evaluate our procurement strategy and supply chain as to reduce any negative impact on our business, financial condition, and results of operations.

Impact of Attacks on Shipping in the Red Sea

The disruption of container shipping traffic through the Red Sea has created port congestion, especially in Asia, again temporarily elongating transit times, capacity, and shipping costs for routes connecting the rest of the world with Asia. To address the challenges arising from prolonged transit times, we have increased our local sourcing efforts where feasible within certain regions. These measures are required to ensure we fulfill our delivery commitments to customer projects on time. There is still uncertainly on how long these disruptions and the severity of their impact on our operations will last, but we continue to monitor the situation and evaluate our procurement and supply chain strategies, as to reduce any negative impact on our business, financial condition, and results of operations.

Inflation

Inflationary pressures persist and may continue to negatively impact our results of operations. To mitigate the inflationary pressures on our business, despite our ASPs decreasing due to the current deflationary environment for steel more than offsetting the inflationary environment for aluminum, we have continued to accelerate our productivity initiatives, expanded our supplier base, and continued to execute on our cost containment practices.

Vendor Rebates

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X Advanced Manufacturing Production Tax Credit (“45X Credit”) was established as part of the IRA. The 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to, enter into arrangements with manufacturing vendors that produce 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates”.

The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of revenues on the consolidated statements of

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operations. As of June 30, 2024, the Company had outstanding Vendor Rebates of $68.4 million, of which $45.8 million was included in Prepaid expenses and other and $22.6 million was included in Other assets on the condensed consolidated balance sheets. As of December 31, 2023, the Company had outstanding Vendor Rebates of $48.4 million included in Prepaid expenses and other.

Inflation Reduction Act 45X Credits

The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, as a reduction to production costs. The reduction to production costs, from the 45X Advanced Manufacturing Tax credit, is excluded from federal and state income taxes. The tax credit is included in Prepaid and other assets on the condensed consolidated balance sheet dated June 30, 2024.

During the three months ended June 30, 2024, the Company concluded that certain parts manufactured by the Company qualify for the 45X Advanced Manufacturing Production Credits. As a result, the Company recorded it an immaterial cumulative catch-up for 45X Advanced Manufacturing Production Credits related to torque tubes manufactured by the Company and sold from January 1, 2023 through March 31, 2024.

Foreign Currency Translation

Our foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company does not expect to early adopt this reporting standard and expects no material impacts upon adoption.

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented

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unless it is impracticable. The Company is assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or statements of operations.

In March 2023, the Company adopted ASU 2020-04 and 2022-06, Reference Rate Reform (Topic 848), and amended an existing debt agreement to replace the London Interbank Offered Rate (“LIBOR”) interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight funding rate (“SOFR”) (see Note 7 – Debt). There were no other changes to the agreement. There was no significant impact to the Company’s condensed consolidated financial statements.

Immaterial Correction of 2023 Interim Period Condensed Consolidated Financial Statements

Capped Calls

In connection with the pricing of the Convertible Notes, we entered into capped call transactions with the Option Counterparties. At issuance the Company concluded that the Capped Calls met the criteria for equity classification because they are indexed to the Company’s common stock and the Company has discretion to settle the Capped Calls in shares or cash. As a result, the amount paid for the Capped Calls was recorded as a reduction to additional paid-in capital. When the Company entered into the Capped Calls, the Company executed certain side letters (the “Side Letters”) with the counterparties that replaced some of the terms described in the primary contract including the volatility inputs used to value the Capped Calls under certain circumstances. Upon further evaluation of the accounting during the three months ended March 31, 2023, the Company concluded that the modification to the volatility inputs in the side letters precluded the Capped Calls from being accounted for as an equity instrument indexed to its own stock and should be accounted for as a freestanding derivative instrument asset recognized at fair value, with subsequent changes in fair value recognized in earnings. During the three months ended March 31, 2023, the Company began to account for the Capped Calls as derivative assets, with subsequent changes in fair value being recorded through earnings. During the three months ended December 31, 2023, after consultation with the staff of the Office of the Chief Accountant of the SEC, the Company concluded that the original equity classification accounting treatment was acceptable. As a result, the Company reclassified the derivative asset recognized at June 30, 2023, as a reduction to equity and reversed the related mark to market adjustments recognized during the six months ended June 30, 2023.

Redeemable Perpetual Preferred Stock

At issuance, the Company evaluated the accounting for the instruments issued pursuant to the SPA and determined the Series A Shares and common stock issued in the Initial Closing, as well as the Prepaid Forward Contract, and Put Option are freestanding instruments that are classified in equity. During the first quarter of 2023, the Company reconsidered the provisions of the Put Option and concluded that it should be accounted for as a freestanding derivative instrument asset accounted for at fair value with subsequent fair value adjustments recognized in earnings. During the fourth quarter of 2023, after consultation with the staff of the Office of the Chief Accountant of the SEC, the Company concluded that the original equity accounting classification was correct. As a result, the Company reclassified the derivative asset recognized during the six months ended June 30, 2023, as a reduction of equity and also reversed the related fair value adjustments.

Management evaluated the above misstatements and concluded they were not material to the six months ended June 30, 2023, individually or in aggregate.

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The following tables reflect the effects of the correction on all affected line items of the Company’s previously reported condensed consolidated financial statements to be presented as comparative in the Form 10-Q for the six months ended June 30, 2024:

Condensed Consolidated Statements of Operations (unaudited)

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
(in thousands)			As Previously Reported						Adjustments						As Corrected						As Previously Reported						Adjustments						As Corrected
Change in fair value of derivative assets			$	694					$	(694)					$	—					$	(1,256)					$	1,256					$	—
Total other income (expense)			(9,030)						(694)						(9,724)						(20,480)						1,256						(19,224)
Income (loss) before income tax expense			87,211						(694)						86,517						123,219						1,256						124,475
Income tax expense (benefit)			22,403						(1,051)						21,352						32,279						(2,604)						29,675
Net income			64,808						357						65,165						90,940						3,860						94,800
Net income to common shareholders			52,024						357						52,381						65,672						3,860						69,532
Income per common share
Basic			$	0.34					$	—					$	0.34					$	0.44					$	0.03					$	0.47
Diluted			$	0.34					$	—					$	0.34					$	0.43					$	0.03					$	0.46

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
(in thousands)			As Previously Reported						Adjustments						As Corrected						As Previously Reported						Adjustments						As Corrected
Net income			$	64,808					$	357					$	65,165					$	90,940					$	3,860					$	94,800
Comprehensive income			$	88,720					$	357					$	89,077					$	128,724					$	3,860					$	132,584

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Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (unaudited)

			Three Months Ended June 30, 2023
(in thousands)			Additional Paid-In Capital						Accumulated Deficit						Total Stockholders’ Equity
As Previously Reported
Balance at March 31, 2023			$	426,221					$	(241,338)					$	207,330
Net income			—						64,808						64,808
Balance at June 30, 2023			417,624						(176,530)						287,454
Adjustments
Balance at March 31, 2023			(52,914)						3,503						(49,411)
Net income			—						357						357
As Corrected
Balance at March 31, 2023			373,307						(237,835)						157,919
Net income			—						65,165						65,165
Balance at June 30, 2023			$	364,710					$	(172,670)					$	238,400

			Six Months Ended June 30, 2023
(in thousands)			Additional Paid-In Capital						Accumulated Deficit						Total Stockholders’ Equity
As Previously Reported
Balance at December 31, 2022			$	383,176					$	(267,470)					$	124,281
Correction of the Capped Call and Put Option errors			52,914						—						52,914
Net income			—						90,940						90,940
Balance at June 30, 2023			417,624						(176,530)						287,454
Adjustments
Correction of the Capped Call and Put Option errors			(52,914)						—						(52,914)
Net income			—						3,860						3,860
As Corrected
Balance at December 31, 2022			383,176						(267,470)						124,281
Correction of the Capped Call and Put Option errors			—						—						—
Net income			—						94,800						94,800
Balance at June 30, 2023			$	364,710					$	(172,670)					$	238,400

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Condensed Consolidated Statements of Cash Flows (unaudited)

			Six Months Ended June 30, 2023
(in thousands)			As Previously Reported						Adjustments						As Corrected
Net income			$	90,940					$	3,860					$	94,800
Deferred tax expense (benefit)			816						(2,612)						(1,796)
Change in fair value of derivative assets			1,256						(1,256)						—
Income tax payable			$	9,830					$	8					$	9,838

Inventories consisted of the following (in thousands):

			June 30, 2024						December 31, 2023
Raw materials			$	47,140					$	86,614
Finished goods			118,499						75,350
Inventories			$	165,639					$	161,964

The Company values a portion of its inventory using the moving average cost method that approximates the first-in, first-out method (“FIFO”). As of June 30, 2024, inventory valued using moving average cost and FIFO was $137.1 million and $28.5 million, respectively. As of December 31, 2023, inventory valued using moving average cost and FIFO, was $129.5 million and $32.5 million, respectively.

Property, plant and equipment consisted of the following (in thousands, except useful lives):

			Estimated Useful Lives (Years)						June 30, 2024						December 31, 2023
Land			N/A						$	1,636					$	1,634
Buildings and land improvements			15-39						9,440						9,344
Manufacturing equipment			7						26,539						22,962
Furniture, fixtures and equipment			5-7						4,754						4,770
Vehicles			5						614						688
Hardware			3-5						3,518						3,114
Construction in progress			N/A						2,821						6,199
Total									49,322						48,711
Less: accumulated depreciation									(22,645)						(20,818)
Property, plant and equipment, net									$	26,677					$	27,893

Depreciation expense was $1.1 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively, of which $0.4 million and $0.3 million, respectively, was included in cost of revenue and $0.7 million and $0.3 million, respectively, was included in depreciation and amortization on the accompanying condensed consolidated statements of operations.

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Goodwill

Changes in the carrying amount of goodwill by operating segment during the six months ended June 30, 2024, consisted of the following (in thousands):

			Array Legacy Operations(1)						STI Operations						Total
Beginning balance			$	69,727					$	365,864					$	435,591
Foreign currency translation			—						(33,090)						(33,090)
Ending balance			$	69,727					$	332,774					$	402,501

(1) Goodwill attributable to Array Legacy Operations is net of impairment of $51.9 million.

Each quarter the Company evaluates if facts and circumstances indicate that it is more-likely-than-not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test During our most recent evaluation, the Company noted facts and circumstances around its STI Operations, were indicative that the fair value of the STI reporting unit could be less than its carrying value. Accordingly, with the assistance of a third-party specialist, the Company performed the first step of the goodwill impairment test (“Step One”). Based on the results of the Step One test, the Company concluded there were no indicators of impairment as of June 30, 2024.

The Company concluded there were no indicators of impairment of the Array Legacy Operations operating unit as of June 30, 2024.

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Other Intangible Assets, Net

Other intangible assets consisted of the following (in thousands, except useful lives):

			Estimated Useful Lives (Years)						June 30, 2024						December 31, 2023
Amortizable:
Developed technology			14						$	203,800					$	203,800
Computer software			3						1,452						5,267
Customer relationships			10						313,563						336,134
Backlog			1						49,124						54,438
Trade name			20						25,147						27,061
Total amortizable intangibles									593,086						626,700
Accumulated amortization:
Developed technology									116,183						108,905
Computer software									932						1,274
Customer relationships									126,450						115,444
Backlog									49,124						54,322
Trade name									3,106						2,666
Total accumulated amortization									295,795						282,611
Total amortizable intangibles, net									297,291						344,089
Non-amortizable:
Trade name									10,300						10,300
Total other intangible assets, net									$	307,591					$	354,389

Amortization expense related to intangible assets was $11.8 million and $12.6 million for the three months ended June 30, 2024 and 2023, respectively, of which $3.6 million was included in amortization of developed technology, a component of cost of revenue, in both periods and $8.1 million and $9.0 million, respectively, was included in depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Amortization expense related to intangible assets was $24.7 million and $26.5 million for the six months ended June 30, 2024 and 2023, respectively, of which $7.3 million was included in amortization of developed technology, a component of cost of revenue, in both periods and $17.4 million and $19.2 million, respectively, was included in depreciation and amortization, on the accompanying condensed consolidated statements of operations.

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Estimated future amortization expense of intangible assets as of June 30, 2024, is as follows (in thousands):

			Amount
Remainder of 2024			$	23,928
2025			47,594
2026			42,817
2027			38,300
2028			38,300
Thereafter			106,352
			$	297,291

Long-lived assets, including both amortizable and non-amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset group may not be recoverable.

During the second quarter of 2024, the Company noted facts and circumstances around asset groups at its STI reporting unit were indicative that the fair value could be less than its carrying value. The Company performed a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the STI asset groups to the net carrying value of the STI asset groups as of June 30, 2024. The result of the recoverability test indicated the sum of the expected future undiscounted cash flows was greater than the carrying amount of the asset groups of the STI. Accordingly, we concluded the asset groups of the STI reporting unit were not impaired as of June 30, 2024.

As of June 30, 2024, no events or circumstances were noted that would indicate the carrying amount of any of Legacy Array’s asset groups may not be recoverable.

The Company follows guidance under ASC Topic 740-270 Income Taxes, which requires that an estimated annual effective tax rate is applied to year-to-date ordinary income (loss). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The tax effect of discrete items is recorded in the quarter in which the discrete events occur.

The Company recorded income tax expense of $7.8 million and $21.4 million for the three months ended June 30, 2024 and 2023, respectively, and an expense of $9.1 million and $29.7 million for the six months ended June 30, 2024 and 2023, respectively. The income tax expense for the six months ended June 30, 2024, was impacted by legislation in Brazil which resulted in a local tax incentive no longer being exempt from Federal income tax beginning in 2024. Additionally, tax expense of $0.5 million was recorded discretely related to equity-based compensation. The tax expense for the six months ended June 30, 2023, was unfavorably impacted by higher income reported in non-U.S. jurisdictions, offset by a tax benefit of $1.2 million related to excess equity-based compensation recorded discretely.

For the six months ended June 30, 2024 and 2023, no reserves for uncertain tax positions have been recorded. The Company will continue to monitor this position each interim period.

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The following table summarizes the Company’s total debt (in thousands):

			June 30, 2024						December 31, 2023
Senior Secured Credit Facility:
Term loan facility			$	236,025					$	238,175
Revolving credit facility			—						—
Total secured credit facility			236,025						238,175
Convertible notes			425,000						425,000
Other debt			37,676						39,889
Total principal			698,701						703,064
Unamortized discount and issuance costs, total			(17,958)						(20,644)
Current portion of debt			(29,221)						(21,472)
Total long-term debt, net of current portion			$	651,522					$	660,948

Senior Secured Credit Facility

On October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021 (the “First Amendment”), on February 26, 2021 (the “Second Amendment”) and again on March 2, 2023 (the “Third Amendment”).

Revolving Credit Facility

The Company had no outstanding balance under the Revolving Credit Facility as of both June 30, 2024 and December 31, 2023, $15.9 million and $24.8 million, respectively, in standby letters of credit, and $184.1 million and $175.2 million, respectively, available to withdraw. In accordance with the Third Amendment, the Revolving Credit Facility pays interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (as defined in the Credit Agreement) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%.

Term Loan Facility

The outstanding balance on the Term Loan Facility was $236.0 million and $238.2 million as of June 30, 2024 and December 31, 2023, respectively. The Term Loan Facility is presented in the accompanying condensed consolidated balance sheets, net of debt discount and issuance costs of $9.5 million and $11.3 million as of June 30, 2024 and December 31, 2023, respectively. In accordance with the Third Amendment, the Term Loan Facility pays interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (subject to a floor of 0.50%) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%. The debt discount and issuance costs are being amortized using the effective interest method and the effective interest rate of the Term Loan Facility as of June 30, 2024, was

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10.27%. The Term Loan Facility has an annual excess cash flow calculation, for which the prescribed formula did not result in requiring the Company to make an advance principal payment for the year ended December 31, 2023.

Convertible Notes

On December 3, 2021 and December 9, 2021, the Company completed a $425 million private offering ($375 million and $50 million, respectively), of its 1.00% Convertible Senior Notes due 2028 (the “Convertible Notes”), resulting in proceeds of $413.3 million ($364.7 million and $48.6 million, respectively), after deducting the original issue discount of 2.75%. The Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee.

The Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. The Convertible Notes bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. As of June 30, 2024 and December 31, 2023, the principal balance of the Convertible Notes was $425.0 million with unamortized discount and issuance costs of $8.4 million and $9.4 million, respectively, for a net carrying amount of $416.6 million and $415.6 million, respectively.

The conversion rate for the Convertible Notes was initially 41.9054 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which was equivalent to an initial conversion price of approximately $23.86 per share of common stock or 10.1 million shares of common stock. The Convertible Notes were not convertible during the six months ended June 30, 2024, and none have been converted to date. Also, given that the average market price of the Company’s common stock has not exceeded the exercise price since inception, there was no dilutive impact for the three and six months ended June 30, 2024.

Capped Calls

In connection with the issuances of the Convertible Notes, the Company paid $52.9 million, in aggregate, to enter into capped call option agreements to reduce the potential dilution to holders of the Company’s common stock after a conversion of the Convertible Notes. Specifically, upon the exercise of the capped call instruments issued pursuant to the agreements (the “Capped Calls”), the Company would receive shares of its common stock equal to approximately 17.8 million shares (a) multiplied by (i) the lower of $36.0200 or the then-current market price of its common stock, less (ii) the applicable exercise price, $23.86, and (b) divided by the then-current market price of its common stock. The results of this formula are that the Company would receive more shares as the market price of its common stock exceeds the exercise price and approaches the cap, which was initially, and remains currently, $36.02 per share.

Consequently, if the Convertible Notes are converted, then the number of shares to be issued by the Company would be effectively partially offset by the shares of common stock received by the Company under the Capped Calls as they are exercised. The formula above would be adjusted in the event of certain specified extraordinary events affecting the Company, including: a merger; a tender offer; nationalization, insolvency or delisting of the Company’s common stock; changes in law; failure to deliver; insolvency filing; stock splits, combinations, dividends, repurchases or similar events; or an announcement of certain of the preceding actions.

The Company can also elect to receive the equivalent value of cash in lieu of shares of common stock upon settlement, except in certain circumstances. The Capped Calls expire on December 1, 2028, and terminate

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upon the occurrence of certain extraordinary events such as a merger, tender offer, nationalization, insolvency, delisting, event of default, a change in law, failure to deliver, an announcement of certain of these events, or an early conversion of the Convertible Notes. Although intended to reduce the net number of shares of common stock issued after a conversion of the Convertible Notes, the Capped Calls were separately negotiated transactions, are not a part of the terms of the Convertible Notes, and do not affect the rights of the holders of the Convertible Notes. See Note 2 – Summary of Significant Accounting Policies for information regarding the accounting for the Capped Calls.

Other Debt

Other debt consists of the debt obligations of STI (“Other Debt”). Interest rates on other debt range from 0.4% to 15.17% annually. Of the $37.7 million Other Debt balance, the equivalent of $28.7 million is denominated in Euros and $9.0 million is denominated in Brazilian Real.

Series A Redeemable Perpetual Preferred Stock

The Company entered into a Securities Purchase Agreement (the “SPA”) with certain investors (the “Purchasers”) pursuant to which, on August 11, 2021, the Company issued 350,000 shares of its newly designated Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”) and 7,098,765 shares of the Company’s common stock for an aggregate purchase price of $346.0 million (the “Initial Closing”). Further, pursuant to the SPA, on September 27, 2021, the Company issued and sold to the Purchasers 776,235 shares of common stock for an aggregate purchase price of $776 (the “Prepaid Forward Contract”). The Company used the net proceeds from the initial Closing to repay the $102.0 million outstanding balance under its existing Revolving Credit Facility and prepay $100.0 million of the Company’s Term Loan Facility. The Series A Shares have no maturity date.

The Put Option included in the SPA required the Purchasers to purchase up to an additional 150,000 shares of Series A Shares and up to 3,375,000 shares of common stock (or up to 6,100,000 shares of common stock in the event of certain price-related adjustments) until June 30, 2023, subject to certain equitable adjustments pursuant to any stock dividend, stock split, stock combination, reclassification or similar transaction, for an aggregate purchase price up to $148.0 million (the “Delayed Draw Commitment” or the “Put Option”). The Put Option expired effective June 30, 2023.

On January 7, 2022, pursuant to the Put Option, the Company issued and sold to the Purchasers 50,000 shares of Series A Shares and 1,125,000 shares of the Company’s common stock in an additional closing for an aggregate purchase price of $49.4 million (the “Additional Closing”).

The Company has classified the Series A Shares as temporary equity and is accreting the carrying amount to its full redemption amount from the date of issuance to the earliest redemption date using the effective interest method. Such accretion totaled $13.5 million and $12.4 million for the six months ended June 30, 2024 and 2023, respectively.

Dividends

On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Shares either in (i) cash at the then-applicable Cash Regular Dividend Rate (as defined below), (ii) through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate of 6.25% (the “Permitted Accrued

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Dividends”), or (iii) a combination thereof. Following the fifth anniversary of the Initial Closing, dividends are payable only in cash. To the extent the Company does not declare such dividends and pay in cash following the fifth anniversary of the Initial Closing, the dividends accrue to the Liquidation Preference (“Default Accrued Dividends”) at the then-applicable Cash Regular Dividend Rate plus 200 basis points. In the event there are Default Accrued Dividends outstanding for six consecutive quarters, the Company, at the option of the holders of the Series A Shares, will pay 100% of the amount of Default Accrued Dividends by delivering to such holder a number of shares of the Company’s common stock equal to the quotient of (i) the amount of Default Accrued Dividends divided by (ii) 95% of the 30-day VWAP of the Company’s common stock (“Non-Cash Dividend”).

The “Cash Regular Dividend Rate” of the Series A Shares means (i) initially, 5.75% per annum on the Liquidation Preference and (ii) increased by (a) 50 basis points on each of the fifth, sixth and seventh anniversaries of the Initial Closing and (b) 100 basis points on each of the eighth, ninth and tenth anniversaries of the Initial Closing. The “Accrued Regular Dividend Rate” on the Series A Shares means 6.25% per annum on the Liquidation Preference.

As used herein, “Liquidation Preference” means, with respect to the Series A Shares, the initial liquidation preference of $1,000 per share, plus accrued dividends of such share at the time of the determination.

During the six months ended June 30, 2024, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25% totaling $13.8 million. As of June 30, 2024, total accrued and unpaid dividends were $46.5 million.

The Series A Shares have similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, the discount on Series A Shares is considered an unstated dividend cost that is amortized over the period preceding commencement of the perpetual dividend using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the Series A Shares by a corresponding amount. Accordingly, the discount is amortized over five years using the effective yield method.

Fees

During the three months ended June 30, 2023, the Company paid the Purchasers a per annum cash commitment fee totaling $1.5 million on the unpurchased portion of the Put Option. The Put Option expired effective June 30, 2023.

The Company disaggregates its revenue from contracts with customers by sales recorded over time and sales recorded at a point in time. The following table presents the Company’s disaggregated revenues (in thousands):    

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Over-time revenue			$	209,598					$	417,448					$	333,934					$	703,759
Point in time revenue			46,168						90,277						75,235						180,739
Total revenue			$	255,766					$	507,725					$	409,169					$	884,498

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Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (“contract assets”), and deferred revenue (“contract liabilities”) on the condensed consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses, in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings.

Contract assets consisting of unbilled receivables are recorded within accounts receivable, net on the condensed consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands):

			June 30, 2024						December 31, 2023
Unbilled receivables			$	78,505					$	102,603

The Company also receives advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities recorded within Deferred revenue. The changes in contract liabilities relate to advanced orders and payments received by the Company.

Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands):

			June 30, 2024						December 31, 2023
Deferred revenue			$	90,982					$	66,488

During the six months ended June 30, 2024, the Company converted $30.5 million in deferred revenue to revenue, which represented 45.8% of the prior year’s deferred revenue balance.

Bill-and-Hold Arrangements

Revenue recognized for the Company’s federal investment tax credit (“ITC”) contracts and standalone system component sales is recorded at a point in time and recognized when obligations under the terms of the contract with the Company’s customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is typically upon delivery to the customer in line with shipping terms.

In certain situations, the Company recognizes revenue under a bill-and-hold arrangement with its customers. An example of such a situation is when customers purchase material prior to the start of construction of a solar project in order to meet the Five Percent Safe Harbor test to qualify for the ITC. Because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in its custody. All bill-and-hold inventory is bundled or palletized in the Company’s warehouses, separately identified as not belonging to the Company and ready for immediate transport to the customer project upon request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer.

During the three and six months ended June 30, 2023, the Company recognized $3.5 million and $22.8 million, respectively, in revenue from one customer for the sale of goods and services under bill-and-hold arrangements. During the three and six months ended June 30, 2024, the Company recognized $0.0 and $1.9

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million, respectively, in revenue from one customer for the sale of goods and services under bill-and-hold arrangements.

Remaining Performance Obligations

The following table sets forth the computation of basic and diluted (loss) income per share (in thousands, except per share amounts):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net income			$	25,698					$	65,165					$	27,863					$	94,800
Less: preferred dividends and accretion			13,749						12,784						27,251						25,268
Net income to common shareholders			$	11,949					$	52,381					$	612					$	69,532
Basic:
Weighted average shares			151,797						150,919						151,574						150,763
(Loss) income per share			$	0.08					$	0.34					$	—					$	0.47
Diluted:
Effect of restricted stock and performance awards			410						1,210						596						1,207
Weighted average shares			152,207						152,129						152,170						151,970
Income per share			$	0.08					$	0.34					$	—					$	0.46

Potentially dilutive common shares issuable pursuant to equity-based awards of 479,623 and 473,074 were not included for the three and six months ended June 30, 2024, respectively, as their potential impact was anti-dilutive. Common shares issuable pursuant to equity-based awards of 52,609 and 57,263 were excluded from the Company’s diluted EPS calculation for the three and six months ended June 30, 2023, respectively, as their potential impact was anti-dilutive.

There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the six months ended June 30, 2024 and 2023, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.

Legal Proceedings

The Company, in the normal course of business, is subject to claims and litigation. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss.

On May 14, 2021, a putative class action was filed in the U.S. District Court for the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of

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the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933 (“Plymouth Action”). The complaint alleges misstatements and/or omissions in the Company’s registration statements and prospectuses related to the Company’s October 2020 initial public offering (“IPO”), the Company’s December 2020 offering, and the Company’s March 2021 offering during the putative class period of October 14, 2020 through May 11, 2021. A consolidated amended class action complaint was filed on December 7, 2021, with additional allegations regarding misstatements and/or omissions in: (1) in the Company’s Annual Report on Form 10-K and associated press release announcing results for the fourth quarter and full fiscal year 2020; and (2) in the Company’s November 5, 2020, and March 9, 2021, earnings calls.

On June 30, 2021, a substantially similar second putative class action was filed in the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Exchange Act of 1933 (“Keippel Action”), which was consolidated with the Plymouth Action.

All Defendants in the Plymouth Action, including the Company, moved to dismiss the consolidated amended complaint. On May 19, 2023, the Court granted the Company’s motion to dismiss and, on July 5, 2023, denied a request from the Plymouth Action plaintiffs for leave to amend the consolidated amended complaint and dismissed the Plymouth Action in its entirety with prejudice.

On August 4, 2023, the lead plaintiffs filed a notice of appeal of the Court’s dismissal of the consolidated amended complaint to the U.S. Court of Appeals for the Second Circuit. After full briefing, the Court of Appeals heard oral argument on June 26, 2024 and the case is pending decision by the Court.

On July 16, 2021, a verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 for misleading proxy statements, (2) breach of fiduciary duty, (3) unjust enrichment, (4) abuse of control, (5) gross mismanagement, (6) corporate waste, (7) aiding and abetting breach of fiduciary duty, and (8) contribution under sections 10(b) and 21D of the Securities Exchange Act of 1934. On July 30, 2021, a second verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty.

On August 24, 2021, the Southern District of New York derivative actions were consolidated and the Court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action.

On August 3, 2022, a verified derivative complaint was filed in the Court of Chancery of the State of Delaware against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty and (2) unjust enrichment. On August 11, 2022, a second verified derivative complaint was filed against certain officers and directors of the Company Court of Chancery, asserting claims for: (1) breach of fiduciary duty; (2) aiding and abetting breaches of fiduciary duty; (3) waste of corporate assets; (4) unjust enrichment; (5) insider selling; and (6) aiding and abetting insider selling.

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On September 2, 2022, the Chancery Court derivative cases were consolidated and the Court appointed co-lead counsel. The consolidated cases have been stayed pending the outcome of the appeal of the Plymouth Action.

At this time the Company believes that the likelihood of any material loss related to these matters is remote given the preliminary stage of the claims and strength of the Company’s defenses. The Company has not recorded any material loss contingency in the condensed consolidated balance sheets as of June 30, 2024.

Commercial Supplier Settlement

During March 2024, the Company reached a settlement with one of its vendors, in which the Company received $4.0 million in the form of a one-time $2.6 million cash payment due immediately, and $1.4 million in credits with the vendor which can be applied by the Company to future orders from the respective vendor. If the Company does not utilize all of the credits by January 2026, it will receive a one-time cash payment from the vendor for the remaining unused credit balance. As of March 31, 2024, the Company recognized $4.0 million in Prepaid and other expenses, net on the condensed consolidated balance sheet and for the three months ended March 31, 2024, a $4.0 million reduction to Cost of revenue on the condensed consolidated statement of operations.

The Company is party to various other legal proceedings, claims, governmental and/or regulatory inspections, inquiries and investigations arising out of the ordinary course of its business. The Company believes that, there are no other proceedings or claims pending against it, the ultimate resolution of which could have a material adverse effect on its financial condition or results of operations. In all cases, at each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies (ASC 450). Legal costs are expensed as incurred. It is possible that future results for any particular quarter or annual period may be materially affected by changes in our assumption or the effectiveness of the Company’s strategies relating to these proceedings.

Contingent Consideration

Tax Receivable Agreement

Concurrent with the Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC on July 8, 2016, the Company’s operating subsidiary, Array Tech, Inc. (f/k/a Array Technologies, Inc.), entered into a Tax Receivable Agreement (the “TRA”) with the former majority shareholder of Array. The TRA is valued based on the future expected payments under the agreement. The TRA provides for the payment by Array Tech, Inc., to the former owners for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Array Tech, Inc., from the use of certain deductions generated by the increase in the tax value of the developed technology. The TRA is accounted for as contingent consideration and subsequent changes in fair value of the contingent liability are recognized in contingent consideration on the condensed consolidated statements of operations. As of June 30, 2024 and December 31, 2023, the fair value of the TRA was $8.7 million and $10.4 million, respectively.

Estimating the amount of payments that may be made under the TRA is by nature imprecise. The significant fair value inputs used to estimate the future expected TRA payments to the former owners include the timing of tax payments, a discount rate, book income projections, timing of expected adjustments to calculate taxable income and the projected rate of use for attributes defined in the TRA.

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Payments made under the TRA consider tax positions taken by the Company and are due within 125 days following the filing of the Company’s U.S. federal and state income tax returns under procedures described in the agreement. The current portion of the TRA liability is based on tax returns. The TRA will continue until all tax benefit payments have been made or the Company elects early termination under the terms described in the TRA.

The following table summarizes the activity related to the estimated TRA liability (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Beginning balance			$	8,201					$	8,724					$	10,363					$	8,586
Payments			—						—						(1,427)						(1,200)
Fair value adjustment			503						705						(232)						2,043
Ending balance			$	8,704					$	9,429					$	8,704					$	9,429

The TRA liability requires significant judgment and is classified as Level 3 in the fair value hierarchy.

Surety Bonds

As of June 30, 2024, the Company posted surety bonds in the total amount of $197.8 million. The Company is required to provide surety bonds to various parties as required for certain transactions initiated during the ordinary course of business to guarantee the Company’s performance in accordance with contractual or legal obligations. These off-balance sheet arrangements do not adversely impact the Company’s liquidity or capital resources.

The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands):

			June 30, 2024												December 31, 2023
			Carrying Value						Fair Value						Carrying Value						Fair Value
Convertible Notes			$	416,573					$	343,719					$	415,632					$	416,500

The fair value of the Convertible Notes is estimated using Level 2 inputs, as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

The fair value of the Term Loan Facility and Other Debt is estimated using Level 2 inputs. The carrying values of the Term Loan Facility outstanding under the Senior Secured Credit facility recorded in the condensed consolidated balance sheets approximate fair value due to the variable nature of the interest rates.

Other Debt with an aggregate carrying value of $37.7 million, consists only of variable rate obligations. The carrying value of these variable rate obligations approximate fair value due to the variable nature of the interest rates.

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2020 Equity Incentive Plan

On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. The 2020 Plan authorized 6,683,919 new shares, subject to adjustments pursuant to the 2020 Plan.

Restricted Stock Units

Pursuant to the 2020 Plan, the Company grants restricted stock units (“RSUs”) to employees and members of the Company’s board of directors. The fair value of the RSUs is determined using the market value of the Company’s common stock on the grant date.

RSU activity under the 2020 Plan during the six months ended June 30, 2024, was as follows:

			Number of Shares						Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2023			1,670,509						$	15.44
Shares granted			1,104,000						12.19
Shares vested			(681,353)						15.49
Shares forfeited			(141,562)						15.11
Outstanding non-vested, June 30, 2024			1,951,594						$	13.57

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Performance Stock Units

The Company has granted performance stock units (“PSUs”) to certain employees. The PSUs cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return (“TSR”) compared to a certain index which modifies the number of PSUs that vest. The PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the six months ended June 30, 2024 and 2023:

			2024						2023
Volatility			79		%				90		%
Risk-free interest rate			4.62		%				3.74		%
Dividend yield			—		%				—		%

PSU activity under the 2020 Plan during the six months ended June 30, 2024, was as follows:

			Number of Shares						Weighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2023			692,473						$	14.54
Shares granted			586,316						11.74
Shares vested			—						—
Shares forfeited			(128,399)						21.53
Outstanding non-vested, June 30, 2024			1,150,390						$	12.80

For three months ended June 30, 2024 and 2023, the Company recognized $0.8 million and $5.2 million, respectively, in equity-based compensation costs. For six months ended June 30, 2024 and 2023, the Company recognized $4.8 million and $8.6 million, respectively, in equity-based compensation costs. At June 30, 2024, the Company had $26.7 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over 2.2 years each.

Deferred Compensation Plan

On May 21, 2024, the Human Capital Committee (the “Committee”) of the Board of Directors (the “Board”) of Array Technologies, Inc. adopted the Array Tech, Inc. Deferred Compensation Plan (the “Plan”). The Plan is a non-qualified deferred compensation plan intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Participation in the Plan is voluntary and is currently available to U.S. employees of the Company and its subsidiaries at the level of Vice President and above.

The Plan allows participants to defer up to 50% of their base salary and/or up to 100% of their cash incentive compensation. There is no maximum dollar limit on the amount that may be deferred by a participant in any year.

In addition, the Company will make a matching contribution to the Plan in respect of cash compensation that could not be recognized under the Company’s 401(k) plan due to the Code Section 401(a)(17) compensation limit ($0.3 million for 2024). The Plan matching contribution will be equal to the matching contribution for the Company’s 401(k) plan for the applicable year. Under the terms of the Plan, the Company may also provide discretionary contributions to participants annually as determined by the Committee. The participants are 100%

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vested in the amount they defer, and any Company contributions will vest fully on the second anniversary of the date on which the Company contribution was made.

Compensation deferred pursuant to the Plan, along with any Company contributions to the Plan, may be invested by participants in various investment fund vehicles, which mirror the investment fund vehicles offered to participants as part of the Company’s 401(k) plan.

Compensation deferred pursuant to the Plan will be distributed in accordance with elections made by the participant. Participants may elect to receive distributions upon a separation from service or a specified date in the form of a lump sum payment or annual installment payments for up to ten years, for distributions following a separation from service, or five years, for distributions upon a specified date. Compensation deferred pursuant to the Plan may also be distributed in the form of a lump sum benefit in the event of the participant’s death, disability, or unforeseeable emergency that results in “severe financial hardship,” as contemplated by Section 409A of the Code.

The Plan does not require the Company to establish any trust, escrow account, or other mechanism to hold the participant deferrals and Company contributions. The obligations of the Company under the Plan are general unsecured obligations.

The Company may amend the Plan at any time, except that no such amendment or termination may adversely affect a participant’s right with respect to the amount of the participant’s accounts as of the date of such amendment or termination. The Company may terminate the Plan at any time, in accordance with the requirements of Section 409A of the Code, and pay the participants their vested amounts in a single lump sum or on a schedule determined by the Committee.

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 in deciding how to allocate resources and in assessing performance. Historically, the Company managed its business on the basis of one operating and reportable segment. Concurrent with the acquisition of STI in January 2022, the Company began operating as two segments; Array Legacy Operations and STI Operations.

The following table provides a reconciliation of certain financial information for the Company’s reportable segments to information presented in its condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Revenue
Array Legacy Operations			$	185,160					$	345,261					$	299,541					$	650,465
STI Operations			70,606						162,464						109,628						234,033
Total			$	255,766					$	507,725					$	409,169					$	884,498
Gross Profit
Array Legacy Operations			$	77,306					$	102,950					$	126,392					$	182,785
STI Operations			8,647						43,452						14,651						61,157
Total			$	85,953					$	146,402					$	141,043					$	243,942

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v3.24.2.u1

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39613
Entity Registrant Name	ARRAY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2747826
Entity Address, Address Line One	3901 Midway Place NE
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87109
City Area Code	(505)
Local Phone Number	881-7567
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	ARRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		151,926,428
Entity Central Index Key	0001820721
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2.u1

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 282,320	$ 249,080
Accounts receivable, net of allowance of $4,911 and $3,824, respectively	309,719	332,152
Inventories	165,639	161,964
Prepaid expenses and other	91,259	89,085
Total current assets	848,937	832,281
Property, plant and equipment, net	26,677	27,893
Goodwill	402,501	435,591
Other intangible assets, net	307,591	354,389
Deferred income tax assets	13,369	15,870
Other assets	52,447	40,717
Total assets	1,651,522	1,706,741
Current liabilities
Accounts payable	112,489	119,498
Accrued expenses and other	57,265	70,211
Accrued warranty reserve	1,639	2,790
Income tax payable	3,368	5,754
Deferred revenue	90,982	66,488
Current portion of contingent consideration	1,918	1,427
Current portion of debt	29,221	21,472
Other current liabilities	40,697	48,051
Total current liabilities	337,579	335,691
Deferred income tax liabilities	54,512	66,858
Contingent consideration, net of current portion	6,786	8,936
Other long-term liabilities	18,613	20,428
Long-term warranty	4,035	3,372
Long-term debt, net of current portion	651,522	660,948
Total liabilities	1,073,047	1,096,233
Commitments and contingencies (Note 11)
Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 446,541 and 432,759 shares issued as of June 30, 2024 and December 31, 2023, respectively; liquidation preference of $493.1 million at both dates	378,512	351,260
Stockholders’ equity
Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates	0	0
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 151,875,097 and 151,242,120 shares issued at respective dates	151	151
Additional paid-in capital	320,379	344,517
Accumulated deficit	(102,367)	(130,230)
Accumulated other comprehensive income	(18,200)	44,810
Total stockholders’ equity	199,963	259,248
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity	$ 1,651,522	$ 1,706,741

v3.24.2.u1

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 4,911	$ 3,824
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	500,000,000	500,000,000
Temporary equity, shares issued (in shares)	446,541,000	432,759,000
Temporary equity, liquidation preference	$ 493,100	$ 493,100
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,500,000	4,500,000
Preferred Stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	151,875,097	151,242,120

v3.24.2.u1

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 255,766	$ 507,725	$ 409,169	$ 884,498
Cost of revenue
Cost of product and service revenue	166,173	357,683	260,847	633,277
Amortization of developed technology	3,640	3,640	7,279	7,279
Total cost of revenue	169,813	361,323	268,126	640,556
Gross profit	85,953	146,402	141,043	243,942
Operating expenses
General and administrative	36,971	40,250	74,755	78,392
Change in fair value of contingent consideration	503	705	(232)	2,043
Depreciation and amortization	8,877	9,206	18,504	19,808
Total operating expenses	46,351	50,161	93,027	100,243
Income from operations	39,602	96,241	48,016	143,699
Other expense, net
Other (loss) income, net	(1,794)	125	(980)	319
Interest income	4,782	1,468	8,462	2,699
Foreign currency (loss) gain, net	(468)	260	(967)	66
Interest expense	(8,614)	(11,577)	(17,554)	(22,308)
Total other expense, net	(6,094)	(9,724)	(11,039)	(19,224)
Income before income tax expense	33,508	86,517	36,977	124,475
Income tax expense	7,810	21,352	9,114	29,675
Net income	25,698	65,165	27,863	94,800
Preferred dividends and accretion	13,749	12,784	27,251	25,268
Net income to common shareholders, basic	11,949	52,381	612	69,532
Net income to common shareholders, diluted	$ 11,949	$ 52,381	$ 612	$ 69,532
Income per common share
Basic (in dollars per share)	$ 0.08	$ 0.34	$ 0.00	$ 0.47
Diluted (in dollars per share)	$ 0.08	$ 0.34	$ 0.00	$ 0.46
Weighted average number of common shares outstanding
Basic (in shares)	151,797	150,919	151,574	150,763
Diluted (in shares)	152,207	152,129	152,170	151,970

v3.24.2.u1

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 25,698	$ 65,165	$ 27,863	$ 94,800
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Foreign currency translation	[1]	(43,768)	23,912	(63,010)	37,784
Comprehensive (loss) income		$ (18,070)	$ 89,077	$ (35,147)	$ 132,584
[1] There are no tax effects on foreign currency adjustments.

v3.24.2.u1

Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders' Equity (unaudited) - USD ($) $ in Thousands		Total		Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Temporary equity, beginning balance (in shares) at Dec. 31, 2022		406,000
Temporary equity, beginning balance at Dec. 31, 2022		$ 299,570
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred cumulative dividends plus accretion (in shares)		13,000
Preferred cumulative dividends plus accretion		$ 25,268
Temporary equity, ending balance (in shares) at Jun. 30, 2023		419,000
Temporary equity, ending balance at Jun. 30, 2023		$ 324,838
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022				150,513,000
Stockholders' equity, beginning balance at Dec. 31, 2022		124,281		$ 150	$ 383,176	$ (267,470)	$ 8,425
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				536,000
Equity-based compensation		8,311		$ 1	8,310
Preferred cumulative dividends plus accretion		(26,776)			(26,776)
Net income		94,800			0	94,800
Foreign currency translation		37,784	[1]				37,784
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023				151,049,000
Stockholders' equity, ending balance at Jun. 30, 2023		$ 238,400		$ 151	364,710	(172,670)	46,209
Temporary equity, beginning balance (in shares) at Mar. 31, 2023		413,000
Temporary equity, beginning balance at Mar. 31, 2023		$ 312,054
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred cumulative dividends plus accretion (in shares)		6,000
Preferred cumulative dividends plus accretion		$ 12,784
Temporary equity, ending balance (in shares) at Jun. 30, 2023		419,000
Temporary equity, ending balance at Jun. 30, 2023		$ 324,838
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023				150,823,000
Stockholders' equity, beginning balance at Mar. 31, 2023		157,919		$ 150	373,307	(237,835)	22,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				226,000
Equity-based compensation		4,945		$ 1	4,944
Preferred cumulative dividends plus accretion		(13,541)			(13,541)
Net income		65,165			0	65,165
Foreign currency translation	[1]	23,912
Other comprehensive income		23,912					23,912
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023				151,049,000
Stockholders' equity, ending balance at Jun. 30, 2023		$ 238,400		$ 151	364,710	(172,670)	46,209
Temporary equity, beginning balance (in shares) at Dec. 31, 2023		432,000
Temporary equity, beginning balance at Dec. 31, 2023		$ 351,260
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred cumulative dividends plus accretion (in shares)		14,000
Preferred cumulative dividends plus accretion		$ 27,252
Temporary equity, ending balance (in shares) at Jun. 30, 2024		446,000
Temporary equity, ending balance at Jun. 30, 2024		$ 378,512
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		151,242,120		151,242,000
Stockholders' equity, beginning balance at Dec. 31, 2023		$ 259,248		$ 151	344,517	(130,230)	44,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				633,000
Equity-based compensation		4,836			4,836
Tax withholding related to vesting of equity-based compensation		(1,722)			(1,722)
Preferred cumulative dividends plus accretion		(27,252)			(27,252)
Net income		27,863				27,863
Foreign currency translation		$ (63,010)	[1]				(63,010)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024		151,875,097		151,875,000
Stockholders' equity, ending balance at Jun. 30, 2024		$ 199,963		$ 151	320,379	(102,367)	(18,200)
Temporary equity, beginning balance (in shares) at Mar. 31, 2024		439,000
Temporary equity, beginning balance at Mar. 31, 2024		$ 364,762
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred cumulative dividends plus accretion (in shares)		7,000
Preferred cumulative dividends plus accretion		$ 13,750
Temporary equity, ending balance (in shares) at Jun. 30, 2024		446,000
Temporary equity, ending balance at Jun. 30, 2024		$ 378,512
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024				151,727,000
Stockholders' equity, beginning balance at Mar. 31, 2024		231,224		$ 151	333,570	(128,065)	25,568
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				148,000
Equity-based compensation		559			559
Preferred cumulative dividends plus accretion		(13,750)			(13,750)
Net income		25,698				25,698
Foreign currency translation		$ (43,768)	[1]				(43,768)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024		151,875,097		151,875,000
Stockholders' equity, ending balance at Jun. 30, 2024		$ 199,963		$ 151	$ 320,379	$ (102,367)	$ (18,200)
[1] There are no tax effects on foreign currency adjustments.

v3.24.2.u1

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 27,863	$ 94,800
Adjustments to net income:
Provision for bad debts	1,696	(141)
Deferred tax benefit	(3,501)	(1,796)
Depreciation and amortization	19,456	20,413
Amortization of developed technology	7,279	7,279
Amortization of debt discount and issuance costs	3,101	4,998
Equity-based compensation	4,836	8,311
Change in fair value of contingent consideration	(232)	2,043
Warranty provision	(61)	479
Write-down of inventories	1,227	3,458
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	(1,379)	(81,039)
Inventories	(7,207)	22,844
Income tax receivables	(1,313)	3,220
Prepaid expenses and other	(3,453)	(3,292)
Accounts payable	(2,932)	30,542
Accrued expenses and other	(15,172)	7,097
Income tax payable	(2,684)	9,838
Lease liabilities	(3,135)	1,414
Deferred revenue	27,070	(64,112)
Net cash provided by operating activities	51,459	66,356
Investing activities
Purchase of property, plant and equipment	(4,527)	(9,424)
Retirement/disposal of property, plant and equipment	39	0
Net cash used in investing activities	(4,488)	(9,424)
Financing activities
Series A equity issuance costs	0	(1,508)
Tax withholding related to vesting of equity-based compensation	(580)	0
Proceeds from issuance of other debt	12,684	23,801
Principal payments on other debt	(12,671)	(38,257)
Principal payments on term loan facility	(2,150)	(22,150)
Contingent consideration payments	(1,427)	(1,200)
Net cash used in financing activities	(4,144)	(39,314)
Effect of exchange rate changes on cash and cash equivalent balances	(9,587)	4,447
Net change in cash and cash equivalents	33,240	22,065
Cash and cash equivalents, beginning of period	249,080	133,901
Cash and cash equivalents, end of period	282,320	155,966
Supplemental cash flow information
Cash paid for interest	17,819	15,880
Cash paid for income taxes (net of refunds)	17,001	18,484
Non-cash investing and financing activities
Dividends accrued on Series A Preferred	$ 13,782	$ 12,871

v3.24.2.u1

Organization, Business and Out-of-Period Adjustments	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business and Out-of-Period Adjustments	Organization, Business and Out-of-Period Adjustments Array Technologies, Inc. (the “Company”), formerly ATI Intermediate Holdings, LLC, is a Delaware corporation formed in December 2018 as a wholly owned subsidiary of ATI Investment Parent, LLC (“Former Parent”). On October 14, 2020, the Company converted from a Delaware limited liability company to a Delaware corporation and changed the Company’s name to Array Technologies, Inc. Headquartered in Albuquerque, New Mexico, the Company is a leading global manufacturer and supplier of utility-scale solar tracking systems and technologies.

v3.24.2.u1

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting and Presentation The accompanying unaudited condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), pursuant to the rules and regulations of the SEC. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of results for the interim periods reported. The results for the three and six months ended June 30, 2024, are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim periods, or any future year or period. The balance sheet as of December 31, 2023, included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024. Unless expressly stated or the context otherwise requires, the terms “the Company”, “we”, “us”, “our”, “Array”, and “Array Technologies” refer to Array Technologies, Inc. and its consolidated subsidiaries, and the term “condensed consolidated financial statements” refers to the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report. Reclassifications Software Implementation Costs During the first quarter the Company reclassified capitalized software costs recorded as Property, plant and equipment, net to Intangible assets, net on the condensed consolidated balance sheets. The reclassification was recorded retrospectively and resulted in a $4.0 million increase to Intangible assets, net at December 31, 2023, with a corresponding decrease in the same amount to Property, plant and equipment, net. These reclassifications did not impact the Company’s operating income (loss), net income (loss), earnings (loss) per share, or statements of cash flows for any current or historical periods. Amortization of Developed Technology Beginning in the third quarter of 2023, the Company retrospectively reclassified amounts recorded for amortization of certain acquired intangible assets in prior presentations from Total operating expenses under the caption "Depreciation and amortization" to Total cost of revenue under the caption "Amortization of developed technology" in the condensed consolidated statements of operations. The Company believes this presentation enhances the comparability of the Company’s financial statements to industry peers. These reclassifications did not impact the Company’s operating income (loss), net income (loss) or earnings (loss) per share for any current or historical periods. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows. Brazil Value-Added Tax Benefit Revenue in 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), that has been reclassified and included in cost of revenues for all periods presented. For the six months ended June 30, 2023, the Brazil ICMS value-added tax benefit was $13.2 million, which has been included in cost of sales. This reclassification had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows. Divestiture of Investment in Equity Securities In June 2024, we divested 100% percent of our equity investment in preferred stock of a private company we purchased in 2021. We received $12.0 million in proceeds for the divestiture in July 2024. We recorded a receivable in the amount of $12.0 million included in Prepaid expenses and other on the condensed consolidated balance sheet at June 30, 2024. No gain or loss resulted from this transaction. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements; however, management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Research and Development The Company incurs research and development costs during its process of researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our team of internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production. Research and development expense was $1.8 million and $2.3 million during the three months ended June 30, 2024 and 2023, respectively, and $3.7 million and $4.4 million during the six months ended June 30, 2024 and 2023, respectively. Impact of the Ongoing Russian-Ukraine Conflict The ongoing Russian-Ukraine conflict has reduced the availability of material that can be sourced in Europe and, as a result, increased logistics costs for the procurement of certain inputs and materials used in our products. We do not know the ultimate severity or duration of the conflict, but we continue to monitor the situation and evaluate our procurement strategy and supply chain as to reduce any negative impact on our business, financial condition, and results of operations. Impact of Attacks on Shipping in the Red Sea The disruption of container shipping traffic through the Red Sea has created port congestion, especially in Asia, again temporarily elongating transit times, capacity, and shipping costs for routes connecting the rest of the world with Asia. To address the challenges arising from prolonged transit times, we have increased our local sourcing efforts where feasible within certain regions. These measures are required to ensure we fulfill our delivery commitments to customer projects on time. There is still uncertainly on how long these disruptions and the severity of their impact on our operations will last, but we continue to monitor the situation and evaluate our procurement and supply chain strategies, as to reduce any negative impact on our business, financial condition, and results of operations. Inflation Inflationary pressures persist and may continue to negatively impact our results of operations. To mitigate the inflationary pressures on our business, despite our ASPs decreasing due to the current deflationary environment for steel more than offsetting the inflationary environment for aluminum, we have continued to accelerate our productivity initiatives, expanded our supplier base, and continued to execute on our cost containment practices. Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X Advanced Manufacturing Production Tax Credit (“45X Credit”) was established as part of the IRA. The 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to, enter into arrangements with manufacturing vendors that produce 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates”. The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of revenues on the consolidated statements of operations. As of June 30, 2024, the Company had outstanding Vendor Rebates of $68.4 million, of which $45.8 million was included in Prepaid expenses and other and $22.6 million was included in Other assets on the condensed consolidated balance sheets. As of December 31, 2023, the Company had outstanding Vendor Rebates of $48.4 million included in Prepaid expenses and other. Inflation Reduction Act 45X Credits The Company accounts for the 45X Advanced Manufacturing Production Credit established by the IRA, under IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, as a reduction to production costs. The reduction to production costs, from the 45X Advanced Manufacturing Tax credit, is excluded from federal and state income taxes. The tax credit is included in Prepaid and other assets on the condensed consolidated balance sheet dated June 30, 2024. During the three months ended June 30, 2024, the Company concluded that certain parts manufactured by the Company qualify for the 45X Advanced Manufacturing Production Credits. As a result, the Company recorded it an immaterial cumulative catch-up for 45X Advanced Manufacturing Production Credits related to torque tubes manufactured by the Company and sold from January 1, 2023 through March 31, 2024. Foreign Currency Translation Our foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company does not expect to early adopt this reporting standard and expects no material impacts upon adoption. In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable. The Company is assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or statements of operations. In March 2023, the Company adopted ASU 2020-04 and 2022-06, Reference Rate Reform (Topic 848), and amended an existing debt agreement to replace the London Interbank Offered Rate (“LIBOR”) interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight funding rate (“SOFR”) (see Note 7 – Debt). There were no other changes to the agreement. There was no significant impact to the Company’s condensed consolidated financial statements. Immaterial Correction of 2023 Interim Period Condensed Consolidated Financial Statements Capped Calls In connection with the pricing of the Convertible Notes, we entered into capped call transactions with the Option Counterparties. At issuance the Company concluded that the Capped Calls met the criteria for equity classification because they are indexed to the Company’s common stock and the Company has discretion to settle the Capped Calls in shares or cash. As a result, the amount paid for the Capped Calls was recorded as a reduction to additional paid-in capital. When the Company entered into the Capped Calls, the Company executed certain side letters (the “Side Letters”) with the counterparties that replaced some of the terms described in the primary contract including the volatility inputs used to value the Capped Calls under certain circumstances. Upon further evaluation of the accounting during the three months ended March 31, 2023, the Company concluded that the modification to the volatility inputs in the side letters precluded the Capped Calls from being accounted for as an equity instrument indexed to its own stock and should be accounted for as a freestanding derivative instrument asset recognized at fair value, with subsequent changes in fair value recognized in earnings. During the three months ended March 31, 2023, the Company began to account for the Capped Calls as derivative assets, with subsequent changes in fair value being recorded through earnings. During the three months ended December 31, 2023, after consultation with the staff of the Office of the Chief Accountant of the SEC, the Company concluded that the original equity classification accounting treatment was acceptable. As a result, the Company reclassified the derivative asset recognized at June 30, 2023, as a reduction to equity and reversed the related mark to market adjustments recognized during the six months ended June 30, 2023. Redeemable Perpetual Preferred Stock At issuance, the Company evaluated the accounting for the instruments issued pursuant to the SPA and determined the Series A Shares and common stock issued in the Initial Closing, as well as the Prepaid Forward Contract, and Put Option are freestanding instruments that are classified in equity. During the first quarter of 2023, the Company reconsidered the provisions of the Put Option and concluded that it should be accounted for as a freestanding derivative instrument asset accounted for at fair value with subsequent fair value adjustments recognized in earnings. During the fourth quarter of 2023, after consultation with the staff of the Office of the Chief Accountant of the SEC, the Company concluded that the original equity accounting classification was correct. As a result, the Company reclassified the derivative asset recognized during the six months ended June 30, 2023, as a reduction of equity and also reversed the related fair value adjustments. Management evaluated the above misstatements and concluded they were not material to the six months ended June 30, 2023, individually or in aggregate. The following tables reflect the effects of the correction on all affected line items of the Company’s previously reported condensed consolidated financial statements to be presented as comparative in the Form 10-Q for the six months ended June 30, 2024: Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in thousands) As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Change in fair value of derivative assets $ 694  $ (694) $ —  $ (1,256) $ 1,256  $ —  Total other income (expense) (9,030) (694) (9,724) (20,480) 1,256  (19,224) Income (loss) before income tax expense 87,211  (694) 86,517  123,219  1,256  124,475  Income tax expense (benefit) 22,403  (1,051) 21,352  32,279  (2,604) 29,675  Net income 64,808  357  65,165  90,940  3,860  94,800  Net income to common shareholders 52,024  357  52,381  65,672  3,860  69,532  Income per common share Basic $ 0.34  $ —  $ 0.34  $ 0.44  $ 0.03  $ 0.47  Diluted $ 0.34  $ —  $ 0.34  $ 0.43  $ 0.03  $ 0.46  Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in thousands) As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net income $ 64,808  $ 357  $ 65,165  $ 90,940  $ 3,860  $ 94,800  Comprehensive income $ 88,720  $ 357  $ 89,077  $ 128,724  $ 3,860  $ 132,584  Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (unaudited) Three Months Ended June 30, 2023 (in thousands) Additional Paid-In Capital Accumulated Deficit Total Stockholders’ Equity As Previously Reported Balance at March 31, 2023 $ 426,221  $ (241,338) $ 207,330  Net income —  64,808  64,808  Balance at June 30, 2023 417,624  (176,530) 287,454  Adjustments Balance at March 31, 2023 (52,914) 3,503  (49,411) Net income —  357  357  As Corrected Balance at March 31, 2023 373,307  (237,835) 157,919  Net income —  65,165  65,165  Balance at June 30, 2023 $ 364,710  $ (172,670) $ 238,400  Six Months Ended June 30, 2023 (in thousands) Additional Paid-In Capital Accumulated Deficit Total Stockholders’ Equity As Previously Reported Balance at December 31, 2022 $ 383,176  $ (267,470) $ 124,281  Correction of the Capped Call and Put Option errors 52,914  —  52,914  Net income —  90,940  90,940  Balance at June 30, 2023 417,624  (176,530) 287,454  Adjustments Correction of the Capped Call and Put Option errors (52,914) —  (52,914) Net income —  3,860  3,860  As Corrected Balance at December 31, 2022 383,176  (267,470) 124,281  Correction of the Capped Call and Put Option errors —  —  —  Net income —  94,800  94,800  Balance at June 30, 2023 $ 364,710  $ (172,670) $ 238,400  Condensed Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2023 (in thousands) As Previously Reported Adjustments As Corrected Net income $ 90,940  $ 3,860  $ 94,800  Deferred tax expense (benefit) 816  (2,612) (1,796) Change in fair value of derivative assets 1,256  (1,256) —  Income tax payable $ 9,830  $ 8  $ 9,838

v3.24.2.u1

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 47,140  $ 86,614  Finished goods 118,499  75,350  Inventories $ 165,639  $ 161,964  The Company values a portion of its inventory using the moving average cost method that approximates the first-in, first-out method (“FIFO”). As of June 30, 2024, inventory valued using moving average cost and FIFO was $137.1 million and $28.5 million, respectively. As of December 31, 2023, inventory valued using moving average cost and FIFO, was $129.5 million and $32.5 million, respectively.

v3.24.2.u1

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years) June 30, 2024 December 31, 2023 Land N/A $ 1,636  $ 1,634  Buildings and land improvements 15-39 9,440  9,344  Manufacturing equipment 7 26,539  22,962  Furniture, fixtures and equipment 5-7 4,754  4,770  Vehicles 5 614  688  Hardware 3-5 3,518  3,114  Construction in progress N/A 2,821  6,199  Total 49,322  48,711  Less: accumulated depreciation (22,645) (20,818) Property, plant and equipment, net $ 26,677  $ 27,893  Depreciation expense was $1.1 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively, of which $0.4 million and $0.3 million, respectively, was included in cost of revenue and $0.7 million and $0.3 million, respectively, was included in depreciation and amortization on the accompanying condensed consolidated statements of operations. Depreciation expense was $2.0 million and $1.2 million for the six months ended June 30, 2024 and 2023, respectively, of which $0.9 million and $0.6 million, respectively, was included in cost of revenue and $1.1 million and $0.6 million, respectively, was included in depreciation and amortization on the accompanying condensed consolidated statements of operations.

v3.24.2.u1

Goodwill and Other Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net Goodwill Changes in the carrying amount of goodwill by operating segment during the six months ended June 30, 2024, consisted of the following (in thousands): Array Legacy Operations(1) STI Operations Total Beginning balance $ 69,727  $ 365,864  $ 435,591  Foreign currency translation —  (33,090) (33,090) Ending balance $ 69,727  $ 332,774  $ 402,501  (1) Goodwill attributable to Array Legacy Operations is net of impairment of $51.9 million. Each quarter the Company evaluates if facts and circumstances indicate that it is more-likely-than-not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test During our most recent evaluation, the Company noted facts and circumstances around its STI Operations, were indicative that the fair value of the STI reporting unit could be less than its carrying value. Accordingly, with the assistance of a third-party specialist, the Company performed the first step of the goodwill impairment test (“Step One”). Based on the results of the Step One test, the Company concluded there were no indicators of impairment as of June 30, 2024. The Company concluded there were no indicators of impairment of the Array Legacy Operations operating unit as of June 30, 2024. Other Intangible Assets, Net Other intangible assets consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years) June 30, 2024 December 31, 2023 Amortizable: Developed technology 14 $ 203,800  $ 203,800  Computer software 3 1,452  5,267  Customer relationships 10 313,563  336,134  Backlog 1 49,124  54,438  Trade name 20 25,147  27,061  Total amortizable intangibles 593,086  626,700  Accumulated amortization: Developed technology 116,183  108,905  Computer software 932  1,274  Customer relationships 126,450  115,444  Backlog 49,124  54,322  Trade name 3,106  2,666  Total accumulated amortization 295,795  282,611  Total amortizable intangibles, net 297,291  344,089  Non-amortizable: Trade name 10,300  10,300  Total other intangible assets, net $ 307,591  $ 354,389  Amortization expense related to intangible assets was $11.8 million and $12.6 million for the three months ended June 30, 2024 and 2023, respectively, of which $3.6 million was included in amortization of developed technology, a component of cost of revenue, in both periods and $8.1 million and $9.0 million, respectively, was included in depreciation and amortization, on the accompanying condensed consolidated statements of operations. Amortization expense related to intangible assets was $24.7 million and $26.5 million for the six months ended June 30, 2024 and 2023, respectively, of which $7.3 million was included in amortization of developed technology, a component of cost of revenue, in both periods and $17.4 million and $19.2 million, respectively, was included in depreciation and amortization, on the accompanying condensed consolidated statements of operations. Estimated future amortization expense of intangible assets as of June 30, 2024, is as follows (in thousands): Amount Remainder of 2024 $ 23,928  2025 47,594  2026 42,817  2027 38,300  2028 38,300  Thereafter 106,352  $ 297,291  Long-lived assets, including both amortizable and non-amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset group may not be recoverable. During the second quarter of 2024, the Company noted facts and circumstances around asset groups at its STI reporting unit were indicative that the fair value could be less than its carrying value. The Company performed a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the STI asset groups to the net carrying value of the STI asset groups as of June 30, 2024. The result of the recoverability test indicated the sum of the expected future undiscounted cash flows was greater than the carrying amount of the asset groups of the STI. Accordingly, we concluded the asset groups of the STI reporting unit were not impaired as of June 30, 2024. As of June 30, 2024, no events or circumstances were noted that would indicate the carrying amount of any of Legacy Array’s asset groups may not be recoverable.

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company follows guidance under ASC Topic 740-270 Income Taxes, which requires that an estimated annual effective tax rate is applied to year-to-date ordinary income (loss). At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. The Company recorded income tax expense of $7.8 million and $21.4 million for the three months ended June 30, 2024 and 2023, respectively, and an expense of $9.1 million and $29.7 million for the six months ended June 30, 2024 and 2023, respectively. The income tax expense for the six months ended June 30, 2024, was impacted by legislation in Brazil which resulted in a local tax incentive no longer being exempt from Federal income tax beginning in 2024. Additionally, tax expense of $0.5 million was recorded discretely related to equity-based compensation. The tax expense for the six months ended June 30, 2023, was unfavorably impacted by higher income reported in non-U.S. jurisdictions, offset by a tax benefit of $1.2 million related to excess equity-based compensation recorded discretely. For the six months ended June 30, 2024 and 2023, no reserves for uncertain tax positions have been recorded. The Company will continue to monitor this position each interim period.

v3.24.2.u1

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s total debt (in thousands): June 30, 2024 December 31, 2023 Senior Secured Credit Facility: Term loan facility $ 236,025  $ 238,175  Revolving credit facility —  —  Total secured credit facility 236,025  238,175  Convertible notes 425,000  425,000  Other debt 37,676  39,889  Total principal 698,701  703,064  Unamortized discount and issuance costs, total (17,958) (20,644) Current portion of debt (29,221) (21,472) Total long-term debt, net of current portion $ 651,522  $ 660,948  Senior Secured Credit Facility On October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021 (the “First Amendment”), on February 26, 2021 (the “Second Amendment”) and again on March 2, 2023 (the “Third Amendment”). Revolving Credit Facility The Company had no outstanding balance under the Revolving Credit Facility as of both June 30, 2024 and December 31, 2023, $15.9 million and $24.8 million, respectively, in standby letters of credit, and $184.1 million and $175.2 million, respectively, available to withdraw. In accordance with the Third Amendment, the Revolving Credit Facility pays interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (as defined in the Credit Agreement) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%. Term Loan Facility The outstanding balance on the Term Loan Facility was $236.0 million and $238.2 million as of June 30, 2024 and December 31, 2023, respectively. The Term Loan Facility is presented in the accompanying condensed consolidated balance sheets, net of debt discount and issuance costs of $9.5 million and $11.3 million as of June 30, 2024 and December 31, 2023, respectively. In accordance with the Third Amendment, the Term Loan Facility pays interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (subject to a floor of 0.50%) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%. The debt discount and issuance costs are being amortized using the effective interest method and the effective interest rate of the Term Loan Facility as of June 30, 2024, was 10.27%. The Term Loan Facility has an annual excess cash flow calculation, for which the prescribed formula did not result in requiring the Company to make an advance principal payment for the year ended December 31, 2023. Convertible Notes On December 3, 2021 and December 9, 2021, the Company completed a $425 million private offering ($375 million and $50 million, respectively), of its 1.00% Convertible Senior Notes due 2028 (the “Convertible Notes”), resulting in proceeds of $413.3 million ($364.7 million and $48.6 million, respectively), after deducting the original issue discount of 2.75%. The Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee. The Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. The Convertible Notes bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. As of June 30, 2024 and December 31, 2023, the principal balance of the Convertible Notes was $425.0 million with unamortized discount and issuance costs of $8.4 million and $9.4 million, respectively, for a net carrying amount of $416.6 million and $415.6 million, respectively. The conversion rate for the Convertible Notes was initially 41.9054 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which was equivalent to an initial conversion price of approximately $23.86 per share of common stock or 10.1 million shares of common stock. The Convertible Notes were not convertible during the six months ended June 30, 2024, and none have been converted to date. Also, given that the average market price of the Company’s common stock has not exceeded the exercise price since inception, there was no dilutive impact for the three and six months ended June 30, 2024. Capped Calls In connection with the issuances of the Convertible Notes, the Company paid $52.9 million, in aggregate, to enter into capped call option agreements to reduce the potential dilution to holders of the Company’s common stock after a conversion of the Convertible Notes. Specifically, upon the exercise of the capped call instruments issued pursuant to the agreements (the “Capped Calls”), the Company would receive shares of its common stock equal to approximately 17.8 million shares (a) multiplied by (i) the lower of $36.0200 or the then-current market price of its common stock, less (ii) the applicable exercise price, $23.86, and (b) divided by the then-current market price of its common stock. The results of this formula are that the Company would receive more shares as the market price of its common stock exceeds the exercise price and approaches the cap, which was initially, and remains currently, $36.02 per share. Consequently, if the Convertible Notes are converted, then the number of shares to be issued by the Company would be effectively partially offset by the shares of common stock received by the Company under the Capped Calls as they are exercised. The formula above would be adjusted in the event of certain specified extraordinary events affecting the Company, including: a merger; a tender offer; nationalization, insolvency or delisting of the Company’s common stock; changes in law; failure to deliver; insolvency filing; stock splits, combinations, dividends, repurchases or similar events; or an announcement of certain of the preceding actions. The Company can also elect to receive the equivalent value of cash in lieu of shares of common stock upon settlement, except in certain circumstances. The Capped Calls expire on December 1, 2028, and terminate upon the occurrence of certain extraordinary events such as a merger, tender offer, nationalization, insolvency, delisting, event of default, a change in law, failure to deliver, an announcement of certain of these events, or an early conversion of the Convertible Notes. Although intended to reduce the net number of shares of common stock issued after a conversion of the Convertible Notes, the Capped Calls were separately negotiated transactions, are not a part of the terms of the Convertible Notes, and do not affect the rights of the holders of the Convertible Notes. See Note 2 – Summary of Significant Accounting Policies for information regarding the accounting for the Capped Calls. Other Debt Other debt consists of the debt obligations of STI (“Other Debt”). Interest rates on other debt range from 0.4% to 15.17% annually. Of the $37.7 million Other Debt balance, the equivalent of $28.7 million is denominated in Euros and $9.0 million is denominated in Brazilian Real.

v3.24.2.u1

Redeemable Perpetual Preferred Stock	6 Months Ended
	Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Redeemable Perpetual Preferred Stock	Redeemable Perpetual Preferred Stock Series A Redeemable Perpetual Preferred Stock The Company entered into a Securities Purchase Agreement (the “SPA”) with certain investors (the “Purchasers”) pursuant to which, on August 11, 2021, the Company issued 350,000 shares of its newly designated Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”) and 7,098,765 shares of the Company’s common stock for an aggregate purchase price of $346.0 million (the “Initial Closing”). Further, pursuant to the SPA, on September 27, 2021, the Company issued and sold to the Purchasers 776,235 shares of common stock for an aggregate purchase price of $776 (the “Prepaid Forward Contract”). The Company used the net proceeds from the initial Closing to repay the $102.0 million outstanding balance under its existing Revolving Credit Facility and prepay $100.0 million of the Company’s Term Loan Facility. The Series A Shares have no maturity date. The Put Option included in the SPA required the Purchasers to purchase up to an additional 150,000 shares of Series A Shares and up to 3,375,000 shares of common stock (or up to 6,100,000 shares of common stock in the event of certain price-related adjustments) until June 30, 2023, subject to certain equitable adjustments pursuant to any stock dividend, stock split, stock combination, reclassification or similar transaction, for an aggregate purchase price up to $148.0 million (the “Delayed Draw Commitment” or the “Put Option”). The Put Option expired effective June 30, 2023. On January 7, 2022, pursuant to the Put Option, the Company issued and sold to the Purchasers 50,000 shares of Series A Shares and 1,125,000 shares of the Company’s common stock in an additional closing for an aggregate purchase price of $49.4 million (the “Additional Closing”). The Company has classified the Series A Shares as temporary equity and is accreting the carrying amount to its full redemption amount from the date of issuance to the earliest redemption date using the effective interest method. Such accretion totaled $13.5 million and $12.4 million for the six months ended June 30, 2024 and 2023, respectively. Dividends On or prior to the fifth anniversary of the Initial Closing, the Company may pay dividends on the Series A Shares either in (i) cash at the then-applicable Cash Regular Dividend Rate (as defined below), (ii) through accrual to the Liquidation Preference at the Accrued Regular Dividend Rate of 6.25% (the “Permitted Accrued Dividends”), or (iii) a combination thereof. Following the fifth anniversary of the Initial Closing, dividends are payable only in cash. To the extent the Company does not declare such dividends and pay in cash following the fifth anniversary of the Initial Closing, the dividends accrue to the Liquidation Preference (“Default Accrued Dividends”) at the then-applicable Cash Regular Dividend Rate plus 200 basis points. In the event there are Default Accrued Dividends outstanding for six consecutive quarters, the Company, at the option of the holders of the Series A Shares, will pay 100% of the amount of Default Accrued Dividends by delivering to such holder a number of shares of the Company’s common stock equal to the quotient of (i) the amount of Default Accrued Dividends divided by (ii) 95% of the 30-day VWAP of the Company’s common stock (“Non-Cash Dividend”). The “Cash Regular Dividend Rate” of the Series A Shares means (i) initially, 5.75% per annum on the Liquidation Preference and (ii) increased by (a) 50 basis points on each of the fifth, sixth and seventh anniversaries of the Initial Closing and (b) 100 basis points on each of the eighth, ninth and tenth anniversaries of the Initial Closing. The “Accrued Regular Dividend Rate” on the Series A Shares means 6.25% per annum on the Liquidation Preference. As used herein, “Liquidation Preference” means, with respect to the Series A Shares, the initial liquidation preference of $1,000 per share, plus accrued dividends of such share at the time of the determination. During the six months ended June 30, 2024, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25% totaling $13.8 million. As of June 30, 2024, total accrued and unpaid dividends were $46.5 million. The Series A Shares have similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, the discount on Series A Shares is considered an unstated dividend cost that is amortized over the period preceding commencement of the perpetual dividend using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the Series A Shares by a corresponding amount. Accordingly, the discount is amortized over five years using the effective yield method. Fees During the three months ended June 30, 2023, the Company paid the Purchasers a per annum cash commitment fee totaling $1.5 million on the unpurchased portion of the Put Option. The Put Option expired effective June 30, 2023.

v3.24.2.u1

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company disaggregates its revenue from contracts with customers by sales recorded over time and sales recorded at a point in time. The following table presents the Company’s disaggregated revenues (in thousands):     Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Over-time revenue $ 209,598  $ 417,448  $ 333,934  $ 703,759  Point in time revenue 46,168  90,277  75,235  180,739  Total revenue $ 255,766  $ 507,725  $ 409,169  $ 884,498  Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (“contract assets”), and deferred revenue (“contract liabilities”) on the condensed consolidated balance sheets. The majority of the Company’s contract amounts are billed as work progresses, in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. Billing sometimes occurs subsequent to revenue recognition, resulting in contract assets. The changes in contract assets and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings. Contract assets consisting of unbilled receivables are recorded within accounts receivable, net on the condensed consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands): June 30, 2024 December 31, 2023 Unbilled receivables $ 78,505  $ 102,603  The Company also receives advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities recorded within Deferred revenue. The changes in contract liabilities relate to advanced orders and payments received by the Company. Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands): June 30, 2024 December 31, 2023 Deferred revenue $ 90,982  $ 66,488  During the six months ended June 30, 2024, the Company converted $30.5 million in deferred revenue to revenue, which represented 45.8% of the prior year’s deferred revenue balance. Bill-and-Hold Arrangements Revenue recognized for the Company’s federal investment tax credit (“ITC”) contracts and standalone system component sales is recorded at a point in time and recognized when obligations under the terms of the contract with the Company’s customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is typically upon delivery to the customer in line with shipping terms. In certain situations, the Company recognizes revenue under a bill-and-hold arrangement with its customers. An example of such a situation is when customers purchase material prior to the start of construction of a solar project in order to meet the Five Percent Safe Harbor test to qualify for the ITC. Because the customers lack sufficient storage capacity to accept a large amount of material prior to the start of construction, they request that the Company keep the product in its custody. All bill-and-hold inventory is bundled or palletized in the Company’s warehouses, separately identified as not belonging to the Company and ready for immediate transport to the customer project upon request. Additionally, title and risk of loss has passed to the customer and the Company does not have the ability to use the product or direct it to another customer. During the three and six months ended June 30, 2023, the Company recognized $3.5 million and $22.8 million, respectively, in revenue from one customer for the sale of goods and services under bill-and-hold arrangements. During the three and six months ended June 30, 2024, the Company recognized $0.0 and $1.9 million, respectively, in revenue from one customer for the sale of goods and services under bill-and-hold arrangements. Remaining Performance Obligations As of June 30, 2024, the Company had $333.9 million of remaining performance obligations. The Company expects to recognize revenue on 100% of these performance obligations in the next twelve months.

v3.24.2.u1

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted (loss) income per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 25,698  $ 65,165  $ 27,863  $ 94,800  Less: preferred dividends and accretion 13,749  12,784  27,251  25,268  Net income to common shareholders $ 11,949  $ 52,381  $ 612  $ 69,532  Basic: Weighted average shares 151,797  150,919  151,574  150,763  (Loss) income per share $ 0.08  $ 0.34  $ —  $ 0.47  Diluted: Effect of restricted stock and performance awards 410  1,210  596  1,207  Weighted average shares 152,207  152,129  152,170  151,970  Income per share $ 0.08  $ 0.34  $ —  $ 0.46  Potentially dilutive common shares issuable pursuant to equity-based awards of 479,623 and 473,074 were not included for the three and six months ended June 30, 2024, respectively, as their potential impact was anti-dilutive. Common shares issuable pursuant to equity-based awards of 52,609 and 57,263 were excluded from the Company’s diluted EPS calculation for the three and six months ended June 30, 2023, respectively, as their potential impact was anti-dilutive. There were no potentially dilutive common shares issuable pursuant to the Convertible Notes for both the six months ended June 30, 2024 and 2023, as the average market price of the Company’s common stock has not exceeded the exercise price since their issuance.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company, in the normal course of business, is subject to claims and litigation. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss. On May 14, 2021, a putative class action was filed in the U.S. District Court for the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933 (“Plymouth Action”). The complaint alleges misstatements and/or omissions in the Company’s registration statements and prospectuses related to the Company’s October 2020 initial public offering (“IPO”), the Company’s December 2020 offering, and the Company’s March 2021 offering during the putative class period of October 14, 2020 through May 11, 2021. A consolidated amended class action complaint was filed on December 7, 2021, with additional allegations regarding misstatements and/or omissions in: (1) in the Company’s Annual Report on Form 10-K and associated press release announcing results for the fourth quarter and full fiscal year 2020; and (2) in the Company’s November 5, 2020, and March 9, 2021, earnings calls. On June 30, 2021, a substantially similar second putative class action was filed in the Southern District of New York against the Company and certain officers and directors alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Exchange Act of 1933 (“Keippel Action”), which was consolidated with the Plymouth Action. All Defendants in the Plymouth Action, including the Company, moved to dismiss the consolidated amended complaint. On May 19, 2023, the Court granted the Company’s motion to dismiss and, on July 5, 2023, denied a request from the Plymouth Action plaintiffs for leave to amend the consolidated amended complaint and dismissed the Plymouth Action in its entirety with prejudice. On August 4, 2023, the lead plaintiffs filed a notice of appeal of the Court’s dismissal of the consolidated amended complaint to the U.S. Court of Appeals for the Second Circuit. After full briefing, the Court of Appeals heard oral argument on June 26, 2024 and the case is pending decision by the Court. On July 16, 2021, a verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 for misleading proxy statements, (2) breach of fiduciary duty, (3) unjust enrichment, (4) abuse of control, (5) gross mismanagement, (6) corporate waste, (7) aiding and abetting breach of fiduciary duty, and (8) contribution under sections 10(b) and 21D of the Securities Exchange Act of 1934. On July 30, 2021, a second verified derivative complaint was filed in the Southern District of New York against certain officers and directors of the Company. The complaint alleges: (1) violations of Section 14(a) of the Securities Exchange Act of 1934 for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty. On August 24, 2021, the Southern District of New York derivative actions were consolidated and the Court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action. On August 3, 2022, a verified derivative complaint was filed in the Court of Chancery of the State of Delaware against certain officers and directors of the Company, asserting claims for: (1) breach of fiduciary duty and (2) unjust enrichment. On August 11, 2022, a second verified derivative complaint was filed against certain officers and directors of the Company Court of Chancery, asserting claims for: (1) breach of fiduciary duty; (2) aiding and abetting breaches of fiduciary duty; (3) waste of corporate assets; (4) unjust enrichment; (5) insider selling; and (6) aiding and abetting insider selling. On September 2, 2022, the Chancery Court derivative cases were consolidated and the Court appointed co-lead counsel. The consolidated cases have been stayed pending the outcome of the appeal of the Plymouth Action. At this time the Company believes that the likelihood of any material loss related to these matters is remote given the preliminary stage of the claims and strength of the Company’s defenses. The Company has not recorded any material loss contingency in the condensed consolidated balance sheets as of June 30, 2024. Commercial Supplier Settlement During March 2024, the Company reached a settlement with one of its vendors, in which the Company received $4.0 million in the form of a one-time $2.6 million cash payment due immediately, and $1.4 million in credits with the vendor which can be applied by the Company to future orders from the respective vendor. If the Company does not utilize all of the credits by January 2026, it will receive a one-time cash payment from the vendor for the remaining unused credit balance. As of March 31, 2024, the Company recognized $4.0 million in Prepaid and other expenses, net on the condensed consolidated balance sheet and for the three months ended March 31, 2024, a $4.0 million reduction to Cost of revenue on the condensed consolidated statement of operations. The Company is party to various other legal proceedings, claims, governmental and/or regulatory inspections, inquiries and investigations arising out of the ordinary course of its business. The Company believes that, there are no other proceedings or claims pending against it, the ultimate resolution of which could have a material adverse effect on its financial condition or results of operations. In all cases, at each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies (ASC 450). Legal costs are expensed as incurred. It is possible that future results for any particular quarter or annual period may be materially affected by changes in our assumption or the effectiveness of the Company’s strategies relating to these proceedings. Contingent Consideration Tax Receivable Agreement Concurrent with the Former Parent’s acquisition of Array Technologies Patent Holdings Co., LLC on July 8, 2016, the Company’s operating subsidiary, Array Tech, Inc. (f/k/a Array Technologies, Inc.), entered into a Tax Receivable Agreement (the “TRA”) with the former majority shareholder of Array. The TRA is valued based on the future expected payments under the agreement. The TRA provides for the payment by Array Tech, Inc., to the former owners for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Array Tech, Inc., from the use of certain deductions generated by the increase in the tax value of the developed technology. The TRA is accounted for as contingent consideration and subsequent changes in fair value of the contingent liability are recognized in contingent consideration on the condensed consolidated statements of operations. As of June 30, 2024 and December 31, 2023, the fair value of the TRA was $8.7 million and $10.4 million, respectively. Estimating the amount of payments that may be made under the TRA is by nature imprecise. The significant fair value inputs used to estimate the future expected TRA payments to the former owners include the timing of tax payments, a discount rate, book income projections, timing of expected adjustments to calculate taxable income and the projected rate of use for attributes defined in the TRA. Payments made under the TRA consider tax positions taken by the Company and are due within 125 days following the filing of the Company’s U.S. federal and state income tax returns under procedures described in the agreement. The current portion of the TRA liability is based on tax returns. The TRA will continue until all tax benefit payments have been made or the Company elects early termination under the terms described in the TRA. The following table summarizes the activity related to the estimated TRA liability (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 8,201  $ 8,724  $ 10,363  $ 8,586  Payments —  —  (1,427) (1,200) Fair value adjustment 503  705  (232) 2,043  Ending balance $ 8,704  $ 9,429  $ 8,704  $ 9,429  The TRA liability requires significant judgment and is classified as Level 3 in the fair value hierarchy. Surety Bonds As of June 30, 2024, the Company posted surety bonds in the total amount of $197.8 million. The Company is required to provide surety bonds to various parties as required for certain transactions initiated during the ordinary course of business to guarantee the Company’s performance in accordance with contractual or legal obligations. These off-balance sheet arrangements do not adversely impact the Company’s liquidity or capital resources.

v3.24.2.u1

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Convertible Notes $ 416,573  $ 343,719  $ 415,632  $ 416,500  The fair value of the Convertible Notes is estimated using Level 2 inputs, as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. The fair value of the Term Loan Facility and Other Debt is estimated using Level 2 inputs. The carrying values of the Term Loan Facility outstanding under the Senior Secured Credit facility recorded in the condensed consolidated balance sheets approximate fair value due to the variable nature of the interest rates. Other Debt with an aggregate carrying value of $37.7 million, consists only of variable rate obligations. The carrying value of these variable rate obligations approximate fair value due to the variable nature of the interest rates.

v3.24.2.u1

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation 2020 Equity Incentive Plan On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. The 2020 Plan authorized 6,683,919 new shares, subject to adjustments pursuant to the 2020 Plan. Restricted Stock Units Pursuant to the 2020 Plan, the Company grants restricted stock units (“RSUs”) to employees and members of the Company’s board of directors. The fair value of the RSUs is determined using the market value of the Company’s common stock on the grant date. RSU activity under the 2020 Plan during the six months ended June 30, 2024, was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding non-vested, December 31, 2023 1,670,509  $ 15.44  Shares granted 1,104,000  12.19  Shares vested (681,353) 15.49  Shares forfeited (141,562) 15.11  Outstanding non-vested, June 30, 2024 1,951,594  $ 13.57  Performance Stock Units The Company has granted performance stock units (“PSUs”) to certain employees. The PSUs cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return (“TSR”) compared to a certain index which modifies the number of PSUs that vest. The PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the six months ended June 30, 2024 and 2023: 2024 2023 Volatility 79  % 90  % Risk-free interest rate 4.62  % 3.74  % Dividend yield —  % —  % PSU activity under the 2020 Plan during the six months ended June 30, 2024, was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding non-vested, December 31, 2023 692,473  $ 14.54  Shares granted 586,316  11.74  Shares vested —  —  Shares forfeited (128,399) 21.53  Outstanding non-vested, June 30, 2024 1,150,390  $ 12.80  For three months ended June 30, 2024 and 2023, the Company recognized $0.8 million and $5.2 million, respectively, in equity-based compensation costs. For six months ended June 30, 2024 and 2023, the Company recognized $4.8 million and $8.6 million, respectively, in equity-based compensation costs. At June 30, 2024, the Company had $26.7 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over 2.2 years each. Deferred Compensation Plan On May 21, 2024, the Human Capital Committee (the “Committee”) of the Board of Directors (the “Board”) of Array Technologies, Inc. adopted the Array Tech, Inc. Deferred Compensation Plan (the “Plan”). The Plan is a non-qualified deferred compensation plan intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Participation in the Plan is voluntary and is currently available to U.S. employees of the Company and its subsidiaries at the level of Vice President and above. The Plan allows participants to defer up to 50% of their base salary and/or up to 100% of their cash incentive compensation. There is no maximum dollar limit on the amount that may be deferred by a participant in any year. In addition, the Company will make a matching contribution to the Plan in respect of cash compensation that could not be recognized under the Company’s 401(k) plan due to the Code Section 401(a)(17) compensation limit ($0.3 million for 2024). The Plan matching contribution will be equal to the matching contribution for the Company’s 401(k) plan for the applicable year. Under the terms of the Plan, the Company may also provide discretionary contributions to participants annually as determined by the Committee. The participants are 100% vested in the amount they defer, and any Company contributions will vest fully on the second anniversary of the date on which the Company contribution was made. Compensation deferred pursuant to the Plan, along with any Company contributions to the Plan, may be invested by participants in various investment fund vehicles, which mirror the investment fund vehicles offered to participants as part of the Company’s 401(k) plan. Compensation deferred pursuant to the Plan will be distributed in accordance with elections made by the participant. Participants may elect to receive distributions upon a separation from service or a specified date in the form of a lump sum payment or annual installment payments for up to ten years, for distributions following a separation from service, or five years, for distributions upon a specified date. Compensation deferred pursuant to the Plan may also be distributed in the form of a lump sum benefit in the event of the participant’s death, disability, or unforeseeable emergency that results in “severe financial hardship,” as contemplated by Section 409A of the Code. The Plan does not require the Company to establish any trust, escrow account, or other mechanism to hold the participant deferrals and Company contributions. The obligations of the Company under the Plan are general unsecured obligations. The Company may amend the Plan at any time, except that no such amendment or termination may adversely affect a participant’s right with respect to the amount of the participant’s accounts as of the date of such amendment or termination. The Company may terminate the Plan at any time, in accordance with the requirements of Section 409A of the Code, and pay the participants their vested amounts in a single lump sum or on a schedule determined by the Committee.

v3.24.2.u1

Segment Reporting	6 Months Ended
	Jun. 30, 2024
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 in deciding how to allocate resources and in assessing performance. Historically, the Company managed its business on the basis of one operating and reportable segment. Concurrent with the acquisition of STI in January 2022, the Company began operating as two segments; Array Legacy Operations and STI Operations. The following table provides a reconciliation of certain financial information for the Company’s reportable segments to information presented in its condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue Array Legacy Operations $ 185,160  $ 345,261  $ 299,541  $ 650,465  STI Operations 70,606  162,464  109,628  234,033  Total $ 255,766  $ 507,725  $ 409,169  $ 884,498  Gross Profit Array Legacy Operations $ 77,306  $ 102,950  $ 126,392  $ 182,785  STI Operations 8,647  43,452  14,651  61,157  Total $ 85,953  $ 146,402  $ 141,043  $ 243,942

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 25,698	$ 65,165	$ 27,863	$ 94,800

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The accompanying unaudited condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), pursuant to the rules and regulations of the SEC. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of results for the interim periods reported. The results for the three and six months ended June 30, 2024, are not necessarily indicative of results to be expected for the year ending December 31, 2024, or any other interim periods, or any future year or period. The balance sheet as of December 31, 2023, included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024.
Reclassifications	Reclassifications Software Implementation Costs During the first quarter the Company reclassified capitalized software costs recorded as Property, plant and equipment, net to Intangible assets, net on the condensed consolidated balance sheets. The reclassification was recorded retrospectively and resulted in a $4.0 million increase to Intangible assets, net at December 31, 2023, with a corresponding decrease in the same amount to Property, plant and equipment, net. These reclassifications did not impact the Company’s operating income (loss), net income (loss), earnings (loss) per share, or statements of cash flows for any current or historical periods. Amortization of Developed Technology Beginning in the third quarter of 2023, the Company retrospectively reclassified amounts recorded for amortization of certain acquired intangible assets in prior presentations from Total operating expenses under the caption "Depreciation and amortization" to Total cost of revenue under the caption "Amortization of developed technology" in the condensed consolidated statements of operations. The Company believes this presentation enhances the comparability of the Company’s financial statements to industry peers. These reclassifications did not impact the Company’s operating income (loss), net income (loss) or earnings (loss) per share for any current or historical periods. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows. Brazil Value-Added Tax Benefit Revenue in 2023, excludes a Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), that has been reclassified and included in cost of revenues for all periods presented. For the six months ended June 30, 2023, the Brazil ICMS value-added tax benefit was $13.2 million, which has been included in cost of sales. This reclassification had no impact on the Company’s gross profit, income (loss) from operations, net income or income (loss) per common share in the current period. These reclassifications also did not impact the condensed consolidated balance sheets or condensed consolidated statements of cash flows.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements; however, management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Research and Development	Research and Development The Company incurs research and development costs during its process of researching and developing new products and significant enhancements to existing products. Research and development costs consist primarily of personnel-related costs associated with our team of internal engineers, third-party consultants, materials and overhead. The Company expenses these costs as incurred prior to a respective product being ready for commercial production.
Impact of the Ongoing Russian-Ukraine Conflict, Impact of Attacks on Shipping in the Red Sea and Inflation	Impact of the Ongoing Russian-Ukraine Conflict The ongoing Russian-Ukraine conflict has reduced the availability of material that can be sourced in Europe and, as a result, increased logistics costs for the procurement of certain inputs and materials used in our products. We do not know the ultimate severity or duration of the conflict, but we continue to monitor the situation and evaluate our procurement strategy and supply chain as to reduce any negative impact on our business, financial condition, and results of operations. Impact of Attacks on Shipping in the Red Sea The disruption of container shipping traffic through the Red Sea has created port congestion, especially in Asia, again temporarily elongating transit times, capacity, and shipping costs for routes connecting the rest of the world with Asia. To address the challenges arising from prolonged transit times, we have increased our local sourcing efforts where feasible within certain regions. These measures are required to ensure we fulfill our delivery commitments to customer projects on time. There is still uncertainly on how long these disruptions and the severity of their impact on our operations will last, but we continue to monitor the situation and evaluate our procurement and supply chain strategies, as to reduce any negative impact on our business, financial condition, and results of operations. Inflation Inflationary pressures persist and may continue to negatively impact our results of operations. To mitigate the inflationary pressures on our business, despite our ASPs decreasing due to the current deflationary environment for steel more than offsetting the inflationary environment for aluminum, we have continued to accelerate our productivity initiatives, expanded our supplier base, and continued to execute on our cost containment practices.
Vendor Rebates	Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The 45X Advanced Manufacturing Production Tax Credit (“45X Credit”) was established as part of the IRA. The 45X Credit is a per-unit tax credit that is earned over time for each clean energy component domestically produced and sold by a manufacturer. The Company has, and will continue to, enter into arrangements with manufacturing vendors that produce 45X Credit eligible parts, in which the vendors agree to share a portion of the benefit received related to Array purchases, in the form of “Vendor Rebates”. The Company accounts for these Vendor Rebates as a reduction of the purchase prices of the vendors’ products and therefore a reduction in the cost of inventory until the inventory is sold, at which time the Company recognizes such rebates as a reduction of cost of revenues on the consolidated statements of operations.
Foreign Currency Translation	Foreign Currency Translation Our foreign subsidiaries have functional currencies that are different than our reporting currency. When translating balances from the functional currency to the reporting currency, assets and liabilities are translated into U.S. dollars at period end exchange rates, retained earnings is translated at historical rates, and income, expenses, and cash flow items are translated at average exchange rates prevailing during the period. Translation adjustments for these subsidiaries are accumulated within accumulated other comprehensive income. In situations when a foreign subsidiary has a local currency that is different than the functional currency, monetary assets and liabilities are translated into the functional currency at the period end exchange rates, and non-monetary assets and the related income statement effects are translated into the functional currency using historical rates. Gains and losses that result from remeasurement from a local currency to the functional currency are included in earnings.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company does not expect to early adopt this reporting standard and expects no material impacts upon adoption. In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable. The Company is assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or statements of operations. In March 2023, the Company adopted ASU 2020-04 and 2022-06, Reference Rate Reform (Topic 848), and amended an existing debt agreement to replace the London Interbank Offered Rate (“LIBOR”) interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight funding rate (“SOFR”) (see Note 7 – Debt). There were no other changes to the agreement. There was no significant impact to the Company’s condensed consolidated financial statements.

v3.24.2.u1

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following tables reflect the effects of the correction on all affected line items of the Company’s previously reported condensed consolidated financial statements to be presented as comparative in the Form 10-Q for the six months ended June 30, 2024: Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in thousands) As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Change in fair value of derivative assets $ 694  $ (694) $ —  $ (1,256) $ 1,256  $ —  Total other income (expense) (9,030) (694) (9,724) (20,480) 1,256  (19,224) Income (loss) before income tax expense 87,211  (694) 86,517  123,219  1,256  124,475  Income tax expense (benefit) 22,403  (1,051) 21,352  32,279  (2,604) 29,675  Net income 64,808  357  65,165  90,940  3,860  94,800  Net income to common shareholders 52,024  357  52,381  65,672  3,860  69,532  Income per common share Basic $ 0.34  $ —  $ 0.34  $ 0.44  $ 0.03  $ 0.47  Diluted $ 0.34  $ —  $ 0.34  $ 0.43  $ 0.03  $ 0.46  Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in thousands) As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net income $ 64,808  $ 357  $ 65,165  $ 90,940  $ 3,860  $ 94,800  Comprehensive income $ 88,720  $ 357  $ 89,077  $ 128,724  $ 3,860  $ 132,584  Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (unaudited) Three Months Ended June 30, 2023 (in thousands) Additional Paid-In Capital Accumulated Deficit Total Stockholders’ Equity As Previously Reported Balance at March 31, 2023 $ 426,221  $ (241,338) $ 207,330  Net income —  64,808  64,808  Balance at June 30, 2023 417,624  (176,530) 287,454  Adjustments Balance at March 31, 2023 (52,914) 3,503  (49,411) Net income —  357  357  As Corrected Balance at March 31, 2023 373,307  (237,835) 157,919  Net income —  65,165  65,165  Balance at June 30, 2023 $ 364,710  $ (172,670) $ 238,400  Six Months Ended June 30, 2023 (in thousands) Additional Paid-In Capital Accumulated Deficit Total Stockholders’ Equity As Previously Reported Balance at December 31, 2022 $ 383,176  $ (267,470) $ 124,281  Correction of the Capped Call and Put Option errors 52,914  —  52,914  Net income —  90,940  90,940  Balance at June 30, 2023 417,624  (176,530) 287,454  Adjustments Correction of the Capped Call and Put Option errors (52,914) —  (52,914) Net income —  3,860  3,860  As Corrected Balance at December 31, 2022 383,176  (267,470) 124,281  Correction of the Capped Call and Put Option errors —  —  —  Net income —  94,800  94,800  Balance at June 30, 2023 $ 364,710  $ (172,670) $ 238,400  Condensed Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2023 (in thousands) As Previously Reported Adjustments As Corrected Net income $ 90,940  $ 3,860  $ 94,800  Deferred tax expense (benefit) 816  (2,612) (1,796) Change in fair value of derivative assets 1,256  (1,256) —  Income tax payable $ 9,830  $ 8  $ 9,838

v3.24.2.u1

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Current Inventory	Inventories consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 47,140  $ 86,614  Finished goods 118,499  75,350  Inventories $ 165,639  $ 161,964

v3.24.2.u1

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years) June 30, 2024 December 31, 2023 Land N/A $ 1,636  $ 1,634  Buildings and land improvements 15-39 9,440  9,344  Manufacturing equipment 7 26,539  22,962  Furniture, fixtures and equipment 5-7 4,754  4,770  Vehicles 5 614  688  Hardware 3-5 3,518  3,114  Construction in progress N/A 2,821  6,199  Total 49,322  48,711  Less: accumulated depreciation (22,645) (20,818) Property, plant and equipment, net $ 26,677  $ 27,893

v3.24.2.u1

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill by operating segment during the six months ended June 30, 2024, consisted of the following (in thousands): Array Legacy Operations(1) STI Operations Total Beginning balance $ 69,727  $ 365,864  $ 435,591  Foreign currency translation —  (33,090) (33,090) Ending balance $ 69,727  $ 332,774  $ 402,501  (1) Goodwill attributable to Array Legacy Operations is net of impairment of $51.9 million.
Schedule of Finite-Lived Intangible Assets	Other intangible assets consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years) June 30, 2024 December 31, 2023 Amortizable: Developed technology 14 $ 203,800  $ 203,800  Computer software 3 1,452  5,267  Customer relationships 10 313,563  336,134  Backlog 1 49,124  54,438  Trade name 20 25,147  27,061  Total amortizable intangibles 593,086  626,700  Accumulated amortization: Developed technology 116,183  108,905  Computer software 932  1,274  Customer relationships 126,450  115,444  Backlog 49,124  54,322  Trade name 3,106  2,666  Total accumulated amortization 295,795  282,611  Total amortizable intangibles, net 297,291  344,089  Non-amortizable: Trade name 10,300  10,300  Total other intangible assets, net $ 307,591  $ 354,389
Schedule of Indefinite-Lived Intangible Assets	Other intangible assets consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years) June 30, 2024 December 31, 2023 Amortizable: Developed technology 14 $ 203,800  $ 203,800  Computer software 3 1,452  5,267  Customer relationships 10 313,563  336,134  Backlog 1 49,124  54,438  Trade name 20 25,147  27,061  Total amortizable intangibles 593,086  626,700  Accumulated amortization: Developed technology 116,183  108,905  Computer software 932  1,274  Customer relationships 126,450  115,444  Backlog 49,124  54,322  Trade name 3,106  2,666  Total accumulated amortization 295,795  282,611  Total amortizable intangibles, net 297,291  344,089  Non-amortizable: Trade name 10,300  10,300  Total other intangible assets, net $ 307,591  $ 354,389
Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets	Estimated future amortization expense of intangible assets as of June 30, 2024, is as follows (in thousands): Amount Remainder of 2024 $ 23,928  2025 47,594  2026 42,817  2027 38,300  2028 38,300  Thereafter 106,352  $ 297,291

v3.24.2.u1

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s total debt (in thousands): June 30, 2024 December 31, 2023 Senior Secured Credit Facility: Term loan facility $ 236,025  $ 238,175  Revolving credit facility —  —  Total secured credit facility 236,025  238,175  Convertible notes 425,000  425,000  Other debt 37,676  39,889  Total principal 698,701  703,064  Unamortized discount and issuance costs, total (17,958) (20,644) Current portion of debt (29,221) (21,472) Total long-term debt, net of current portion $ 651,522  $ 660,948

v3.24.2.u1

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s disaggregated revenues (in thousands):     Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Over-time revenue $ 209,598  $ 417,448  $ 333,934  $ 703,759  Point in time revenue 46,168  90,277  75,235  180,739  Total revenue $ 255,766  $ 507,725  $ 409,169  $ 884,498  Contract assets consisting of unbilled receivables are recorded within accounts receivable, net on the condensed consolidated balance sheets on a contract-by-contract basis at the end of the reporting period and consisted of the following (in thousands): June 30, 2024 December 31, 2023 Unbilled receivables $ 78,505  $ 102,603  Contract liabilities are recorded on a contract-by-contract basis and consisted of the following at the end of each reporting period (in thousands): June 30, 2024 December 31, 2023 Deferred revenue $ 90,982  $ 66,488

v3.24.2.u1

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted (loss) income per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 25,698  $ 65,165  $ 27,863  $ 94,800  Less: preferred dividends and accretion 13,749  12,784  27,251  25,268  Net income to common shareholders $ 11,949  $ 52,381  $ 612  $ 69,532  Basic: Weighted average shares 151,797  150,919  151,574  150,763  (Loss) income per share $ 0.08  $ 0.34  $ —  $ 0.47  Diluted: Effect of restricted stock and performance awards 410  1,210  596  1,207  Weighted average shares 152,207  152,129  152,170  151,970  Income per share $ 0.08  $ 0.34  $ —  $ 0.46

v3.24.2.u1

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Liability Related to Estimated Contingent Consideration	The following table summarizes the activity related to the estimated TRA liability (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 8,201  $ 8,724  $ 10,363  $ 8,586  Payments —  —  (1,427) (1,200) Fair value adjustment 503  705  (232) 2,043  Ending balance $ 8,704  $ 9,429  $ 8,704  $ 9,429

v3.24.2.u1

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying values and estimated fair values of the Company’s debt financial instruments were as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Convertible Notes $ 416,573  $ 343,719  $ 415,632  $ 416,500

v3.24.2.u1

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	RSU activity under the 2020 Plan during the six months ended June 30, 2024, was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding non-vested, December 31, 2023 1,670,509  $ 15.44  Shares granted 1,104,000  12.19  Shares vested (681,353) 15.49  Shares forfeited (141,562) 15.11  Outstanding non-vested, June 30, 2024 1,951,594  $ 13.57  The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the six months ended June 30, 2024 and 2023: 2024 2023 Volatility 79  % 90  % Risk-free interest rate 4.62  % 3.74  % Dividend yield —  % —  % PSU activity under the 2020 Plan during the six months ended June 30, 2024, was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding non-vested, December 31, 2023 692,473  $ 14.54  Shares granted 586,316  11.74  Shares vested —  —  Shares forfeited (128,399) 21.53  Outstanding non-vested, June 30, 2024 1,150,390  $ 12.80

v3.24.2.u1

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table provides a reconciliation of certain financial information for the Company’s reportable segments to information presented in its condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue Array Legacy Operations $ 185,160  $ 345,261  $ 299,541  $ 650,465  STI Operations 70,606  162,464  109,628  234,033  Total $ 255,766  $ 507,725  $ 409,169  $ 884,498  Gross Profit Array Legacy Operations $ 77,306  $ 102,950  $ 126,392  $ 182,785  STI Operations 8,647  43,452  14,651  61,157  Total $ 85,953  $ 146,402  $ 141,043  $ 243,942

v3.24.2.u1

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Reclassification [Line Items]
Decrease in property, plant and equipment, net		$ 26,677,000		$ 26,677,000		$ 27,893,000
Increase (decrease) to intangible assets		307,591,000		307,591,000		354,389,000
Cost of product and service revenue		$ (169,813,000)	$ (361,323,000)	$ (268,126,000)	$ (640,556,000)
Divested, percentage		1		1
Receivable on divesture		$ 12,000,000		$ 12,000,000
Gain (Loss) from equity investment				0
Research and development expense		1,800,000	$ 2,300,000	3,700,000	4,400,000
Vendor rebates, outstanding		68,400,000		68,400,000
Vendor rebates, outstanding, current		45,800,000		45,800,000		48,400,000
Vendor rebates, outstanding, non-current		$ 22,600,000		$ 22,600,000
Subsequent event
Reclassification [Line Items]
Proceeds from divestiture	$ 12,000,000
Adjustments
Reclassification [Line Items]
Decrease in property, plant and equipment, net						(4,000,000)
Increase (decrease) to intangible assets						$ 4,000,000
Cost of product and service revenue					13,200,000
Adjustments | Brazilian Imposto sobre Circulação de Mercadorias e Serviços
Reclassification [Line Items]
Tax credit, benefit					$ 13,200,000

v3.24.2.u1

Summary of Significant Accounting Policies - Schedule of Corrections, Condensed Consolidated Statements of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Change in fair value of derivative assets		$ 0		$ 0
Total other expense, net	$ (6,094)	(9,724)	$ (11,039)	(19,224)
Income before income tax expense	33,508	86,517	36,977	124,475
Income tax expense (benefit)	7,810	21,352	9,114	29,675
Net income	25,698	65,165	27,863	94,800
Net income to common shareholders, basic	11,949	52,381	612	69,532
Net income to common shareholders, diluted	$ 11,949	$ 52,381	$ 612	$ 69,532
Income per common share
Basic (in dollars per share)	$ 0.08	$ 0.34	$ 0.00	$ 0.47
Diluted (in dollars per share)	$ 0.08	$ 0.34	$ 0.00	$ 0.46
As Previously Reported
Income Statement [Abstract]
Change in fair value of derivative assets		$ 694		$ (1,256)
Total other expense, net		(9,030)		(20,480)
Income before income tax expense		87,211		123,219
Income tax expense (benefit)		22,403		32,279
Net income		64,808		90,940
Net income to common shareholders, basic		52,024		65,672
Net income to common shareholders, diluted		$ 52,024		$ 65,672
Income per common share
Basic (in dollars per share)		$ 0.34		$ 0.44
Diluted (in dollars per share)		$ 0.34		$ 0.43
Adjustments
Income Statement [Abstract]
Change in fair value of derivative assets		$ (694)		$ 1,256
Total other expense, net		(694)		1,256
Income before income tax expense		(694)		1,256
Income tax expense (benefit)		(1,051)		(2,604)
Net income		357		3,860
Net income to common shareholders, basic		357		3,860
Net income to common shareholders, diluted		$ 357		$ 3,860
Income per common share
Basic (in dollars per share)		$ 0		$ 0.03
Diluted (in dollars per share)		$ 0		$ 0.03

v3.24.2.u1

Summary of Significant Accounting Policies - Schedule of Corrections, Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 25,698	$ 65,165	$ 27,863	$ 94,800
Comprehensive income	$ (18,070)	89,077	$ (35,147)	132,584
As Previously Reported
Statement of Comprehensive Income [Abstract]
Net income		64,808		90,940
Comprehensive income		88,720		128,724
Adjustments
Statement of Comprehensive Income [Abstract]
Net income		357		3,860
Comprehensive income		$ 357		$ 3,860

v3.24.2.u1

Summary of Significant Accounting Policies - Schedule of Corrections, Condensed Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	$ 231,224	$ 157,919	$ 259,248	$ 124,281
Correction of the Capped Call and Put Option errors				0
Net income	25,698	65,165	27,863	94,800
Stockholders' equity, ending balance	199,963	238,400	199,963	238,400
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	333,570	373,307	344,517	383,176
Correction of the Capped Call and Put Option errors				0
Net income		0		0
Stockholders' equity, ending balance	320,379	364,710	320,379	364,710
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(128,065)	(237,835)	(130,230)	(267,470)
Correction of the Capped Call and Put Option errors				0
Net income	25,698	65,165	27,863	94,800
Stockholders' equity, ending balance	$ (102,367)	(172,670)	$ (102,367)	(172,670)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		207,330		124,281
Correction of the Capped Call and Put Option errors				52,914
Net income		64,808		90,940
Stockholders' equity, ending balance		287,454		287,454
As Previously Reported | Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		426,221		383,176
Correction of the Capped Call and Put Option errors				52,914
Net income		0		0
Stockholders' equity, ending balance		417,624		417,624
As Previously Reported | Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		(241,338)		(267,470)
Correction of the Capped Call and Put Option errors				0
Net income		64,808		90,940
Stockholders' equity, ending balance		(176,530)		(176,530)
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		(49,411)
Correction of the Capped Call and Put Option errors				(52,914)
Net income		357		3,860
Adjustments | Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		(52,914)
Correction of the Capped Call and Put Option errors				(52,914)
Net income		0		0
Adjustments | Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		3,503
Correction of the Capped Call and Put Option errors				0
Net income		$ 357		$ 3,860

v3.24.2.u1

Summary of Significant Accounting Policies - Schedule of Corrections, Condensed Consolidated Statements of Cash Flows (unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Net income	$ 25,698	$ 65,165	$ 27,863	$ 94,800
Deferred tax expense (benefit)			(3,501)	(1,796)
Change in fair value of derivative assets		0		0
Income tax payable			$ (2,684)	9,838
As Previously Reported
Statement of Cash Flows [Abstract]
Net income		64,808		90,940
Deferred tax expense (benefit)				816
Change in fair value of derivative assets		(694)		1,256
Income tax payable				9,830
Adjustments
Statement of Cash Flows [Abstract]
Net income		357		3,860
Deferred tax expense (benefit)				(2,612)
Change in fair value of derivative assets		$ 694		(1,256)
Income tax payable				$ 8

v3.24.2.u1

Inventories - Schedule of Current Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 47,140	$ 86,614
Finished goods	118,499	75,350
Inventories	$ 165,639	$ 161,964

v3.24.2.u1

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Average cost inventory amount	$ 137.1	$ 129.5
FIFO inventory amount	$ 28.5	$ 32.5

v3.24.2.u1

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 49,322	$ 48,711
Less: accumulated depreciation	(22,645)	(20,818)
Property, plant and equipment, net	26,677	27,893
Land
Property, Plant and Equipment [Line Items]
Total	1,636	1,634
Buildings and land improvements
Property, Plant and Equipment [Line Items]
Total	$ 9,440	9,344
Buildings and land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	15 years
Buildings and land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	39 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Total	$ 26,539	22,962
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total	$ 4,754	4,770
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Total	$ 614	688
Hardware
Property, Plant and Equipment [Line Items]
Total	$ 3,518	3,114
Hardware | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Hardware | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 2,821	$ 6,199

v3.24.2.u1

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.1	$ 0.6	$ 2.0	$ 1.2
Depreciation allocated to cost of revenue	0.4	0.3	0.9	0.6
Depreciation included in depreciation and amortization	$ 0.7	$ 0.3	$ 1.1	$ 0.6

v3.24.2.u1

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 435,591
Foreign currency translation	(33,090)
Goodwill, ending balance	402,501
Array Legacy Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	69,727
Foreign currency translation	0
Goodwill, ending balance	69,727
Goodwill, impairment loss	51,900
STI Operations
Goodwill [Roll Forward]
Goodwill, beginning balance	365,864
Foreign currency translation	(33,090)
Goodwill, ending balance	$ 332,774

v3.24.2.u1

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 593,086	$ 626,700
Finite-lived intangible assets, accumulated amortization	295,795	282,611
Total amortizable intangibles, net	297,291	344,089
Total other intangible assets, net	307,591	354,389
Trade name
Finite-Lived Intangible Assets [Line Items]
Trade name	$ 10,300	10,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	14 years
Finite-lived intangible assets, gross	$ 203,800	203,800
Finite-lived intangible assets, accumulated amortization	$ 116,183	108,905
Computer software
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	3 years
Finite-lived intangible assets, gross	$ 1,452	5,267
Finite-lived intangible assets, accumulated amortization	$ 932	1,274
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	10 years
Finite-lived intangible assets, gross	$ 313,563	336,134
Finite-lived intangible assets, accumulated amortization	$ 126,450	115,444
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	1 year
Finite-lived intangible assets, gross	$ 49,124	54,438
Finite-lived intangible assets, accumulated amortization	$ 49,124	54,322
Trade name
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	20 years
Finite-lived intangible assets, gross	$ 25,147	27,061
Finite-lived intangible assets, accumulated amortization	$ 3,106	$ 2,666

v3.24.2.u1

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangible assets	$ 11,800	$ 12,600	$ 24,700	$ 26,500
Amortization of developed technology	3,640	3,640	7,279	7,279
Depreciation and amortization	8,877	9,206	18,504	19,808
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of developed technology	3,600	3,600	7,300	7,300
Depreciation and amortization	$ 8,100	$ 9,000	$ 17,400	$ 19,200

v3.24.2.u1

Goodwill and Other Intangible Assets, Net - Schedule of Future Annual Amortization Expense of Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 23,928
2025	47,594
2026	42,817
2027	38,300
2028	38,300
Thereafter	106,352
Total amortizable intangibles, net	$ 297,291	$ 344,089

v3.24.2.u1

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 7,810,000	$ 21,352,000	$ 9,114,000	$ 29,675,000
Tax expense (benefit) related to equity-based compensation			500,000	(1,200,000)
Reserves for uncertain tax positions			$ 0	$ 0

v3.24.2.u1

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt	$ 698,701	$ 703,064
Unamortized discount and issuance costs, total	(17,958)	(20,644)
Current portion of debt	(29,221)	(21,472)
Total long-term debt, net of current portion	651,522	660,948
Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt	236,025	238,175
Term loan facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt	236,025	238,175
Revolving credit facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt	0	0
Convertible notes
Debt Instrument [Line Items]
Debt	425,000	425,000
Other debt
Debt Instrument [Line Items]
Debt	$ 37,676	$ 39,889

v3.24.2.u1

Debt - Narrative (Details) - USD ($)					3 Months Ended		6 Months Ended
	Dec. 09, 2021	Dec. 09, 2021	Dec. 03, 2021	Oct. 14, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Short-Term Debt [Line Items]
Debt					$ 698,701,000		$ 698,701,000		$ 703,064,000
Debt discount and issuance costs					$ 17,958,000		$ 17,958,000		20,644,000
Equity compensation anti-dilutive securities (in shares)					479,623	52,609	473,074	57,263
STI
Short-Term Debt [Line Items]
Other long-term debt					$ 37,700,000		$ 37,700,000
STI | Euro
Short-Term Debt [Line Items]
Other long-term debt					28,700,000		28,700,000
STI | Brazilian Real
Short-Term Debt [Line Items]
Other long-term debt					9,000,000.0		9,000,000.0
Convertible notes
Short-Term Debt [Line Items]
Debt					425,000,000		425,000,000		425,000,000
Carrying value					416,573,000		$ 416,573,000		415,632,000
Equity compensation anti-dilutive securities (in shares)							0	0
Other debt
Short-Term Debt [Line Items]
Debt					$ 37,676,000		$ 37,676,000		39,889,000
Minimum | Other debt | STI
Short-Term Debt [Line Items]
Stated interest rate (as a percent)					0.40%		0.40%
Maximum | Other debt | STI
Short-Term Debt [Line Items]
Stated interest rate (as a percent)					15.17%		15.17%
Senior Secured Credit Facility
Short-Term Debt [Line Items]
Debt					$ 236,025,000		$ 236,025,000		238,175,000
Convertible Senior Notes due 2028 | Convertible notes
Short-Term Debt [Line Items]
Debt discount and issuance costs					$ 8,400,000		$ 8,400,000		9,400,000
Bridge loan facility aggregate principal amount	$ 425,000,000	$ 425,000,000
Stated interest rate (as a percent)	1.00%	1.00%	1.00%
Proceeds from convertible debt	$ 413,300,000	$ 48,600,000	$ 364,700,000
Debt instrument, interest rate, effective percentage discount (as a percent)	2.75%	2.75%	2.75%
Debt instrument, annual interest rate (as a percent)					1.00%		1.00%
Convertible notes					$ 425,000,000.0		$ 425,000,000.0		425,000,000.0
Carrying value					416,600,000		$ 416,600,000		415,600,000
Convertible Senior Notes due 2028 | Convertible notes | Common Stock
Short-Term Debt [Line Items]
Conversion of stock, shares converted per dollar (in shares)							41.9054
Convertible notes payable					$ 1,000		$ 1,000
Convertible note, conversion price (in dollar per share)					$ 23.86		$ 23.86
Debt conversion, converted instrument, shares issued (in shares)							10,100,000
Convertible Senior Notes due 2028, $375 Million | Convertible notes
Short-Term Debt [Line Items]
Bridge loan facility aggregate principal amount			$ 375,000,000
Convertible Senior Notes due 2028, $50 Million | Convertible notes
Short-Term Debt [Line Items]
Bridge loan facility aggregate principal amount	$ 50,000,000	$ 50,000,000
Convertible Note Capped Call Transactions
Short-Term Debt [Line Items]
Debt conversion, converted instrument, shares issued (in shares)							17,800,000
Fees paid on issuance of convertible notes							$ 52,900,000
Derivatives, cap price (in dollars per share)					36.02		$ 36.02
Derivatives, exercise price (in dollars per share)					$ 23.86		$ 23.86
Term loan facility
Short-Term Debt [Line Items]
Debt instrument term				7 years
Debt					$ 236,000,000		$ 236,000,000		238,200,000
Debt discount and issuance costs					$ 9,500,000		$ 9,500,000		11,300,000
Debt issuance costs and discounts, amortization rate (as a percent)					10.27%		10.27%
Term loan facility | Senior Secured Credit Facility
Short-Term Debt [Line Items]
Maximum borrowing capacity				$ 575,000,000
Term loan facility | Secured Overnight Financing Rate (SOFR)
Short-Term Debt [Line Items]
Revolving loan applicable margin (as a percent)							3.25%
Revolving loan applicable margin, floor (as a percent)							0.50%
Term loan facility | Secured Overnight Financing Rate (SOFR) Plus 1%
Short-Term Debt [Line Items]
Revolving loan applicable margin (as a percent)							2.25%
Revolving loan applicable margin, floor (as a percent)							1.00%
Revolving credit facility
Short-Term Debt [Line Items]
Debt instrument term				5 years
Debt					$ 0		$ 0		0
Available borrowing capacity					184,100,000		$ 184,100,000		175,200,000
Revolving credit facility | Senior Secured Credit Facility
Short-Term Debt [Line Items]
Maximum borrowing capacity				$ 200,000,000
Revolving credit facility | Secured Overnight Financing Rate (SOFR)
Short-Term Debt [Line Items]
Revolving loan applicable margin (as a percent)							3.25%
Revolving credit facility | Secured Overnight Financing Rate (SOFR) Plus 1%
Short-Term Debt [Line Items]
Revolving loan applicable margin (as a percent)							2.25%
Revolving loan applicable margin, floor (as a percent)							1.00%
Standby Letters of Credit
Short-Term Debt [Line Items]
Letters of credit outstanding					$ 15,900,000		$ 15,900,000		$ 24,800,000

v3.24.2.u1

Redeemable Perpetual Preferred Stock (Details) - USD ($)				3 Months Ended	6 Months Ended
	Jan. 07, 2022	Sep. 27, 2021	Aug. 11, 2021	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)					446,541,000		432,759,000
Principal payments on other debt					$ 12,671,000	$ 38,257,000
Percentage of variable weighted average price of temporary equity (as a percent)	95.00%
Put option, commitment fee paid				$ 1,500,000
Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, accretion of interest					13,500,000	$ 12,400,000
Initial liquidation preference (in dollars per share)	$ 1,000
Payments of dividends					13,800,000
Dividends payable					$ 46,500,000
Temporary equity, amortization of discount, period	5 years
Series A Redeemable Perpetual Preferred Shares | Accrued Regular Dividend Rate
Class of Stock [Line Items]
Dividend rate, percentage (as a percent)	6.25%
Series A Redeemable Perpetual Preferred Shares | Cash Regular Dividend Rate
Class of Stock [Line Items]
Dividend rate, percentage (as a percent)	5.75%
Temporary equity dividend rate spread (as a percent)	2.00%
Percent of the amount of default accrued dividends to be paid (as a percent)	100.00%
Series A Redeemable Perpetual Preferred Shares | Cash Regular Dividend Rate | Fifth, Sixth, and Seventh Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread (as a percent)	0.50%
Series A Redeemable Perpetual Preferred Shares | Cash Regular Dividend Rate | Eighth, Ninth, and Tenth Anniversaries
Class of Stock [Line Items]
Temporary equity dividend rate spread (as a percent)	1.00%
Securities Purchase Agreement
Class of Stock [Line Items]
Net proceeds from sale of series A perpetual preferred stock			$ 346,000,000.0
Principal payments on other debt		$ 100,000,000.0
Securities Purchase Agreement | Common Stock
Class of Stock [Line Items]
Stock issued (in shares)			7,098,765
Securities Purchase Agreement | Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Temporary equity, shares issued (in shares)			350,000
Principal payments on other debt		$ 102,000,000.0
Securities Purchase Agreement, Expiry or Termination | Common Stock | BCP Helios Aggregator L.P.
Class of Stock [Line Items]
Stock issued (in shares)		776,235
Net proceeds from sale of series A perpetual preferred stock		$ 776
Securities Purchase Agreement, Additional Closings
Class of Stock [Line Items]
Stock issued (in shares)	1,125,000
Net proceeds from sale of series A perpetual preferred stock	$ 49,400,000		$ 148,000,000.0
Issuance of common stock, net (in shares)	50,000
Securities Purchase Agreement, Additional Closings | Common Stock
Class of Stock [Line Items]
Stock issued (in shares)			3,375,000
Securities Purchase Agreement, Additional Closings | Series A Redeemable Perpetual Preferred Shares
Class of Stock [Line Items]
Stock issued (in shares)			150,000
Securities Purchase Agreement, Additional Closings, Certain Pricing Adjustments | Common Stock
Class of Stock [Line Items]
Stock issued (in shares)			6,100,000

v3.24.2.u1

Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total revenue	$ 255,766	$ 507,725	$ 409,169	$ 884,498
Unbilled receivables	78,505		78,505		$ 102,603
Deferred revenue	90,982		90,982		$ 66,488
Deferred revenue recognized			$ 30,500
Percentage of deferred revenue recognized (as a percent)			45.80%
Revenue, bill and hold performance obligation, amount	$ 0	3,500	$ 1,900	22,800
Revenue, bill and hold performance obligation, number of customers | customer	1		1
Remaining performance obligation	$ 333,900		$ 333,900
Percentage of performance obligation to be recognized (as a percent)	100.00%		100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, period	12 months		12 months
Over-time revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 209,598	417,448	$ 333,934	703,759
Point in time revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 46,168	$ 90,277	$ 75,235	$ 180,739

v3.24.2.u1

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 25,698	$ 65,165	$ 27,863	$ 94,800
Less: preferred dividends and accretion	13,749	12,784	27,251	25,268
Net income to common shareholders, basic	11,949	52,381	612	69,532
Net income to common shareholders, diluted	$ 11,949	$ 52,381	$ 612	$ 69,532
Basic:
Weighted average shares (in shares)	151,797	150,919	151,574	150,763
(Loss) income per share (in dollars per share)	$ 0.08	$ 0.34	$ 0.00	$ 0.47
Diluted:
Effect of restricted stock and performance awards (in shares)	410	1,210	596	1,207
Weighted average shares (in shares)	152,207	152,129	152,170	151,970
Income per share (in dollars per share)	$ 0.08	$ 0.34	$ 0.00	$ 0.46

v3.24.2.u1

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)	479,623	52,609	473,074	57,263
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity compensation anti-dilutive securities (in shares)			0	0

v3.24.2.u1

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Surety Bond
Business Acquisition, Contingent Consideration [Line Items]
Contractual obligation		$ 197,800
Array | Tax Receivable Agreement
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration	$ 8,201	$ 8,704	$ 10,363	$ 9,429	$ 8,724	$ 8,586
Tax receivable agreement, payment term		125 days
Commercial Supplier Settlement
Business Acquisition, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party	4,000
Litigation settlement, amount awarded from other party, one-time cash payment	2,600
Litigation settlement, amount awarded from other party, vendor credit	1,400
Cost of revenue | Commercial Supplier Settlement
Business Acquisition, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party	4,000
Prepaid and other expenses, net | Commercial Supplier Settlement
Business Acquisition, Contingent Consideration [Line Items]
Litigation settlement, amount awarded from other party	$ 4,000

v3.24.2.u1

Commitments and Contingencies - Schedule of Liability Related To Estimated Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Payments			$ (1,427)	$ (1,200)
Fair value adjustment	$ 503	$ 705	(232)	2,043
Array | Tax Receivable Agreement
Business Combination, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration [Roll Forward]
Beginning balance	8,201	8,724	10,363	8,586
Payments	0	0	(1,427)	(1,200)
Fair value adjustment	503	705	(232)	2,043
Ending balance	$ 8,704	$ 9,429	$ 8,704	$ 9,429

v3.24.2.u1

Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - Convertible notes - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Carrying Value	$ 416,573	$ 415,632
Fair Value	$ 343,719	$ 416,500

v3.24.2.u1

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Other debt	$ 37.7

v3.24.2.u1

Equity-Based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Oct. 14, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 800	$ 5,200	$ 4,800	$ 8,600
Percentage of base salary			0.50
Percentage of compensation			1
Compensation limit			$ 300
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Unrecognized compensation costs	26,700		$ 26,700
Unrecognized compensation costs, period of recognition			2 years 2 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 26,700		$ 26,700
Unrecognized compensation costs, period of recognition			2 years 2 months 12 days
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares) | shares					6,683,919

v3.24.2.u1

Equity-Based Compensation - Schedule of RSU/PSU Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) | shares	1,670,509
Shares granted (in shares) | shares	1,104,000
Shares vested (in shares) | shares	(681,353)
Shares forfeited (in shares) | shares	(141,562)
Outstanding non-vested, ending balance (in shares) | shares	1,951,594
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 15.44
Shares granted, weighted average grand date fair value (in dollars per share) | $ / shares	12.19
Shares vested, weighted average grand date fair value (in dollars per share) | $ / shares	15.49
Shares forfeited, weighted average grand date fair value (in dollars per share) | $ / shares	15.11
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 13.57
PSUs
Number of Shares
Outstanding non-vested, beginning balance (in shares) | shares	692,473
Shares granted (in shares) | shares	586,316
Shares vested (in shares) | shares	0
Shares forfeited (in shares) | shares	(128,399)
Outstanding non-vested, ending balance (in shares) | shares	1,150,390
Weighted Average Grant Date Fair Value
Outstanding non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 14.54
Shares granted, weighted average grand date fair value (in dollars per share) | $ / shares	11.74
Shares vested, weighted average grand date fair value (in dollars per share) | $ / shares	0
Shares forfeited, weighted average grand date fair value (in dollars per share) | $ / shares	21.53
Outstanding non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 12.80

v3.24.2.u1

Equity-Based Compensation - Schedule of Assumptions (Details) - PSUs - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	79.00%	90.00%
Risk-free interest rate	4.62%	3.74%
Dividend yield	0.00%	0.00%
Shares granted in period (in shares)	586,316

v3.24.2.u1

Segment Reporting - Narrative (Details) - segment	12 Months Ended	30 Months Ended
	Dec. 31, 2021	Jun. 30, 2024
Segment Reporting [Abstract]
Number of operating segments	1	2
Number of reportable segments	1	2

v3.24.2.u1

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 255,766	$ 507,725	$ 409,169	$ 884,498
Gross profit	85,953	146,402	141,043	243,942
Array Legacy Operations
Segment Reporting Information [Line Items]
Revenue	185,160	345,261	299,541	650,465
Gross profit	77,306	102,950	126,392	182,785
STI Operations
Segment Reporting Information [Line Items]
Revenue	70,606	162,464	109,628	234,033
Gross profit	$ 8,647	$ 43,452	$ 14,651	$ 61,157

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