Array Technologies reports strong first quarter results, projects long-term confidence

Albuquerque-based Array Technologies on Tuesday reported first-quarter revenue that nearly doubled year-over-year, defying economic headwinds from the Trump administration’s ongoing trade war.

Company officials in an investors call reported $302.4 million in the first quarter of 2025 and an adjusted gross profit of $80 million, beating out its own expectations.

It comes as tariffs levied on other countries, including a 145% tariff on Chinese imports, have thrown global supply chains into disarray, and amid uncertainty around the future of the Inflation Reduction Act — a Biden-era climate funding law promoting clean and domestic energy.

Array reported near-term uncertainty with the political climate but, with the demand for energy only growing in the U.S., projects long-term confidence. It anticipates revenue of $1 billion for the year.

“We are encouraged by our momentum, which we believe is resulting from our strength and organization, high customer engagement, and innovative and differentiated solutions for our customers,” Array CEO Kevin Hostetler said.

The change in federal administrations could, in some ways, work in Array’s favor, with customers potentially rushing to buy solar trackers amid uncertainty around the long-term future of tax credits coming from the IRA.

The IRA could be on the chopping block as Congress seeks to cut back on spending by trillions of dollars.

Hostetler was in Washington last week to speak with lawmakers on both sides of the aisle on the “importance of the energy tax credits and the alignment of these credits with the administration’s goals of growing American manufacturing and meeting rapidly rising electricity demand,” he said.

As for the tariffs, Array Chief Financial Officer H. Keith Jennings said the large number of projects Array contracts out allows the company to pass the full costs of tariffs onto its customers. He added that the company has a substantial domestic supply chain, to which tariffs aren’t applied.

“Supply chain impacts are often unpredictable, which is why preparedness matters,” he said. “At Array, we’ve been investing in talent, technology and commodity-buying strategies for the past several years, which has paid off in recent months.”

Array’s stock, ARRY, closed at $5.50 Thursday — up nearly 7% over the past five days but down 9% since the start of the year.

Megan Gleason is an assistant business editor for the Albuquerque Journal. You can reach her at mgleason@abqjournal.com.