Array Technologies (NASDAQ:ARRY) is broadening its business beyond solar trackers as it develops an integrated balance-of-system platform spanning foundations, tracking equipment, electrical systems, controls and software, according to Jefferies.
The company’s orderbook has reached a record $2.5 billion, representing growth of 37% year on year and a book-to-bill ratio of 1.5 times. Newer products now account for approximately half of the backlog, compared with just 7% in the first quarter of 2024.
Array has delivered 102 gigawatts of equipment globally and currently holds 259 active patents, with another 230 applications pending.
US solar and storage expansion supports growth outlook
Array expects annual US utility-scale solar shipments to reach between 36 and 39 gigawatts through 2030, alongside approximately 100 gigawatt-hours of annual US energy storage installations by the end of the decade.
The company estimates that solar and storage will account for 79% of planned US capacity additions during 2026.
Projects are also becoming larger. The average US project size has increased 30% in 2026 compared with 2023, while the average project represented in Array’s orderbook now exceeds 250 megawatts.
Array estimates its US total addressable market at $4.3 billion for tracking systems, $1.7 billion for foundations and fixed-tilt solutions, and more than $150 million for wire management.
APA acquisition broadens foundations business
The acquisition of APA in August 2025 has played an important role in Array’s expansion beyond its traditional tracker operations.
APA increased revenue from $15 million in 2019 to $130 million in 2025, while revenue is running more than 17% higher year to date.
Array expects the business to deliver a double-digit compound annual revenue growth rate over three years. Engineered foundations are projected to increase from around 20% of APA revenue to approximately 50%.
The company is targeting an adjusted gross margin in the high-20% range for APA, alongside an adjusted EBITDA margin in the high teens.
AWM deal targets solar, storage and datacentre opportunities
Array also expects to complete its acquisition of AWM during the third quarter of 2026 for a base purchase price of $153 million, equivalent to approximately 6.0 times trailing 12-month EBITDA.
AWM operates with an EBITDA margin in the high-30% range and is expected to add more than $250 million to Array’s addressable market across solar, battery storage and datacentre applications.
The transaction forms another part of Array’s strategy to offer a wider range of products across utility-scale energy infrastructure rather than relying primarily on tracker sales.
Software and retrofit opportunities add recurring growth potential
Array is also seeking additional growth through technology and software products. The company said its OmniTrack 2.0 system can generate savings of up to $2.5 million for every 100 megawatts of capacity.
Its SmarTrack technology has achieved an attachment rate of 50% on 2026 deliveries, while installations have already surpassed the total recorded during the whole of 2025.
Array also sees a substantial retrofit opportunity within its existing installed base, with approximately half of the 100 gigawatts already deployed potentially suitable for upgrades.
Looking ahead, the company is targeting year-on-year free cash flow growth in 2027 while aiming to bring core net debt leverage below 2.5 times.
The record orderbook, growing contribution from newer products and expansion through APA and AWM underline Array’s transition towards a broader integrated solar and energy infrastructure platform.