Array Technologies, Inc. 10-K

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms; and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. Based upon the evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at a reasonable assurance level. Management’s Report on Internal Control Over Financial Reporting. The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f). The Company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the results of this evaluation, the Company’s management concluded that internal control over financial reporting was effective as of December 31, 2025. Our independent registered public accounting firm, Deloitte & Touche LLP, has audited the effectiveness of our internal control over financial reporting as of December 31, 2025, as stated in their report, which appears herein. As previously disclosed in our annual report on Form 10-K for the year ended December 31, 2023, we identified material weaknesses in our internal control over financial reporting. Management implemented remediation measures during 2024, and as disclosed in our annual report on Form 10-K for the year ended December 31, 2024, concluded that these material weaknesses were remediated as of December 31, 2024. There were no material weaknesses in internal control over financial reporting as of December 31, 2025. We completed the APA Acquisition during the quarter ended September 30, 2025, and are in the process of integrating their operations and internal controls, which we expect to finish within one year of acquisition. In accordance with SEC guidance, our December 31, 2025 assessment of internal controls excludes the internal control activities of APA, which represented approximately 9% of total consolidated assets of the Company at December 31, 2025, excluding goodwill and intangible assets, which are included within the scope of management’s assessment, and represented approximately 4% of total consolidated revenues of the Company for the year ended December 31, 2025. Changes in Internal Control over Financial Reporting During the year ended December 31, 2025, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. 69 Item 9B. Other Information Trading Plans From time to time, our directors and executive officers may adopt plans for the purchase or sale of our securities. Such plans may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K). During the three months ended December 31, 2025, none of our directors or executive officers adopted , amended or terminated any such plan or trading arrangement. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None. PART III Item 10. Directors, Executive Officers and Corporate Governance The information required by this item and not set forth below will be contained in our definitive proxy statement to be filed with the SEC within 120 days after December 31, 2025 pursuant to Regulation 14A under the Exchange Act in connection with our 2026 Annual Meeting of Stockholders, or the “Proxy Statement,” and is incorporated herein by reference. Item 405 of Regulation S-K calls for disclosure of any known late filing or failure by an insider to file a report required by Section 16(a) of the Exchange Act. To the extent disclosure for delinquent reports is being made, it can be found under the caption “Delinquent Section 16(a) Reports” in our Proxy Statement and, in accordance with General Instruction G to Form 10-K, is hereby incorporated herein by reference. Insider Trading Policy We have adopted an Insider Trading Policy governing the purchase, sale and/or other dispositions of our securities by the Company, our directors, officers and employees of the Company and its subsidiaries. A copy of this policy is filed as an exhibit to this Annual Report on Form 10-K. Generally, our insider trading policy prohibits our directors, officers and employees from holding our common stock in a margin account or entering into hedging transactions, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds, because such transactions may permit a director, officer or employee to continue to own securities obtained through our employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the individual may no longer have the same objectives as our other stockholders. Code of Conduct We have adopted a written Code of Business Conduct that applies to all officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Business Conduct is available on our website at www.arraytechinc.com. If we make any substantive amendments to the Code of Business Conduct or grant any waiver from a provision of the Code of Business Conduct to any executive officer or director, we will promptly disclose the nature of the amendment or waiver on our website or in a Current Report on Form 8-K. 70 Item 11. Executive Compensation The information required by this item will be set forth in the Proxy Statement and such information is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item will be set forth in the Proxy Statement and such information is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by this item will be set forth in the Proxy Statement and such information is incorporated herein by reference. Item 14. Principal Accountant Fees and Services The information required by this item will be set forth in the Proxy Statement and such information is incorporated herein by reference. PART IV Item 15. Exhibit and Financial Statement Schedules (a)(1) Financial Statements. The financial statements and supplementary data required by this item are included after the Signature page of this Annual Report on Form 10-K beginning on page F-1. (a)(2) Financial Statement Schedules. All financial statement schedules have been omitted because they are not required or because the required information is given in the Financial Statements or Notes thereto. (a)(3) Exhibits. The exhibits listed in the Exhibit Index below are filed or incorporated by reference as part of this Annual Report. Exhibit Index Incorporation by Reference Number Description of Document Form Filing Date Exhibit 2.1 Equity Purchase Agreement, dated June 17, 2025, by and among STINorland USA, Inc., Array Technologies, Inc., APA Solar, LLC, SunHoldings, LLC and the Guarantors party thereto. 8-K 06/18/2025 2.1 2.2 First Amendment to Equity Purchase Agreement, dated August 14, 2025, by and among STINorland USA, Inc., Array Technologies, Inc., APA Solar, LLC, SunHoldings, LLC, and the Guarantors party thereto. 8-K 08/14/2025 2.2 71 Incorporation by Reference Number Description of Document Form Filing Date Exhibit 3.1 Amended and Restated Certificate of Incorporation of Array Technologies, Inc., dated October 19, 2020 8-K 10/19/2020 3.1 3.2 Amended and Restated Bylaws of Array Technologies, Inc., dated October 19, 2020 8-K 10/19/2020 3.2 3.3 Certificate of Designations of Series A Perpetual Preferred Stock 8-K 08/11/2021 3.1 4.1 Description of securities registered under Section 12 of the Exchange Act 10-K 03/10/2021 4.1 4.2 Indenture, dated December 3, 2021, among Array Technologies, Inc. and U.S. Bank National Association 8-K 12/07/2021 4.1 4.3 Form of 1.00% Convertible Senior Note due 2028 (included in Exhibit 4.2) 8-K 12/07/2021 4.1 4.4 Indenture, dated June 27, 2025, between Array Technologies, Inc. and U.S. Bank Trust Company, National Association. 8-K 06/27/2025 4.1 4.5 Form of 2.875% Convertible Senior Note due 2031 (included in Exhibit 4. 4 ) 8-K 06/27/2025 4.2 10.1 Registration Rights Agreement, dated August 10, 2021, by and between Array Technologies, Inc. and BCP Helios Aggregator L.P. 8-K 08/11/2021 10.2 10.2 Registration Rights Agreement, dated January 11, 2022, by and among Array Technologies, Inc. and the holders identified therein 8-K 01/11/2022 10.1 10.3 Credit Agreement, dated October 14, 2020, by and among Array Tech, Inc. (f/k/a Array Technologies, Inc.), as borrower, ATI Investment Sub, Inc., as guarantor, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the Lenders (as defined therein) from time to time party thereto 8-K 10/19/2020 10.2 10.4 Amended and Restated ABL Credit and Guarantee Agreement, dated March 23, 2020, by and among ATI Investment Holdings, Inc., Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto S-1/A 10/14/2020 10.1 10.5 Tax Receivable Agreement, dated July 8, 2016, between Array Tech, Inc. (f/k/a Array Technologies, Inc.) and Ron P. Corio S-1/A 10/14/2020 10.3 10.6+ Array Technologies, Inc. 2020 Long-Term Incentive Plan S-1/A 10/7/2020 10.4 10.7+ Amended and Restated Array Technologies, Inc. 2020 Long-Term Incentive Plan 10-K 3/3/2025 10.7 10.8+ Array Technologies, Inc. 2021 Employee Stock Purchase Plan S-8 6/29/2022 10.1 10.9+ Form of RSU Grant Notice and Award Agreement (Employees) S-8 10/19/2020 10.2 10.10+ Form of RSU Grant Notice and Award Agreement (Directors) S-8 10/19/2020 10.3 10.11+ Form of PSU Grant Notice and Award Agreement 10-K 3/3/2025 10.11 10.12+ Offer Letter of Employment, dated April 3, 2022, between Array Tech, Inc. and Kevin Hostetler 8-K 4/5/2022 10.1 72 Incorporation by Reference Number Description of Document Form Filing Date Exhibit 10.13+ Offer Letter of Employment, dated November 28, 2022, between Array Tech, Inc. and Neil Manning 10-K 2/28/2024 10.13 10.14+ Offer Letter of Employment , dated July 25, 2022, between Array Tech, Inc. and Terrance Collins 10-K 2/28/2024 10.11 10.15+ Offer Letter of Employment, dated December 1, 2024, between Array Tech, Inc. and H. Keith Jennings 8-K 12/03/2024 10.1 10.16+ Offer Letter of Employment, dated November 18, 2023, between Array Tech, Inc. and James Zhu 10-K 03/03/2025 10.16 10.17+ Amended and Restated Array Technologies, Inc. Executive Severance and Change in Control Plan 10-K 03/03/2025 10.17 10.18+ Transition and Separation Agreement, dated June 5, 2024, by and between Array Technologies, Inc. and Kurt Wood 8-K 08/08/2024 10.2 10.19+ Form of Director and Officer Indemnification Agreement S-1/A 10/14/2020 10.11 10.20 Amendment No. 1, dated February 23, 2021, to the credit agreement by and among Array Tech, Inc. (f/k/a Array Technologies, Inc.), as borrower, ATI Investment Sub, Inc., as guarantor, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders from time to time party thereto 10-K 03/10/2021 10.14 10.21 Amendment No. 2, dated February 26, 2021, to the credit agreement by and among Array Tech, Inc. (f/k/a Array Technologies, Inc.), as borrower, ATI Investment Sub, Inc., as guarantor, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders from time to time party thereto 8-K 03/02/2021 10.1 10.22 Form of Capped Call Confirmation 8-K 12/07/21 10.1 10.23+ Array Technologies, Inc. Deferred Compensation Plan 8-K 5/24/2024 10.1 10.24 Industrial Triple Net Lease, dated May 31, 2024, by and between GDC Sunshine, LLC and Array Tech, Inc. 10-K 3/3/2025 10.26 10.25 Amendment No. 3, dated March 2, 2023, to the credit agreement by and among Array Tech, Inc. (f/k/a Array Technologies, Inc.), as borrower, ATI Investment Sub, Inc. as guarantor, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders from time to time party thereto 10-Q 5/10/2023 10.1 10.26 Amendment No. 4 to the Credit Agreement, dated as of May 1, 2025, by and among Array Tech, Inc., as borrower, ATI Investment Sub, Inc. as holdings, Goldman Sachs Bank USA, as administrative agent, and the additional lenders party thereto (in such capacities indicated therein) 10-Q 5/6/2025 10.2 10.27+ Offer Letter of Employment, dated December 29, 2024, Array Tech, Inc. and Gina Gunning 10-Q 5/6/2025 10.1 10.28 Form of Capped Call Confirmation. 8-K 6/27/2025 10.1 10.29+ Amendment No. 1 to Transition and Separation Agreement, dated August 4, 2025, between Array Technologies, Inc. and Kurt Wood 10-Q 8/7/2025 10.3 10.30+† Form of PSU Grant Notice and Award Agreement 10-Q 11/5/2025 10.1 10.31 First Amendment to Exhibit B “Construction Agreement” to Industrial Triple Net Lease, dated July 25, 2024 by and between GDC Sunshine, LLC and Array Tech, Inc. 10-Q 11/5/2025 10.2 73 Incorporation by Reference Number Description of Document Form Filing Date Exhibit 10.32† Second Amendment to Industrial Triple Net Lease, dated September 26, 2024, by and between GDC Sunshine, LLC and Array Tech, Inc. 10-Q 11/5/2025 10.3 10.33† Third Amendment to Industrial Triple Net Lease, dated October 4, 2025, by and between GDC Sunshine, LLC and Array Tech, Inc. 10-Q 11/5/2025 10.4 10.34 Amendment No. 5 to the Credit Agreement, dated as of February 18, 2026 , by and among Array Tech, Inc., as borrower, ATI Investment Sub, Inc. as holdings, Goldman Sachs Bank USA, as administrative agent, and the additional lenders party thereto (in such capacities indicated therein) 8-K 2/18/2026 10.1 19.1 Insider Trading Policy of Registrant 10-K 3/3/2025 19.1 21.1* List of Subsidiaries of the Registrant 23.1* Consent of Independent Registered Public Accounting Firm 31.1* Certification of the Chief Executive Officer, as required by Section 302 of the Sarbanes- Oxley Act of 2002 (18 U.S.C. 1350) 31.2* Certification of the Chief Financial Officer, as required by Section 302 of the Sarbanes- Oxley Act of 2002 (18 U.S.C. 1350) 32.1** Certification of the Chief Executive Officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) 32.2** Certification of the Chief Financial Officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) 97 Array Technologies, Inc. Clawback Policy 10-K 2/28/2024 97 101 Interactive Data Files 104 Cover Page Interactive Data File * Filed herewith ** This certification is being furnished solely to accompany this Annual Report on Form 10-K pursuant to 18 U.S.C. Section 1350, and it is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. + Indicates management contract or compensatory plan. † Certain schedules and attachments have been omitted pursuant to Regulation S-K Item 601(a)(5) and will be furnished on a supplemental basis to the SEC upon request. Item 16. Form 10–K Summary None. 74 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 25, 2026. Array Technologies, Inc. By: /s/ Kevin Hostetler Kevin Hostetler Chief Executive Officer and Member of the Board of Directors (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date Chief Executive Officer and /s/ Kevin Hostetler Member of the Board of Directors February 25, 2026 Kevin Hostetler (Principal Executive Officer) /s/ H. Keith Jennings Chief Financial Officer February 25, 2026 H. Keith Jennings (Principal Financial Officer) /s/ James Zhu Chief Accounting Officer February 25, 2026 James Zhu (Principal Accounting Officer) /s/ Brad Forth Chairman of the Board of Directors February 25, 2026 Brad Forth /s/ Troy Alstead Member of the Board of Directors February 25, 2026 Troy Alstead /s/ Orlando D. Ashford Member of the Board of Directors February 25, 2026 Orlando D. Ashford /s/ Jayanthi Iyengar Member of the Board of Directors February 25, 2026 Jayanthi Iyengar /s/ Bilal Khan Member of the Board of Directors February 25, 2026 Bilal Khan /s/ Tracy Jokinen Member of the Board of Directors February 25, 2026 Tracy Jokinen 75 Signature Title Date /s/ Gerrard Schmid Member of the Board of Directors February 25, 2026 Gerrard Schmid 76 INDEX TO FINANCIAL STATEMENTS Array Technologies, Inc. and Subsidiaries Reports of Independent Registered Public Accounting Firms (PCAOB ID No. 34 ) F-2 Consolidated Balance Sheets F- 7 Consolidated Statements of Operations F- 9 Consolidated Statements of Comprehensive Income (Loss) F-8 Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders' Equity (Deficit) F- 11 Consolidated Statements of Cash Flows F- 14 Notes to Consolidated Financial Statements F- 16 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Array Technologies, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Array Technologies, Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), changes in redeemable perpetual preferred stock and stockholders’ equity (deficit), and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to an account or disclosure that is material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. F-2 Goodwill – STI Operations– Refer to Note 2 and 7 to the financial statements Critical Audit Matter Description The Company’s goodwill for its STI Operations reporting unit (“STI”) is tested annually for impairment during the fourth quarter of each year, and more frequently if events and circumstances indicate that the assets might be impaired. The Company’s evaluation of STI’s goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying value. The Company used a quantitative approach for goodwill to determine the fair value of STI based upon the discounted cash flow method, which was compared to an indication of value using the guideline publicly traded companies method. The fair value determination using the discounted cash flow method requires management to make significant estimates and assumptions related to forecasts of future revenue growth rates, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margins, and the discount rate. The comparison of the fair value of the reporting unit to the marketplace multiples determined under the guideline publicly traded companies method requires management to make assumptions related to the selection EBITDA multiples. As of the December 31, 2025 testing date, the carrying value of STI exceeded its estimated fair value, and as a result, the Company recorded an impairment totaling $102.6 million during the year ended December 31, 2025. Given the significant judgments made by management to estimate the fair value of STI, performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to forecasts of future revenue growth rates, and EBITDA margins, as well as the selection of the discount rate and the comparison of the fair value to marketplace multiples, required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists. How the Critical Audit Matter Was Addressed in the Audit O ur audit procedures related to the forecasts of future revenue growth rates and EBITDA margins ("forecasts"), the selection of the discount rate and the comparison of the marketplace multiples for STI included the following, among others: • W e tested the effectiveness of controls over management's determination of the estimated fair value of STI, such as controls related to management's forecasts and the selection of the discount rate, and market multiples used. • We evaluated the reasonableness of management's forecasts by comparing the forecasts to (1) historical results, (2) internal communications, (3) inquiry with non-accounting personnel and (4) forecasted information included in industry reports that STI operates within. • With the assistance of our fair value specialists, we evaluated (1) the valuation methodologies used, (2) the marketplace multiples used by management to compare to the discounted cash flow fair value, and (3) the discount rate used in determining the present value of the expected cash flows by developing independent estimates and comparing those to the rate selected by management. • We considered the impact of (1) changes in the industry and (2) current macroeconomic factors on management's forecasts by analyzing key inputs of the forecast and evaluating the reasonableness and trends of the key inputs as a comparison to changes in the industry and current macroeconomic factors. F-3 /s/ Deloitte & Touche LLP Tempe, Arizona February 25, 2026 We have served as the Company's auditor since 2023. F-4 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Array Technologies, Inc. Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Array Technologies, Inc. (the "Company") as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 25, 2026, expressed an unqualified opinion on those financial statements. As described in Management's Report on Internal Control Over Financial Reporting, management excluded from its assessment the internal control over financial reporting at APA Solar, LLC, which was acquired on August 14, 2025, and whose financial statements represented approximately 9% of total consolidated assets, excluding goodwill and intangible assets, which are included within the scope of management's assessment, and represented approximately 4% of total consolidated revenues of the Company as of and for the year ended December 31, 2025. Accordingly, our audit did not include the internal control over financial reporting at APA Solar, LLC. Basis for Opinion T he Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and F-5 procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Tempe, Arizona February 25, 2026 F-6 Table of Contents Array Technologies, Inc. Consolidated Balance Sheets (in thousands, except per share and share amounts) December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 244,388 $ 362,992 Restricted cash 1,596 1,149 Accounts receivable, net 271,578 275,838 Inventories, net 150,374 200,818 Prepaid expenses and other 201,108 157,927 Total current assets 869,044 998,724 Property, plant and equipment, net 58,225 26,222 Lease assets 97,088 16,384 Goodwill 135,173 160,189 Other intangible assets, net 238,579 181,409 Deferred income tax assets 23,965 17,754 Other assets 29,718 25,317 Total assets $ 1,451,792 $ 1,425,999 LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 143,994 $ 172,368 Accrued expenses and other 54,289 91,183 Income tax payable 4,687 5,227 Deferred revenue 128,433 119,775 Current portion of contingent consideration 14,551 1,193 Current portion of warranty liability 10,844 2,063 Current portion of lease liabilities 7,662 5,600 Current portion of debt 10,315 30,714 Other current liabilities 2,237 9,691 Total current liabilities 377,012 437,814 Deferred income tax liabilities 22,133 21,398 Contingent consideration, net of current portion 12,739 7,868 Warranty liability, net of current portion 5,466 4,830 Lease liabilities, net of current portion 89,552 15,128 Long-term debt, net of current portion 658,664 646,570 Other long-term liabilities 25,838 3,556 Total liabilities 1,191,404 1,137,164 Commitments and contingencies (Note 15) F-7 Table of Contents Array Technologies, Inc. Consolidated Balance Sheets (continued) (in thousands, except shares and par value) December 31, 2025 2024 Series A Redeemable Perpetual Preferred Stock: $ 0.001 par value; 500,000 shares authorized; 490,829 and 460,920 issued, respectively; liquidation preference of $ 493.1 million at both dates 466,728 406,931 Stockholders’ equity Preferred stock $ 0.001 par value - 4,500,000 shares authorized; none issued at respective dates — — Common stock $ 0.001 par value - 1,000,000,000 shares authorized; 152,779,614 and 151,951,652 shares issued at respective dates 152 151 Additional paid-in capital 226,848 297,780 Accumulated deficit ( 422,859 ) ( 370,624 ) Accumulated other comprehensive loss ( 10,481 ) ( 45,403 ) Total stockholders’ equity ( 206,340 ) ( 118,096 ) Total liabilities, redeemable perpetual preferred stock and stockholders’ equity $ 1,451,792 $ 1,425,999 See accompanying Notes to Consolidated Financial Statements. F-8 Table of Contents Array Technologies, Inc. Consolidated Statements of Operations (in thousands) Year Ended December 31, 2025 2024 2023 Revenue $ 1,284,141 $ 915,807 $ 1,576,551 Cost of revenue: Cost of product and service revenue 938,552 603,572 1,146,442 Inventory valuation charge 29,516 — — Amortization of developed technology and backlog 17,520 14,558 14,558 Total cost of revenue 985,588 618,130 1,161,000 Gross profit 298,553 297,677 415,551 Operating expenses: General and administrative 198,612 160,567 159,535 Change in fair value of contingent consideration 177 125 2,964 Depreciation and amortization 26,199 36,086 38,928 Long-lived assets impairment — 91,904 — Goodwill impairment 102,560 236,000 — Total operating expenses 327,548 524,682 201,427 (Loss) income from operations ( 28,995 ) ( 227,005 ) 214,124 Interest income 11,852 16,777 8,330 Interest expense ( 27,331 ) ( 34,825 ) ( 44,229 ) Foreign currency gain (loss), net 2,042 ( 4,515 ) ( 53 ) Gain on extinguishment of debt, net 14,207 — — Other expense, net ( 992 ) ( 1,008 ) ( 1,015 ) Total other expense ( 222 ) ( 23,571 ) ( 36,967 ) (Loss) income before income tax expense (benefit) ( 29,217 ) ( 250,576 ) 177,157 Income tax expense (benefit) 23,018 ( 10,182 ) 39,917 Net (loss) income ( 52,235 ) ( 240,394 ) 137,240 Preferred dividends and accretion 59,797 55,670 51,691 Net (loss) income to common shareholders $ ( 112,032 ) $ ( 296,064 ) $ 85,549 (Loss) income per common share Basic $ ( 0.73 ) $ ( 1.95 ) $ 0.57 Diluted $ ( 0.73 ) $ ( 1.95 ) $ 0.56 Weighted average common shares outstanding Basic 152,537 151,754 150,942 Diluted 152,537 151,754 152,022 See accompanying Notes to Consolidated Financial Statements. F-9 Table of Contents Array Technologies, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands) Year Ended December 31, 2025 2024 2023 Net (loss) income $ ( 52,235 ) $ ( 240,394 ) $ 137,240 Foreign currency translation (1) 34,922 ( 90,213 ) 36,385 Comprehensive (loss) income $ ( 17,313 ) $ ( 330,607 ) $ 173,625 (1) There are no tax effects on foreign currency adjustments. See accompanying Notes to Consolidated Financial Statements. F-10 Table of Contents Array Technologies, Inc. Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) (in thousands) Temporary Equity Permanent Equity Series A Redeemable Perpetual Preferred Stock Preferred Stock Common Stock Shares Amount Shares Amount Shares Amount Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity (Deficit) Balance, December 31, 2022 406 $ 299,570 — $ — 150,513 $ 150 $ 383,176 $ ( 267,470 ) $ 8,425 $ 124,281 Shares issued in connection with: Vesting of restricted stock units — — — — 686 1 — — — 1 Employee purchase plan — — — — 43 — 147 — — 147 Equity-based compensation — — — — — — 15,454 — — 15,454 Tax withholding related to vesting of equity-based compensation — — — — — — ( 1,061 ) — — ( 1,061 ) Preferred cumulative dividends plus accretion and commitment fees 26 51,690 — — — — ( 53,199 ) — — ( 53,199 ) Net income — — — — — — — 137,240 — 137,240 Foreign currency translation — — — — — — — 36,385 36,385 Balance, December 31, 2023 432 351,260 — — 151,242 151 344,517 ( 130,230 ) 44,810 259,248 Shares issued in connection with: Vesting of restricted stock units — — — — 648 — — — — — Employee purchase plan — — — — 62 — 1,701 — — 1,701 Equity-based compensation — — — — — — 8,985 — — 8,985 F-11 Table of Contents Array Technologies, Inc. Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) (in thousands) Temporary Equity Permanent Equity Series A Redeemable Perpetual Preferred Stock Preferred Stock Common Stock Shares Amount Shares Amount Shares Amount Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity (Deficit) Tax withholding related to vesting of equity-based compensation — — — — — — ( 1,752 ) — — ( 1,752 ) Preferred cumulative dividends plus accretion 28 55,671 — — — — ( 55,671 ) — — ( 55,671 ) Net loss — — — — — — — ( 240,394 ) — ( 240,394 ) Foreign currency translation — — — — — — — — ( 90,213 ) ( 90,213 ) Balance, December 31, 2024 460 406,931 — — 151,952 151 297,780 ( 370,624 ) ( 45,403 ) ( 118,096 ) Shares issued in connection with: Vesting of restricted stock units — — — — 725 1 — — — 1 Employee purchase plan — — — — 103 — 732 — — 732 Equity-based compensation — — — — — — 15,361 — — 15,361 Tax withholding related to vesting of equity-based compensation — — — — — — ( 539 ) — — ( 539 ) Purchase of 2031 Capped Calls, net of tax effect — — — — — — ( 26,689 ) — — ( 26,689 ) Preferred cumulative dividends plus accretion 30 59,797 — — — — ( 59,797 ) — — ( 59,797 ) Net loss — — — — — — — ( 52,235 ) — ( 52,235 ) Foreign currency translation — — — — — — — — 34,922 34,922 F-12 Table of Contents Array Technologies, Inc. Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) (in thousands) Temporary Equity Permanent Equity Series A Redeemable Perpetual Preferred Stock Preferred Stock Common Stock Shares Amount Shares Amount Shares Amount Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity (Deficit) Balance, December 31, 2025 490 $ 466,728 — $ — 152,780 $ 152 $ 226,848 $ ( 422,859 ) $ ( 10,481 ) $ ( 206,340 ) See accompanying Notes to Consolidated Financial Statements. F-13 Table of Contents Array Technologies, Inc. Consolidated Statements of Cash Flows (in thousands) Year Ended December 31, 2025 2024 2023 Operating activities: Net (loss) income $ ( 52,235 ) $ ( 240,394 ) $ 137,240 Adjustments to net (loss) income: Goodwill impairment 102,560 236,000 — Impairment of long-lived assets — 91,904 — Provision for credit losses 912 2,058 2,527 Deferred tax expense (benefit) 3,195 ( 37,650 ) ( 8,862 ) Depreciation and amortization 29,768 38,221 40,268 Amortization of developed technology and backlog 17,520 14,558 14,558 Amortization of debt discount and issuance costs 5,216 6,087 10,570 Gain on extinguishment of debt, net ( 14,207 ) — — Gain on debt refinancing — — ( 457 ) Equity-based compensation 15,571 10,349 14,540 Change in fair value of contingent consideration 177 125 2,964 Warranty provision 17,273 3,163 4,666 Inventory reserve 3,515 2,923 6,431 Inventory valuation charge 29,516 — — Other non-cash ( 2,032 ) — — Changes in operating assets and liabilities, net of business acquisition: Accounts receivable 31,008 41,423 92,800 Inventories 52,852 ( 44,787 ) 66,743 Income tax receivables ( 6,849 ) ( 4,112 ) 9 Prepaid expenses and other ( 25,844 ) ( 69,708 ) ( 10,840 ) Accounts payable ( 35,868 ) 58,180 ( 37,654 ) Accrued expenses and other ( 54,136 ) ( 436 ) 5,325 Income tax payable ( 540 ) ( 863 ) 1,936 Lease liabilities 2,202 ( 8,624 ) 1,177 Deferred revenue 489 55,563 ( 111,986 ) Other operating assets and liabilities ( 18,278 ) — — Net cash provided by operating activities 101,785 153,980 231,955 Investing activities: Purchase of property, plant and equipment ( 21,972 ) ( 7,305 ) ( 16,989 ) Acquisition, net of cash acquired ( 164,916 ) — — Retirement/disposal of property, plant and equipment — 34 168 Cash payments for the acquisition of right-of-use assets — ( 11,276 ) — F-14 Table of Contents Array Technologies, Inc. Consolidated Statements of Cash Flows (continued) (in thousands) Year Ended December 31, 2025 2024 2023 Investment in securities ( 1,000 ) ( 3,000 ) — Sale of equity investment — 11,975 — Net cash used in investing activities ( 187,888 ) ( 9,572 ) ( 16,821 ) Financing activities: Proceeds from issuance of other debt 151,151 93,059 63,311 Proceeds from issuance of convertible notes 345,000 — — Premium paid on capped call ( 35,087 ) — — Fees paid on issuance of convertible notes ( 10,434 ) — — Repayments of other debt ( 174,392 ) ( 97,424 ) ( 88,063 ) Repayments of term loan facility ( 233,875 ) ( 4,300 ) ( 74,300 ) Repayments of convertible notes ( 78,363 ) — — Contingent consideration payments ( 1,204 ) ( 1,427 ) ( 1,200 ) Other financing ( 849 ) ( 1,752 ) ( 1,509 ) Net cash used in financing activities ( 38,053 ) ( 11,844 ) ( 101,761 ) Effect of exchange rate changes on cash and cash equivalent balances 5,999 ( 17,503 ) 1,806 Net change in cash and cash equivalents ( 118,157 ) 115,061 115,179 Cash and cash equivalents and restricted cash, beginning of period 364,141 249,080 133,901 Cash and cash equivalents and restricted cash, end of period $ 245,984 $ 364,141 $ 249,080 See accompanying Notes to Consolidated Financial Statements. F-15 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 1. Organization and Business 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. On January 11, 2022, the Company acquired 100 % of the share capital of Soluciones Técnicas Integrales Norland, S.L.U., a Spanish private limited liability Company, and its subsidiaries (collectively, “STI”) with cash and common stock of the Company (the “STI Acquisition”). The STI Acquisition was accounted for as a business combination. Upon completion of the STI Acquisition, the Company began operating as two reportable operating segments: the Array Legacy operating segment (“Array Legacy Operations”) and the newly acquired operating segment (“STI Operations”) pertaining to STI. On August 14, 2025, the Company acquired 100 % of the issued and outstanding equity interests of APA Solar, LLC (“APA”), the terms of which are discussed in Note 3 – Acquisition (the “APA Acquisition”). APA designs, engineers and manufactures solar racking, mounting and foundation systems, and the integration of such systems into the Company’s business model through the APA Acquisition supports the Company’s strategic expansion in the solar energy market and expands its operational footprint. APA is currently reported within the Array Legacy Operations segment. Headquartered in Albuquerque, New Mexico, the Company is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop and operate solar PV sites. 2. Summary of Significant Accounting Policies Basis of Accounting and Presentation The accompanying consolidated financial statements were prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of Array Technologies, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of 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. Although management believes its estimates are reasonable, actual results could differ from those estimates. F-16 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 Business Combinations (“ASC 805”). The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives, and market multiples, amongst other items. Foreign Currency Translation The Company’s 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. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed insured amounts, but we have experienced no losses associated with these amounts to date. At December 31, 2025 and 2024, restricted cash represents cash deposited with a financial institution by one of our foreign subsidiaries that was restricted for the issuance of certain surety bonds. Accounts Receivable The Company’s accounts receivable are due primarily from customers across the U.S. and internationally. Credit is extended in the normal course of business based on evaluation of a customer’s financial condition and, generally, collateral is not required. Trade receivables consist of uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days of the invoice date. Management regularly reviews outstanding accounts receivable and provides for estimated credit losses through an estimate of expected credit losses valuation account. The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from the asset. We estimate allowances for credit losses using relevant available information from both internal and external sources. We monitor the estimated credit losses associated with our trade accounts receivable and unbilled accounts receivable based primarily on our collection history and the delinquency status of amounts owed to us, which we determine based on the aging of such receivables. In evaluating the level of established reserves, management makes judgments regarding the customers’ ability to make required payments, economic events, and other factors. As the financial conditions of these customers change, circumstances develop, or additional information becomes available, F-17 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements adjustments to the valuation account may be required. When deemed uncollectible, the receivable is charged against the valuation account for credit losses or directly written off. Unbilled receivables represent temporary timing differences between shipments made and billing milestones achieved and are recorded in the accounts receivable balances. Such amounts have not been billed due to pending commercial criteria, such as billing on a specified date of the month or upon completion of mega-watt deliveries. Unbilled receivables are invoiced once the underlying commercial criteria have been met and we expect payment within 30 to 60 days. Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost or estimated net realizable value using costing methods that approximate first-in, first-out (“FIFO”). Provisions are made to reduce excess or obsolete inventories to their estimated net realizable values. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation and amortization. Improvements, betterments and replacements which extend the life of an asset are capitalized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred. A gain or loss on the sale of property, plant and equipment is calculated as the difference between the cost of the asset disposed of, net of depreciation, and net sales proceeds received. A gain or loss on an asset disposal is recognized in the period that the sale occurs. Equity Investment On November 6, 2024, Array invested $ 3.0 million through a Simple Agreement of Future Equity (“SAFE”) with a technology company. On June 2, 2025, the SAFE investment converted into 182,669 preferred shares of the technology company at the predetermined price. The conversion did not result in the recognition of a gain or loss. In the fourth quarter of 2025, the same technology company achieved certain defined milestones, upon which Array invested an additional $ 1.0 million in accordance with the terms and conditions of the original SAFE. In the first quarter of 2026, the Company expects to execute an additional SAFE governing the terms and conditions of the incremental investment. Array’s initial investment of $ 3.0 million is recorded as an equity investment at cost and is included within Other assets in the consolidated balance sheet. The investment will be carried at cost and remeasured to fair value if impaired or if there are observable transaction prices. The additional investment of $ 1.0 million is recorded at cost and is included within Prepaid expenses and other on the consolidate balance sheet. Array may invest up to $ 1.0 million in additional future SAFEs, contingent upon the technology company’s achievement of defined milestones. As of December 31, 2025, no additional commitments have been recognized, and no impairment indicators have been identified. F-18 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Leases The Company determines if an arrangement contains a lease at inception by determining if it conveys the right to control the use of an identified asset in exchange for consideration. At the same time, the Company also assesses whether the lease should be classified as an operating lease or a finance lease, depending on the specific terms of each lease. Lease right-of-use assets (“ROU assets”) and associated lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments. Certain lease agreements may include one or more options to extend or terminate a lease if it is reasonably certain that the Company will exercise such options. ROU assets also include any initial direct costs and prepayments less lease incentives. Because most of the Company’s leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease expense is recognized on a straight-line basis over the lease term. ROU assets and the corresponding lease liabilities are included in Lease assets, Current portion of lease liabilities, and Lease liabilities, net of current portion in our consolidated balance sheets. Long-Lived Assets In testing long-lived assets and goodwill for impairment, the Company first tests its long-lived assets for impairment, and then tests the goodwill of a reporting unit that includes the long-lived assets covered under the long-lived asset test for impairment. If an asset group includes only a portion of a reporting unit, the carrying amount of goodwill is not included in the asset group. The carrying values are adjusted, if necessary, for the result of each impairment test prior to performing the next test. When events, circumstances or operating results indicate that the carrying values of long-lived assets might not be recoverable through future operations, the Company prepares projections of the undiscounted future cash flows expected to be generated from the underlying asset group and the cash flows resulting from the asset groupings eventual disposition. If the projections indicate that the underlying asset grouping is not expected to be recoverable, the estimated fair value of the asset group is determined. An impairment loss is recognized based on the difference between the carrying value of the asset group and its estimated fair value. The loss is allocated to the long-lived assets of the group on pro-rata basis using the relative carrying amounts of the asset groups long-lived assets. During the years ended December 31, 2025 and 2024, the Company identified certain indicators of impairment related to its long-lived assets, and as a result, tested certain asset groups for impairment, which resulted in an impairment of long-lived assets of $ 91.9 million during 2024. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. There was no impairment of long-lived assets for the year ended December 31, 2025 and 2023. F-19 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Goodwill and Indefinite-Lived Intangible Asset Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. The Company does not amortize goodwill but instead tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Such triggering events potentially warranting an annual or interim goodwill impairment assessment include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained decreases in the Company’s stock price or market capitalization. Goodwill is assessed for impairment using either a qualitative assessment or quantitative approach to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. The qualitative assessment evaluates factors including macroeconomic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company cannot determine if it is more likely than not that the fair value of a reporting unit is greater than its carrying value, a quantitative assessment is performed. The quantitative approach compares the estimated fair value of the reporting unit to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value or the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential. When determining the fair value of a reporting unit using the quantitative approach, we determine the fair value of the reporting unit using an income approach based on discounted cash flows. The fair value determined under the income approach is then compared to guideline publicly-traded companies (“GPC”) market place EBITDA multiples to corroborate the fair value of the reporting unit determined under the income approach. During the years ended December 31, 2025 and 2024, the Company identified certain indicators of impairment on various dates, and as a result, performed goodwill impairment tests, which resulted in impairments of goodwill totaling $ 102.6 million and $ 236.0 million, respectively. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. There was no impairment of goodwill for the years ended December 31, 2023. The Company has one indefinite-lived intangible asset for a Trade name it acquired as part of a past acquisition associated with the Array Legacy Operations reporting unit. The Company performs an annual impairment test on its Trade name indefinite-lived intangible asset, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year. There were no indicators of impairment associated with this Trade name. Divestiture of Investment in Equity Securities In June 2024, we divested 100 % 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. No gain or loss resulted from this transaction. Amortizable and Other Intangible Assets The Company amortizes identifiable finite lived intangible assets consisting of developed technology, computer software, customer relationships, contractual backlog and the STI and APA trade names on a straight-line basis F-20 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements over the assets’ estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized, over their estimated useful lives. Debt Discount and Issuance Costs Debt discount and issuance costs incurred to issue debt are deferred and amortized using the effective interest method as a component of interest expense over the life of the related debt agreement. Amortization expense of debt discount and deferred issuance costs was $ 5.2 million, $ 6.1 million and $ 10.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue Recognition In accordance with ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenues from the sale of solar tracking systems, parts, installation services, extended warranties on solar tracker system components and software licenses. The Company determines its revenue recognition through the following steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations within the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations within the contract; and (v) recognition of revenue when, or as the performance obligation has been satisfied. In assessing the recognition of revenue, the Company also evaluates whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time or over time. Performance Obligations The Company’s contracts for specific solar tracker system projects with customers are predominantly accounted for as a single performance obligation, because the Company is integrating the solar tracking system components and related services as part of a single project. The Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract, which is principally as tracker system components are delivered to the designated project site. The Company sources the component parts from third party manufacturers, it obtains control and receives title of such parts before transferring them to the customer because the Company is responsible for fulfillment to its customer. The Company’s engineering services and professional services are interdependent with the component parts whereby the parts form an input into a combined output for which it is the principal, and the Company could redirect the parts before they are transferred to the customer if needed. The customer owns the work-in-process over the course of the project and the Company’s performance enhances a customer-controlled asset, resulting in the recognition of the performance obligation over time. In contracts with a single performance obligation, the Company’s obligation is satisfied over-time as control is transferred to the customer by measuring the progress toward complete satisfaction of the performance obligation using an input (i.e., the “cost-to-cost”) method. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The costs of materials and hardware components are recognized as incurred, which is typically upon delivery to the customer site or upon transfer of control while in transit. F-21 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements For contracts with customers that result in multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. These contracts include contracts for the sale of components, contracts with installation services, solar tracker systems sold with an extended warranty, and contracts that include the sale of software and maintenance. For all years presented, the transaction price associated with extended warranties and the sale of software and maintenance was not material. The Company generally uses the expected cost-plus margin approach to estimate the standalone selling price of each performance obligation. For contracts related to the sale of components as opposed to contracts to provide an integrated solar tracker project, the Company’s obligation to the customer is to deliver components that are used by the customer to create a tracker system and does not include engineering or other professional services or the obligation to provide such services in the future. Under these arrangements, each component is a distinct performance obligation, and often the components are delivered in batches at different points in time. The Company estimates the standalone selling price (“SSP”) of each component performance obligation based on a cost-plus margin approach. Revenue allocated to a component is recognized at the point in time that control of the component transfers to the customer, which is usually upon delivery to the customer’s site. Contracts are often modified through change orders to account for changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as separate performance obligations but rather as a modification of the existing contract and performance obligation. Bill and Hold Arrangements In certain situations, the Company recognizes revenue under bill-and-hold arrangements with its customers. In all bill-and-hold arrangements, 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 our custody. The material is bundled or palletized in the Company’s warehouses, identified separately as belonging to the respective customer and is ready for immediate transport to the customer project upon customer 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. Contract Estimates A majority of our revenue is recognized over time as work progresses, and for a single performance obligation, we use an input measure, the cost-to-cost method, to determine progress. We review and update the contract related estimates on an ongoing basis and recognize adjustments for any project specific facts and circumstances that could impact the measurement of the extent of progress such as the total costs to complete the contracts, under the cumulative catch-up method. Due to the relatively short duration of our outstanding performance obligations, and our ability to estimate the remaining costs to be incurred, which are substantially all material costs covered under our material supply agreements with our suppliers, we have not recorded any material catch-up adjustments for the periods presented that would have impacted revenues or EPS related to revisions in our measurement of remaining progress of our performance obligations. F-22 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled accounts receivable for goods or services delivered but not invoiced, and deferred revenue (contract liabilities) in the 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 unbilled accounts receivable. The changes in unbilled accounts receivable and the corresponding amounts recorded in revenue relate to fluctuations in the timing and volume of billings for the Company’s revenue recognized over-time. Practical Expedients and Exemptions The Company has elected to adopt certain practical expedients and exemptions as allowed under ASC 606, such as: (i) recording sales commissions as incurred because the amortization period is less than one year; (ii) not adjusting for the effects of significant financing components when the contract term is less than one year; (iii) excluding collected sales tax amounts from the calculation of revenue; and (iv) accounting for the costs of shipping and handling activities that are incurred after the customer obtains control of the product as fulfillment costs rather than a separate service provided to the customer for which consideration would need to be allocated. Research and Development The Company incurs research and development (“R&D”) costs during its process of researching and developing new products and significant enhancements to existing products. R&D 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. R&D expense was $ 9.9 million, $ 6.7 million and $ 8.5 million during the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded within General and administrative expenses in the consolidated statements of operations. Inflation Reduction Act Vendor Rebates On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which includes numerous green energy credits. The section 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 section 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 product and service in the consolidated statements of operations. For vendor rebates related to past purchases that are owed to the Company upon execution of the agreement, the Company defers recognition of this portion of the rebate and recognizes the amounts as a reduction to Cost of product and service revenue as future purchases occur. At December 31, 2025 and December 31, 2024, the Company had deferred zero and $ 8.0 million, respectively, of vendor rebates related to rebates due at contract signing for past purchases, which are included in Other current liabilities in the consolidated balance sheet. F-23 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements During the years ended December 31, 2025 and 2024, the Company recorded reductions to Cost of product and service revenue in the consolidated statements of operations of approximately $ 165.0 million and $ 133.3 million, respectively, of which approximately $ 8.0 million and $ 38.6 million, respectively, related to the recognition of deferred rebates that were deferred upon contract signing during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2023, the Company recorded a reduction to Cost of product and service revenue in the consolidated statements of operations in the amount of $ 9.3 million. As of December 31, 2025, the Company had outstanding Vendor Rebates receivable of $ 152.0 million and $ 10.9 million included in Prepaid expenses and other and Other assets, respectively. As of December 31, 2024, the Company had outstanding Vendor Rebate receivables of $ 115.5 million and zero included in Prepaid expenses and other and Other assets, respectively. Inflation Reduction Act 45X Credits The Company accounts for the 45X Credit established by the IRA, under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”), as a reduction to Cost of product and service revenue in the consolidated statements of operations. The tax credit is included as an offset in Income tax payable in the consolidated balance sheets dated December 31, 2025. During the fiscal years ended December 31, 2025, 2024 and 2023, the Company earned 45X Credits for the manufacturing of certain components, which were sold and resulted in reductions of $ 8.6 million, $ 4.4 million and zero , respectively, to Cost of product and service revenue in the consolidated statements of operations. Warranty Obligations The Company offers a multi-year assurance type warranty for its products against manufacturer defects and does not contain service elements. For these assurance type warranties, a provision for estimated future costs related to warranty expense is recorded when they are probable and reasonably estimable, which is typically when products are delivered. This provision is based on historical information on the nature, frequency and average cost of claims for each product line. When little or no experience exists for a recently-introduced product line, the estimate is based on comparable product lines. These estimates are re-evaluated on an ongoing basis using best-available information and revisions to estimates are made as necessary. Claims estimated to be payable in the following year are classified as current liabilities and those payable beyond one year are classified as long-term liabilities. Advertising Expenses The cost of advertising, marketing and media is expensed as incurred. For the years ended December 31, 2025, 2024 and 2023 advertising expenses totaled $ 3.6 million, $ 3.3 million and $ 2.7 million, respectively, and are recorded within General and administrative expenses in the consolidated statements of operations. Income Taxes The Company provides for income taxes based on the provisions of ASC Topic 740 Income Taxes (“ASC 740”), which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax rates in effect at the date of the consolidated financial statements. A valuation allowance is provided to reduce deferred income tax assets if it is more likely than not that all, or some portion, of such deferred tax assets will not be recognized. Provision for estimated income taxes is based upon elements of income and expense reported in the consolidated statements of operations. The Company also F-24 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements files certain corporate state income tax returns. Generally, the Company is subject to examination by U.S. federal, state and non-U.S. income tax authorities. The current provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, and for operating loss and tax credit carryforwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustments to the tax provision or benefit in the period of enactment. The Company determines whether uncertain tax positions are more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to unrecognized tax benefits within Interest expense and Other expenses, respectively, in the consolidated statements of operations. The Company's liabilities for unrecognized tax benefits are reflected in Other long-term liabilities in the consolidated balance sheet. Equity-Based Compensation The Company recognizes equity-based compensation expense based on the equity award’s grant date fair value. The determination of the fair value of equity awards issued to employees of the Company is based upon the underlying share price and a number of assumptions, including volatility, performance period, risk-free interest rate and expected dividends. The Company values equity awards with a market condition using a Monte Carlo simulation model. The Company accounts for forfeitures as they occur. The grant date fair value of each unit is amortized on a straight-line basis over the requisite service period. Temporary Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. The Series A Redeemable Perpetual Preferred Stock of the Company, par value $ 0.001 per share (the “Series A Shares”) issued in connection with the Series A Purchase Agreement, as described in Note 11 – Redeemable Perpetual Preferred Stock , are classified as temporary equity in the accompanying consolidated financial statements. The Company elected the accreted redemption value method under which it accretes changes in redemption value over the period from the date of issuance of the Series A Shares to the earliest costless redemption date (the fifth anniversary) using the effective interest method. Such adjustments are included in Preferred cumulative dividends plus accretion and commitment fees on the Company’s consolidated statements of changes in redeemable perpetual preferred stock and stockholders’ equity (deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP. Earnings per Share Basic earnings per share (“EPS”), is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options, unvested restricted stock, or convertible debt, were exercised and converted into shares. The convertible debt is not F-25 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements currently convertible. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive. Credit Concentration Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and accounts receivable. The Company has no significant off balance sheet concentrations of credit risk. The Company maintains its cash with financial institutions that are believed to be of high credit quality and has not experienced any material losses relating to cash balances. Our customer base consists primarily of solar developers, independent power producers, utilities and engineering, procurement and construction firms. We do not require collateral on our accounts receivable. At December 31, 2025, our largest customer and five largest customers accounted for approximately 13.4 % and 29.8 %, respectively, of total accounts receivable. At December 31, 2024, our largest and five largest customers constituted approximately 9.0 % and 31.0 %, respectively, of total accounts receivable. During the year ended December 31, 2025, our two largest customers accounted for approximately 13.7 % and 12.2 %, respectively, of total revenue. During the year ended December 31, 2024, our two largest customers accounted for approximately 15.6 % and 11.9 %, respectively, of total revenue. During the year ended December 31, 2023, our largest customer accounted for approximately 13.4 % of total revenue. Further, our accounts receivable are from companies within the solar industry and, as such, we are exposed to normal industry credit risk. We continually evaluate our reserves for potential credit losses and establish reserves for such losses. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value, as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity that are significant to the fair value of the assets or liabilities. The fair values of the Company’s cash, accounts receivable, and accounts payable approximate their carrying values due to their short maturities. The carrying value of the Company’s notes payable approximate their fair values, as they are based on current market rates at which the Company could borrow funds with similar terms. F-26 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The Company follows the provisions of ASC Topic 820 Fair Value Measurement for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. As it relates to the Company, this applies to certain nonfinancial assets and liabilities acquired in business combinations and measurement of goodwill impairment and non-amortizable intangibles and is thereby measured at fair value, which was determined by the Company with the assistance of third-party valuation specialists. Restructuring The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420 Exit or Disposal Cost Obligations ("ASC 420" ) and ASC Topic 712 Compensation - Nonretirement Postemployment Benefits ("ASC 712" ). The Company accrues a liability for termination benefits under ASC 712 when it is probable that a liability has been incurred and the amount can be reasonably estimated and under ASC 420 when the termination benefits are communicated. In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued in the consolidated balance sheets. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 31, 2026, and for interim periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses , which provides a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new guidance in the first quarter of fiscal year 2026 and does not expect a material impact on its consolidated financial statements upon adoption. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software , which updates the accounting for internal-use software by removing project stage references and introduces a new capitalization threshold based on management authorization and project completion probability. The guidance requires evaluation of significant development uncertainty, including novel functionality and unresolved performance requirements. ASU 2025-06 also requires website-specific development costs to be evaluated under the same framework as other internal-use software and clarifies that capitalized internal-use software costs are subject to the property, plant and equipment disclosure requirements under ASC Topic 360 Property, Plant, and Equipment . The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on its financial statement disclosures. F-27 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which provides clarity and navigability of interim reporting requirements, requiring the entities to provide interim financial statements and notes in accordance with U.S. GAAP and added a comprehensive list of interim disclosures required by U.S. GAAP. The new standard is effective for the Company beginning in fiscal year 2029 with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statement disclosures. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes: 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 Company adopted ASU 2023-09 during the year ended December 31, 2025, with retrospective application. 3. Acquisition On August 14, 2025 (the “Closing Date”), the Company, through its indirect wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the APA Acquisition, pursuant to the terms of the equity purchase agreement, dated as of June 17, 2025, by and among the Company, Buyer, APA, SunHoldings, LLC, an Ohio limited liability company (“Seller”), and the guarantors party thereto (as amended, the “Purchase Agreement”). The cash consideration paid was approximately $ 166.1 million. The Purchase Agreement also includes an earnout provision estimated to have a fair value of approximately $ 19.3 million as of the Closing Date (the “Earnout Consideration”), under which the Seller may receive shares of Company common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending on September 30, 2028. As a result, the purchase consideration approximates $ 185.4 million. Subject to the terms and conditions set forth in the Purchase Agreement, the Company has also agreed to pay aggregate deferred consideration of approximately $ 40.0 million payable in three installments over a two-year period based on service within five business days after the first and second anniversaries from the Closing Date and as set forth below (the “Deferred Consideration”). Each of the Earnout Consideration and Deferred Consideration are described in more detail below. The Company is currently finalizing the valuation of the acquired assets and liabilities and assessing the related accounting impacts. The purchase consideration to acquire APA consisted of the following: Cash consideration paid 166,135 Earn-out 19,256 Purchase consideration $ 185,391 Earnout Consideration The Purchase Agreement includes an earnout provision pursuant to which Seller may be granted shares of the Company’s common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending September 30, 2028. The maximum number of shares payable as Earnout Consideration is 4,686,530 shares of common stock, which was determined by dividing $ 40 million by the volume weighted average price of the Company’s common stock for the 10 trading days immediately following the Closing Date. The number of shares payable will be subject to reduction if the cumulative value of the Earnout Consideration earned (measured on each date such shares F-28 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements are issued) exceeds $ 90 million. The Purchase Agreement provides that, to the extent the issuance of any Earnout Consideration or Deferred Consideration Shares would require stockholder approval under Nasdaq Listing Rule 5635(a), the Company will pay cash in lieu of issuing such shares, unless such stockholder approval has been obtained. The principal Seller continues to assume the managerial responsibilities of APA. The Earnout Consideration is accounted for as contingent consideration, and the fair value is estimated each reporting period. As of the Closing Date, the Earnout Consideration was estimated to have a fair value of approximately $ 19.3 million using a Monte-Carlo simulation method. Changes in fair value of the contingent liability are recognized in Change in fair value of contingent consideration in the consolidated statements of operations. Estimating the amount of payments that may be made under the Earnout Consideration is by nature imprecise. The significant fair value inputs used to estimate the future expected Earnout Consideration payments to Seller include a discount rate, earnings forecasts, and actual and estimated future volatility in the Company’s stock price. Deferred Consideration Installments The Deferred Consideration which will be payable to Seller in three installments (each, a “Deferred Consideration Installment”): (i) within five business days after the first anniversary of the Closing Date, an amount equal to 50 % of the Deferred Consideration; (ii) on December 31, 2026, an amount equal to (A) 50 % of the Deferred Consideration multiplied by (B) the proportion of the two-year period from the Closing Date to the second anniversary of the Closing Date that has elapsed as of December 31, 2026; and (iii) within five business days after the second anniversary of the Closing Date, an amount equal to the remaining balance of the Deferred Consideration. As more fully described in the Purchase Agreement, the Deferred Consideration Installments are subject to reduction if certain equity holders of Seller cease to be employees of the Company under certain circumstances. Each Deferred Consideration Installment will, at the Company’s election, be paid: (i) in cash; (ii) through the issuance of shares of Company common stock, par value $ 0.001 per share, valued at the closing price on the trading day immediately preceding the applicable Deferred Consideration Anniversary (if any such shares are issued, the “Deferred Consideration Shares”); or (iii) by any combination of the foregoing. As the Deferred Consideration Installments are tied to future service to the Company, they are considered compensatory and not included in purchase consideration. Purchase Price Allocation The APA Acquisition was accounted for as a business combination applying ASC 805. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the expected synergies of the combined entities that are expected to be realized from the APA Acquisition. The goodwill is deductible for tax purposes. F-29 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Closing Date (in thousands): Preliminary fair value of net assets acquired and liabilities assumed: Acquisition Date Measurement Adjustment Remeasured Acquisition Date Cash and cash equivalents $ 1,219 $ — $ 1,219 Accounts receivable 29,043 81 29,124 Inventories 25,467 ( 331 ) 25,136 Prepaid expenses and other 466 — 466 Property, plant and equipment 14,256 — 14,256 Other intangible assets 80,800 7,200 88,000 Other assets 27,050 194 27,244 Total assets acquired $ 178,301 $ 7,144 $ 185,445 Accounts payable 12,540 — 12,540 Deferred revenue 22,121 208 22,329 Other liabilities 4,079 59 4,138 Other long-term liabilities 26,330 163 26,493 Total liabilities assumed $ 65,070 $ 430 $ 65,500 Preliminary fair value of net assets acquired 113,231 6,714 119,945 Preliminary allocation to goodwill $ 72,911 $ ( 7,465 ) $ 65,446 The amounts recorded as of December 31, 2025 are preliminary, as the Company is finalizing working capital, post-closing, and other customary adjustments. These preliminary estimates are subject to change within the measurement period (defined as the twelve months following the Closing Date) and related accounting adjustments may be materially different, as the Company obtains additional information on these matters and as additional information is made known during the post-acquisition measurement period. As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. There were no measurement period adjustments materially impacting earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. F-30 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The preliminary purchase price allocation includes $ 88.0 million of acquired identifiable intangible assets as follows: Estimated Fair Value (in USD) Estimated Weighted Average Useful Life in Years (in thousands, except useful lives) Developed technology $ 22,000 5 Computer software and other 13,000 5 Customer relationships 39,500 5 - 9 Backlog 3,500 1 Trade name 10,000 10 Total $ 88,000 The preliminary fair value of the identifiable intangible assets has been estimated using the Multi-Period Excess Earnings Method (Customer relationships and Backlog), Relief from Royalty Method (Trade name), and Replacement Cost Method (Developed technology and Computer software and other). The intangible assets are being amortized over their estimated useful lives on a straight-line basis that reflects the economic benefit of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the APA Acquisition. Direct transaction costs incurred related to the APA Acquisition were $ 9.4 million and are included in General and administrative expenses in the consolidated statements of operations. Included in the Company’s consolidated statements of operations from the Closing Date of August 14, 2025 through December 31, 2025 are revenue of $ 50.0 million and an operating loss of $ 6.3 million, inclusive of $ 7.5 million of expenses related to the Deferred Consideration and $ 6.4 million of amortization expense related to identified intangible assets. Pro Forma Financial Information (Unaudited) The following unaudited pro forma financial information presents the combined results of operations of the Company and APA as if the acquisition had occurred on January 1, 2024, after giving effect to certain unaudited pro forma adjustments. The unaudited pro forma adjustments reflected herein include only those adjustments that are directly attributable to the APA Acquisition and factually supportable. The unaudited pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the APA Acquisition and is not necessarily indicative of the operating results that would have actually occurred had the APA Acquisition been consummated on January 1, 2024. These results are prepared in accordance with U.S. GAAP (in thousands): Year Ended December 31, 2025 2024 Revenue $ 1,363,762 $ 1,045,103 Net loss 57,487 254,957 Pro forma adjustments (1) $ 17,790 $ 39,989 (1) Pro forma adjustments represent re-casting of transaction costs and incremental expenses, net of estimated taxes, resulting from the APA Acquisition, including Deferred Consideration expense, intangible asset amortization, and the impacts of lease re-measurements and increases to the fair value of inventories and property, plant and equipment. F-31 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 4. Accounts Receivable Accounts Receivable, net Accounts receivable consists of the following (in thousands): December 31, 2025 2024 2023 Accounts receivable $ 277,823 $ 280,686 $ 335,976 Less: allowance for credit losses ( 6,245 ) ( 4,848 ) ( 3,824 ) Accounts receivable, net $ 271,578 $ 275,838 $ 332,152 Included in accounts receivable are amounts retained by project owners that represent funds withheld by our customers until the products are installed by a third-party, arranged by the customer, and the project is declared operational. Such retention amounts were $ 60.7 million, $ 17.4 million, and $ 24.0 million as of December 31, 2025, 2024, and 2023, respectively. All retention amounts outstanding as of December 31, 2025, are collectible within the next 12 months. The following is the activity of the allowance for credit losses on accounts receivable which includes trade accounts receivable and unbilled accounts receivable (in thousands): December 31, 2025 2024 2023 Beginning balance $ ( 4,848 ) $ ( 3,824 ) $ ( 1,888 ) Provision for credit losses ( 2,685 ) ( 1,855 ) ( 2,871 ) Collected 60 92 916 Written-off 1,228 739 19 Ending balance $ ( 6,245 ) $ ( 4,848 ) $ ( 3,824 ) F-32 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 5. Consolidated Balance Sheets Details Inventories, net Inventories consist of the following (in thousands): December 31, 2025 2024 Raw materials $ 47,613 $ 60,588 Work in process 2,195 — Finished goods 100,566 140,230 Total $ 150,374 $ 200,818 The Company values inventory using costing methods that approximate first-in, first-out (“FIFO”). During the fourth quarter of 2025, the Company approved a plan to phase out a version of the H250 product that was not compatible with SmarTrack ® in order to focus on a SmarTrack ® -compatible version introduced in 2024. In connection with this decision, the Company evaluated the recoverability of the remaining H250 inventory and determined that its carrying amount exceeded its estimated net realizable value. Accordingly, the Company recorded an inventory valuation charge of $ 29.5 million during the year ended December 31, 2025 . This charge is included within the STI Operations reporting unit and is recorded within Inventory valuation charge in the consolidated statements of operations. Prepaid expenses and other current assets The following table shows the components of Prepaid expenses and other current assets (in thousands): December 31, 2025 2024 IRA vendor rebates $ 152,036 $ 115,458 Prepaid taxes 27,319 14,650 Other 21,753 27,819 Total prepaid expenses and other current assets $ 201,108 $ 157,927 F-33 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Contingent consideration The following table shows the components of contingent consideration (in thousands): December 31, 2025 2024 Current portion of contingent consideration TRA $ 2,757 $ 1,193 Earnout Consideration 11,794 — Total current portion of contingent consideration $ 14,551 $ 1,193 Contingent consideration, net of current portion TRA $ 5,495 $ 7,868 Earnout Consideration 7,244 — Total contingent consideration, net of current portion $ 12,739 $ 7,868 Accrued Expenses and Other Accrued expenses and other consisted of the following (in thousands): December 31, 2025 2024 Accrued payables $ 12,332 $ 46,043 Accrued payroll expenses 17,135 13,068 Accrued interest 5,564 692 Non-income taxes payable 1,853 4,019 Other 17,405 27,361 Accrued expenses and other $ 54,289 $ 91,183 During the fourth quarter of 2025, the Company approved a plan to resize certain aspects of its international operations to better align its cost structure with future business needs. As a result, the Company recognized severance expenses of $ 1.2 million during the year ended December 31, 2025, in accordance with respective statutory requirements . These charges are included within the STI Operations reporting unit and are recorded within General and administrative expenses in the consolidated statements of operations. The Company’s severance liabilities totaled $ 1.2 million as of December 31, 2025 and are included in Accrued expenses and other in the Company’s consolidated balance sheets. The Company expects the reorganization to be substantially complete in 2026. F-34 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 6. Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands, except for useful lives): December 31, Estimated Useful Life (Years) 2025 2024 Land N/A $ 1,674 $ 1,585 Buildings and land improvements 15 - 39 12,482 9,108 Manufacturing equipment 7 43,650 27,853 Furniture, fixtures and equipment 5 - 7 6,088 4,287 Vehicles 5 1,287 603 Hardware 3 - 5 5,186 3,603 Construction in progress N/A 18,178 3,948 Total 88,545 50,987 Less: accumulated depreciation ( 30,320 ) ( 24,765 ) Property, plant and equipment, net $ 58,225 $ 26,222 Depreciation expense was $ 6.1 million, $ 4.4 million and $ 2.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, of which $ 3.6 million, $ 2.1 million and $ 1.3 million, respectively, was included in Cost of product and service revenue and $ 2.5 million, $ 2.3 million and $ 1.3 million, respectively, was included in Depreciation and amortization in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023. 7. Goodwill, Long-Lived Assets, and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill by operating segment during the year ended December 31, 2025, consisted of the following (in thousands): Array Legacy Operations (1) STI Operations (2) Total Balance, December 31, 2023 $ 69,727 $ 365,864 $ 435,591 Foreign currency translation — ( 39,402 ) ( 39,402 ) Impairment charge — ( 236,000 ) ( 236,000 ) Balance, December 31, 2024 $ 69,727 $ 90,462 $ 160,189 Acquisition 65,446 — 65,446 Foreign currency translation — 12,098 12,098 Impairment charge — ( 102,560 ) ( 102,560 ) Balance, December 31, 2025 $ 135,173 $ — $ 135,173 (1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $ 51.9 million. (2) Goodwill attributable to STI Operations is net of cumulative impairments of $ 338.6 million F-35 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements As discussed in Note 3 - Acquisition , on the Closing Date, the Company acquired APA. A preliminary goodwill balance of $ 65.4 million was recognized for the excess of the consideration transferred over the net assets acquired. Goodwill resulting from this transaction has been allocated to the Array Legacy Operations reporting unit. The Company performs its annual goodwill impairment test, utilizing a qualitative or quantitative impairment analysis during the fourth quarter of each year, and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired. During the fourth quarter of 2025, the Company updated the long-term projections for its reporting units as part of its annual goodwill impairment testing process. These projections reflect local market conditions, expected market share, strategic changes, and other key assumptions. For STI Operations, the updated projections incorporated the Company’s fourth-quarter 2025 decision to phase out a version of the H250 product that was not compatible with SmarTrack ® and to focus instead on the SmarTrack ® -compatible version introduced in 2024. The projections also reflected management’s intent to begin selling and distributing the Company’s flagship tracker, DuraTrack ® , through STI in the future. These changes, together with local market conditions experienced during the fourth quarter of 2025, significantly reduced projected cash flows and indicated potential impairment related to the Company’s STI Operations reporting unit as of December 31, 2025. Although the Company did not identify indicators of impairment related to the Company’s Array Legacy Operations reporting unit as of December 31, 2025, Management, with the assistance of a third-party valuation specialist, elected to perform quantitative goodwill impairment tests of both the Array Legacy Operations and STI Operations reporting units as of December 31, 2025. During the third and fourth quarters of 2024, the Company experienced a sustained decline in its stock price, which hit a 52-week low during the third quarter of 2024 and again during the fourth quarter of 2024, resulting in a decrease in market capitalization. In addition, the Company updated its long-term projections for the Company’s reporting units during the third and fourth quarter of 2024, and evaluated the execution risk associated with the Company’s projections and the local market conditions. As a result, the Company identified indicators of impairment related to the Company’s reporting units as of September 30, 2024 and December 31, 2024, respectively. Management, with the assistance of a third-party valuation specialist, performed quantitative goodwill impairment tests of the Array Legacy Operations and STI Operations reporting units as of September 30, 2024 and December 31, 2024. The fair value of the Array Legacy Operations and STI Operations reporting units were determined using the income approach and then compared to the GPC marketplace EBITDA multiples to corroborate the fair value of the reporting unit. As a result of these tests, the Company recorded impairments to goodwill totaling $ 102.6 million and $ 236.0 million during years ended December 31, 2025 and 2024, respectively, related to STI Operations reporting unit. The fair value of the STI Operations reporting unit was estimated to be $ 123.9 million as of December 31, 2025. Subsequent to recording the impairments of goodwill, the Company reconciled the overall market capitalization of the Company, within a reasonable range, to the sum of the estimated fair values of both of the Company’s reporting units. The estimated fair value of the Array Legacy Operations reporting unit was significantly higher than the carrying balance of the reporting unit at each testing date. The significant assumptions used in determining the fair value of the STI Operations reporting unit primarily relate to the revenue growth rate, the forecasted EBITDA margin, and the selected discount rate used in the F-36 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements discounted cash flow model under the income approach. Under the GPC method, the selection of EBITDA multiple to be used requires significant judgment. Long-Lived Assets As discussed above, there were indicators of impairment, which Management considered to be triggering events requiring the long-lived assets associated with the asset groups within the STI Operations reporting unit to be tested for impairment (which includes the amortizable intangible assets) as of the same dates that the goodwill was tested for impairment. The Company reviewed the carrying value of its intangible assets for each of the asset groups within the STI Operations reporting unit as of December 31, 2025, and concluded that such amounts continued to be recoverable as the sum of the undiscounted cash flows exceeded the carrying balances. As of December 31, 2024, the sum of the future undiscounted cash flows was less than the carrying balance for one of the asset groups within the STI Operations reporting unit, indicating that the carrying amount of the asset group was not recoverable as of December 31, 2024. As a result, with the assistance of a third-party valuation specialist, management estimated the fair value of the asset group, which was less than the carrying value of the asset group. The fair value of the asset group was determined using the income approach and then compared to GPC marketplace EBITDA multiples to corroborate the fair value of the reporting unit. An impairment loss of $ 91.9 million was recognized based on the difference between the carrying value of the asset group and its estimated fair value. The Company impaired $ 83.0 million of customer relationships, $ 7.3 million of trade names, and $ 1.6 million of plant and equipment. The loss was allocated to the long-lived assets of the group on a pro-rata basis using the relative carrying amounts of those assets. In determining the fair value of the asset group, the Company performed a DCF analysis using the income approach. The significant assumptions used in determining the fair value of the asset group are similar to the significant assumptions used in determining the fair value the Company’s reporting units. As of December 31, 2025 and 2024, no additional events or circumstances were noted that would indicate the carrying amount of any of the asset groups within the Array Legacy Operations or STI Operations reporting units may not be recoverable. F-37 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Other Intangible Assets Other intangible assets consisted of the following (in thousands, except for useful lives): December 31, Estimated Useful Life (Years) 2025 2024 Amortizable: Developed technology 5 - 14 $ 225,800 $ 203,800 Computer software and other 3 - 5 29,285 15,826 Customer relationships 5 - 10 230,660 179,166 Backlog 1 22,635 16,877 Trade name 10 - 20 27,139 15,117 Total amortizable intangibles 535,519 430,786 Accumulated amortization: Developed technology 139,669 123,462 Computer software and other 16,046 14,552 Customer relationships 127,301 102,541 Backlog 20,447 16,877 Trade name 3,777 2,245 Total accumulated amortization 307,240 259,677 Total amortizable intangibles, net 228,279 171,109 Non-amortizable: Trade name 10,300 10,300 Total other intangible assets, net $ 238,579 $ 181,409 Intangible assets acquired as a result of the APA Acquisition during the year ended December 31, 2025, and their respective weighted-average amortization periods are as follows: Amount Weighted-Average Amortization Period (Years) Developed technology $ 22,000 5.0 Computer software and other 13,000 5.0 Customer relationships 39,500 7.6 Backlog 3,500 1.0 Trade name 10,000 10.0 $ 88,000 Amortization expense related to intangible assets was $ 41.2 million, $ 48.4 million and $ 52.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, of which $ 17.5 million, $ 14.6 million and $ 14.6 million was included in Amortization of developed technology and backlog, a component of cost of F-38 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements revenue and $ 23.7 million, $ 33.8 million and $ 37.6 million, respectively, was included in Depreciation and amortization in the consolidated statements of operations. The following table presents estimated future annual amortization expense (in thousands): Amount 2026 $ 46,966 2027 39,337 2028 39,129 2029 39,129 2030 28,561 Thereafter 35,157 $ 228,279 8. Income Taxes The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands): Year Ended December 31, 2025 2024 2023 U.S. $ 105,078 $ 113,045 $ 136,498 Foreign ( 134,295 ) ( 363,621 ) 40,659 Income (loss) before provision for income taxes $ ( 29,217 ) $ ( 250,576 ) $ 177,157 The provision for income taxes charged to operations consists of the following (in thousands): Year Ended December 31, 2025 2024 2023 Current expense (benefit): U.S. Federal $ 15,364 $ 21,686 $ 26,592 U.S. State 4,741 2,707 5,678 Spain ( 536 ) 986 1,507 Other Countries 254 2,089 15,002 19,823 27,468 48,779 Deferred expense (benefit): U.S. Federal 4,615 ( 1,361 ) 942 U.S. State ( 778 ) ( 406 ) ( 327 ) Spain ( 617 ) ( 2,849 ) ( 2,989 ) Other Countries ( 25 ) ( 33,034 ) ( 6,488 ) 3,195 ( 37,650 ) ( 8,862 ) Total income tax expense (benefit) $ 23,018 $ ( 10,182 ) $ 39,917 F-39 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands): December 31, 2025 2024 Deferred tax assets: Bad debts $ 782 $ 143 Inventories 5,404 5,439 Accrued warranties 7,720 4,753 Accrued compensation 818 496 Net operating loss 16,124 4,247 Equity-based compensation 4,026 2,769 Lease liabilities 24,110 4,982 Premium on capped call 13,197 7,777 Capitalized R&D expenses ( 391 ) 6,405 Other 8,477 5,244 Deferred tax assets 80,267 42,255 Valuation allowance ( 22,020 ) ( 11,181 ) Deferred tax assets, net 58,247 31,074 Deferred tax liabilities: Property, plant, and equipment ( 7,050 ) ( 2,349 ) Intangible assets ( 25,275 ) ( 28,450 ) ROU assets ( 24,090 ) ( 3,919 ) Deferred tax liabilities ( 56,415 ) ( 34,718 ) Deferred tax asset (liability), net $ 1,832 $ ( 3,644 ) F-40 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements A reconciliation of income tax expense computed at the federal statutory rate to the actual income tax expense at the Company’s effective rate is as follows (in thousands): Year Ended December 31, 2025 % 2024 % 2023 % Adjusted pre-tax book (loss) income $ ( 29,217 ) $ ( 250,576 ) $ 177,157 Federal statutory tax rate ( 6,136 ) 21.0 % ( 52,621 ) 21.0 % 37,204 21.0 % State and local income taxes 2,968 ( 10.2 ) % 1,732 ( 0.7 ) % 4,150 2.3 % Foreign tax effects 17,047 ( 58.4 ) % 35,929 ( 14.3 ) % ( 2,650 ) ( 1.5 ) % Brazil ( 3,567 ) 12.2 % 35,831 ( 14.3 ) % 3,420 1.9 % Tax rate differential ( 3,894 ) 13.3 % ( 14,311 ) 5.7 % 3,143 1.8 % Non-deductible goodwill — — % 49,560 ( 19.8 ) % — — % Non-deductible expenses 327 ( 1.1 ) % 582 ( 0.2 ) % 277 0.2 % South Africa ( 437 ) 1.5 % ( 53 ) — % ( 148 ) ( 0.1 ) % Spain 21,204 ( 72.6 ) % 975 ( 0.4 ) % ( 5,438 ) ( 3.1 ) % Non-deductible goodwill 21,538 ( 73.7 ) % — — % — — % Other ( 334 ) 1.1 % 975 ( 0.4 ) % ( 5,438 ) ( 3.1 ) % All others ( 153 ) 0.5 % ( 824 ) 0.3 % ( 484 ) ( 0.3 ) % Valuation allowances 9,660 ( 33.1 ) % 7,760 ( 3.1 ) % 911 0.5 % Brazil 10,183 ( 34.9 ) % 7,760 ( 3.1 ) % 911 0.5 % South Africa ( 523 ) 1.8 % — — % — — % R&D credits ( 816 ) 2.8 % ( 3,623 ) 1.5 % ( 407 ) ( 0.2 ) % Uncertain tax positions 122 ( 0.4 ) % 714 ( 0.3 ) % — — % Non-taxable or non-deductible items 668 ( 2.3 ) % ( 9 ) — % 377 0.2 % Investment tax credits included in Cost of product and service revenue ( 1,812 ) 6.2 % ( 931 ) 0.4 % — — % Compensation 1,508 ( 5.2 ) % 945 ( 0.4 ) % ( 414 ) ( 0.2 ) % Contingent consideration 761 ( 2.6 ) % 26 — % 622 0.3 % Non-deductible expenses 211 ( 0.7 ) % ( 49 ) — % 169 0.1 % Other adjustments ( 495 ) 1.7 % ( 64 ) — % 332 0.2 % Total $ 23,018 ( 78.8 ) % $ ( 10,182 ) 4.1 % $ 39,917 22.5 % During the years ended December 31, 2025 and 2024, the Company recorded impairment charges of $ 102.6 million and $ 236.0 million, respectively, related to goodwill. During the fourth quarter of 2025, the Company also recorded an inventory valuation charge of $ 29.5 million related to the phase-out of the H250 product line that was not compatible with SmarTrack ® to focus on a SmarTrack ® -compatible version introduced in 2024. During 2024, the Company recorded an impairment of $ 91.9 million related to long-lived assets. The goodwill impairment charges are non-deductible for income tax purposes, resulting in permanent differences. The inventory valuation charge and the long-lived assets impairment resulted in taxable and deductible temporary differences, which were offset by a corresponding change in the valuation allowance against deferred tax assets of $ 9.5 million and $ 7.2 million for the years ended December 31, 2025 and 2024, respectively. See Note 7 – Goodwill, Long-Lived Assets, and Other Intangible Assets for additional information. F-41 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements On June 27, 2025, the Company issued aggregate principal amount of $ 345 million of its 2.875 % Convertible Senior Notes due 2031 (the “2031 Convertible Notes”). In connection with the offering, the Company entered into capped call transactions, as discussed in Note 10 – Debt . For U.S. federal income tax purposes, the Company made an election under Treasury Regulation section §1.1275-6 to integrate the 2031 Convertible Notes and the capped call. As a result of this election, the Company recognized tax deductible original issue discount (“OID”) of approximately $ 35.1 million, which is being amortized over the life of the term of the notes. The cost of the call premium was recorded as a reduction to Additional paid-in capital. Because the premium is deductible for tax purposes but recorded in equity for book purposes, a taxable temporary difference exists. Accordingly, the Company recorded a deferred tax asset (“DTA”) of $ 8.6 million related to this difference, with the initial recognition recorded to APIC for the tax effect of the OID. The DTA will be reduced annually as the tax amortization of the premium/OID is recognized. A similar DTA was recorded during 2021 in connection with the completion of the $ 425 million private offering ($ 375 million and $ 50 million, respectively), of the Company’s 1.00 % Convertible Senior Notes due 2028 (the “2028 Convertible Notes”). As of December 31, 2025, the Company has federal income tax net operating loss (“NOL”) carryforwards of approximately $ 6.8 million, fully offset by a valuation allowance and immaterial state income tax NOL carryforwards. The Company also has approximately $ 43.4 million of foreign NOL carryforwards offset by a valuation allowance. Realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate type and in the appropriate jurisdictions. In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. It is not more likely than not that deferred tax assets from certain U.S. Federal, state and foreign operations would be realized due to type and location of future earnings. As a result, the Company has a valuation allowance of $ 22.0 million and $ 11.2 million for the years ended December 31, 2025 and 2024. ASC 740 addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. In accordance with ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company’s assessments of its tax positions in accordance with ASC 740 did not result in changes that had a material impact on results of operations, financial condition or liquidity. As of December 31, 2025, 2024 and 2023, the Company had unrecognized income tax benefits of $ 0.8 million, $ 0.7 million and zero , respectively, of which the entirety would reduce our income tax provision, if recognized within the next twelve months. The Company does not expect any significant changes to the unrecognized tax benefits within the next twelve months. F-42 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements A reconciliation of the unrecognized tax benefits included within Other long-term liabilities in the consolidated statements of operations is as follows (in thousands): Year Ended December 31, 2025 2024 2023 Unrecognized tax benefits – January 1 $ 714 $ — $ — Gross increases – tax positions in prior period — 533 — Gross decreases – tax positions in prior period — — — Gross increases – tax positions in current period 122 181 — Settlement — — — Lapse of statute of limitations — — — Unrecognized tax benefits – December 31 $ 836 $ 714 $ — The Company files income tax returns in the U.S. federal jurisdiction, in multiple U.S. states, as well as in non-U.S. jurisdictions. Through global expansion and the acquisition of STI, the Company has a significant presence in Spain and Brazil. The Company and its subsidiaries are routinely examined by various U.S. and non-U.S. taxing authorities. The Company is not subject to U.S. federal, state and non-U.S. income tax examinations by tax authorities for years before 2021. There are currently no income tax audits in any material jurisdictions. During 2025, the Company’s state tax liability increased due to the APA Acquisition, which added new combined and separate state filing requirements and expanded the Company’s presence in existing states. In addition, the Company experienced higher sales in certain states independent of the APA Acquisition. Collectively, these factors resulted in an increase in the Company’s state effective tax rate of approximately 0.85 %. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and future foreign investments. Repatriation of funds could result in an adjustment to the tax liability for foreign withholding taxes, foreign and/or state income taxes and the impact of foreign currency movements. At December 31, 2025, management believed that sufficient liquidity was available in the U.S. The Company may consider repatriating certain funds from its non-U.S. subsidiaries that are not needed to finance local operations; however, any repatriation activities are not expected to result in a significant incremental tax liability to the Company. The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two), with certain aspects of Pillar Two effective January 1, 2024 and other aspects effective January 1, 2025. Certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. Due to the effective tax rates in which the Company operates, the Company meets certain safe harbor tests. As a result, there was no tax impact of Pillar Two for the years ended December 31, 2025 and 2024. The Company accounts for the 45X Credit under IAS 20 as a reduction to Cost of product and service revenue with a corresponding reduction to Income tax payable. The reduction to Cost of product and service revenue of $ 8.6 million for the year ended December 31, 2025, from the 45X Credit related to parts manufactured by the Company, is excluded from Federal and state income taxes. F-43 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 9. Accrued Warranty Reserve The following table presents changes in the accrued warranty reserve balances (in thousands): December 31, 2025 2024 Beginning balance $ 6,893 $ 6,162 Provision for warranties issued, net of expirations 17,273 3,163 Payments ( 9,915 ) ( 2,432 ) Assumed through acquisition and other 2,059 — Ending balance $ 16,310 $ 6,893 10. Debt The following table summarizes the Company’s total debt (in thousands): December 31, 2025 2024 Senior Secured Credit Facility: Term loan facility $ — $ 233,875 Revolving credit facility — — Total secured credit facility — 233,875 2028 Convertible notes 325,000 425,000 2031 Convertible notes 345,000 — Other debt 12,802 34,042 Total principal 682,802 692,917 Unamortized discount and issuance costs, total ( 13,823 ) ( 15,633 ) Current portion of debt ( 10,315 ) ( 30,714 ) Total long-term debt, net of current portion $ 658,664 $ 646,570 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 seven-year term loan facility (the “Term Loan Facility”); and (ii) a $ 200 million senior secured five-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, February 26, 2021, March 2, 2023, and May 1, 2025 (the “Fourth Amendment”). The Fourth Amendment, among other things: (y) refinanced the Revolving Credit Facility with new revolving commitments and loans thereunder, reducing the total commitments to $ 166 million and extending the maturity date to October 14, 2028; and (z) revised the F-44 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Consolidated First Lien Secured Leverage Ratio as applicable under Section 7.09 (Financial Covenant) of the Credit Agreement from 7.10 :1.00 to 5.50 :1.00. Term Loan Facility At December 31, 2024, the outstanding balance on the Term Loan Facility was $ 233.9 million, presented in the accompanying consolidated balance sheets, net of debt discount and issuance costs of $ 7.9 million. During the second quarter of 2025, the Company repaid in full the remaining balance of the Term Loan Facility using proceeds from the issuance of the 2031 Convertible Notes (as defined below). As a result, the Term Loan Facility was fully extinguished and no longer outstanding as of December 31, 2025. The $ 5.9 million in unamortized debt discount and issuance costs were written off in connection with the extinguishment and recorded in Gain on extinguishment of debt, net during the year ended December 31, 2025. Interest expense related to the Term Loan Facility was as follows (in thousands): Year Ended December 31, 2025 2024 2023 Contractual interest expense $ 8,970 $ 20,623 $ 24,503 Amortization of debt discount and issuance costs 2,025 3,588 7,859 Total interest expense $ 10,995 $ 24,211 $ 32,362 Effective Interest Rate — % 9.55 % 10.15 % The discount and issuance costs associated with the Term Loan Facility were amortized over the life of the debt using the effective interest rate method. Revolving Credit Facility The Company had no outstanding balance under the revolving credit facility at both December 31, 2025 and 2024. At December 31, 2025 and 2024, the Company had $ 28.1 million and $ 28.0 million, respectively, in standby letters of credit and $ 137.9 million and $ 172.0 million, respectively, available to withdraw against total commitments under the Revolving Credit Facility of $ 166.0 million and $ 200.0 million, respectively. The Revolving Credit Facility incurs 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 (each as defined in the Credit Agreement), one half of 1.00% above the Federal Funds Rate (as defined in the Credit Agreement) or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00 %, plus 2.25 %. There is no scheduled amortization under the Revolving Credit Facility and loans under the Revolving Credit Facility may be voluntarily prepaid in whole, or in part, in each case without premium or penalty. Restrictive Covenants and Other Matters The Revolving Credit Facility includes a springing financial maintenance covenant that is tested on the last day of each fiscal quarter if the outstanding loans and certain other credit extensions under the Revolving Credit Facility exceed 35 % of the aggregate amount of commitments thereunder, subject to customary exclusions and conditions. If the financial maintenance covenant is triggered, the first lien net leverage ratio will be tested for compliance not to exceed 5.50 :1.00. As of December 31, 2025, the Company was in compliance with all the required covenants. F-45 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The Senior Secured Credit Facility also contains affirmative and negative covenants customary for financings of this type, including covenants that restrict our incurrence of indebtedness and liens, dispositions, investments, acquisitions, restricted payments, and transactions with affiliates. The Senior Secured Credit Facility also includes customary events of default, including the occurrence of a change of control. In addition, the Senior Secured Credit Facility generally restricts the cash payment of dividends on the Company’s capital stock, subject to certain exceptions such as payment of dividends on designated preferred stock issued after the closing date. Guarantees and Security The obligations under the Senior Secured Credit Facility are guaranteed by ATI Investment Sub, Inc., a wholly owned subsidiary of the Company, and its wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries. The obligations under the Senior Secured Credit Facility are secured by a first priority security interest in substantially all of the future property and assets of the guarantor and the borrower, Array Tech, Inc. (f/k/a Array Technologies, Inc.), including accounts receivable, inventory, equipment, general intangibles, intellectual property, investment property, other personal property, material owned real property, cash and proceeds of the foregoing. Convertible Debt On December 3, 2021 and December 9, 2021, the Company issued the 2028 Convertible Notes, resulting in net proceeds of $ 413.3 million ($ 364.7 million and $ 48.6 million, respectively), after deducting the original issue discount of 2.75 % but before deducting initial purchasers’ discounts and offering expenses. The 2028 Convertible Notes were issued pursuant to an indenture, dated December 3, 2021, between the Company and U.S. Bank National Association, as trustee. The 2028 Convertible Notes are senior unsecured obligations of the Company and will mature on December 1, 2028, unless earlier converted, redeemed, or repurchased. Interest is payable semiannually in arrears at a rate of 1.00 % per year on June 1 and December 1 of each year, beginning on June 1, 2022. On June 27, 2025, the Company issued the 2031 Convertible Notes in a private placement. The Company incurred $ 10.4 million of initial purchasers’ discounts and offering expenses, resulting in net proceeds of $ 334.6 million. The 2031 Convertible Notes were issued pursuant to an indenture, dated June 27, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “2031 Indenture”). The 2031 Convertible Notes are senior unsecured obligations of the Company and will mature on July 1, 2031, unless earlier converted, redeemed, or repurchased. Interest is payable semiannually in arrears at a rate of 2.875 % per year on January 1 and July 1 of each year, beginning on January 1, 2026. The Company used approximately $ 78.4 million of the proceeds from the 2031 Convertible Notes to repurchase $ 100.0 million aggregate principal amount of the 2028 Convertible Notes. The repurchased 2028 Convertible Notes had a net carrying value of $ 98.5 million, inclusive of unamortized debt discount, resulting in a gain on extinguishment of debt of approximately $ 20.1 million. This gain is recorded in Gain on extinguishment of debt, net in the consolidated statements of operations during the year ended December 31, 2025. The discount and issuance costs associated with the 2028 Convertible Notes and the 2031 Convertible notes are amortized over the life of the debt using the effective interest rate of 2.1 % and 3.4 %, respectively, as of December 31, 2025. F-46 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The net carrying amount of the Convertible Notes was as follows (in thousands): December 31, 2025 December 31, 2024 2028 Convertible Notes 2031 Convertible Notes 2028 Convertible Notes 2031 Convertible Notes Principal $ 325,000 $ 345,000 $ 425,000 $ — Unamortized issuance costs ( 4,267 ) ( 9,556 ) ( 7,475 ) — Net carrying amount $ 320,733 $ 335,444 $ 417,525 $ — Interest expense related to the Convertible Notes was as follows (in thousands): Year Ended December 31, 2025 2024 2023 Contractual interest expense $ 8,796 $ 4,250 $ 4,250 Amortization of debt discount and issuance costs 2,544 1,893 1,880 Total interest expense $ 11,340 $ 6,143 $ 6,130 Neither the 2028 Convertible Notes nor the 2031 Convertible Notes were convertible during the year ended December 31, 2025, and none have been converted to date. As the sustained market price of the Company’s common stock has not exceeded the conversion thresholds since inception, there was no dilutive impact to earnings per share for the year ended December 31, 2025. Redemption At any time prior to the close of business on the business day immediately preceding April 1, 2031, the 2031 Convertible Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2025 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price then in effect on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $ 1,000 principal amount of the 2031 Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate for the 2031 Convertible Notes on each such trading day; (3) if the Company calls such 2031 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the 2031 Convertible Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events as described in the Indenture. On or after April 1, 2031, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2031 Convertible Notes may convert all or any portion of their 2031 Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion of the 2031 Convertible Notes, the Company will pay cash up to the aggregate principal amount of the 2031 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2031 Convertible Notes being converte d . F-47 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements T he Company may redeem (an “Optional Redemption”) for cash all or any portion of the 2031 Convertible Notes, at its option, on or after July 6, 2029, if the last reported sale price of the Company’s common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 % of the principal amount of the 2031 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems less than all the outstanding 2031 Convertible Notes, at least $ 100 million aggregate principal amount of 2031 Convertible Notes must be outstanding and not subject to redemption as of the date of the relevant notice of redemption. No sinking fund is provided for the 2031 Convertible Notes. The conversion rate for the 2028 Convertible Notes was initially, and remains currently, 41.9054 shares of the Company’s common stock per $ 1,000 principal amount, which is equivalent to an initial conversion price of approximately $ 23.86 per share, or 10.1 million shares of common stock. The conversion rate for the 2031 Convertible Notes was initially 123.1262 shares per $ 1,000 principal amount, equivalent to a conversion price of approximately $ 8.12 per share of common stock. The conversion rate for the Convertible Notes is subject to adjustment under certain circumstances in accordance with the terms of each of the Indentures. In addition, following certain corporate events that occur prior to the maturity date of the 2031 Convertible Notes or if the Company delivers a notice of redemption in respect of the 2031 Convertible Notes, the Company will, under certain circumstances, increase the conversion rate of the 2031 Convertible Notes for a holder who elects to convert its 2031 Convertible Notes (or any portion thereof) in connection with such a corporate event or convert its 2031 Convertible Notes called (or deemed called) for redemption during the related Redemption Period (as defined in the 2031 Indenture), as the case may be. If the Company undergoes a Fundamental Change (as defined in the 2031 Indenture), holders may require, subject to certain conditions and exceptions, the Company to repurchase for cash all or any portion of their 2031 Convertible Notes at a Fundamental Change Repurchase Price (as defined in the Indenture) equal to 100 % of the principal amount of the 2031 Convertible Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the Fundamental Change Repurchase Date (as defined in the 2031 Indenture). The Indenture includes customary covenants and sets forth certain events of default after which the 2031 Convertible Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company or certain of its subsidiaries after which the 2031 Convertible Notes become automatically due and payable. Capped Calls In connection with the issuances of the Convertible Notes, the Company entered into separate capped call transactions with certain financial institutions. The capped calls are designed to reduce potential dilution to the Company’s common stockholders upon conversion of the related series of Convertible Notes and/or offset any cash payments the Company may be required to make in excess of the principal amount of the 2028 Convertible Notes or 2031 Convertible Notes, as applicable. In connection with the issuance of the 2028 Convertible Notes, the Company paid $ 52.9 million to enter into capped calls (the “2028 Capped Calls”). These instruments cover approximately 17.8 million shares of common stock, with an initial strike price of $ 23.86 and a cap price of $ 36.02 per share, subject to customary anti-dilution adjustments. The Company can also elect to receive the equivalent value of cash in lieu of shares F-48 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements of common stock upon settlement, except in certain circumstances. These instruments are scheduled to 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 2028 Convertible Notes. In connection with the early extinguishment of a portion of the 2028 Convertible Notes, none of the 2028 Capped Calls were settled, and the Company has not unwound, terminated, or otherwise adjusted any portion of these instruments. In connection with the issuance of the 2031 Convertible Notes, the Company paid $ 35.1 million to enter into capped calls (the “2031 Capped Calls”). These instruments cover approximately 42.5 million shares of common stock, with an initial strike price of $ 8.12 and a cap price of $ 12.74 per share, subject to anti-dilution adjustments. 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. These instruments are scheduled to expire on July 1, 2031 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 2031 Convertible Notes. The net effect of the 2031 Capped Calls raises the conversion price on the 2031 Convertible Notes from $ 8.12 to $ 12.74 . However, the 2031 Capped Calls are separate transactions from the 2031 Convertible Notes and do not affect the terms of the 2031 Convertible Notes nor the rights of the note holders. Upon conversion of the 2031 Convertible Notes, the 2031 Capped Calls are expected to reduce potential dilution by delivering shares of the Company’s common stock (or, at the Company’s election and subject to certain conditions, the cash equivalent value) to the Company. Together, the 2028 Capped Calls and the 2031 Capped Calls are collectively referred to herein as the “Capped Calls.” At issuance of each of the Capped Calls, 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. The Company made tax elections to integrate the 2028 Convertible Notes and the 2028 Capped Calls, and the 2031 Convertible Notes and the 2031 Capped Calls. The accounting impact of these tax elections makes the 2028 Capped Calls and the 2031 Capped Calls deductible as original issue discount interest for tax purposes over the term of the respective notes. As a result, the Company recognized Deferred income tax assets of $ 10.8 million and $ 8.6 million at inception for the 2028 Capped Calls and the 2031 Capped Calls, respectively, with corresponding offsets recorded to Additional paid-in capital in the consolidated balance sheets. If the Convertible Notes are converted, 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, thereby mitigating dilution. The Capped Calls are subject to termination or adjustment upon the occurrence of certain events, including mergers, tender offers, nationalization, insolvency, delisting of the Company’s common stock, events of default, changes in law, failure to deliver, stock splits, combinations, dividends, repurchases, or early conversion of the Convertible Notes. F-49 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Other Debt Other debt consists of the debt obligations of STI Operations (“Other Debt”). Interest rates on Other Debt range from 2.47 % to 3.03 % annually. As of December 31, 2025, the entire $ 12.8 million aggregate carrying value of these debt obligations were denominated in Euros. These debt obligations mature between 2026 and 2027. Aggregate Debt Maturities Aggregate future debt maturities are as follows (in thousands): Amount 2026 $ 10,315 2027 2,487 2028 325,000 2029 — 2030 — Thereafter 345,000 $ 682,802 11. Redeemable Perpetual Preferred Stock Series A Redeemable Perpetual Preferred Stock The Company entered into a Securities Purchase Agreement (the “Series A Purchase Agreement”), dated August 10, 2021, pursuant to which the Company issued 400,000 shares of its Series A Redeemable Perpetual Preferred Stock (the “Series A Shares”) and 9,000,000 shares of the Company’s common stock for an aggregate purchase price of approximately $ 395.4 million (the “Closing”). The Series A Shares have no maturity date. 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 $ 29.9 million, $ 27.5 million and $ 25.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. At issuance, the Company evaluated the accounting for the instruments issued pursuant to the Series A Purchase Agreement and determined the Series A Shares and common stock issued in the Closing are freestanding instruments that are classified in equity. Dividends On or prior to the fifth anniversary of the 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 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 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 F-50 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements shares of the Company’s common stock equal to the quotient of: (A) the amount of Default Accrued Dividends divided by (B) 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 Closing and (B) 100 basis points on each of the eighth, ninth and tenth anniversaries of the 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 any accrued dividends of such share as the time of the determination. During the year ended December 31, 2025, the Company accrued dividends on the Series A Shares at the Accrued Regular Dividend rate of 6.25 % totaling $ 29.9 million. As of December 31, 2025 total accrued and unpaid dividends were $ 90.8 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. Ranking and Liquidation Preference The Series A Shares rank senior to the Company’s common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company (a “Liquidation”). Upon a Liquidation, each of Series A Redeemable Share would be entitled to receive an amount per share (the “Liquidation, Redemption or Repurchase Amount”) equal to the greater of: (i) the Liquidation Preference of such share, plus all accrued and unpaid dividends (including any Accrued Dividends) thereon; and (ii) an amount in cash equal to the sum of (a) 130.0 % of the Initial Liquidation Preference (as defined below) of such share, minus (b) the cumulative amount of cash dividends paid in respect of such share prior to such payment. As used herein, “Liquidation Preference” means, with respect to any of the Series A Shares, the initial liquidation preference of $ 1,000 per share (the “Initial Liquidation Preference”) plus any Accrued Dividends of such share as of the time of determination. Redemption Rights The Company may redeem all or any portion of the Series A Shares (in increments of not less than $ 200 million, based on the Liquidation Preference of the Series A Shares to be redeemed at such time or such lesser amount to the extent the Company chooses to redeem all of the outstanding shares of Series A Shares) for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. Upon a “Fundamental Change” (involving a change of control, bankruptcy, insolvency or liquidation of the Company as further described in the Certificate of Designations), each Holder shall have the right to require the Company to redeem all or any part of the Holder’s Series A Shares for an amount in cash equal to the Liquidation, Redemption or Repurchase Amount. F-51 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Voting Rights Each Holder of Series A Shares will have one vote per share on any matter on which Holders of Series A Shares are entitled to vote separately as a class (as described below), whether at a meeting or by written consent. The Holders of Series A Shares do not otherwise have any voting rights. 12. Common and Preferred Stock Common Stock Each holder of the Company’s common stock shall be entitled to one vote for each share of common stock held as of the applicable record date on any matter that is submitted to a vote or for the consent of the stockholders of the Company. The holders of the Company’s common stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the Company’s board of directors, subject to the preferences applicable to holders of preferred stock. In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Company, all assets of the Corporation of whatever kind available for distribution to the holders of the Company’s common stock shall be divided among and paid ratably to the holders of common stock, subject to the preferences applicable to holders of preferred stock. Preferred Stock Preferred stock may be issued from time to time by the Company for such consideration as may be fixed by the Company’s board of directors. The board of directors is authorized to provide for one or more series of preferred stock and to fix the designation of such series, the voting rights, preferences and relative, participating, optional and other special rights, and the qualifications, limitations or restrictions thereof, of such series of preferred stock and the number of shares of such series, as may be permitted under the General Corporation Law of the State of Delaware. The powers, preferences and relative, participating, optional and other special rights of, and the qualifications, limitations or restrictions thereof, of each series of preferred stock, if any, may differ from those of any and all other series at any time outstanding. 13. 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): Year Ended December 31, 2025 2024 2023 Over-time revenue $ 1,088,827 $ 744,346 $ 1,417,217 Point in time revenue 195,314 171,461 159,334 Total revenue $ 1,284,141 $ 915,807 $ 1,576,551 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”) in the 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. For certain customer contracts, billing can occur in advance of shipment, resulting in contract liabilities. Billing F-52 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 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 consolidated balance sheets on a contract-by-contract basis at the end of the reporting period. Unbilled receivables totaled $ 92.8 million and $ 94.0 million as of December 31, 2025 and 2024, respectively. The Company also receives advances or deposits from its customers prior to the recognition of revenue, resulting in contract liabilities. The changes in contract liabilities (i.e., deferred revenue) relate to advanced orders and payments received by the Company. Contract liabilities, consisting of deferred revenue recorded on a contract‑by‑contract basis, totaled $ 128.4 million and $ 119.8 million as of December 31, 2025 and 2024, respectively, for the current portion, and are presented within Deferred revenue on the consolidated balance sheets. The long‑term portion of deferred revenue was $ 16.8 million as of December 31, 2025 and is presented within Other long‑term liabilities. The Company had no long‑term deferred revenue balance as of December 31, 2024. During the years ended December 31, 2025 and 2024, the Company converted $ 95.7 million and $ 42.4 million of deferred revenue to revenue, respectively, which represented 80 % and 64 % of the prior years’ 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 . The company did not recognize any revenue from bill-and-hold arrangements during the year ended December 31, 2025. During the years ended December 31, 2024 and 2023 , the Company recognized $ 1.9 million, and $ 38.8 million, respectively, from one and three customers, respectively, that also contained bill-and-hold obligations. Remaining Performance Obligations As of December 31, 2025, the Company had $ 593.7 million of remaining performance obligations. The Company expects to recognize revenue on 87 % of these performance obligations in the next twelve months . F-53 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 14. Earnings per Share The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2025 2024 2023 Net (loss) income $ ( 52,235 ) $ ( 240,394 ) $ 137,240 Preferred dividends and accretion 59,797 55,670 51,691 Net (loss) income to common shareholders ( 112,032 ) ( 296,064 ) 85,549 Basic: Weighted average common shares outstanding 152,537 151,754 150,942 (Loss) income per share $ ( 0.73 ) $ ( 1.95 ) $ 0.57 Diluted: Weighted average common shares outstanding 152,537 151,754 150,942 Effect of Restricted Stock and Performance Awards — — 1,080 Weighted average dilutive shares 152,537 151,754 152,022 (Loss) income per share $ ( 0.73 ) $ ( 1.95 ) $ 0.56 Since the Company was in a loss position for the years ended December 31, 2025 and 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. As such, 5,833,255 and 3,572,402 shares of common stock equivalents were excluded from the calculation of diluted net loss per share during the years ended December 31, 2025 and 2024, as they had an antidilutive effect. Potentially dilutive common shares issuable pursuant to equity-based awards of 2,362,982 , were excluded from the computation of diluted earnings per share for the year ended December 31, 2023, as their effect would have been antidilutive. In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2025, 2024 and 2023, as the sustained market price of the Company’s common stock has not exceeded the conversion thresholds since inception. 15. Commitments and Contingencies Litigation 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. F-54 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Plymouth Class Action On May 14, 2021, a putative class action (the “Plymouth 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, as amended (the “Exchange Act”), and Rule 10b-5, promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended (the “Securities Act”). 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, 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 Exchange Act, and Rule 10b-5, promulgated thereunder, and Sections 11 and 15 of the Securities Act, which was consolidated with the Plymouth Action. The plaintiffs in the consolidated action seek an award of damages and the interest thereon, any injunctive relief the court deems just and proper, and reasonable costs of bringing the litigation, including attorneys’ fees. 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 still pending decision by the court. Derivative Complaints Southern District of New York 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 Exchange Act 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 Exchange Act. The derivative plaintiff in this action seeks: declaratory relief; an award of compensatory damages to the Company, with interest; restitution from the defendants; an order directing the Company to reform its corporate governance and internal procedures; and the costs and disbursements of the action, including attorneys’ fees. 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 Exchange Act for causing the issuance of a false/misleading proxy statement, (2) breach of fiduciary duty, and (3) aiding and abetting breaches of fiduciary duty. The derivative plaintiff in this action seeks the same relief sought in the verified derivative complaint filed in the Southern District of New York on July 16, 2021. F-55 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 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. Delaware Court of Chancery 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. The derivative plaintiff in this action seeks: an award of compensatory damages in favor of the Company; restitution from the defendants and disgorgement of profits, benefits, and other compensation obtained by the defendants; an order directing the Company to reform its corporate governance and internal procedures; equitable or injunctive relief as permitted by law and equity; and the costs and disbursements of the action, including attorneys’ fees. On August 11, 2022, a second verified derivative complaint was filed with the Court of Chancery against certain officers and directors of the Company, 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. The derivative plaintiff in this action seeks: declaratory relief; an award of compensatory damages in favor of the Company; disgorgement of profits obtained from certain sales of Company stock by certain of the defendants; establishment of a constructive trust over certain amounts obtained by certain of the defendants; and the costs and disbursements of the action, including attorneys’ fees. On September 2, 2022, the derivative cases with the Court of Chancery were consolidated and the court appointed co-lead counsel. The consolidated cases remain stayed pending the outcome of the appeal of the Plymouth Action. The Company continues to believe the claims alleged in the actions are without merit and intends to continue to vigorously defend its position in these matters. The Company has not recorded any material loss contingency in the consolidated balance sheets as of December 31, 2025. 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. During the year ended December 31, 2024 the Company recognized a $ 4.0 million reduction to Cost of product and service revenue in the consolidated statements of operations from the settlement, and had a receivable of $ 0.4 million included in Prepaid and other expenses, net in the consolidated balance sheet. The Company has collected the remaining outstanding amount as of December 31, 2025. 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 F-56 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements reasonably estimable under ASC Topic 450 Contingencies . 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, Array Tech, Inc. entered into a TRA with the former majority shareholder of the Company. 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 the Company, 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 changes in the fair value of the TRA are recognized in earnings. As of December 31, 2025 and 2024, the fair value of the TRA was $ 8.3 million and $ 9.1 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 our estimated TRA obligation (in thousands): TRA Liability Balance, December 31, 2023 $ 10,363 IRS Settlement ( 1,427 ) Fair value adjustment 125 Balance, December 31, 2024 9,061 Payments ( 1,204 ) Fair value adjustment 395 Balance, December 31, 2025 $ 8,252 The TRA liability requires significant judgment and is classified as Level 3 in the fair value hierarchy. Earnout Consideration As discussed in Note 3 – Acquisition , the Purchase Agreement includes an earnout provision pursuant to which Seller may be granted shares of the Company’s common stock, or equivalent cash value at the Buyer’s discretion, based upon APA’s achievement of certain financial performance targets during the three-year period ending September 30, 2028 (the “Earnout Consideration”). The maximum number of shares payable as Earnout Consideration is 4,686,530 shares of common stock, which was determined by dividing $ 40 million by F-57 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements the volume weighted average price of the Company’s common stock for the 10 trading days immediately following the Closing Date. The number of shares payable will be subject to reduction if the cumulative value of the Earnout Consideration earned (measured on each date such shares are issued) exceeds $ 90 million. The Purchase Agreement provides that, to the extent the issuance of any Earnout Consideration or Deferred Consideration Shares would require stockholder approval under Nasdaq Listing Rule 5635(a), the Company will pay cash in lieu of issuing such shares, unless such stockholder approval has been obtained. The principal Seller continues to assume the managerial responsibilities of APA. The Earnout Consideration is accounted for as contingent consideration, and the fair value is estimated each reporting period. As of December 31, 2025, the Earnout Consideration was estimated to have a fair value of approximately $ 19.0 million using a Monte-Carlo simulation method. Changes in fair value of the contingent liability are recognized in Change in fair value of contingent consideration in the consolidated statements of operations. Estimating the amount of payments that may be made under the Earnout Consideration is by nature imprecise. The significant fair value inputs used to estimate the future expected Earnout Consideration payments to Seller include a discount rate, earnings forecasts, and actual and estimated future volatility in the Company’s stock price. The following table summarizes the activity related to the estimated Earnout Consideration liability (in thousands): Earnout Consideration Liability Balance, December 31, 2024 $ — Additions 19,256 Payments — Fair value adjustment ( 218 ) Balance, December 31, 2025 $ 19,038 The Earnout Consideration liability requires significant judgment and is classified as Level 3 in the fair value hierarchy. Surety Bond 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. As of December 31, 2025, the Company had surety bonds outstanding in the amount of $ 215.5 million. F-58 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Contractual Obligations and Commitments The following table summarizes our commitments to settle contractual obligations as of December 31, 2025 (in thousands): Payments due by period Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Purchase obligations (1) 316,261 184,963 131,298 — — Other obligations (2) 1,000 — 1,000 — — Total $ 317,261 $ 184,963 $ 132,298 $ — $ — (1) Purchase obligations primarily relate to commitments with certain suppliers under firm purchase orders or supply agreements to purchase raw materials or parts. (2) Other obligations represent a commitment of the Company to invest an additional $ 1.0 million in future SAFEs with a technology company upon the achievement of defined milestones. 16. Fair Value of Financial Instruments The carrying values and the estimated fair values of debt financial instruments were as follows (in thousands): December 31, 2025 December 31, 2024 Carrying Value Fair Value Carrying Value Fair Value 2028 Convertible Notes $ 320,733 $ 299,796 $ 417,525 $ 311,525 2031 Convertible Notes 335,444 501,006 — — 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 Loans and Other Debt is estimated using Level 2 inputs. The carrying value of the Term Loan Facility outstanding under the Senior Secured Credit Facility recorded in consolidated balance sheets approximates fair value due to the variable nature of the interest rates. Other Debt with an aggregate carrying value of $ 12.8 million, consists of variable rate obligations. The carrying value of these variable rate obligations approximates fair value due to the variable nature of the interest rates. 17. Equity-Based Compensation and Other Benefit Plans 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 board of director members. The fair value of the RSUs is determined using the market value of common stock on the grant date. F-59 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements RSU activity under the 2020 Plan was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding non-vested, December 31, 2024 2,648,161 $ 10.97 Shares granted 3,049,243 $ 6.36 Shares vested ( 816,680 ) $ 12.73 Shares forfeited ( 558,347 ) $ 9.47 Outstanding non-vested, December 31, 2025 4,322,377 $ 7.58 Performance Stock Units The Company has granted performance-based restricted stock units (“PSUs”) to certain employees. The PSUs generally 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 compared to a certain index which modifies the number of PSUs that vest. PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates, and the assigned fair value on grant date is recognized on a straight-line basis over the vesting term of the awards. The probability of the awards meeting the performance related vested conditions is not included in the grant date fair value, but rather is estimated quarterly and the expense recognition is trued- up accordingly upon any probability to vest revision. PSU awards that were awarded during 2025 do not yet have a grant date because not all of the performance criteria is known at inception. These awarded shares have been included in Shares granted in the table below. Until the grant date is established, these awards are remeasured at fair value each reporting period using a Monte Carlo simulation, and the associated expense is recognized and trued up quarterly based on the updated fair value and estimated probability of vesting. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the years ended December 31, 2025 and 2024: 2025 2024 Volatility 82 % 79 % Risk-free interest rate 3.44 % 4.62 % Dividend yield — % — % F-60 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements PSU activity under the 2020 Plan was as follows: Number of Shares Weighted Average Grant Date Fair Value PSUs Outstanding non-vested, December 31, 2024 924,241 $ 12.76 Shares granted (1) 659,773 $ 9.53 Shares vested — $ — Shares forfeited ( 73,166 ) $ 12.10 Outstanding non-vested, December 31, 2025 1,510,848 $ 11.22 (1) Number of PSUs granted is based on the attainment level of performance metric(s), by key executive officers and employees of the Company, estimated to be probable at the grant date. The actual number of shares to be issued will depend on the relative attainment of the performance metrics. The aggregate fair value of RSUs and PSUs that vested during the years ended December 31, 2025, 2024 and 2023 was $ 5.4 million, $ 9.5 million and $ 15.9 million, respectively, which represented the market value of our common stock on the date that the RSUs or PSUs vested. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 15.6 million, $ 10.3 million and $ 14.6 million, respectively, in equity-based compensation, which is included in General and administrative expense in the consolidated statements of operations. These amounts include equity-based compensation related to RSUs, PSUs, and the Company’s Employee Stock Purchase Plan. At December 31, 2025, the Company had $ 27.6 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over a weighted average of 1.9 years and 2.2 years, respectively. Employee Stock Purchase Plan The Company’s Compensation Committee approved the Employee Stock Purchase Plan (“ESPP”) in December 2021. The Plan allows employees to purchase shares at a 15 % discount off the lower of the stock price at the beginning or ending of the six months window through payroll deductions. The plan is considered compensatory in nature and the Company recorded equity-based compensation expense on the plan beginning in 2022. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $ 0.2 million, $ 0.2 million, and $ 0.1 million, respectively, in equity-based compensation related to the Employee Stock Purchase Plan. F-61 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 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. Deferred compensation plan liabilities at December 31, 2025 were immaterial. 401(k) Plan We have a defined contribution plan (“401(k) Plan”) which allows eligible employees to contribute up to 75 % of their compensation up to the Internal Revenue Service maximum. We match each employee’s deferrals (contributions) at 100 % for the first 3 % and 50 % of the fourth and fifth percentages of compensation and may make additional contributions at our discretion. Employees are immediately vested in the contributions made by us. Our contributions to the 401(k) Plan were $ 2.1 million, $ 2.0 million, and $ 1.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are recorded in cost of revenue and general and administrative expense. We have made no discretionary contributions to the 401(k) Plan to date. 18. Leases The Company accounts for its leases under ASC Topic 842 Leases . The Company has both operating and finance leases for certain assets. The Company has elected to apply the short-term measurement and recognition exemption, under which the right-of-use (“ROU”) assets and lease liabilities are not recognized for short-term leases. The following table summarizes the Company’s ROU assets and lease liabilities (in thousands): December 31, 2025 2024 Lease assets Finance lease ROU assets $ 48,791 $ — Operating lease ROU assets, including $ 26,419 and $ 0 , respectively, from leases with related parties 48,297 16,384 Lease assets $ 97,088 $ 16,384 Current portion of lease liabilities Finance lease liabilities, current portion $ 188 $ — Operating lease liabilities, current portion, including $ 592 and $ 0 , respectively, from leases with related parties 7,474 5,600 Current portion of lease liabilities $ 7,662 $ 5,600 Lease liabilities, net of current portion Finance lease liabilities, long-term portion $ 42,264 $ — Operating lease liabilities, long-term portion, including $ 26,050 and $ 0 , respectively, from leases with related parties 47,288 15,128 Lease Liabilities, net of current portion $ 89,552 $ 15,128 F-62 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The components of lease cost were as follows (in thousands): Year Ended December 31, 2025 2024 2023 Finance Leases: Amortization of finance lease assets $ 450 $ — $ — Interest obligation under finance leases 687 — — Total lease costs $ 1,137 $ — $ — Operating Leases: Fixed operating lease costs to non-related parties $ 8,574 $ 8,262 $ 8,188 Fixed operating lease costs to related parties 1,152 — — Variable operating lease costs to non-related parties 1,931 1,838 1,501 Short-term lease costs 57 48 86 Total lease costs $ 11,714 $ 10,148 $ 9,775 Future minimum lease payments as of December 31, 2025, are as follows (in thousands): Operating Leases Finance Leases Related Party Non-Related Party Total Operating Total 2026 $ 2,452 $ 2,451 $ 8,370 $ 10,821 $ 13,273 2027 3,067 2,525 6,762 9,287 12,354 2028 3,173 2,601 5,410 8,011 11,184 2029 3,284 2,679 3,359 6,038 9,322 2030 3,399 2,759 3,480 6,239 9,638 Thereafter 87,783 31,316 7,884 39,200 126,983 Total lease payments 103,158 44,331 35,265 79,596 182,754 Less: Imputed lease interest ( 60,706 ) ( 17,689 ) ( 7,145 ) ( 24,834 ) ( 85,540 ) Total lease liabilities $ 42,452 $ 26,642 $ 28,120 $ 54,762 $ 97,214 Other information pertaining to leases consists of the following: Year Ended December 31, 2025 2024 2023 Weighted average remaining lease-term Finance leases 23.3 years n/a n/a Operating leases 9.8 years 6.0 years 5.7 years Weighted average discount rate Finance leases 7.8 % — % — % Operating leases 7.5 % 8.3 % 7.9 % F-63 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Supplemental cash flow and other information related to leases are as follows (in thousands): Year Ended December 31, 2025 2024 2023 Operating cash flows from operating leases 7,454 7,042 7,911 Non cash investing activities: Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition $ 81,611 $ 849 $ 10,562 In May 2024, the Company entered into a triple net lease (“NNN term lease”) with GDC Sunshine LLC (“Lessor”) for 13 1/2 years ( 162 full calendar months) for a new manufacturing and office facility in Bernalillo County, New Mexico (the “County”). The NNN term lease agreement allows for an extension of one consecutive period of 10 years. The new facility that is mixed use and built for general purposes will be approximately 216,000 square feet when constructed. The Company took control of the facility in the fourth quarter of 2025, at which point the NNN term lease commenced and will be accounted for as a finance lease. Future minimum lease payments under the NNN term lease, assuming the Company executes the renewal option, are estimated to be $ 103.2 million, payable over the expected lease term beginning with the commencement date. In connection with this NNN term lease and the Company’s planned acquisition of machinery and equipment related to the new facility, the Lessor and the Company entered into a series of transactions with the County related to a tax abatement plan. These transactions had no net impact to the consolidated financial statements of the Company. The tax abatement plan provides for the effective elimination of 75 % of the real property taxes and 100 % of the personal property taxes payable to the County by the Company and the Lessor during the term of the NNN term lease, and the abatement of 100 % of the sales and use taxes that would be incurred by the Company and the Lessor related to the purchase and use of machinery and equipment. 19. Related Party Transactions In connection with the acquisition of APA, the Company has five lease agreements with related parties owned by certain members of APA's management team. Expenses related to these operating lease agreements are allocated based on usage to Cost of product and service revenue and General and administrative expenses in the consolidated statements of operations. Total costs related to these operating lease agreements were $ 1.2 million for the year ended December 31, 2025. See Note 18 – Leases for discussion of these related-party lease arrangements. F-64 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements 20 . Supplemental Cash Flows Year Ended December 31, 2025 2024 2023 Cash paid for interest $ 16,056 $ 38,655 $ 43,949 Cash paid for income taxes U.S. Federal 18,994 22,166 21,570 U.S. State 3,067 2,006 4,564 Spain 970 1,491 1,104 Other countries 301 2,303 18,704 Total 23,332 27,966 45,942 Non-cash investing and financing activities Property, plant and equipment acquisitions funded by liabilities 2,791 422 1,546 Contingent consideration 19,038 — — Preferred Series A dividends and accretion $ 59,797 $ 55,670 $ 51,691 21 . Segment and Geographic Information ASC Topic 280 Segment Reporting establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM is the Chief Executive Officer of the Company. The Company works with engineering, procurement, and construction firms, to design a solar array to achieve the projects desired power output. The Company provides the solar tracking system components, which include standard and nonstandard parts. The Company delivers the fully functioning tracker systems for the project sites and provides commissioning services. Although the solar array may use different components and technology depending on the geography and type of system, the Company conducts its operations in the United States and internationally, primarily in Spain and Brazil and is expanding into other international markets through STI Operations. The Company has two separate operating segments, Array Legacy Operations and STI Operations, which are also reportable segments. Array Legacy Operations consists primarily of amounts earned from the design and delivery of solar arrays in the United States, and STI Operations consists primarily of amounts earned from the design and delivery of solar arrays outside of the United States. APA is a component of the Array Legacy Operations reportable segment. The Company’s CODM assesses the performance of each operating segment by using gross profit. This measure is also predominantly used in the annual budget and forecasting process. The CODM primarily uses the annual operating plan and the monthly financial results for Array Legacy Operations and STI Operations when making decisions about the allocation of operating and capital resources to each segment. F-65 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The following tables summarize the financial results by segment during the periods presented (in thousands): Year ended December 31, 2025 Array Legacy Operations STI Operations Consolidated Segment revenue $ 1,070,478 $ 213,663 $ 1,284,141 Less: Product cost (1) 704,429 177,833 882,262 Inventory valuation charge — 29,516 29,516 Amortization of developed technology and backlog 17,520 — 17,520 Depreciation 3,569 — 3,569 Other costs (2) 44,968 7,753 52,721 Gross profit $ 299,992 $ ( 1,439 ) $ 298,553 Total operating expenses — — ( 327,548 ) Total other expense, net — — ( 222 ) Loss before income taxes $ ( 29,217 ) Segment assets 1,235,937 215,855 1,451,792 Capital expenditures 21,077 895 21,972 Depreciation and amortization 35,846 11,442 47,288 Interest income 10,912 940 11,852 Interest expense 24,996 2,335 27,331 F-66 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Year ended December 31, 2024 Array Legacy Operations STI Operations Consolidated Segment revenue $ 661,629 $ 254,178 $ 915,807 Less: Product cost (1) 353,034 225,517 578,551 Amortization of developed technology and backlog 14,558 — 14,558 Depreciation 2,045 90 2,135 Other costs (2) 21,961 925 22,886 Gross profit $ 270,031 $ 27,646 $ 297,677 Total operating expenses — — ( 524,682 ) Total other expense, net — — ( 23,571 ) Loss before income taxes $ ( 250,576 ) Segment assets 1,018,487 407,512 1,425,999 Capital expenditures 6,423 882 7,305 Depreciation and amortization 27,303 25,476 52,779 Interest income 12,767 4,010 16,777 Interest expense 32,516 2,309 34,825 F-67 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements Year ended December 31, 2023 Array Legacy Operations STI Operations Consolidated Segment revenue $ 1,172,827 $ 403,724 $ 1,576,551 Less: Product cost (1) 805,174 305,778 1,110,952 Amortization of developed technology and backlog 14,558 — 14,558 Depreciation (3) 1,348 — 1,348 Other costs (2)(3) 34,142 — 34,142 Gross profit $ 317,605 $ 97,946 $ 415,551 Total operating expenses — — ( 201,427 ) Total other expense, net — — ( 36,967 ) Income before income taxes $ 177,157 Segment assets 868,697 838,044 1,706,741 Capital expenditures 15,748 1,241 16,989 Depreciation and amortization 26,840 27,986 54,826 Interest income 3,985 4,345 8,330 Interest expense 40,982 3,247 44,229 (1) Includes 45X benefits realized in the amount of $ 173.6 million, $ 137.8 million, and $ 9.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. (2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the years ended December 31, 2025, 2024 and 2023 for Array Legacy Operations was $ 43.8 million, $ 21.6 million, and $ 33.5 million, respectively. (3) Depreciation and Other for STI Operations for the year ended December 31, 2023 is immaterial and included within Product cost. F-68 Table of Contents Array Technologies, Inc. Notes to Consolidated Financial Statements The following table presents revenues by geographic region, based on the customers project location (in thousands): Year Ended December 31, 2025 2024 2023 U.S. $ 1,041,372 $ 643,481 $ 1,166,160 Spain 141,047 83,742 99,160 Brazil 60,716 135,102 257,872 Australia 23,779 8,708 20,842 Remainder 17,227 44,774 32,517 Total revenue $ 1,284,141 $ 915,807 $ 1,576,551 The following table presents property, plant and equipment, net by geographic region at the end of the period (in thousands): December 31, 2025 2024 U.S. $ 51,452 $ 20,058 Spain 3,129 2,967 Brazil 156 13 Australia 384 471 Remainder 3,104 2,713 Total property, plant and equipment, net $ 58,225 $ 26,222 22. Subsequent Events On February 18, 2026, Array Tech, Inc. (f/k/a Array Technologies, Inc.) (the “Borrower”), a New Mexico corporation and wholly-owned subsidiary of the Company, entered into that certain Amendment No. 5 to Credit Agreement (the “Fifth Amendment”), by and among the Borrower, the Company’s wholly-owned subsidiary ATI Investment Sub, Inc., as holdings (“Holdings”), Goldman Sachs Bank USA, as administrative agent and collateral agent (“Goldman Sachs”), and the Lenders (as defined in the Fifth Amendment), to the Credit Agreement. The Fifth Amendment: (i) increases the revolving credit facility commitments under the original Credit Agreement from $ 166,000,000 to $ 370,000,000 ; (ii) extends the maturity of the revolving credit facility from October 14, 2028 to February 18, 2031; (iii) removes the credit spread adjustment with respect to Term SOFR (as defined in the Credit Agreement); and (iv) expands the number of currencies under which the Borrower can request revolving credit loans and letters of credit. F-69