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Greetings, and welcome to Array Technologies' first quarter and FY 2026 earnings call, at this time all participant are in listen only mode, a brief question and answer session will followed after the presentation,if anyone should require operator assistance during the conference, please press star and then zero on you telephone keypad as a reminder this conference is being recorded. It is now my pleasure to introduce Sarah Sheppard, Array's Head of Investor Relations. Thank you, and you may proceed, Sarah.

Thank you. I would like to welcome everyone to Array Technologies' first quarter 2026 earnings conference call. I'm joined on this call by Kevin Hostetler, our Chief Executive Officer, Keith Jennings, our Chief Financial Officer, and Neil Manning, our President and Chief Operating Officer. Today's call is being webcast via our investor relations site at ir.arraytechinc.com, where the related presentation and press release are also available. In addition, the press release and the presentation detailing our quarterly results have been posted on the website. Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the related presentation and on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company. As a reminder, matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results, and other matters.

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made on this call. We refer you to the periodic reports we file with the SEC for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results, except as required by law. I'll now turn the call over to Kevin.

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us. Our performance this quarter reinforces that demand across our core and differentiated products remains strong, and our adjusted gross margin is durable and execution-driven. I'll begin by highlighting some key achievements from the first quarter, followed by a discussion of how our 2026 performance is trending and an update on our strategic priorities. I'll pass it to Neil and Keith for an update on our product and operational initiatives and a walkthrough of our financial performance. Let's begin on slide four with a brief discussion of our financial highlights for the quarter. Q1 was a strong start to the year for Array.

We delivered $223 million in revenue and achieved significant profitability improvements, with adjusted gross margins reaching 30.7%, a significant improvement versus the prior quarter, and Adjusted EBITDA came in at $29 million, an $18 million improvement sequentially. These numbers include one-time benefits of a little over 300 basis points. Volumes increased approximately 15% quarter-over-quarter, with revenue stable due to lower ASPs driven by project mix. Importantly, that volume growth, combined with improved execution, drove meaningful margin expansion sequentially, reinforcing that our profitability improvement in the quarter is execution-driven, not price-dependent. I'm pleased to report we achieved another record order book this quarter of $2.4 billion, marking the second consecutive quarter with a roughly 2x book-to-bill ratio. We now have a 12-month trailing book-to-bill ratio of 1.3x .

I'll now turn to slide five to discuss our business highlights for the quarter. On the commercial front, our momentum continues to build. As noted, our new record order book of $2.4 billion represents growing traction across our new product introductions. We also began multiple deployments of SkyLink, reinforcing our ability to deliver on our innovative product roadmap. Internationally, we executed contracts in three expansion countries across EMEA and Latin America during the quarter, demonstrating the broadening reach of our global platform as we extend our industry-leading platforms internationally. Taken together, these updates reflect our execution-driven culture, investing in innovation, scaling new products, and expanding our geographic footprint, all while growing a high-quality order book, positioning us well for the future.

At APA, we officially opened our new 30,000 sq ft headquarters, bringing together our functional teams under one roof to drive closer collaboration and faster innovation cycles. Our campus now includes a dedicated research, testing, and training center for new product development, anchored by a 5-acre solar site where we can validate new product innovations in real-world conditions. This expanded facility also houses APA's Foundations Center of Excellence, which is central to delivering differentiated customer value through integrated offerings and strengthening the technical interoperability between APA Foundations and Array Tracker Solutions. Moving to slide six, I'll revisit our strategic priorities for 2026 introduced on our last call. Q1 execution delivered tangible progress across all three pillars. First, innovation. We're introducing our highly anticipated DuraTrack D2S tracker internationally, and the APA integration is progressing very well, broadening our product portfolio and tracker foundation interoperability.

We're planning to host members of the investor community at APA around the first anniversary of our acquisition, where we will showcase our vision for APA within the Array portfolio. We look forward to sharing more details on this event in the coming weeks. Second, international expansion. We executed OmniTrack and DuraTrack contracts in Turkey, Peru, and Colombia, building real geographic diversification on a proven unified product platform. We believe the execution of our international strategy will only strengthen with our introduction of the D2S. Third, customer first culture. Our record order book and 2 times book-to-bill reflects strong customer confidence. Our technical sales efforts are lifting win rates through deeper engagement as we provide our customers with technical data supporting our elevated performance in real-world conditions. As many of you are reading in recent industry reports, Array is showing up. Our priorities continue to work in concert.

Innovation feeds our international expansion, and both are supported by the deep customer relationships we've built and continue to reinforce. We're executing with discipline, and the results this quarter validate our strategy. With that, I'll turn it over to Neil to discuss some of the proof points of our success against our priorities in greater detail.

Thank you, Kevin. Starting on slide seven, I'd like to introduce our first major new product of the year, the DuraTrack D2S, our new dual-row tracker designed for international markets. The D2S combines the differentiated features and innovations of our flagship DuraTrack technology platform with the 2-row architecture of our legacy STI H250 to create one single flexible solution. It's built for high reliability, enhanced performance, and durability in projects that benefit from a 2-row configuration, which is a preferred format across many international markets. Let me walk you through the key differentiators. First, D2S features our patented passive wind stow technology. A third-party study by DNV confirmed that this exclusive to Array capability can boost power production by up to 4% by minimizing wind-related energy losses from unnecessary stowing. It's a very meaningful yield advantage for our customers, which dramatically enhances their economics.

We've incorporated OmniTrack terrain flexibility into the platform, giving it critical terrain adaptability. This means D2S can be deployed on sites with challenging topography where competitors struggle, opening up a wider range of project opportunities for our developers. The system includes optimal backtracking, diffuse, and hail and snow alert response through SmarTrack compatibility, ensuring intelligent row-to-row coordination that optimizes energy output across an entire solar array. Importantly, it's powered by an integrated PV panel with dependable battery backup. There's a resilient, self-sustaining power supply, reducing balance of system costs and improving reliability in remote installations. From concept to design and launch to installation, the D2S platform was built with a keen focus on driving improved economics for our customers. We're already seeing strong customer reception for D2S. Our first commercial installation in Spain is up and running. The early feedback has been outstanding.

Our customer was eager to deploy D2S as soon as it was presented. The dual-row configuration with passive wind stow technology is exactly what international markets have been demanding. D2S is a great example of how we're innovating our future. Take our core technology strengths in passive wind stow, terrain adaptability, and smart controls, then packaging them into a purpose-built solution that directly addresses what international customers need. We expect the D2S to be a significant differentiator as we diversify our international business. D2S will formally launch and be available for quoting at Intersolar Europe in June. Turning to slide eight. Momentum strengthened in Q1 across regions, and we're seeing the results of a more disciplined, standardized approach in how we go to market globally. In North America, we've highlighted the strength of the U.S. business, including the momentum APA is building.

APA's enhanced bankability is expanding opportunities in both utility scale tracker projects and large scale fixed tilt projects, often tied to growing data center development in support of AI-driven demand. We're increasingly seeing 100 MW plus opportunities for APA, and in several cases, the dialogue has shifted from megawatts to gigawatts. That momentum showed up in Q1 with a record level of foundation testing activity, an early indicator of future demand. In EMEA, we're driving a focus on global accounts and a disciplined diversification model. Notably, we contracted a meaningful OmniTrack deal in Turkey, where OmniTrack is solving difficult terrain challenges. Our emphasis is on engaged partnership alignments enabled by standardized platforms to deliver repeatable results, not one-off wins. In Latin America, we've expanded our pipeline beyond Brazil, driven by our OmniTrack and DuraTrack technology value propositions.

We execute contracts in both Peru and Colombia, which reinforces our momentum in the Andean growth markets. We continue to prioritize projects where our technical engagement supports LCOE-driven value. We're being selective and returns-focused. In Asia-Pacific, we continue to advance large-scale projects with strong local partners. Australia remains a key market where our execution capability and customer relationships are enabling share capture, and our track record of deploying local domestic content projects there continues to be a differentiator. In short, the common thread across all three regions is that we're moving toward a standardized model centered on our differentiated flagship technology. The progress in Q1 demonstrates that this approach is working and positions us well to scale internationally over time. Turning to commercial execution. This quarter marked a step up in how we go to market, and more importantly, how consistently we execute.

Across regions and customer segments, we are seeing the benefits of a more disciplined, technology-led selling approach. We are anchoring conversations around LCOE-driven value, not lowest price outcomes, and we're engaging earlier and more deeply from a technical advantage on complex projects. That's improving both win quality and execution confidence. Differentiated offerings like D2S, OmniTrack, and APA Foundations are playing a critical role here. They allow us to compete on performance, reliability, and lifecycle value, broadening our addressable opportunity while supporting pricing discipline. These execution improvements are clearly reflected in the order book. We exited the quarter with a $2.4 billion record order book, approximately 50% with Tier 1 customers and over 95% domestic, speaking to the quality and resilience of demand we're capturing.

We're also seeing strong momentum for new products, which now represent over half the order book, a clear validation of our innovation roadmap and customer adoption. Importantly, about 80% of the backlog is expected to convert over the next six quarters, providing strong visibility and predictability as we move through the year and into 2027. This is not a one quarter outcome. Over the past four quarters, we've achieved a 1.3x book-to-bill ratio. The combination of standardized global platforms, titled commercial coordination, and disciplined risk screening is creating a more repeatable execution model. This positions us well to convert backlog efficiently, protect margins, and scale profitably as demand continues to normalize and grow. To summarize, we're building a commercial force that is more consistent, more selective, and more returns-focused that we believe fosters our durable performance in 2026 and beyond.

With that, I'll turn it over to Keith to discuss this quarter's financials in more detail.

Thank you, Neil. Slides 11 and 12 summarize our first quarter financial performance and the primary drivers behind the sequential changes we're seeing in the business. We had a strong start to the year. Revenue was $223 million, and we delivered meaningful sequential profit improvement, driven primarily by geographic mix, incremental 45X from supply partners onshoring, and our productivity initiatives. While our quarterly revenue cadence continues to be influenced by seasonality and customer project timing, the underlying demand and pipeline activity remained very healthy. Adjusted gross profit was $69 million, up 24% quarter-over-quarter, and adjusted gross margin was 30.7%, up 620 basis points from Q4. Our margin performance was driven by a heavier domestic mix and cost out initiatives, with one-time items contributing a little over 300 basis points in the quarter.

These one-time items were primarily driven by a 2023 to 2024 tariff recovery and an incremental 45X benefit resulting from our continuing efforts to onshore additional components. As we look forward, we expect margins to be influenced by normal variability in project sequencing, international versus domestic mix, plus commodity and logistics input costs. Adjusted SG&A was $41 million, an improvement of 9% sequentially and in line with our expectations. Adjusted EBITDA was $29 million, up 157% sequentially, and our Adjusted EBITDA margin was 12.9%, up from 5% in the fourth quarter. The improvement was driven primarily by the gross margin flow-through, along with continued discipline on operating costs.

GAAP net loss to common shareholders was $14 million, a substantial improvement over the fourth quarter, which included the one-time $103 million and $30 million goodwill and inventory valuation charges, respectively. Diluted loss per share was $0.09, while Adjusted earnings per share was $0.06, compared to a loss of $0.01 in the fourth quarter. Before turning to the balance sheet, I want to briefly touch on cash generation. As expected, free cash flow performance in the first quarter is a result of normal seasonal working capital dynamics, including inventory positioning for our business acceleration in the coming quarters.

We continue to expect working capital to cycle upwards in the first half and become a source of cash as we move through the second half of the year, consistent with our historical pattern and aligned with Adjusted EBITDA performance. Additionally, we invested $7.5 million in capital expenditures, primarily towards completing the build-out of our new manufacturing capabilities. We maintain our guidance of 2026 being a cash generative fiscal year, and we believe our strong balance sheet as is well-positioned. In the first quarter, we continued to improve our financial flexibility. As we previously discussed, we upsized and extended our revolving credit facility, which meaningfully expanded our total available liquidity.

We ended the quarter with approximately $550 million of total available liquidity, including $200 million of cash and a fully undrawn $370 million revolver, net of letters of credit. Net debt leverage was 2.7x trailing 12 month Adjusted EBITDA, well within our targeted range and providing ample flexibility as we execute through the years. Turning to our overall outlook on slide 13, we had strong first quarter execution and demand indicators remain healthy across our core markets. Commercial engagement is strong and our backlog and pipeline continue to support our 2026 framework and our view into 2027. Consistent with that view, we are reaffirming our full year 2026 guidance across all key metrics, reflecting continued confidence in demand, backlog assurance, and our execution capabilities.

Our Adjusted gross margin outlook of 26%-27% for the year is unchanged. Excluding the one-time benefits in Q1, our underlying margin profile remains stable, even as we manage through some current macro impacts. Looking beyond this fiscal year, we see multiple structural levers for margin expansion. These include increased penetration of differentiated products and software, including DuraTrack, D2S, OmniTrack, APA Foundations, and SmarTrack. International scale benefits as our execution model firms, integrated systems value from cross-selling trackers, foundations, and smart controls, and continued productivity gains, including efficiencies from our new Albuquerque facility. To summarize, we expect to protect margins today through focused execution while innovation and diversification are positioning us for margin expansion over time. As we look at the year's cadence, it's important to note a modest shift in expected first and second half split.

Based on our latest assessment of our customers' project sequencing and/or delivery preferences, we expect revenue in the second quarter in the range of $300 million-$320 million. Q2 Adjusted gross margin is expected to be at the higher end of our full year guidance range, with second half margins largely influenced by mix with a ramp in international volume. We continue to manage the business for the long term with a responsible eye on the fiscal year, prioritizing disciplined execution, backlog conversion, margin protection, and operational flexibility as projects move through permitting, interconnection, and customer-focused delivery milestones. With that, I'll now turn it back to Kevin for closing remarks.

Thank you, Keith. To wrap up, we're proud of the way the team has executed in the 1st quarter, delivering results above our expectations, driving another 2x book-to-bill quarter, and reaching a record $2.4 billion order book. These are important indicators of both overall industry demand and our recovering position within our industry. We are further pleased with the continued improving visibility in our business. While the macro and regulatory backdrop remains fluid, we're executing with discipline, converting our backlog, protecting our margins, and investing in differentiated products that support long-term value creation. In Q2, we expect to reach an important milestone, surpassing 100 GW of trackers deployed globally. We're incredibly proud of our accomplished track record of excellence, and we're excited for the next 100 GW. Thank you for your time today and for your continued interest in Array.

With that, we'll open the line for questions.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star and then one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and then two if you would like to remove your question from the queue. Please may I ask if you could limit your questions to one question and one follow-up question. For participants using speaker equipment, it may be necessary for you to pick up your handset before pressing the star keys. One moment please while we call for questions. The first question comes from Julien Dumoulin-Smith from Jefferies. Please proceed with your questions, Julien.

Hey, Kevin and team. Nicely done. Gotta hand it to you guys in that market share commentary at the end there. really kudos on the recovery here. Maybe just to that end actually, though, while we're talking about it, can you talk a little bit about what you're doing on the gross margin side on the, You've just been hedging the background, energy commodity, shipping, logistics, just, you know, kudos on holding the line on margins here. Just talk about the hedging strategy, mitigation, offsets, and just altogether how you're seeing this year come together. Again, obviously you probably have some legacy contracts here on 2026. I got a quick follow-up.

Thanks, Julien. Look, we're really proud of how the quarter shaped up. I can only say that two weeks ago, I celebrated my fourth year anniversary. Every year for the first four years, we've experienced a black swan event. As one of my colleagues reminded me that when you have a black swan event every year, it's no longer a black swan, right? When we came out with a margin guide, we took that into account and ensured that we can withstand some level of shock to the system, for lack of a better word, throughout the year. Certainly, 48 hours after our last earnings call, we began a war in Iran, and now we're subsequently dealing with elevated logistics costs.

We're pretty proud of our ability to be able to absorb those elevated logistics costs and not have to change a guide one quarter after we just gave it. I think we took a very prudent approach. We have lots of puts and takes in our business, but you have rising commodities, rising logistics, offset with a lot of heavy work we've been doing in the business, driving productivity gains, as well as the new product success, right? We've been giving the market that chart of showing just the continual increase in new product development as a percentage of our backlog, and it's just got some incredible momentum here.

The fact that we're over 50% new products in the backlog, that's products launched in the last two years, those are the ones we've highlighted over and over again, is a great proof point of our ability to drive higher margin in the outer year. We're quite excited about where we sit today.

Awesome. Then maybe if I can follow this up, on, you know, there's a lot of talk in the market about this tax equity issue, and, you know, it seems more of a residential issue than a utility scale issue. With that said, how are you seeing, if any, project push from 2027 FIDs ? Any shift in your timelines, anticipated project, in services, anything like that you're looking across your book of business? I'm just curious, even if on the horizon here, do you see anything on 2027, 2028?

Look, we really haven't seen any shifts derived from that. Obviously, in the near term, our current near term guide is predicated on pretty well-financed projects already. To your point, you'd only be looking in the outer years, and we just haven't seen an impact or haven't seen any material changes to our schedule as of yet. I think part of the proof points we've been explicit in is giving, again, that conversion rate that we did in our script, that we expect about 80% of the order book to deliver over the next six quarters. You know, clearly, that's not a promise on any single project timing, but it's an important signal that our backlog is increasingly aligned to the nearer term delivery windows versus being kinda long dated and opaque. We feel pretty good about that.

Kudos again. Talk soon.

Thanks.

Thank you. The next question comes from Philip Shen from Roth Capital Partners. Please proceed with your questions, Philip.

Hey, guys. Thanks for taking my questions. First one's on diversification. You know, we've heard a fair amount that a lot of customers out there, developers, IPPs, are looking to diversify their tracker sources, even some with, you know meaningful exposure to one of your peers. Was wondering. If you could kinda share some color on, you know, what you're seeing, how those conversations you're having with customers and what the opportunity might be for even accelerating bookings beyond what you've shown in this quarter here? Thanks.

Yeah. I think, you know, first I want to make sure we get a couple of really good proof points out into the market. I think one of the great proof points of our momentum, you'll note that we've had over $900 million in new orders over the last two quarters, that's quite significant for a business our size. I should also note that while we're really proud of having a record order book for Array, we would have a record order book for Array even if we excluded the APA bookings at this point. Again, it's organic and inorganic traction that we have going on in our business.

I think that the single biggest change, you know, we've been on a journey commercially now for probably about 18 months, where we've been rebuilding the commercial team, strengthening it, and bringing to bear a whole new way of selling, which is highly technical. Having engineers sell to the engineers of our customers and bringing proof points and third-party engineering data to bear that shows that in many cases, we simply generate more energy than some of the competitors out in the marketplace. When we could demonstrate mathematically using real world conditions, not lab conditions, that we could generate 2%, 3%, 4% more energy, that's really, really meaningful to a couple of the constituencies we now sell directly to. That's really meaningful to utilities and developer asset owners in particular. We've always done well with EPCs because of our ease of installation.

Now rather than have a, you know, get into a price war down at an EPC level, we're trying to get specified much more by the asset owners ultimately. They're really recognizing some of the technical differences and benefits that we provide. We see really good traction, and you're seeing that in our win rate and our order book.

Great. Thanks, Kevin. Back to margins for a bit. I think, Keith, you talked about Q2 being at the higher end of the range for the year, Q3 and Q4 maybe being lower, but still maybe within that 26%-27% range. I just wanna make sure we have that right cadence. You talked about expansion levers for beyond this year. Was wondering if you might be able to talk about or quantify, you know, where 27 I know we're a little bit early, but where 27 ultimately could go. You know, are we talking about 100 basis points, or is there some potential for something more meaty? Thanks.

Look, I'll let Keith talk more proof points in the margin this year in the flow, but I'll just jump in and caution that we're not ready to guide 2027 margin yet. We've certainly provided the market with several initiatives that are very tangible that drive margin improvement in outer years, and we're gonna continue to execute on those, but we're not this early gonna guide. Look, in particular, we're still in a very dynamic marketplace, right? We're gonna be very cautious and not guide 2027 just yet.

Good. Thank you for your questions, Philip Shen. Look, when we think about Q1 gross margins, you have to separate it into two components. There's the one-timers of roughly 300 basis points that came from the tariff protests that we filed for 2023/2024 tax years, and also what can be best characterized as a prior year 45X adjustment. The second component is the core. The core margins of around 27%, you know, reflects, you know, outsized proportion of having a strong ATI versus STI quarter in Q1. As we look forward to the rest of the year, we are still very confident that despite all the different things happening out there, logistics costs, inflation pressures on transportation, freight, other things, whether driven by macro or otherwise, you know, we are forecasting that our productivity and cost out initiatives will balance that out. At the same time, as the international, you know, business comes back in the second half, that will play on the margin mix at a consolidated level.

Okay. Thank you both. I'll pass it on.

Thanks, Philip.

Thank you. The next question comes from Joseph Osha from Guggenheim Securities. Please proceed with your questions, Joseph.

Oh, hi. Thanks for taking my question. You all have said in the past, as a result of what's been happening in Brazil that you were not actually putting those bookings into the backlog number. I'm wondering if that's still the case, and if so, what the, you know, what the story might be there. Thank you.

That's a great question, Joseph. First, I'd like to remind everyone on the call that we've made no changes to our definition of order book. I think there may have been some confusion here during our last quarter's call, 'cause I did see some write-ups, frankly, get this wrong. The only difference is how we're treating some of the international orders, to your point, Joseph, where we're taking a more conservative approach and holding them out of our order book until such time as we feel sure of the actual project timing. Yes. In that respect, is the record order book still a conservative view of our order book? Yes, it is. We're still holding some of those wins on the sideline until we're more sure that these projects are actually going to move forward in the timeline we expect.

The reason being is that, look, we experienced this last year. Whenever you would have a de-booking in Brazil, which we had a few, it would mask the underlying great momentum we had domestically on the commercial recovery. We decided just to hold them aside and not have to have dialogue in our earnings calls about this gross to net bookings and the momentum. We'll continue that practice of holding some of those on the sidelines, and we're not gonna quantify that yet. We're gonna continue that practice of holding them on the sidelines until we're much surer of the actual project timing.

Can I ask-

Yeah.

Can I ask a follow-up?

Go ahead.

So-

Yes.

You kind of anticipated the question. I was gonna ask for a number, and you don't wanna give it. Might you be able to weigh in on some timing? Is there a point at which some of this backlog might find its way into the order book?

I think it'll begin in the second half of this year, Joseph. As we start getting surer of some of the timing of projects moving forward, internationally, you'll see a little bit more of that leaking in in the second half of the year. Look, I think it's important to say not only the headline records, the second consecutive record order book we've had over the last two quarters, right? We're pairing it with several quality indicators that improves our convertibility. Namely look we got a higher domestic mix you know, greater than 95% of that order book is domestic. Meaningful higher quality Tier 1 representation, a lot more being sold direct to the utilities and to Tier 1 developers, and a growing mix of our recently launched higher value differentiated products, right? That's really meaningful here.

The improving quality of our order book translates for us into clearer execution visibility as we move throughout the year. Again, we gave the conversion of the 80% of the order book to deliver in the next six quarters, and we feel really good about the shape of our order book and the quality therein. We're getting there without changing the definition of what we consider in our order book, to be clear.

Thanks for the detailed answer.

You got it, Joseph. Thanks.

Thank you. The next question comes from Ben Kallo from Baird. Please proceed with your questions, Ben.

Hey, guys. Congrats on the quarter. I wanted to talk, stick on Joseph's topic of the international business, and just maybe match that with when you talk about share gains, are you talking about share gains of against trackers or against trackers and fixed-tilt, maybe it's one. When you talked about international, you spoke about I think more of a value-based approach to selling or at least customers appreciating the value that you bring. Typically, the internationals carry lower margin. Is that still the same with kind of this change in kind of thinking about the total value you create, or are you getting better pricing there, I guess, is the question. Thank you.

Sure. Let me start with just an explanation of the order book and the proportion of APA, right? First, the Look, the APA, as you recall, last quarter, we noted that APA was roughly about $100 million of our order book, and we actually saw a 50% increase this quarter. Directionally, there are about $150 million of the order book that we just talked about. I think it's important to provide some context here. You know, APA is a shorter cycle business than Array, and you recall they had a full year 2025 revenues of $130 million. Sitting on an order book already in a short cycle business of $150 million is really demonstrating that they are taking market share in fixed tilt.

You know, their traditional legacy portion that made up a disproportionate amount of their business. They're getting larger programs, so the average size of orders they're now participating in since being part of Array is up significantly. As Neil said, we're talking about programs and discussion points rather than megawatts in terms of gigawatts at this point. The thesis is playing out very, very effectively for us, and it supports this strong double-digit revenue growth we've already called out for APA in 2026. Domestically, for the legacy Array business, it is obviously tracker penetration that's driving the increase in our order book. Now I'll let Neil weigh in a little bit on what we're seeing internationally, just in terms of pricing and the dynamics we still see on the international. Go ahead, Neil.

Yeah. I'll certainly weigh in. On the international front, certainly from a Spain and Brazil standpoint, both of those markets are going through a number of macro issues, including curtailment. As part of that, we've also then seen some low costs competitors from different parts of the world come in as well. We've been very open in past quarters about talking about being selective and returns focused about where we strive to diversify internationally. We've been looking to locations that specifically have an appreciation for the value proposition that we bring for difficult terrain, potentially extreme weather, and also areas where domestic content is a requirement. That's where we're really now seeing returns, as we referenced in the updates around the new projects in Turkey and Colombia and Peru.

All those are examples of difficult terrain or local content requirements where Array can really differentiate from the competition and then drive to a margin level that's more within our expectations. As we go forward, we look at the international recovery beyond that's going to be really our prism. We're going to be looking for areas that have an appreciation for the differentiation that we bring. That's also then a key part of why we brought D2S to market, because it's bringing a two-row configuration, then combined with the best features from DuraTrack that allow us to drive that different value proposition for customers.

Great. Thank you, guys.

Thank you. The next question comes from Brian Lee from Goldman Sachs. Please proceed with your question, Brian.

Hey, guys. This is Tyler Bisson for Brian Lee. Thanks for taking our questions.

Sure.

Appreciate the Nice to see the continued traction on the new products. I guess, out of the 80% of the order book that's getting delivered in the next six quarters, how much of that is related to new products? Is that split pretty similar to the current 53% today, or is there a slightly heavier weighting to the 20% beyond that six quarter timeframe?

No, I think it's very similar weighting, frankly. Yeah.

Helpful. I guess just from a capital allocation.

I guess one other, Sorry, Tyler. One other proof point I'll give you is that this was a critical quarter because the percentage of our backlog that's from OmniTrack, our terrain following tracker versus DuraTrack, flipped for the first time this quarter, and now we have more OmniTrack in the backlog. That just gives you a sense of how strong that product is being accepted by the market at this point. This is the first quarter where that has gone the other way, so it's flipped now.

Appreciate that color. Then just from a capital allocation standpoint, how are you thinking about, you know, future potential M&A opportunities, you know, versus, you know, investing in your existing business today?

Hi. This is Keith Jennings. The way we think about it is, you know, right now we are running the business as best as we can, discipline, earnings, and cash focused. As we generate cash, we're thinking about managing our flexibility, of course, making sure that we can take advantage of opportunities. We continue to think about our capital structure. You know, opportunistically, we are scanning the marketplace to make sure that we continue to add to the portfolio under the theme we laid out last quarter about ensuring that as we acquire new businesses, we can prove that there's interoperability between the parts and increase our relevance to our customer base.

All right. Thank you.

Thank you.

Hi there, this is Claudia. I am on the line now. Next question comes from Corinne Blanchard from Deutsche Bank. Please proceed with your question.

Claudia, do we have any other questions?

Hey, guys. Can you hear me?

Hey, team. This is Corinne from Deutsche Bank. Can you guys hear me?

Hi there, this is the operator. Just wanted to check if you can hear me. Do you have the Array team on the line?

Oh, okay. We do have Corinne on the line. Would you like to pose the question?

We cannot hear you on our end.

We can still hear you. If you could hear us, we'll go ahead and listen to you on a cell phone and then respond on the conference call.[audio distortion] Go ahead. Claudia, can you hear us?

Hi. Yes, I am on the line. I just want to check if you can hear me before we proceed.

Hi there. Claudia, can you hear us?

Guys, if you're still on the line and can hear us, just bear with us a few more minutes as we try to work out these technical difficulties. We'll be right back with you.

Ladies and gentlemen, apologies. We do apologize for that, but we have been rejoined by the main speaker. Corinne, I would like to hand over to you to pose your questions. Thank you so much.

Can you guys hear me now?

Yes, we can.

All right. Awesome. Yeah. I just wanted to ask actually on the cost profile. I think one, two was slightly better maybe than expectation. If you can just walk us through expectation and actual view into 2Q in the second half of the year, that would be helpful.

When it comes to our gross margin profile, again, you know, looking at Q1 was heavily influenced by the segment mix of ATI versus STI, once you've separated out the one-time items. When we look to the second quarter, we expect to be at the higher end of our full year range of 26%-27%, and we expect to average across the full year in line with our guide of being inside of 26%-27%. The second half of the year will see a higher STI proportion, and that will impact the consolidated margins.

Thank you. I appreciate. Maybe like one more question. Like, Middle East in conflict and any potential like any impact or anything that has maybe changed your view in terms of your geographies and portfolio diversification?

This is Neil Manning. Not at this point. We're obviously monitoring closely. We've seen from a logistics perspective, obviously, what that's done from an elevated cost standpoint on that front that we're managing very effectively. When it comes to delivery timelines and other impacts, we have not seen it other than elevated costs that we're seeing around the world, as is most industries at this point.

Thank you.

Thank you so much. The next question comes from David Benjamin from Mizuho. Please proceed with your questions, David.

Hi. Thanks very much for taking our question. Of the remaining 2026 guidance, can you talk about how much of that is already booked versus is there any book-to-bill required to achieve that?

When it comes to the revenue guide, we do have some normal amount of go get less to close it. However, you know, we're working off a very, you know, elevated backlog, a record backlog of $2.4 billion that gives us some level of flexibility. We are really confident in the guide at this point in time.

Thanks. A follow-up. As you guys are increasingly selling to developers, are you able to leverage the safe harbor process where the customer developer customers have better visibility into their project pipeline in order to convert longer term agreements and book a little bit of more work?

Look, I think for the Tier 1 customers, that's the disproportionate amount of our current backlog. They've safe harbored for a long time. We have very little incremental near-term rush for safe harbor. You'll see a little bit of that in the APA business, in those smaller-size orders. The size and programs that we're working to, these top developers have safe harbored for some time now. We're not seeing any acceleration from that. Any meaningful acceleration, I should say.

David, does that conclude your questions? Okay, I think we're done from his side. The next question comes from Colin Rusch from Oppenheimer & Co. Please proceed with your questions, Colin.

Hey, thanks so much. Could you talk about some of the international sales activity that you've got going on and how we should think about acceleration in that in that part of your business and thinking about it from a regional perspective with the EU, Middle East, and Latin America, along with Australia?

Hey, Colin, it's Neil. I'll take that one. Hey, when we look at international, you know, we've talked quite openly that it's a strategic priority for us, but we're also being really targeted and selective about where we wanna go. You know, we obviously have well-embedded home bases in our legacy markets in Spain and Brazil, which historically have been some of the largest in the world. Now obviously they were facing some macro challenges with curtailments and other factors are slowing those down.

When we look at areas of opportunity for us, it is specifically in the markets that have appreciation, that of what the DuraTrack platform and OmniTrack platforms bring to bear, which is terrain adaptability, SmarTrack software-enabled controls, passive Windstow, and the things that make a tracker perform at a higher level and also present less risk to developers over the life cycle of the opportunity. We also then look from a supply chain standpoint where areas of local content are required that we do exceptionally well at, where we can localize production to meet specific requirements in certain countries. We're doing that currently in Turkey, and we've done that historically very effectively in Australia. We look for areas of opportunity that allow Array to differentiate from what is often a more crowded space and set ourselves apart.

We get a lot of great traction when we do so. That was really what then led us to develop the D2S DuraTrack platform that we talked about, that we'll be introducing in Munich here next month. It really is bringing the best to bear The DuraTrack platform that customers have appreciated here in North America for a long, long time, and then configure it in a two-row configuration that we've seen that international customers prefer based on parcel sizes being smaller and more varied from a terrain standpoint. You know, two-row configurations allow a lot more optionality for deployment and customization to a particular parcel. The D2S was developed specifically in mind for those international markets.

You're gonna see us going forward, talking more and more about these countries and areas of opportunity that allow us to set ourselves apart from what is oftentimes a crowded space. We're really excited by the recent wins we've had in Turkey and Colombia and Peru, and we expect to see more coming from there.

Excellent. Can you talk a little bit about the cadence for, you know, deployment timelines? This is, you know, your R&D effort in terms of shortening in-field deployments for your customers. Just curious about how we should think about that coming into the market and how much you can really pull out of the process.

I think that's really customer driven. We've historically said that we can deliver any of our products within a 16-week time period, which includes that period of design, sourcing, customization for the site-specific elements that we have to deal with. We've routinely been able to accelerate that for customers when they get into a jam and ask us to. We can pull that in substantially. It's for us, with the build-out of our global supply chain and the optionality we have, we've created an environment that we could pull forward. Look, you got to see some of that in Q1.

We had customers ask us to accelerate, kind of midway through the quarter, and we were able to accelerate and bring some things into the first quarter that was originally scheduled for the second quarter. I think we've got a lot of flexibility there ourselves. We're gonna continue working on the upfront work in our business. We have several projects on to kind of collapse the design cycle, quote cycle, those kind of things, to just be even more responsive to our customers. We're gonna continue our programs internally to drive that even better. Once we have the locked-down order, we can still accelerate for our customers.

All right. Thanks, guys.

You got it.

Thank you. The next question comes from Chris Dendrinos from RBC Capital Markets. Please proceed with your questions, Chris.

Yeah. Thank you, and maybe just one from me here. You know, I wanted to go back to maybe the answer to the first question around gross margins and the cost structure here and, you know, clearly doing a good job offsetting some of the inflationary cost pressures, you know, particularly on the freight. If I look at the 10-Q, I think it's maybe 4.5% of revs is freight costs. Can you maybe walk us through a bit here how we think about, you know, the impact of that cost inflation there and how quickly you all can offset that? Is that just a process of, you know, changing your bid process to reflect higher freight? Or how should we think about that? Thank you.

Sure. Great question. As you know, we are a project-based business with, you know, contracting and scheduled deliveries. We've all experienced the shock of the Iran, U.S.-Israel war in Q1, which had an immediate impact on freight costs. Everything that was already in flight in Q1 for scheduled deliveries, you know, we couldn't change that. We can adjust our bid processes for new projects, which are going to be delivered somewhere out in Q3 and Q4. The items that are contracted and already scheduled for Q2, early Q3 also probably, you know, will not be easily changed. We are working through contracts with our legal team to see where we can apply fuel surcharges to recover some of the things. For the most part, we're not expecting a quick snapback.

We're expecting to build this into our cost and bid models, over the longer term. However, for the short term, Greystar is driving productivity and cost out initiatives to manage this.

Yeah. I'll just kinda weigh in from there, Chris. You know, anytime we see a shock, we've talked in the past about supply chain resiliency. We really don't know when the next shock will come, but, you know, we need to be ready for it. In this particular case, when it came to logistics and the conflict in the Middle East, you know, we had a really aggressive response. You know, we renegotiated carrier agreements. We looked at our routings by region for optimization, we also updated our contracted freight capacity, moving to more contract base versus spot. While we did that, we're then embedding it rapidly into new bids and new contracting. The key point for the projects that are in flight, obviously those flow through, and we have to deal with that.

For anything new in the pipeline, we're rapidly updating our cost modeling methodology and making sure we're protecting margins from that standpoint.

Got it. Great answer. Thank you very much.

You got it.

Thank you. There are no further questions. This does conclude the questioning and answer session, as well as the conference call. Thank you very much for participating, for participating and joining this call. This does conclude the call. You may disconnect your lines. Thank you.

Good afternoon. Welcome to Array Technologies Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Sheppard, Investor Relations at Array. Please go ahead.

Thank you. I would like to welcome everyone to Array Technologies' fourth quarter and full year 2025 earnings conference call. I'm joined on this call by Kevin Hostetler, our CEO; Keith Jennings, our CFO; and Neil Manning, our President and COO. Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com, where the related presentation and press release are also available. In addition, the press release and the presentation detailing our quarterly and full year results have been posted on the website. Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the related presentation and on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made on this call. We refer you to the periodic reports we file with the SEC for a discussion of risks that may affect our future results. Although, we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results, except as required by law. I'll now turn the call over to Kevin.

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us. I'll begin by highlighting our key achievements from 2025 before transitioning to our strategic imperatives for 2026. Neil will provide additional detail on these objectives, and Keith will conclude with an in-depth review of our financial results and introduce our 2026 financial guidance. Then we'll open the line for your questions. I'll begin on Slide 4. 2025 marked a year of pivotal growth, commercial momentum and strategic execution for Array. We closed the year with nearly $1.3 billion in revenue, achieving an exceptional 40% year-over-year increase, supported by 35% tracker volume growth. This result underscores our team's unwavering dedication and resilience as we continue to outpace broader industry growth trends. Our profitability remains strong with adjusted gross margin, adjusted EBITDA and adjusted net income per share, all landing within our guidance range and adjusted net income delivering solid double-digit growth year-over-year. After the regulatory-related uncertainty throughout 2025, commercial activity built meaningfully as we exited the year, driving strong bookings momentum across our core markets and enhancing our visibility entering 2026. Importantly, we closed 2025 with a record $2.2 billion order book, reflecting both sustained customer demand and improved commercial execution across our portfolio. This performance was enabled by the commitment and discipline of our commercial teams as demonstrated by a 2x book-to-bill for both total Array and our recently acquired APA business. As committed last quarter, APA is now incorporated into our order book, contributing approximately $100 million. We remain highly confident in APA's growth trajectory, and APA, along with our recent new product introductions, now comprise close to half of our total order book value. Turning to Slide 5. I'd like to reflect on what has been a standout year for Array. Our progress and achievements are a direct testament to the strength, resilience and commitment of our employees. Together, we didn't just meet challenges, we transformed them into opportunities to engage, evolve and innovate, positioning Array for sustained growth. I'm especially proud of the successful completion of the APA acquisition, which brought over 200 talented new team members to our organization. Our teams are seamlessly integrating, and we are already unlocking meaningful value and expanding our share of wallet with customers. At APA, continuous innovation extends beyond engineered foundations to fixed tilt racking, where the business holds a market-leading position. The team has some exciting new fixed-tilt offerings slated to come out this year, and we look forward to sharing more details in the coming quarters. Complementing the progress made on our balance of system strategy, we continue to elevate the organization by investing in both our leadership team and our product portfolio, while at the same time, optimizing our capital structure. We strengthened our leadership bench by bringing in seasoned executives with deep industry knowledge and relationships, fresh perspectives and a proven execution capability, enhancing our ability to operate with discipline while accelerating growth. In parallel, driven by deep customer engagement, we broadened and upgraded our product portfolio to more effectively address the industry's most pressing challenges and better meet the evolving needs of our customers. Finally, by refinancing higher cost debt and proactively managing our debt maturity profile, we improved our financial flexibility to support our next phase of strategic growth. I'm now on Slide 6. Our results in 2025 demonstrate that the foundation we've built is working, anchored by a talented team, a stronger product portfolio, a more resilient supply chain and meaningful expansion through APA. Now our focus shifts to how we build on that momentum, capture emerging opportunities across the industry and create lasting impact. This brings us to our 2026 strategic imperatives. This year, we're sharpening execution around 3 imperatives that operate as an integrated framework: innovate our future, elevate our international business and advance our customer-first culture. Against the backdrop of organizational and portfolio advancement, our first strategic imperative for 2026 centers around innovation. At this stage in our company's evolution, innovation remains paramount. It is the core engine driving growth and bolstering our competitive positioning. We will continue to invest both organically and inorganically in differentiated technologies and solutions that enhance customer value and reinforce our role as a trusted technology partner. This does not just mean new product development, but also continually updating and improving our internal tools and processes. To this end, we've created a robust AI road map with plans to apply transformational technology in all areas of our business. I'm excited to share updates in the coming quarters of the enhancements we're making. Innovation is how we win, not only in product performance, but in customer experience, financial strength and with the deliberate and targeted market expansion. It's the unifying catalyst that connects every element of our strategy, which is why it stands first among our 2026 strategic imperatives. As we anchor our strategy in innovation, we are equally focused on our second imperative, elevating our international business. While recent macro conditions in key markets such as Brazil and Spain have presented challenges, the broader international landscape presents compelling opportunities for growth. Key international markets are maturing and demanding more feature-rich capabilities. This also brings further opportunity to refine and adjust our global supply chain for enhanced scale and efficiency and streamline research and development around a common leading platform. Our focus remains on disciplined execution, positioning the right products in the markets where our differentiation and value proposition resonates with our customers and where they are willing to pay for it. As we position our international business for enhanced performance, our third strategic imperative further strengthens our customer-first culture across the organization. At the end of the day, our growth depends on how we effectively satisfy our customers' needs. And to do this, we need to listen to, support, and partner with them. In 2025, we saw very clearly that when we focus on our customers' outcomes, strong business performance follows. We will continue to grow our order book and pipeline by engaging and thrilling our customers with our diverse offerings, quality level of service and our differentiated value proposition that delivers measurable impact to our customers' economics. Together, our 3 strategic imperatives for 2026 form a unified strategy that drives our market-leading performance, expands our opportunities and supports durable long-term value creation. With that, I'll now turn it over to Neil to provide a deeper look at our strategic imperatives and how we will evaluate our success. Neil?

Thank you, Kevin. Let's turn to Slide 7. Our first strategic imperative, innovate our future is about ensuring Array stays ahead of where the solar industry is going. The demands on solar installations are rising, tougher terrain, more extreme weather, higher energy generation expectations and tighter cost structures, our innovation pipeline is designed to meet those realities head on. We start by continuing to strengthen our core tracker technology. DuraTrack is a renowned platform in the industry, and we're continuing to expand its capabilities while broadening its reach to become our standard offering globally. This year, we'll incorporate improvements like our next-generation industry-leading terrain following capabilities for OmniTrack and launch a new U.S. tracker version to further address unique market needs. These are tangible upgrades that will improve energy yield, reduce operational risk and simplify installation for our customers. Second, we're executing on our balance of system strategy. With the APA integration well underway, we're on track to launch our optimized tracker plus foundation integrated solution in the second half of 2026. This offering reduces engineering and installation complexity, simplifies customer procurement and reinforces Array as a broader solution partner. We continue to assess other balance of system market leaders as potential additions to the Array portfolio. The last component of this initiative is further commercializing software and services, areas where customers want more support, more insight and more automation. We're continuing to invest in our SmartTrack platform and beyond new deployments, we see a meaningful opportunity to retrofit SmartTrack across our extensive installed base. SmartTrack adoption is growing rapidly and with more opportunity in our order book than cumulatively deployed to date. We've proven the value of our technology and now our transition to a subscription-based model reflects our customers' desire for greater flexibility, continuous innovation and scalable deployment as we drive real project return on investment, all while generating recurring revenue for Array. Our innovation agenda powers all facets of our strategy. Executing on these investments today reinforces Array's strategic advantage for the years ahead. Turning to Slide 8. As innovation continues to drive our competitive advantage, our next imperative focuses on enhancing our presence and performance throughout global markets. One of the most important steps we're taking to elevate our international business is the introduction of our DuraTrack technology globally. This is driven by direct customer feedback. They need higher energy production, simpler installation and stronger resilience in some of the toughest terrain and weather conditions found across EMEA and Latin America. DuraTrack has delivered exactly that for years in the United States, faster installation time, consistently maximizing power density with far fewer parts in the field, no scheduled O&M and delivering among the lowest LCOE in the industry. And its patented wind-stow technology provides up to a 4% increase in energy yield compared to active snow systems in high wind environments. Bringing these capabilities to our international customers gives them a proven, feature-rich platform that protects our investment and enhances project economics. At the same time, phasing out older non-SmartTrack compatible configurations of the H250 tracker allows us to ultimately align around one global platform, consolidate our supply chain and focus our R&D and operations on the products that drive the greatest value for customers. We took a onetime inventory valuation charge in Q4 as part of this transition, and now we're moving forward with a more differentiated and scalable product platform. With this broader expansion, we plan to launch a new international offering later this year, featuring the strongest of H250's capabilities with DuraTrack's patented technologies, combining the best of the Array portfolio on a single global tracker platform. Our international expansion remains selective, prioritizing markets where our differentiated technology and value resonates. We've made focused investments to bring our technical sales approach internationally and are already seeing clear signs of traction across key regions with increasing engagement and commercial momentum in select markets throughout EMEA and Latin America. This early success reinforces our confidence in the long-term opportunity and validates our disciplined returns-focused approach to international expansion. Our growing international pipeline reinforces the strength of our partnerships, our technical performance and our relevance in global utility scale markets. Core multinational customers are pulling us to new markets and opportunities, and we stand ready to serve them. Elevating our international business isn't just about expanding into new geographies. It's about bringing the full strength of Array's technology, reliability and customer partnerships to the fastest-growing global markets that value it. By doing so, we diversify our revenue base, strengthen our competitive position and capture a critical path for continued growth. Turning to Slide 9. Advancing a customer-first culture means we are elevating how we show up for and with our customers commercially, technically and operationally. We've already made solid progress strengthening customer engagement as evidenced by our record order book and critical commercial wins in 2025. We closed the year with our highest quarterly new bookings since 2023 and a book-to-bill ratio of over 2x. This level of commercial momentum is driven by our global commercial efforts, reflects our targeted investments in the front end of our business and our deeper engagement with developers, IPPs and utilities and a growing level of trust and the reliability and performance of our products. The APA success story is only getting started. Now with the bankability of Array behind APA, they've seen a significant increase in utility scale project interest. APA's 2x book-to-bill ratio in the quarter is a result of their expanded pipeline and accelerating bookings. The strong momentum has continued into the new year. In 2025, our domestic Array business experienced greater than 20% growth in early-stage domestic project bids, providing further evidence of robust customer pipelines and a clear move towards engaging Array early on as a strategic partner. As we continue to prioritize engaging with high-quality customers, we are securing more multi-project awards while increasing our average project size, which we expect to grow at a significant double-digit rate from 2025 to 2026. Our strengthened commercial organization with high-impact industry veterans, coupled with formalized technical sales function articulating our differentiated value validated by third-party engineering studies is driving a tighter alignment between what the market needs and what our product road map is delivering. It shortens feedback loops and ensures we're solving the right problems at the right time. Advancing a customer-first culture informs how we sell, how we serve, how we innovate and ultimately, how we win. As we move through 2026, this imperative ensures that every part of our organization is aligned around delivering exceptional customer outcomes, and that alignment will continue to translate into strong commercial momentum and order book growth. With that, I'll now turn it over to Keith to provide more details on our results. Keith?

Thank you, Neil. Good evening, everyone. I will begin on Slide 11. In 2025, we took deliberate steps to align our capital structure with our operating strategy. After a very busy year in the capital markets, we are pleased with the resulting leverage, liquidity, debt maturity profile and the cash cost of our debt as we continue to execute. We ended the year with over $380 million of available liquidity and net debt leverage of 2.3x trailing 12-month adjusted EBITDA. On February 18, we upsized and extended our revolving credit facility to $370 million from $166 million, bringing our pro forma total available liquidity to nearly $600 million. This upsize not only rightsized our total available liquidity, but also strengthened and expanded our bank group with 3 new banking partners to help support our strategic imperatives and global commercial operations. With this stronger capital structure, we are well positioned to continue pursuing organic and inorganic opportunities in support of driving long-term shareholder value. Moving to Slide 12 and 13 for financial highlights for the full year 2025. We delivered strong financial results, exceeding the high end of our revenue guidance. Revenue in the fourth quarter was $226 million, including $33 million of revenue from APA. For the full year 2025, revenue was $1.3 billion, representing an impressive 40% growth over 2024. Of this, APA contributed $50 million. Sequentially and year-over-year, ASPs were higher in both our legacy Array and STI segments, aligned with the forecasted effect of rising commodity prices experienced throughout 2025. Our impressive revenue growth was supported by tracker volume increasing 35%, underscoring our market share gains throughout the year. For full year 2025, adjusted gross profit increased 11% year-over-year to $347 million, representing an adjusted gross margin of 27%. When compared to the prior year, adjusted gross margins declined primarily due to the falloff of prior year 45X amortization benefit recognized in 2024 that contributed approximately 550 basis points and tariff impacts combined with ASP pressure added an incremental drag of approximately 80 basis points on the year. As expected, APA had a slight dilutive impact on overall adjusted gross margin in 2025 and delivered an adjusted EBITDA margin a few hundred basis points ahead of the core business. Reflecting the significant front-end investments we made throughout the year, adjusted SG&A was $163 million, 12.7% of revenue, an improvement from 15.4% of revenue a year ago and moving toward our near-term target of 10% of revenue. Adjusted EBITDA was $188 million with an adjusted EBITDA margin of 15%. This represents 8% earnings growth when compared to adjusted EBITDA of $174 million and adjusted EBITDA margin of 19% in 2024. As with adjusted gross margin, the adjusted EBITDA margin change was driven by the incremental prior year 45X amortization recognized in 2024. GAAP net loss attributable to common shareholders was $112 million, driven primarily by $103 million non-cash goodwill impairment charge and a onetime inventory valuation charge of $30 million, both associated with the 2022 STI acquisition. This compared to a net loss of $296 million in 2024, which included a $236 million non-cash goodwill impairment charge and a $92 million non-cash long-lived intangible asset write-down also associated with the STI acquisition. Diluted loss per share was $0.73 compared to the diluted loss per share of $1.95 in the prior year. Adjusted net income was $103 million, 13% growth above the $91 million in 2024. Adjusted diluted net income per share was $0.67, growing 12% when compared to $0.60 in the prior year. For the full year, free cash flow was $80 million, which was lower than 2024, primarily due to timing of working capital and 45X rebates. Turning to Slide 14 for our full year 2026 guidance. We entered 2026 in a position of strength, supported by greater order book visibility, a broader product portfolio to support our customers, accelerated contracting momentum, improved capital access and flexibility. We expect revenue within the range of $1.4 billion to $1.5 billion with adjusted gross margin between 26% and 27%. Excluding the impact of prior year 45X amortization falloff, margins are roughly flat at the midpoint year-over-year, reinforcing our commitment to disciplined execution and cost management in an inflationary environment. Given the impact on contract signings from the regulatory uncertainty in 2025, revenue activity is trending toward an approximate 40-60 split between the first and second half of the year. Adjusted G&A is expected to continue to gain leverage at approximately 12% of revenue. This brings our expected adjusted EBITDA to a range of $200 million to $230 million with an adjusted diluted earnings per share between $0.65 and $0.75. Free cash flow conversion as a percentage of adjusted EBITDA is anticipated to be similar to 2025. In the first quarter of 2026, we expect revenue of approximately $200 million and as a result, adjusted EBITDA to be down slightly from Q4 2025. Looking ahead, we see multiple drivers of momentum across our global markets. Hardware, software, and services are all poised to grow. We will continue to opportunistically refine our capital structure to bolster liquidity, enhance strategic flexibility and fuel disciplined investments. Backed by our record $2.2 billion order book and powerful new capabilities, we are ready to capitalize on future opportunities, deliver industry-leading market growth and sustainable value creation for our shareholders. Thank you for your time today. Now back to Kevin for closing remarks.

Thank you, Keith. Looking ahead to 2026, our focus is clear: continue innovating, deepen our global reach and elevate the customer experience across every touch point. The foundation we are building positions us to capture the opportunities ahead and deliver durable long-term value for our customers, employees and shareholders. Thank you all for your ongoing support and confidence in Array. With that, we'll open the line for questions. Operator?

[Operator Instructions] Our first question comes from Mark Strouse with JPMorgan.

Keith, thanks for all the color on the gross margin puts and takes. Just curious, when you're looking beyond 2026 in your backlog or how you're thinking about underwriting new [ business ], can you just talk about kind of how we should think about gross margins over the medium term? And then just quickly on APA. I think you guys were saying with that deal that it was kind of immediately accretive to EBITDA, but dilutive on the gross margin line. Can you talk about the impact of APA in your 2026 guide? Does that turn accretive at some point this year? And then I have a quick follow-up.

Thank you, Mark. Good questions. So first, let's talk about our outlook for gross margins across the horizon. A few things to bear in mind. As we entered 2026, our core margins remain intact. Any volatility that we've shown over 2025 and 2026 have all been driven by primarily accounting and onetime charges. And also the amortization of 45X for prior year performances played some part in that volatility. So if you look at 2026 and you remove the prior year 45X amortization, we're down roughly 50 bps, which is -- which takes us to the midpoint of our guide. When you look across the medium term and outlook, we expect our gross margins to maintain at these core levels. So we are in a fairly competitive environment price-wise. We are in an environment of rising commodity costs. We are in an environment of changing dynamics as we try to expand into certain strategic markets internationally that have lower price points. So we are confident that our gross margins across the horizon can hold. When moving to your second question on APA. APA when we closed was, yes, in 2025, slightly dilutive on the gross margin level, but accretive immediately on the EBITDA level because of their low commercial costs or I should say, very, very streamlined commercial costs. When we look at 2026, we expect APA to be in line or slightly better than our core gross margins because we've now been able to file for 45X. 45X in the APA context when you're modeling, we need to remember that it only applies to the structural fasteners, so the A-Frame that is used in utility scale only. And so I recognize that some of the models out there have 45X across the entire APA platform, it does not apply that way. When we think about overall 2026, APA is now also more accretive at the EBITDA level because they continue to be streamlined in their operating costs

Okay. And then a quick follow-up for Kevin. The past 2 or 3 quarters, you've talked about kind of the mix of your backlog that's coming from Tier 1 customers increasing. At least directionally, if you can't give us an exact number, can you just give us an update on that? Does that continue to trend higher? Is it flatlining? Any color would be great.

Yes, it does. So first of all, let me just begin saying we're really comfortable with the quality of our order book at this point, record order book of $2.2 billion and the real positive book-to-bill on both Array and APA both being at 2x book-to-bill. So very, very significant for us and that acceleration. A couple of tidbits I'd give you relative to the order book. For me, one of the more interesting tidbits would be, for example, in 2025, we received 4 gigawatts of orders from customers that historically were not customers of Array, meaning they were customers of our competitors, or new customers in the space. So clear market share gain from just those 4 gigawatts already. I think relative to our order book the one other comment is, on our last call there was some confusion of whether our increasing order book even in that quarter was due to a changing definition. I want to take this opportunity with everyone on the call to reiterate that we have not made any changes to our order book and how we define that order book. And I'll reiterate that every chance I get that: one, we have to have a confirmation of a named project awarded to Array; Number two, we have to have a target start date; And number three, we look for there to be an existing PPA in place prior to putting that into our order book. Now what we have talked about with some of our international orders that have been awarded to Array, so meaning we have a named project, we have a target start date, we've been notified that we've won the project. We're still holding some on the sideline until we're more confident in international markets that they will proceed as planned. And we're doing that as we've talked historically to reduce any debookings and associated volatility. As we noted in our presentation now, 95% of the order book with that new methodology is now domestic, so much higher quality. In terms of -- we've also made in my prepared remarks that over 50% of our order book is now direct to what we call those Tier 1 customers. And to be clear, when I say direct, meaning that's the one directing the purchase, even if we get a purchase order from an EPC, we're saying that over 50% of the order book is being now directed by those Tier 1s. And that could be a Tier 1 developer who is -- who has given the award to Array, but we're executing that award through their chosen EPC, but over 50% of our order book is now direct to those Tier 1s. So between the high percentage of domestic order book, the new market share takeaway, the 2x book-to-bill, the over 50% direct to what we call Tier 1, we're really pleased with the shape of the order book as we move forward here.

The next question comes from Julien Dumoulin-Smith with Jefferies.

Julien, you may be on mute. We don't hear you yet.

Sorry, you are right. I was double muted. I apologize about that. Look, let me kick this off here. First and foremost, you talked about nice momentum on backlog. Can you give us a little bit of a sense of market share momentum with key clients? Could we potentially see some multi-gigawatt orders here? How much of that is already reflected in what you all are disclosing here? And then separately and adjacently, how do you think about the commercial strategy abroad, right? You've got this reinvigorated effort internationally. How should we expect to see this and realize this in as much as disclosures in the coming quarter? And again, I get that you've offered some caveats about some of the legacy geographies. What would you expect in terms of formal disclosures or announcements with key partners? I'll leave it there.

Yes. So let me take the first part. So a few additional hints on our order book. So we are now engaging in more multi-project deals, not all of those obviously reflected in the order book to date, but we are now looking at kind of multipacks of deals, 3, 4 and 5 deals at a time with a lot of our core partners as we move forward. So that's working really well for us. The second thing is the average size of a project is getting larger as well. So we expect both the size and quantity of deals to go up significantly this year, and that's what we're really seeing in our order book. I'll let Neil talk about the international and what we're specifically driving there in this regard.

Sure. So just to jump in. So we're optimistic overall internationally, but it's also really important to note that we're being intentionally selective. And so we look at that from the prism that the U.S. is the dominant profit center for solar tracking globally. So when we look at where we diversify in international markets, we're looking from that lens. So where we have the ability to differentiate based on train capability for weather and extreme weather events, along with installation and overall performance, we're being really targeted in countries where customers are willing to pay for that capability and not just get into a bake-off on price. So as we diversify, as the Spain and Brazil markets reset themselves, we're making some really good progress in Eastern Europe and also in Latin America based on the investments that we've made in, sales resources over the last several quarters. We've had some key wins with repeat customers, so customers from our legacy home markets that have brought us into new countries, and we have awarded projects and contracts now that we're executing against. So you're going to continue to see that, Julien, over the next quarters as we continue to talk about that and see that. And our early-stage pipeline outside of Spain and Brazil is also increasing quite well as well. So I think that you'll see this continue to flow through, and we're pleased with the progress so far, and we'll continue to see that in the coming quarters.

The next question comes from the line of Joseph Osha with Guggenheim Securities.

One of the things that has been turning up, and I heard this a lot at in the solar is that, yes, this year looks like it's going to be okay building legacy 45 and 48 projects. But there is some uncertainty out there in terms of the ability to secure financing, in particular, tax equity financing surrounding some of the remaining uncertainty on FEOC. So I'm wondering if you can comment on that at all and whether that's materializing in your conversations with your customers.

Yes. So look, the Treasury guidance released last week, I mean, it clarifies a major source of the uncertainty, which was really the level at which we have to focus our supply chain and certify for material assistance. And that's really a product component supply, so not every nut and bolt. And that's one helpful. But there's still some uncertainties for the industry around ownership structure the Treasury needs to address in the forthcoming year. So we don't have full clarity to say that. So what's happening for us, the second part of your question relative to FEOC is, customers are proactively hedging and focusing on predominant U.S. supply or in some cases, we're seeing customers add some language to their contracts that allow them to shift late in the game to 100% U.S. content at predetermined price points. And that's how they're hedging and giving themselves great flexibility to avoid the FEOC. The fact that our customer base is getting larger and larger and more capitalized, so some of the larger developers, IPPs and utilities that are best capitalized, we are not yet seeing issues with financing projects for those customers. At least it's not coming up to my level that we're facing that. We review that on pipeline calls every other week, and we're still not seeing that show up as an issue in our business. So we'll continue to monitor it and report if we do. But as of now, we're not having that issue with our Tier 1 customers.

The next question comes from Brian Lee with Goldman Sachs.

Maybe just on the seasonality here. You experienced some into year-end. And then also here, given some indication that Q1 seasonality. Maybe can you speak to what's driving some of that? And then how much visibility you have on the implied pickup into 2Q in the second half? Maybe how much backlog of the $2.2 billion is expected to ship here over the next few months? And is there a book-and-bill business here implied in the guide? Or is everything covered by backlog? And then maybe I'll just squeeze in a second question around just big picture thoughts around M&A going forward as part of the capital allocation strategy. I think there's been more news of some of your peers in the tracker space diversifying into other parts of the stack. So wondering where you fit in terms of looking at those opportunities and maybe providing more holistic solutions.

Yes. So I think let me address the seasonality. I think it's consistent with what you're seeing from our peer companies that have already reported in terms of a deceleration in Q4 and Q1. You have 2 things that drive us that are -- for those businesses that are largely North American. And the first issue is that you do have a historical seasonality, the build season for North American-focused businesses is really Q2 and Q3. That's the construction business that then gets finished in Q4. Now for the last couple of years, when our STI business was running and gunning in Brazil, in particular. If you remember, we did well over $200 million annually in Brazil. You have the countercyclicality that we benefited from. So their construction season was Q4 and Q1, obviously, on the other side of the equator. And that was very helpful in mitigating Array's historical seasonality that we had from the North America construction. So without that, that has a dampening effect and creates that seasonality in Q4 and Q1. The second and likely the larger contributing factor this year was the holdback that we saw last year leading into the OBBB. So as you recall, the industry paused waiting for that to get figured out, which means they paused contracting, they paused orders. And then once that was figured out, as you all see in our results and our peer companies', you saw an acceleration of orders but then they have to go through the engineering, planning, development, construction process. And that's why you see the shape of the year. And it's consistent between us and our peers that have already reported. You'll see an acceleration in Q2, then a further acceleration in Q3 and a further acceleration in Q4. So that's really the nature of the cyclicality. There's nothing unique to Array in that cyclicality. Yes, that's really what you're seeing and experience playing out with that delay and pause in the market that we all experienced last year. Relative to M&A, look, we're going to continue our focus on building out our balance of system strategy, and we're going to do that in a way that we think definitely benefits our customers. I guess, if I could describe kind of our approach to it is, when we think of this building out of the balance of system strategy, there's kind of 2 approaches you can take. And one would be a pure commercial integration, and I kind of liken that to say, do you want fries with that shake? And that for us is weak over time. It gets disintermediated. Maybe you want the shake today and not the fries, but you're not -- you still want it at the bundled price. And it kind of flies in the face of a lot of our customers that are EPCs with the fact that the P in EPC stands for procurement. These are organizations that understand how to buy large-scale construction projects. As such, I don't think EPCs really care if they're buying from 3 vendors or 6 vendors. That's not meaningful. Our approach on M&A is going to be a little bit different in that we're really focused around technical integration in which we can bring products in, increase the value proposition through interoperable engineering with Array that makes compelling value proposition for our customers. So we're just approaching it a little bit differently than others and ensuring that anything we're looking at in our balance of system has to have a technical interoperability opportunity. And what you're seeing that play out is APA. So the APA integration of the foundation with tracker will be a phenomenal new product for us this year. So it not only does it eliminate a number of components, but allows us to have an engineered foundation at incredibly close to a standard foundation price point. And we think that will help accelerate adoption of engineered foundations in our portfolio. So that's a great example of how we're thinking about M&A in our business. So hopefully, I'm answering your question. If not, we'll take a follow-up if we're missing something.

Our next question comes from Philip Shen with ROTH Capital.

Great job with the bookings. You gave a good sense of the quarterly revenue cadence. Can you help us with the quarterly gross margin cadence? Should we expect lower margins on the lower revenues in Q1? And then should we expect that to ramp sequentially as we get through the year?

Phil, good evening. This is Keith. Yes, I think it is safe to say that the Q1 margins will look much like Q4 because of the level of the revenues that should scale up. So we're guiding to a 26% to 27% on the full year -- that's the full year average. We think that, that is where we are currently operating. And hopefully, that answers the question.

Okay. And then as it relates to bookings and backlog, Kevin gave a lot of great color there. You're doing well with a lot of Tier 1 customers. I was wondering if you can talk through the bookings in Q1 and Q2. What strength are you seeing now? And do you expect the strong kind of 2 to 1 kind of book-to-bill to continue. You can't keep that forever, but how much longer can we see that continue as we get through these quarters?

I don't think we want to get into forecasting bookings. We've not done that historically, Phil, but I appreciate the question. I could say that we feel good about our underlying momentum in terms of the size of our pipeline increasing, the number of opportunities we're getting, the timing of those opportunities. So we're getting brought into bigger deals earlier than we have been historically so that we're kind of getting in and getting specified and doing some of the engineering work earlier that helps us with the win rate. So all those things, I think, are positive trends. But I'm not yet going to go out on a limb and predict bookings in Q1 and Q2. Let's just say that the momentum that we've seen in the last couple of quarters so far has been continuing for us. We're hopeful that, that continues. over the next couple of quarters and through the rest of the year, frankly.

And I should say that momentum comment is valid for not only the legacy Array, but the momentum we're getting on APA is quite significant.

The next question comes from Corinne Blanchard with Deutsche Bank. It looks like Corinne has dropped out of the queue. The next question is from Maheep Mandloi with Mizuho.

Just in terms of like the large customers you have, could you just talk about like their average sizes and how to think about this move from small to large developers? How does that benefit your order book going forward?

Yes. Maheep, one of the things we did, as you recall, almost -- well, it's almost 2 years ago now, but back in 2024 was that we looked and kind of did the survey of what we call quality of customer. And I personally went out and interviewed some of our customers that we weren't doing as much business with that actually didn't tend to push out, didn't delay. And what we found was that there was this group of developers and certainly even a group of EPCs that were stronger than others because of their -- they were well capitalized. They had plenty of equipment, meaning that they weren't delayed for lack of transformers, those kind of things that we ran into a lot over the last switchgear, transformers. So what we did was we kind of identified that quality of customers, and we put that quality of customer into our bid strategy, meaning we wanted to win more orders with higher-quality customers that demonstrated they didn't have pushouts and delays. They had the equipment. They stayed on track. They had good PPAs in place. And that was kind of how we transformed. So when we call that Tier 1 customers, that's a lot of what makes up our definition, if you will, of Tier 1 customers, which meant we wanted to do more direct to utilities that control their own destiny, control their own interconnect. We wanted to do more with those Tier 1 developers that were the best capitalized developers out there. And that's what you're seeing in kind of when we talk about the quality of our order book continually improving, you saw a great amount of market share takeaway in orders in 2024 of that kind of targeted group and then again in '25. So our -- what we called at the time, our low share of wallet Tier 1 customers that we wanted to win more of, that's really coming through in our order book at this point. So we're pretty pleased with it.

The next question comes from Colin Rusch with Oppenheimer.

The opportunity to accelerate deployment times in the field, either from footings perspective or from a module attachment perspective, it seems like there's -- that's maybe the 2 areas where there may be some competitive opportunities for you guys?

Yes. We haven't seen -- so look, the challenge with us is the amount of labor required to accelerate and pull projects in artificially. We often are talking to customers about pulling into maybe a quarter. But in terms of pulling stuff that would be 3 and 4 quarters out earlier, we don't typically see this because, again, the size of our projects and the amount of labor you'd have to reschedule and get local to that new site tends to be pretty difficult. And frankly, the largest EPCs and the ones we're focused on are pretty well booked out because those are the same group of EPCs that those top-tier developers are utilizing. So I don't see a whole lot of what I would call artificial demand acceleration or pull forward into the year at this point. I think this year is fairly well baked. There may be spots in small projects and maybe more opportunity on the APA side in the DG channel and C&I channel. Sure. There's a lot of opportunity, I think there, but not so much on the utility scale.

Yes. I'll take it offline. I think my question was more about actually shortening the time frames in the field once you're deploying -- not pulling projects forward.

Are you saying construction time frame?

Exactly.

Yes. We've got a lot of products that we've been -- yes, we've been focusing on a lot of products that do that very quickly. And we can certainly offline give you a bunch of sense of what we've been doing to reduce installation time for our customers. We feel pretty well satisfied with the work we've been doing there.

The next question comes from the line of Dylan Nassano with Wolfe Research.

I appreciate the earlier color on gross margins, and I just wanted to focus in on the EBITDA level a little bit. I mean it looks like historically, you've kind of trended closer to the high teens kind of EBITDA margin and mid-teens kind of suggested here in the guide. So just any more color on kind of a possible path back to those historical levels and hitting that as a run rate if you were to kind of stay at these gross margins that you're guiding to?

Dylan, this is Keith. Great question. First, I think as I said earlier, I think we're in a very competitive environment. So I think our gross margins are probably going to be in the level where we are now. To your question of how does that drop through to improve our EBITDA margins, I think it's going to come from 2 places. One, scale as we continue to grow, then we're going to get some SG&A leverage. Right now, you can see us coming down over the time horizon from 2024, I think where we were closer to 15% to last year, we were closer to 13%. This year, we are forecasting to be at 12%, and we have a near-term target to leverage up to somewhere around 10%. The other component that we have to remember is that APA is a strong acquisition for us. It improves the opportunity for us to speak to our customers about a broad array of how we work and develop and bundle things. As those commercial synergies come online in 2027 going forward, we should see more EBITDA margin expansion as that business grows. And so right now, we're still forecasting to be at the 15%, but we think that there with leverage and scale that we should get back to the high mid-teens.

Corinne Blanchard has rejoined the line with Deutsche Bank for a question.

Sorry about that. I don't know what happened. I was there. I was talking. I mean most of my questions have been taken now, but maybe 2 parts and sorry if I missed it. But the first one, can you talk about the OpEx margin maybe throughout '26 and maybe expectation for the medium term, '27 and '28? And then the second question would be like your view on the U.S. versus international mix and how we should think about it for the rest of the year?

So great question, much like the earlier question. We are not slowing our commercial investments in our SG&A. We have seen the benefits of that in terms of how it has improved the customer mix, quality, the size of orders that we're winning, the engagement with customers as we integrate APA and increase our ability to converse about the relevant development of sites and what's under the panel. And so what we have been focusing on is the leverage that, that brings, right? So if you look 2 years ago at our OpEx, it was running at a rate of about 15% of revenues. We have increased our spend, but we've also grown and leveraged ourselves now where that is approaching 12% of revenues. We have a near-term target to operate this business at about 10% of revenues, and we think that's in sight with scale and leverage and growth. And so we continue to expand the front end and change our application engineering team and also how we engage with the higher-quality customers. We think there's a fair bit of EBITDA margin expansion to be had when the commercial synergies from APA starts to kick in, in 2027. Right now, what we're seeing with APA is the gross margin synergies between 45X and procurement synergies. And so we are fairly confident that we are on the right path to back to high mid-teens EBITDA margins.

I think to answer a little bit more on the international side as well. Look, we've proven the formula works. When we invest in the front end of our business, when we add new sales resources that bring in industry knowledge, relationships, we -- and in particular, when we add that technical capability in with that sales organization, we're seeing really a lot more traction and success than we had historically. So we've taken that same approach. And what Neil and the team have been doing internationally was taking that same pattern that has worked. And over the last 12 months, we've added a handful of resources in other countries in Latin America. We've added -- and also new sales leadership of the entire region. We've added new sales leadership in Europe, again, industry experts in both cases with relationships and then building out the team. We've added technical selling resources in each region as well as additional country -- direct country managers in those regions that we think we have an opportunity to win and where customers are willing to value our differentiation and frankly, pay for it. So we're not just bidding on price. So I would say the international is probably -- the international rate of recovery is about a year behind the domestic. You're seeing the results of that domestic recovery already in 2025. I think we'll begin seeing much more of that acceleration in 2026 for our international businesses.

The next question comes from Ameet Thakkar with BMO Capital.

Just one quick one for me. If we look back at your historical kind of free cash flow to EBITDA conversion ratios in 2023 and 2024, they were, I think, kind of between 70% and 80% and obviously a lot lower in 2025, same kind of levels expected in 2026. And can you just kind of walk us through kind of like is it kind of shifting more of your manufacturing to the U.S., selling more in the U.S. and changed some of your kind of payment terms or working capital needs relative to what it was before or any other kind of drivers for that?

Thank you, Ameet. Great question. If you go back to 2025 and 2024, some of the things that we were experiencing were the quick collections of 45X. As in prior year, 45X was impacting the conversion ratio. And also, as you get into 2025, what we were going through is growth. When you grow your revenues by 40%, you're also going to grow your account receivables by that much as well. We also saw an expansion of our CapEx as we built a state-of-the-art facility in Albuquerque to bring the factory of the future into our setup and capture more of the 45X in-house. So those are the 2 things. I think that if you think about our business, and we converted roughly 43% of our EBITDA to free cash flow in 2025. We are forecasting to hold the same ratio. So if we are forecasting roughly 15% EBITDA expansion, then we should be growing free cash flow by just about the same percentage. So we're fairly confident that we'll be generating -- continue to generate free cash flow to add to our flexibility and our choices of deleveraging or continuing to invest diligently.

The next question comes from the line of Chris Dendrinos with RBC Capital.

I wanted to dive back into the international strategy here. And I mean, maybe can you expand a little bit more on the supply chain strategy there? And are you positioned to go after, I guess, a broader set of markets here? Does there ultimately need to be some incremental investment to, I guess, call it, optimize the supply chain to be cost competitive?

Yes, Chris, it's Neil. I'll take that one. So on the international side, there's a couple of things in play that we've done and some things that you'll see in the coming quarters and into next year. So over the last, I would say, 8 quarters, we've built out a center of excellence in Asia to consolidate supply chain and purchasing for both our U.S. and for international footprints so that we can consolidate spend between Spain and Brazil and for areas that are domestic content required partially for the U.S. So that's in place. That's up and running and performing quite nicely. The other thing that you saw with our release today is that we're also moving to consolidate our international and introduce the DuraTrack platform into both the EMEA and Latin America regions. So that's going to give us scale and additional ability to drive efficiencies on a global basis on a global platform as we move forward. So at that point, then, you're also going to see a new product introduced later this year, which brings the best capabilities of both the H250 and DuraTrack platform together, which will then again bring supply chain and build material efficiencies on a global basis. So we're really looking forward to that.

I mean I'll -- I know Neil is being a bit modest on the amount of work that the team has done. And I'll say, when I think about a couple of countries, Australia is a great example. Our ability to domesticate a supply chain and win orders in Australia, specifically because of our quick ability to fully domesticate supply chain in Australia has led to an outsized win rate in that region. So we feel really good about that. We've been able to replicate that in multiple other countries that as we began getting into, the countries came and said we want a higher proportion of domestic content. And we've kind of have the formula down of how we engage, what the project team looks like to do that. And in every case I could think of in my head, we've been able to hit our time lines to increase domestic content in these other regions, which has then allowed us to have a higher win rate as they put these new controls or limits on awards of orders in some of these emerging markets. So I think we've got a really good formula for that at this point, and the team has been executing really well. I can think of 3 particular regions in the last 18 months that we've been able to form teams and win specifically as a result of our ability to domesticate componentry, so really good work.

The next question comes from Ben Kallo with Baird.

I want to go back to the market share gains. Could you talk more about where you're seeing those gains come from? You don't have to name companies specifically, but -- and why you think that you guys are gaining share? And then I know there was a reference to customers that haven't used you before. Is this something where it's a customer that's also growing volume and so they're adding another partner or same volume and you're taking actual share from them, not just increasing your share overall, if that makes sense.

Yes. So let me just start. If you just peel up the domestic business and start there, and you look at our volume growth last year of 35%, there's nobody that says this industry grew 35% last year. And anyone who does, is confused. So when you just look at the domestic ATI volume growth, we've taken back market share. We see that. We see that in our internal win rate. And our internal forward-looking win rate, that means the wins and losses that we see internally on bids continues to be better than what we're seeing when you're looking at the rearview mirror of revenues, right? So we continue to see strong traction and momentum in a positive forward basis. Relative to that 4 gigawatts we talked about, in some cases, that was market share takeaway where they were currently doing business with others, and we've been able to go in and win a fair share of that business from a technical selling basis. And in other cases, it was companies that were migrating up into utility scale who already had familiarity with Array at DG level, for example, but have not done utility scale and are going with Array on their larger program. So there's a blend of both. But suffice to say, if you just look at our volume growth, just look at our orders growth and trajectory, you'll see that we are once again significantly rebounding in market share.

Our last question comes from Vikram Bagri with Citibank.

It's [ Ted ] on for [ Vik ]. I wanted to ask about wallet share. You mentioned further the share of the wallet. Where does the integrated tracker and foundation solution get you to in terms of wallet share, either on a percentage or dollar per watt basis? And then do you have a goal in mind for where you want that wallet share to ultimately be once you factor in the organic and inorganic growth?

We can't give you the latter answer without you figuring out what pieces of inorganic that we have most interest in to be clear. So we're going to shy away from that. I would say, look, we've talked about the APA throughout the acquisition. And what you're doing is solving for foundations. So if you think about the $1 a watt or $1.08 a watt, whatever number you want to use, and the tracker being roughly $0.10 of that, the foundations range somewhere on the low end of $0.025, but typically up to almost $0.04 a watt. So that's what we pick up with APA. And as we do that integrated offering with APA, we pick that up at really nice margins. So that's our first focus was to be able to integrate a foundation with a tracker to increase that share of wallet. We are keenly focused at other areas of that, that we think provide the best opportunity for interoperability. Again, that's our laser focus on our platform expansion, the balance of system strategy we're deploying is ensuring that those items we buy, there is true technical integration capability that will not only save our customers' money as we technically integrate but allow outsized margin opportunity for Array. That's our focus.

Ladies and gentlemen, this now concludes our question-and-answer session and does conclude today's conference as well. Please disconnect your lines, and have a wonderful day.