Adding Another String To The Array - Expansion Into eBOS

Research evidence excerpt

Adding Another String To The Array - Expansion Into eBOS

USA | Clean Energy

Array EquityJulyResearch20, 2026

FLASH NOTEAdding Another String To The Array - Expansion

RATING RESTRICTEDInto eBOS

PRICE $6.11^

ARRY expands into the eBOS/wire management space with the acquisition

PRICE TARGET | NA |

of Affordable Wire Management (AWM) for a total consideration of $203mn.

52W HIGH-LOW $12.23 - $5.39

Total consideration will be paid $153mn in cash + $50mn in cash/stock, with

an implied 8.8x TTM Adj. EBITDA multiple. Transaction is expected to be EPS FLOAT (%) | ADV MM (USD) 98.0% | 40.39

accretive in year 1, before synergies. AWM's solutions also extend to BESS and MARKET CAP $941.5M

data center offerings, and has a leading position within the US utility-scale solar TICKER ARRY ^Prior trading day's closing price unless otherwise

market. noted.

ARRY Enters The eBOS Space With AWM Acquisition. ARRY acquired a 100% stake in Affordable

Wire Management (AWM), an eBOS/wire management solutions co. for a total consideration of

$203mn. The total consideration includes $153mn cash at close (~3Q26 expected) and $50mn in

contingent consideration, payable in cash or stock through 2028. AWM had $23mn in TTM Adj.

EBITDA, based on an 8.8x transaction multiple (equal to ARRY's consensus TTM multiple); 6.6x

multiple on cash-portion only. ARRY Management noted almost $60mn in TTM revenues, which

would imply nearly 38% EBITDA margins vs. ARRY's 15% FY25 margins. Management noted 8.8x

multiple is expected to improve with expected tax benefits from basis step-up. This transaction is

expected to be high-single-digit accretive to Adj. EPS in year 1, before synergies.

Expanding ARRY's TAM By ~$250mn. AWM acquisition expands ARRY's addressable market by

$200mn to $250mn.