ARRY: Post Q1 Update—Raising 2026 Estimates Slightly—Stay EW

研报英文原文证据摘录

ARRY: Post Q1 Update—Raising 2026 Estimates Slightly—Stay EW

Equity Research

Earnings Revised — May 11, 2026

Clean Energy

Array Technologies, Inc.

Post Q1 Update—Raising 2026 Estimates Slightly—Stay EW Equal Weight

Price Target: $9.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

Q1 beat expectations, and bookings remained strong (book-to-bill of ~2x). Management’s EPS 2026 0.71 0.69 3.3%

Q2’26 and full-year 2026 guidance implies a second-half revenue acceleration, including a Rev. (MM) 2026 1.45B 1.45B 0.0%

steep ramp in international contributions. Stay EW.

Ticker ARRY

Acceleration in H2 Includes Sharp Int'l Ramp. ARRY's 2026 rev guidance assumes a Upside/(Downside) to Target (0.8)%

significant ramp in international contributions (we estimate $173MM for full-year 2026 Price (05/11/2026) $9.07

vs. $6MM in Q1'26), which introduces some risks given current geopolitics & freight 52 Week Range $5.39 - 12.23

costs. Mgmt noted that deliveries for Q2 and early Q3 will likely be impacted by higher

Market Cap (MM) $1,387

freight costs before getting passed through to customers in late Q3+. Our int'l margin

assumptions for the balance of 2026 (5-11%) could be at risk. Stay EW. Enterprise Value (MM) $1,852

Average Daily Value (MM) $54

Raising 2026 Estimates On Q1 Beat. We're raising our 2026 adjusted EPS estimate to Dividend Yield 0.0%

$0.71 from $0.69 to reflect Q1 results. We now project lower contributions in Q2'26 (in

line with guidance), offset by an assumed acceleration in the second half of the year. Our $ (Dec) Q1 Q2 Q3 Q4 FY

2027 estimates remain essentially unchanged and assume ~5% year/year revenue growth EPS

and no change to our 2026 gross margin forecast of 26.4%. 2026E 0.06 A 0.11 E 0.35 E 0.20 E 0.71 E

Prior (0.04) E 0.23 E 0.36 E 0.14 E 0.69 E