The following is a summary of the Array Technologies, Inc. (ARRY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Array Technologies generated Q1 revenue of $153 million, exceeding estimates.

• Adjusted gross margins in Q1 were 38.3%, driven by a one-time $4M benefit, with a core adjusted gross margin of about 25%.

• Free cash flow and total cash balance were $45.1 million and $288 million, respectively.

• Recorded about $400 million in new business in Q1, boasting a book-to-bill ratio over 2.5 times and a $2.1 billion order book.

• The company plans to maintain gross margins in the low 30% range for the rest of the year, managing financial exposure by aligning deposits with inventory and enforcing cancellation penalties.

Business Progress:

• Array Technologies has recorded $1.8 billion in bookings every quarter over the past year, indicative of a growing demand for their products.

• The company launched its patented 'Hail Alert Response', enhancing the protection of solar assets from hail damage.

• Passive Wind Stow technology has been successful, driving energy production by up to 4.3% in certain wind zones.

• It's new manufacturing facility in Albuquerque is expected to be operational by 2026.

• The OmniTrack product is gaining traction globally and continues to be a key focus for expanding market share.

• The company has established a partnership with a Saudi Arabian aluminium company to penetrate the Middle Eastern market using locally sourced materials.

• Focused initiatives have been deployed to speed up the installation process for customers, reflecting the company's commitment to enhance customer experience.

• The company is proactively bidding on work in the Middle Eastern region, recognizing it as a major growth market.

More details: Array Technologies IR

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