2024-05-13 04:42:43 ET
Summary
- Array Technologies Inc. reported a 59% decline in year-over-year revenue for Q1 FY2024 but beat expectations and generated solid bookings of $400 million.
- The company reaffirmed its guidance for full-year 2024, with revenue expected to be between $1,250 million and $1,400 million.
- The solar tracker market is expected to grow by approximately 22% from 2024 to 2029, presenting potential opportunities for Array Technologies and its competitor Nextracker Inc.
- Despite attractive valuation multiples and a robust order book, Array Technologies faces challenges in maintaining profitability due to intense price competition.
We are starting to pay more attention to the solar tracker industry, which according to market research estimates should grow ~22% annually from 2024 to 2029. The market leader in the solar-tracking industry is considered to be Nextracker Inc. ( NXT ), which we will probably analyze in more depth in a future article....
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Array Technologies: Intrigued But Not Yet Convinced