Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 26 Nov, 25 | ARRY | Buy | USD 7.47 | USD 7.84 | USD 8.2 | 8 days | Closed |
9.97%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Array Technologies, Inc. manufactures and sells solar tracking technology products in the United States, Spain, Brazil, Australia, and internationally. The company operates through two segments, Array Legacy Operations and STI Operations. Its products portfolio includes DuraTrack HZ v3, a single axis tracker; Array STI H250, a dual-row tracker system; Array OmniTrack; Array SkyLink, a photovoltaic-powered control tracker system; and SmarTrack, a software and control-based product. Array Technologies, Inc. was incorporated in 1987 and is headquartered in Albuquerque, New Mexico.
Strong Recovery in Net Profitability: Net income improved from a loss of USD 155.4 million to a profit of USD 18.4 million, demonstrating a major turnaround supported by strong operations and the absence of prior-year impairment charges
Significant Revenue Growth: Revenue increased from USD 231.4 million to USD 393.5 million, representing 70% YoY growth, driven by market share gains and higher product adoption
Lower Free Cash Flow Generation: Free cash flow declined from USD 43.9 million in Q3FY24 to USD 21.9 million in Q3FY25, impacted by increased working capital requirements and integration-related expenditures
Decline in Gross Margin: Gross margin decreased from 33.8% in Q3FY24 to 26.9% in Q3FY25, reflecting shifts in project mix and cost dynamics
The company faces material risk from fluctuations in solar project demand driven by regulatory changes, tariff exposure, and macroeconomic factors that may affect customer investment decisions and supply chain stability
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 7.47 | 6.69 | 7.84 | 8.2 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strong Revenue Expansion: The company delivered a substantial improvement in its financial performance in Q3FY25, marked by a 70% year-on-year revenue increase, rising from USD 231.4 million in Q3FY24 to USD 393.5 million in Q3FY25. This growth was supported by strengthened commercial execution, increased market share, and higher product uptake across key offerings. The acquisition of APA Solar also contributed USD 16.9 million to quarterly revenue, further enhancing topline scale.
Enhanced Volume and Orderbook Strength: Operationally, the company achieved solid volume momentum, with 56% YoY volume growth during Q3FY25 and 74% YoY growth year-to-date, reflecting strong demand from utility-scale solar developers. The orderbook stood at USD 1.9 billion, representing a high-quality mix of projects with more than 95% domestic content. New products such as OmniTrack™, SkyLink, and Hail XP™ accounted for roughly 40% of the orderbook, signalling successful customer adoption of the technology portfolio.
Margin Performance and Profitability Trends: Gross profit increased from USD 78.3 million in Q3FY24 to USD 105.7 million in Q3FY25, despite gross margin compressing from 33.8% to 26.9% over the same period. Adjusted gross margin also moderated from 35.4% to 28.1%, influenced by the mix of domestic projects and pricing dynamics. Nevertheless, the company delivered its second-highest adjusted EBITDA on record, reaching USD 72.2 million, representing 55% YoY growth and reflecting operational leverage and improved ASPs.
Return to Positive Net Income: A notable turnaround was achieved in profitability, with the company generating net income of USD 18.4 million in Q3FY25, compared to a loss of USD 155.4 million in Q3FY24, which had included a goodwill impairment charge. This recovery was supported by higher volumes, disciplined cost control, and improved execution. Adjusted net income rose sharply to USD 45.8 million, up from USD 26.5 million in Q3FY24, evidencing strong underlying performance.
Strengthened Operational Capabilities Through APA Integration: The operational platform was further strengthened through the integration of APA Solar, providing enhanced engineered foundation and fixed-tilt capabilities. The company progressed on process alignment, procurement synergies, and joint commercial strategies. APA’s inclusion is expected to broaden the product ecosystem and unlock portfolio-wide benefits, positioning the business for future growth and improved customer engagement.
Supply Chain Resilience and Domestic Manufacturing Focus: The company continued to reinforce supply chain flexibility, utilising more than 50 domestic and over 100 international suppliers. It also offered fully domestically sourced tracker solutions under updated U.S. Treasury guidance. Through optimized sourcing and tariff-risk mitigation, the proportion of the bill of materials exposed to tariffs fell to below 20%, with expectations to reach below 14% by year-end. These initiatives supported cost efficiencies and delivery reliability.
Liquidity Position and Capital Structure: Despite funding the APA acquisition, the company maintained a strong liquidity profile with USD 366.8 million in available liquidity as of September 30, 2025, and net debt leverage at 2.1x. The capital structure remained supportive of future investment, backed by substantial cash reserves and access to credit facilities. This strong financial foundation enables ongoing product innovation and operational scaling.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on ARRAY Technologies, Inc. (NASDAQ: ARRY) at the closing market price of USD 7.47, as on Nov 25, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Solar
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ARRY Array Technologies Inc |
0.17 1.53% | 11.31 | - | 12.59 | 1.10 | 5.03 | 1.81 | 9.74 |
| FSLR First Solar Inc |
7.12 3.09% | 237.66 | 16.61 | 9.35 | 5.36 | 2.72 | 5.21 | 11.40 |
| ENPH Enphase Energy Inc |
0.75 2.06% | 37.22 | 136.61 | 18.32 | 6.79 | 9.24 | 6.51 | 53.17 |
| NXT Nextracker Inc. Class A Common Stock |
3.96 3.43% | 119.56 | 16.44 | 12.44 | 2.71 | 15.50 | 2.46 | 15.56 |
| XISHY Xinyi Solar Holdings Limited |
- -% | 8.53 | 11.55 | 14.93 | 0.22 | 1.24 | 0.24 | 1.12 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on November 26, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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