Array Technologies (ARRY) Stock Forecast & Price Target

Array Technologies, Inc. is experiencing significant growth in its domestic order book, which increased by approximately $300 million year-over-year to an estimated $1.8 billion in 2024, reflecting over a 20% rise. The company also sees a robust pipeline of high-probability projects in the U.S., which was up over 60% in 2024, along with strong demand for domestic content products expected to drive topline growth and improve margins. With a steady backlog of $2.0 billion and a pathway for market share recapture in the utility-scale solar sector, Array Technologies is well-positioned for future financial performance despite potential near-term project delays.

Array Technologies Inc. has faced a stagnant total backlog over the past few years, with a decline in gross bookings and revenues, raising concerns about its future growth potential. The company is grappling with inflationary pressures and resource shortages, which could adversely affect its margins and overall growth trajectory, particularly within the utility-scale solar energy project market. Additionally, conservative guidance for FY25, coupled with a mixed performance in 4Q24 where revenues exceeded but margins fell short of expectations, signals potential challenges ahead in sustaining profitability and customer demand.