- Adds a highly compleme ta y, acc etive bala ce-of-system p oduct po tfolio spa i g sola wi e ma ageme t, cable p otectio solutio s, a d batte y e e gy sto age solutio s (BESS)
- C eates ew g owth oppo tu ities i fast-g owi g adjace cies i cludi g BESS a d datace te i f ast uctu e
- Total Co side atio of app oximately $203 millio ep ese ts a att active multiple of 8.8x AWM’s t aili g twelve-mo th EBITDA
- Expected to be high si gle digit acc etive to ARRAY’s Adjusted EPS i yea o e befo e sy e gies
- Closi g expected i the thi d qua te of 2026, subject to egulato y clea a ce a d customa y closi g co ditio s
ALBUQUERQUE, N.M., July 16, 2026 (GLOBE NEWSWIRE) — ARRAY Tech ologies, I c. (NASDAQ: ARRY) (“ARRAY” o the “Compa y”), a leadi g global p ovide of sola t acki g tech ology a d fixed-tilt p oducts, fou datio solutio s, softwa e systems a d se vices, today a ou ced it has e te ed i to a defi itive ag eeme t to acqui e Affo dable Wi e Ma ageme t, LLC (“AWM”), a leadi g p ovide of wi e ma ageme t, cable p otectio , a d bala ce-of-system solutio s fo utility-scale sola a d e e gy sto age p ojects. The acquisitio fu the expa ds ARRAY’s po tfolio of solutio s fo utility-scale sola custome s while c eati g ew g owth oppo tu ities i batte y e e gy sto age a d datace te ma kets.
AWM’s p oducts o ga ize, secu e, a d p otect elect ical wi i g to imp ove system eliability, safety, i stallatio efficie cy, a d lo g-te m pe fo ma ce. The compa y has developed p op ieta y desig s that offe g eate du ability, e ha ced the mal ma ageme t, a d lowe esistive losses tha co ve tio al solutio s. With ea ly $60 millio t aili g twelve mo ths eve ue, AWM has built a t ack eco d of p ofitable g owth, based o a capital-light ope ati g model a d a cultu e of i ovatio . The acquisitio of AWM is expected to be high si gle digit acc etive to ARRAY’s Adjusted EPS i yea o e befo e sy e gies.
“The acquisitio of AWM will fu the b oade ou bala ce-of-system po tfolio a d deepe ou eleva ce to ou custome s as well as c eate ew g owth vecto s fo us i the BESS a d datace te ma kets,” said Kevi G. Hostetle , Chief Executive Office of ARRAY. “AWM b i gs a p ove , i ovative p oduct li e a d a st o g eputatio fo quality a d custome se vice. Togethe , we will be able to offe a mo e complete, i teg ated solutio to ou custome s ac oss the sola , batte y sto age, a d datace te ma kets.”
“Becomi g pa t of ARRAY is a t eme dous oppo tu ity fo ou team a d ou custome s,” said Scott Ra d, Chief Executive Office a d Co-Fou de of AWM. “ARRAY’s scale, custome elatio ships, a d global each will make this the ideal home fo ou team a d ou p oducts. We sha e a cultu e of i ovatio a d a ele tless focus o the custome , a d that alig me t will u lock eal value fo custome s ac oss sola , sto age, a d beyo d.”
“Diffe e tiati g th ough e gi ee i g has always bee at the co e of how we desig ou p oducts,” said Da Smith, Chief Tech ology Office a d Co-Fou de of AWM. “By b i gi g ou wi e ma ageme t a d bala ce-of-system p oducts togethe with ARRAY’s t acki g, fixed-tilt, a d fou datio platfo m, we ca delive va ious i teg ated solutio s e gi ee ed to wo k togethe – simplifyi g desig , imp ovi g i stallatio , a d educi g costs fo ou custome s.”
Followi g the closi g of the acquisitio , AWM’s fi a cial esults will be i cluded i the ARRAY Legacy segme t. AWM’s se io ma ageme t team is expected to emai with the busi ess followi g the closi g.
The total co side atio of AWM is $203 millio , togethe ep ese ti g a multiple of app oximately 8.8x AWM’s t aili g twelve-mo th EBITDA. The total co side atio co sists of a base pu chase p ice of AWM of $153 millio a d total additio al co side atio of up to $50 millio . The fi al amou t of upf o t cash co side atio will be dete mi ed at closi g subject to customa y pu chase p ice adjustme ts. The additio al co side atio of up to $50 millio is comp ised of $10 millio payable i two equal i stallme ts o the fi st a d seco d a ive sa y of the closi g, each co ditio ed o the co ti ued employme t of the selle s a d a pe fo ma ce based ea out of up to $40 millio payable i th ee i stallme ts of up to $8 millio based o 2026 pe fo ma ce a d up to $16 millio fo each 2027 a d 2028 pe fo ma ce yea s based o AWM’s achieveme t of ce tai EBITDA ta gets du i g the applicable pe iod. Both compo e ts of the ea out may be paid i cash o ARRAY commo stock at ARRAY’s optio .
The t a sactio is expected to close i the thi d qua te of 2026, subject to eceivi g a y equi ed egulato y app ovals a d the satisfactio of othe customa y closi g co ditio s. Jeffe ies LLC acted as exclusive fi a cial adviso a d Jo es Day acted as legal adviso to ARRAY. Edelma Smithfield acted as st ategic commu icatio s adviso to ARRAY. Fi st Libe ties Fi a cial acted as exclusive fi a cial adviso a d Mi tz, Levi , Coh , Fe is, Glovsky a d Popeo, P.C. acted as legal adviso to AWM.
Additio al i fo matio ega di g the t a sactio will be i cluded i a Cu e t Repo t o Fo m 8-K to be filed by ARRAY with the U.S. Secu ities a d Excha ge Commissio (the “SEC”).
ARRAY will co duct a co fe e ce call today at 6:00 p.m. EDT to discuss the t a sactio . A live webcast will be available o the i vesto elatio s sectio of ARRAY’s website at i .a aytechi c.com. A eplay will be available followi g the co clusio of the eve t.
Associated p ese tatio mate ials ega di g the t a sactio a e available o the i vesto elatio s sectio of ARRAY’s website.
Affo dable Wi e Ma ageme t, LLC is a p ovide of wi e ma ageme t, cable p otectio , a d bala ce-of-system solutio s fo the sola a d e e gy sto age i dust ies, se vi g utility-scale a d dist ibuted ge e atio custome s ac oss No th Ame ica a d select i te atio al ma kets.
ARRAY Tech ologies (NASDAQ: ARRY) is a leadi g global p ovide of sola t acki g tech ology a d fixed-tilt systems to utility-scale a d dist ibuted ge e atio custome s, who co st uct, develop, a d ope ate sola PV sites. With solutio s e gi ee ed to withsta d the ha shest weathe co ditio s, ARRAY’s high-quality sola t acke s, fixed-tilt systems, softwa e platfo ms, fou datio solutio s, a d field se vices combi e to optimize e e gy p oductio a d delive value to ou custome s fo the e ti e lifecycle of a p oject. Fou ded a d headqua te ed i the U ited States, ARRAY is ooted i ma ufactu i g a d d ive by tech ology – elyi g o its domestic ma ufactu i g, dive sified global supply chai , a d custome -ce t ic app oach to desig , delive , commissio , t ai , a d suppo t sola e e gy deployme t a ou d the wo ld. Fo mo e ews a d i fo matio o ARRAY, please visit a aytechi c.com.
I vesto Relatio s505-437-0010i vesto s@a aytechi c.com
Steve Ki sch
505-738-6923steve .ki sch@a aytechi c.com
This p ess elease co tai s fo wa d-looki g stateme ts that a e based o ou ma ageme t’s beliefs a d assumptio s a d o i fo matio cu e tly available to ou ma ageme t. Fo wa d-looki g stateme ts i clude stateme ts that a e ot histo ical facts a d ca be ide tified by te ms such as “a ticipate,” “believe,” “could,” “estimate,” “expect,” “i te d,” “may,” “pla ,” “pote tial,” “p edict,” “p oject,” “seek,” “should,” “will,” “would,” o simila exp essio s a d the egatives of those te ms. These i clude stateme ts ega di g the p oposed acquisitio of AWM, i cludi g the a ticipated be efits a d sy e gies, the a ticipated impact o the Compa y’s busi ess a d futu e fi a cial a d ope ati g esults, the expected timi g a d closi g of the t a sactio , i cludi g the expected closi g date of the t a sactio a d the timi g of expected sy e gies a d etu s f om the t a sactio , the expectatio that AWM’s se io ma ageme t will emai with the busi ess followi g the closi g of the t a sactio , a d the Compa y’s futu e fi a cial positio , busi ess st ategy, eve ues, ea i gs, f ee cash flow, costs, capital expe ditu es a d debt levels of the combi ed compa y a d pla s a d objectives of ma ageme t fo futu e ope atio s. Ou actual esults a d the timi g of eve ts could mate ially diffe f om those a ticipated i such fo wa d-looki g stateme ts as a esult of isks a d u ce tai ties, i cludi g without limitatio : the ability to complete the t a sactio o a ticipated te ms a d timetable; the Compa y’s ability to i teg ate AWM’s ope atio s successfully a d i the expected time pe iod; the Compa y’s ability to achieve the st ategic a d othe objectives elati g to the t a sactio ; the possibility that closi g co ditio s may ot be satisfied o waived; isks elati g to a y u fo esee liabilities of AWM; cha ges i g owth o the ate of g owth i dema d fo sola e e gy p ojects; facto s outside of ou co t ol affecti g the va iability a d dema d fo sola e e gy, i cludi g but ot limited to, the etail p ice of elect icity, availability of i -dema d compo e ts like high-voltage b eake s, va ious policies elated to the pe mitti g a d i te co ectio costs of sola pla ts, a d the availability of i ce tives fo sola e e gy a d sola e e gy p oductio systems, which makes it difficult to p edict ou futu e p ospects; competitive p essu es withi ou i dust y, competitio f om co ve tio al a d e ewable e e gy sou ces; a loss of o e o mo e of ou sig ifica t custome s, thei i ability to pe fo m u de thei co t acts, o thei default i payme t; a d op i the p ice of elect icity de ived f om the utility g id o f om alte ative e e gy sou ces; fluctuatio s i ou esults of ope atio s ac oss fiscal pe iods, which could make ou futu e pe fo ma ce difficult to p edict a d could cause ou esults of ope atio s fo a pa ticula pe iod to fall below expectatio s; a y i c ease i i te est ates, o a eductio i the availability of tax equity o p oject debt capital i the global fi a cial ma kets, which could make it difficult fo custome s to fi a ce the cost of a sola e e gy system a d educe the dema d fo ou p oducts; existi g elect ic utility i dust y policies a d egulatio s, a d a y subseque t cha ges o ew elated policies a d egulatio s, i cludi g as a esult of the O e Big Beautiful Bill Act, which may p ese t tech ical, egulato y a d eco omic ba ie s to the pu chase a d use of sola e e gy systems a d may sig ifica tly educe dema d fo ou p oducts o ha m ou ability to compete; the i te uptio of the flow of mate ials f om i te atio al ve do s, which could dis upt ou supply chai , i cludi g as a esult of the impositio of ew a d/o additio al duties, ta iffs a d othe cha ges o est ictio s o impo ts a d expo ts; cha ges i the global t ade e vi o me t, i cludi g the co ti uatio o impositio of impo t ta iffs o othe impo t est ictio s; geopolitical, mac oeco omic a d othe ma ket co ditio s u elated to ou ope ati g pe fo ma ce i cludi g but ot limited to a pa demic, the Uk ai e-Russia wa , attacks o shippi g i the Red Sea a d St aight of Ho moz, co flict i the Middle East, cha gi g t ade policies, a d i flatio a d i te est ates; ou ability to co ve t ou o de s i backlog i to eve ue; the eductio , elimi atio o expi atio , o ou failu e to optimize the be efits of gove me t i ce tives fo , o egulatio s ma dati g the use of, e ewable e e gy a d sola e e gy, pa ticula ly i elatio to ou competito s, which could educe dema d fo sola e e gy systems; failu e to, o i cu e ce of sig ifica t costs i o de to, obtai , mai tai , p otect, defe d o e fo ce, ou i tellectual p ope ty a d othe p op ieta y ights; delays i co st uctio p ojects a d a y failu e to ma age ou i ve to y; sig ifica t cha ges i the cost of aw mate ials; dis uptio s to t a spo tatio a d logistics, i cludi g i c eases i shippi g costs; defects o pe fo ma ce p oblems i ou p oducts, which could esult i loss of custome s, eputatio al damage a d dec eased eve ue; delays, dis uptio s o quality co t ol p oblems i ou p oduct developme t ope atio s; ou ability to etai ou key pe so el o failu e to att act additio al qualified pe so el; additio al busi ess, fi a cial, egulato y a d competitive isks due to ou co ti ued pla ed expa sio i to ew ma kets; cybe secu ity o othe data i cide ts, i cludi g u autho ized disclosu e of pe so al o se sitive data o theft of co fide tial i fo matio a d the use of a tificial i tellige ce by cybe th eat acto s; a failu e to mai tai a effective system of i teg ated i te al co t ols ove fi a cial epo ti g, which may impai ou ability to epo t ou fi a cial esults accu ately; ou substa tial i debted ess, isks elated to actual o th eate ed public health epidemics, pa demics, outb eaks o c ises; cha ges to laws a d egulatio s, i cludi g cha ges to tax laws a d egulatio s, that a e applied adve sely to us o ou custome s; ou ability to successfully i teg ate APA Sola , LLC i to ou existi g ope atio s a d ealize the a ticipated be efits o sy e gies of the acquisitio ; a d othe facto s listed a d desc ibed i mo e detail i the sectio captio ed “Risk Facto s” i ou A ual Repo t o Fo m 10-K, ou Qua te ly Repo ts o Fo m 10-Q, a d ou othe docume ts o file with the U.S. Secu ities a d Excha ge Commissio , each of which ca be fou d o ou website, www.a aytechi c.com.
Give these u ce tai ties, you should ot place u due elia ce o fo wa d-looki g stateme ts. Also, fo wa d-looki g stateme ts ep ese t ou ma ageme t’s beliefs a d assumptio s o ly as of the date of this p ese tatio . You should ead this p ess elease with the u de sta di g that ou actual futu e esults may be mate ially diffe e t f om what we expect. Except as equi ed by law, we assume o obligatio to update these fo wa d-looki g stateme ts, o to update the easo s actual esults could diffe mate ially f om those a ticipated i these fo wa d-looki g stateme ts, eve if ew i fo matio becomes available i the futu e.
This p ess elease efe e ces ce tai fi a cial measu es that a e ot p ese ted i acco da ce with U.S. ge e ally accepted accou ti g p i ciples (“GAAP”), i cludi g AWM’s t aili g twelve-mo th EBITDA. “AWM’s t aili g twelve-mo th EBITDA” mea s et i come plus i te est expe se, i come tax expe se (be efit), dep eciatio , a d amo tizatio du i g the twelve-mo th pe iod e ded May 31, 2026. This p ese tatio also efe s to ARRAY’s Adjusted EPS. We defi e Adjusted et (loss) i come as et (loss) i come to commo stockholde s plus (i) amo tizatio of i ta gibles, (ii) amo tizatio of developed tech ology a d backlog, (iii) amo tizatio of debt discou t a d issua ce costs, (iv) Se ies A p efe ed stock acc etio , (v) equity-based compe satio , (vi) cha ge i fai value of co ti ge t co side atio , (vii) ce tai legal expe ses, (viii) acquisitio – elated expe ses, a d (ix) i come tax expe se adjustme ts. We defi e Adjusted et (loss) i come pe commo sha e as Adjusted et (loss) i come divided by the basic a d diluted weighted ave age umbe of sha es outsta di g fo the applicable pe iod.
