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ALBUQUERQUE - Array Technologies (NASDAQ: ARRY), a prominent global supplier of solar tracking solutions with a market capitalization of $758 million, has announced enhancements to its SmarTrack® software, integrating backtracking and diffuse optimization for the ARRAY STI H250™ dual-row tracker. According to InvestingPro analysis, the company appears undervalued at its current price of $4.93, suggesting potential upside for investors interested in the renewable energy sector. This software update, which includes algorithm training and optimization tools, aims to boost energy yields on challenging terrain and is now available for H250 installations globally.
The H250 tracker, known for its reliability on uneven landscapes, is extensively used in Europe, South America, and Africa. The latest software features are designed to improve solar energy production in diverse environments and weather conditions by enabling trackers to automatically adjust to reduce shading and maximize light capture. With a healthy gross profit margin of 32% and annual revenue of $916 million, Array Technologies maintains a strong market position in the solar tracking industry.
ARRAY’s SmarTrack® Backtracking leverages algorithmic training, terrain analysis, and production data to enhance morning and evening energy generation by reducing shading. The system adjusts each motor block based on its specific slope characteristics, which, once optimized, remain effective for the project’s duration.
SmarTrack® Diffuse, on the other hand, enhances performance during overcast conditions by using real-time Global Horizontal Irradiance sensor data to adjust tracker angles, increasing energy capture when direct sunlight is scarce. These capabilities have been validated in Spain and Brazil and can be deployed immediately on both new and existing H250 projects.
Neil Manning, president and chief operating officer of ARRAY Technologies, stated, "Our H250 tracker has long been a trusted solution in markets with challenging site conditions, and the addition of SmarTrack Backtracking and Diffuse takes its performance to the next level."
Currently, SmarTrack is optimizing over 5 GW of solar capacity worldwide, complementing ARRAY’s hardware and integrated software platforms. The company, headquartered in the United States, focuses on delivering durable solar trackers, software, and services that enhance energy production and offer value throughout the lifespan of solar projects.
ARRAY Technologies emphasizes that the press release contains forward-looking statements based on current expectations and projections, which are subject to risks and uncertainties. For more detailed information on these risks, interested parties are directed to the company’s most recent Annual Report on Form 10-K and other SEC filings.
This report is based on a press release statement from ARRAY Technologies. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with 13 additional ProTips and a detailed Pro Research Report, which is part of their coverage of over 1,400 US stocks. The company’s strong liquidity position, evidenced by a current ratio of 2.28, and analysts’ expectations of profitability this year present interesting metrics for consideration.
In other recent news, Array Technologies reported its fourth-quarter 2024 earnings, revealing a slight miss on earnings per share (EPS), which came in at $0.16, below the forecast of $0.18. Despite this, the company slightly exceeded revenue expectations with $275.2 million, although full-year revenue saw a significant 42% decline compared to 2023. Looking forward, Array Technologies projects a 20% revenue growth for 2025, with anticipated revenue between $1.05 billion and $1.15 billion. Meanwhile, RBC Capital Markets initiated coverage of Array Technologies with a "Sector Perform" rating and a $7.00 price target, acknowledging the company’s recent product innovations. Barclays adjusted its price target for Array Technologies to $8.00 from $9.00, maintaining an Overweight rating, citing potential revenue increases due to rising steel prices. Seaport Global Securities downgraded Array Technologies from Buy to Neutral, highlighting challenges in the Brazilian market and competition with its rival NXT. Lastly, Mizuho Securities reduced its price target for Array Technologies to $9.00 from $11.00, maintaining a Neutral rating due to concerns over lower sales projections and profitability. These developments reflect the company’s ongoing efforts and challenges in a competitive solar energy market.
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