v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following tables summarize the financial results by segment during the periods presented (in thousands):
Three Months Ended June 30, 2026
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$320,308 $21,757 $342,065 
Less:
Product cost(1)
189,565 20,305 209,870 
Amortization of developed technology and backlog
5,615 — 5,615 
Depreciation
2,026 1 2,027 
Other costs(2)
24,617 332 24,949 
Gross profit98,485 1,119 99,604 
Total operating expenses
— — (64,839)
Total other expense, net
— — (3,042)
Income before income taxes$31,723 
Segment assets
1,306,579 227,457 1,534,036 
Capital expenditures
7,633 — 7,633 
Depreciation and amortization
12,774 2,941 15,715 
Interest income
1,972 430 2,402 
Interest expense
5,493 293 5,786 
Three Months Ended June 30, 2025
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$291,886 $70,357 $362,243 
Less:
Product cost(1)
193,620 53,215 246,835 
Amortization of developed technology and backlog
3,640 — 3,640 
Depreciation578 34 612 
Other costs(2)
10,043 3,989 14,032 
Gross profit
84,005 13,119 97,124 
Total operating expenses
— — (50,748)
Total other expense, net
— — 10,503 
Income before income taxes
$56,879 
Segment assets
1,090,094 452,064 1,542,158 
Capital expenditures
6,497 134 6,631 
Depreciation and amortization
7,024 2,872 9,896 
Interest income
3,600 200 3,800 
Interest expense
8,021 747 8,768 
Six Months Ended June 30, 2026
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$537,689 $27,788 $565,477 
Less:
Product cost(1)
324,324 28,412 352,736 
Amortization of developed technology and backlog
11,229 — 11,229 
Depreciation
3,700 1 3,701 
Other costs(2)
34,694 509 35,203 
Gross profit163,742 (1,134)162,608 
Total operating expenses
— — (120,734)
Total other expense, net
— — (6,026)
Income before income taxes$35,848 
Segment assets
1,306,579 227,457 1,534,036 
Capital expenditures
14,651 493 15,144 
Depreciation and amortization
25,177 5,903 31,080 
Interest income
4,160 629 4,789 
Interest expense
10,873 476 11,349 
Six Months Ended June 30, 2025
Array Legacy Operations
STI Operations
Consolidated
Segment revenue
$505,100 $159,506 $664,606 
Less:
Product cost(1)
326,960 129,973 456,933 
Amortization of developed technology and backlog
7,279 — 7,279 
Depreciation1,128 67 1,195 
Other costs(2)
20,047 5,600 25,647 
Gross profit
149,686 23,866 173,552 
Total operating expenses
— — (99,892)
Total other expense, net
— — 6,499 
Income before income taxes
$80,159 
Segment assets
1,090,094 452,064 1,542,158 
Capital expenditures
8,711 272 8,983 
Depreciation and amortization
13,925 5,542 19,467 
Interest income
6,647 472 7,119 
Interest expense
15,543 1,260 16,803 

(1) Includes 45X benefits realized.
(2) Other is primarily comprised of outbound freight and certain overhead costs. Outbound freight for the three months ended June 30, 2026 and 2025 for Array Legacy Operations was $24.1 million and $9.9 million, respectively. Outbound freight for the six months ended June 30, 2026 and 2025 for Array Legacy Operations was $33.6 million and $19.8 million, respectively.