Array Technologies, Inc.ARRY

Array Technologies, Inc. Earnings Per Share Disclosure

10-KFiled Feb 25, 20262 min read
Earnings per Share
The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts):
Year Ended December 31,
202520242023
Net (loss) income$(52,235)$(240,394)$137,240 
Preferred dividends and accretion59,797 55,670 51,691 
Net (loss) income to common shareholders(112,032)(296,064)85,549 
Basic:
Weighted average common shares outstanding152,537 151,754 150,942 
(Loss) income per share$(0.73)$(1.95)$0.57 
Diluted:
Weighted average common shares outstanding152,537 151,754 150,942 
Effect of Restricted Stock and Performance Awards— — 1,080 
Weighted average dilutive shares152,537 151,754 152,022 
(Loss) income per share$(0.73)$(1.95)$0.56 

Since the Company was in a loss position for the years ended December 31, 2025 and 2024, basic net loss per share to common shareholders is the same as diluted net loss per share to common stockholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. As such, 5,833,255 and 3,572,402 shares of common stock equivalents were excluded from the calculation of diluted net loss per share during the years ended December 31, 2025 and 2024, as they had an antidilutive effect.

Potentially dilutive common shares issuable pursuant to equity-based awards of 2,362,982, were excluded from the computation of diluted earnings per share for the year ended December 31, 2023, as their effect would have been antidilutive.

In addition, there were no potentially dilutive common shares issuable pursuant to the Convertible Notes for the years ended December 31, 2025, 2024 and 2023, as the sustained market price of the Company’s common stock has not exceeded the conversion thresholds since inception.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Mar 3, 2025
2023Feb 28, 2024
2022Mar 22, 2023

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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