The rest of the revenue jump was driven by an increase in both the total number of megawatts shipped and an increase in average selling prices (ASP). In Q2, Array executed US$1.9 billion of contracts and awarded orders in the second quarter of this year, up 110% on the same period last year, according to its Q2 2022 financial results.Ī total of US$1.5 billion of this amount were from its Array Legacy Operations segment while US$0.4 billion came from STI Norland, which it acquired in January this year to help international expansion plans.Īrray’s revenue increased to US$429 million in Q2, up 116% on US$196.5 million for the prior-year period, primarily driven by the acquisition of STI Norland which contributed revenue of US$72.7 million. US solar tracker supplier Array Technologies has bounced back from a difficult 2021 by posting strong Q2 2022 financial results mainly due to its acquisition of STI Norland, while upcoming tailwinds could buoy its performance further still moving through the year. A difficult 2021 for Array Technologies appears to have given way to a positive 2022 as the company recovers from damaging supply side issues.
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