Sell Rating for Array Technologies Amidst Growth Challenges and Margin PressuresWe reiterate our Underperform rating on Array Technologies (ARRY) following a mixed 3Q where APA and U.S. share regains provide short-term lift but organic growth visibility remains weak and GM headwinds persistent. The order book rose to $1.9B (1st increase since 1Q24, ~40% new products), but growth beyond ’25 hinges on an ex-U.S. rebound (GM-dilutive). Tariffs (50–75bps FY25 drag), rising steel costs, and partial 45X pass- throughs cap upside. Management reiterated that “’25 lost 50–75bps of EBITDA margin just to tariff math,” leaving FY margins ~15% - below the 18–19% LT range. Competition intensifying as domestic supply scales, we see limited catalysts for sustained EBITDA expansion and potential for ASP compression.