An Array of Accounting Tricks

“JR” of Jehoshaphat Research makes the case that Array Technologies (ARRY) has been misleading investors regarding its revenue, margins, and cash flows. Considering its history of cash burn, additional questions arise from the recent acquisition of a Spanish solar company. With an outdated product serving as the primary driver of its revenues, ARRY also appears to be at risk of technological obsolescence. The recent mass exodus of senior executives suggests that the writing may already be on the wall.