The combined entity expects to reach between $2.2 billion and $2.4 billion in pro-forma revenue by 2027. Shoals CEO Brandon Moss will lead the new organization, while Array’s Kevin Hostetler transitions to the role of special advisor. The merger, slated to close in the first quarter, includes a $161.3 million redemption plan for Array’s preferred stock.

Financial performance across the two firms remains divergent. Shoals reported strong third-quarter growth, with revenue climbing 44% to $195.3 million, prompting an upward revision of its annual guidance. Conversely, Array posted $330.2 million in quarterly revenue and trimmed its full-year outlook. Investors reacted positively to the consolidation, pushing Array shares up 11% to $5.17 and Shoals shares up 5.7% to $8.95 in premarket trading.