SCHEDULE: Hill City Capital Discloses 8.4% Stake in Array Technologies

Hill City Capital Master Fund LP and its affiliates have reported beneficial ownership of 12,891,300 shares, representing 8.4% of Array Technologies' common stock.

Summary

• Hill City Capital Master Fund LP, along with its general partner and investment manager affiliates, has disclosed a beneficial ownership of 12,891,300 shares of Array Technologies, Inc. common stock.
• This holding represents 8.4% of the class of securities.
• The filing is an amendment (Amendment No. 3) to a Schedule 13G.
• The reporting persons have shared voting power and shared power to dispose or direct the disposition of these shares.
• The outstanding shares of Common Stock as of July 31, 2026, used for this calculation, were 154,007,692, as reported in Array Technologies' Form 10-Q for the period ended June 30, 2026.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, indicating a significant but not overwhelming stake acquisition by an investment entity, suggesting confidence in the company's future prospects without immediate aggressive control intentions.

Positives

• Significant stake acquisition by a known investment entity (Hill City Capital) suggests confidence in Array Technologies' business and future prospects.
• The 8.4% ownership stake is substantial and indicates a notable investment commitment.
• The filing is a routine Schedule 13G amendment, suggesting a controlled and strategic investment rather than a hostile takeover attempt.

Negatives

• The filing does not provide specific details on the investment strategy or future intentions beyond the disclosed stake.
• The reporting persons have shared voting and dispositive power, which could imply less direct control compared to sole power.

Risks

• Potential for increased market volatility in Array Technologies' stock if Hill City Capital decides to significantly alter its position.
• The shared voting and dispositive power could lead to complex decision-making processes if disagreements arise among the reporting persons.

Future Outlook

The filing itself does not contain forward-looking statements or specific guidance from Array Technologies. It is a disclosure of beneficial ownership by an investment entity.

Management Comments

• The filing is made by Hill City Capital Master Fund LP, Hill City Capital GP LLC, Hill City Capital LP, Hill City GP LLC, and Herbert Frazier, collectively referred to as the 'Reporting Persons'.
• The Reporting Persons are making this single, joint filing, and the agreement among the Reporting Persons to file jointly is attached hereto as Exhibit 1.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that this filing by Hill City Capital, a significant investment fund, into Array Technologies, a key player in the solar energy sector, aligns with broader trends of institutional investment in renewable energy infrastructure and technology.

Comparison to Industry Standards

• The 8.4% stake is a significant holding for a Schedule 13G filer, often indicating a passive or strategic investment rather than active control, which is common for institutional investors in the renewable energy sector.
• Competitors in the solar tracker market, such as Nextracker and FTC Solar, also attract substantial institutional interest, though specific stake sizes vary based on market conditions and company performance.

Stakeholder Impact

• Shareholders: May view the increased institutional ownership positively, potentially leading to greater scrutiny and support for the company's strategy, or negatively if the investor's intentions are perceived as short-term.
• Management: May need to engage with Hill City Capital regarding their investment strategy and potentially address any concerns or suggestions.
• Creditors: The stability of a significant institutional investor can be seen as a positive indicator of the company's long-term viability.

Next Steps

• Monitor future filings from Hill City Capital for any changes in their stake or stated intentions regarding Array Technologies.
• Observe Array Technologies' performance and strategic announcements for potential impacts of this significant shareholder.

Key Dates

Recommendation

The filing indicates a significant investment by Hill City Capital, suggesting a level of confidence in Array Technologies. However, as a Schedule 13G filing, it typically implies a passive investment rather than an activist stake. Without further information on the investment thesis or immediate strategic implications, a 'hold' recommendation is prudent, allowing for observation of how this new significant shareholder influences the company's trajectory and market perception.

Keywords

Array Technologies, Hill City Capital, Schedule 13G, Beneficial Ownership, Common Stock, Investment Fund, Solar Energy, Renewable Energy