Q1 Results: Nextracker Reports 50% Revenue Growth On YoY

Global solar tracker company Nextracker announced its financial results for Q1 of the fiscal year 2024-25. The company reported a 50% increase in revenues on a year-over-year (YoY) basis.

For FY25, Nextracker provided its full-year outlook, in which it made a revenue between $2.8 billion and $2.9 billion. The company also gained a GAAP net income, which is the net income (or loss) of the Property-Owning Partnerships ranging from $363 million to $393 million. Additionally, Nextracker also made a GAAP diluted EPS between $2.37 and $2.57 in the financial year 2025 (FY25) outlook. GAAP is the diluted net income per share of the company’s common stock. It’s determined on the GAAP basis plus the effect of restructuring and other charges as of Year-end for each Plan Year. Nextracker also made an adjusted EBITDA between $600 million and $650 million, while adjusted diluted EPS reached between $2.89 and $3.09.

The revised GAAP net income range of $363 million to $393 million reflects a decrease from the previous range of $369 million to $399 million, due to the estimated impact of incremental net intangible asset amortization resulting from acquisitions. Similarly, the GAAP diluted EPS range of $2.37 to $2.57 has been adjusted from the previous range of $2.41 to $2.61 for the same reason. Adjusted EBITDA and adjusted diluted EPS exclude approximately $103 million and $0.52, respectively, for stock-based compensation and net intangible amortization.

For Q1 FY25, which ended on June 28, 2024, Nextracker reported GAAP results that included a cumulative adjustment recognizing 45X credits totaling $121 million. These credits were earned on eligible deliveries from January 1, 2023, to March 31, 2024. However, 45X credits were not included in Q1 FY24 results.

Sharing its business development the company mentioned, “During the previous fiscal year, Nextracker opened a second factory in Nevada with Unimacts, dedicated to Nextracker manufacturing, in June 2024. The company acquired Ojjo, Inc. on June 20, 2024, for approximately $120 million and purchased Solar Pile International’s foundations business on July 31, 2024, for approximately $48 million.”

Additionally, Nextracker also amended its credit agreement, increasing its revolver facility from $500 million to $1 billion on June 21, 2024. The company plans to achieve 100% U.S. domestic content capability with an early 2025 shipping date.

Dan Shugar Chief Executive Officer (CEO) of Nextracker. “We also introduced new product solutions, expanded several partner manufacturing facilities, and added foundation solutions through the acquisitions of Ojjo and Solar Pile International’s foundations business.”

Chuck Boynton, Chief Financial Officer (CFO) of Nextracker, added, “We continued to strengthen our balance sheet with healthy operating cash flows, limited debt, and expanded total liquidity of over $1.4 billion.”