The solar tracker manufacturer increased its fiscal Q1 2025 revenue to $720 million, up from the previous year’s revenue of $480 million.
Nextracker (Nasdaq: NXT), a U.S.-based solution provider of solar trackers and software, posted its earnings for Q1 fiscal year 2025.
For nine consecutive years, the company stands as the global market leader in solar tracer solutions for utility-scale tracers based on GW shipped, according to Wood Mackenzie.
“Our products enable solar panels power plants to follow the sun’s movement across the sky and optimize plant performance. With power plants operating in 40 countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI,” said the company in a letter to shareholders.
The company recorded strong growth, closing Q1 FY25 revenues of $720 million, up 50% from the $480 million in revenue in Q1 FY24.
Adjusted EBITDA for the quarter was $175 million, up 109% from the previous year’s adjusted EBITDA of $84 million. Adjusted EBITDA included $47 million of benefits from the Inflation Reduction Act’s 45X manufacturing tax credit.
This marks the sixth consecutive quarter of double-digit revenue growth year-over-year since Nextracker’s initial public offering. Most of the company’s Q1 revenue was in the United States (71% of total), reflecting a strong 90% year-over-year growth in U.S. revenues.
Nextracker’s Q1 gross profit increased year-over-year from $114 million in FY24 to $237 million in FY25. Its operating income increased from $82 million to $184 million and adjusted diluted earnings per share nearly doubled from $0.48 to $0.93. The company posted an adjusted free cash flow generation of $118 million in Q1 and $319 million for trailing twelve months.
The company’s order backlog continues to grow, increasing quarter-over-quarter and now standing at over $4 billion.
Business highlights:
- Launched NX HorizonTM Low Carbon Tracker in April 2024, the industry’s first low carbon tracker solution
- Unveiled agrivoltaic solution in July 2024, Nextracker’s suite of AgriPV solutions providing solar applications in agricultural and ranching Expanded JM Steel’s Pittsburgh facility with Nextracker-dedicated manufacturing in April 2024
- Opened a second Nevada factory by Unimacts with Nextracker-dedicated manufacturing in June 2024
- Acquired Ojjo in June 2024
- Acquired the foundations business of Solar Pile International (SPI) in July 2024
- Amended credit agreement and expanded revolver facility from $500 million to $1 billion on June 21, 2024
- Currently expect 100% U.S. domestic content capability with an early CY25 planned ship date
“Our fiscal year is off to an excellent start with another quarter of strong execution, where healthy demand dynamics continued for solar trackers in both the U.S. and international markets,” said Dan Shugar, founder and chief executive officer of Nextracker. “We also unveiled new product solutions, expanded several of our partner manufacturing facilities, and added foundations solutions with the acquisitions of Ojjo and Solar Pile International’s foundations business.”
