U.S.-based solar tracker manufacturer Nextracker (Nasdaq: NXT) posted its earnings through the first half of fiscal year 2025, reporting significant growth and a strengthening balance sheet.

Nextracker secured $1.35 billion in revenue through 1H FY 2025, representing 29% year-over-year growth. Fiscal year 2025 Q2 revenue increased 11% year-over-year to $636 million. The company’s adjusted EBITDA grew 79% to $348 million over the period. 

The stock price is trading up about 16% in after-hours sessions following the report.

The company’s backlog of tracker orders continues to grow, and has now reached $4.5 billion. Nextracker reported $562 million in cash and cash equivalents and over $1.5 billion in total liquidity. It has an annual free cash flow generation of $260 million.

The company has reaffirmed its revenue guidance for the full FY 2025. It expects $2.8 to $2.9 billion in revenue. Net income outlook was raised to $378 million to $408 million versus previous outlook of $368 million to $393 million.

“We finished Q2 with strong execution and operational discipline, driving meaningful improvements in margins, which allows us to raise our FY25 profit outlook,” said Chuck Boynton, chief financial officer, Nextracker. 

Business highlights include: 

  • Unveiled NX Foundation Solutions at RE+ 2024 in Anaheim, California, highlighting new tracker foundation products to address virtually all soil conditions.
  •  Booked orders for new products and innovations, including XTR 1.5 (extreme terrain following tracker), NX Hail Pro-75 (hail resistant tracker), Low Carbon Tracker, and new foundation products Ojjo Earth TrussTM and NX AnchorTM this fiscal year to date.
  • Signed 100% U.S. domestic content project contracts and accelerated expected planned ship date from early CY25 to before the end of CY24.
  •  Announced 95% domestic content capability in India.
  • Expanded NX global manufacturing footprint to over 85 partner facilities.
  • Inaugurated India’s first R&D Center for Solar Excellence in Hyderabad, making this the third global R&D center along with centers in Brazil and the U.S.

The company also accelerated its timeline to ship 100% domestic content projects from the beginning of 2025 to before the end of 2024.

Find a shareholder’s report from Nextracker here.

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