Nextracker Reports Strong Global Momentum with Profitable FY23Q4 Results

Representational image. Credit: Canva

Nextracker Inc. (Nasdaq: NXT), a global provider of intelligent solar trackers and software solutions, reported its first quarterly profits as a public business earlier today. The fiscal fourth-quarter results release highlights the considerable and ongoing market demand for Nextracker’s solar products.


“At Nextracker, we’re laser-focused on delivering customer value with the most reliable and highest performing systems,” Nextracker CEO and founder Dan Shugar stated. “Our customers need ways to optimise solar power projects and overcome technical challenges. They come to us because they know we can execute with leading technology and a talented global team of experts, delivering on performance and profitability.”

Nextracker is off to a great start in 2023. During the fourth quarter of FY23, the business signed over 50 new contracts, including a number of important worldwide projects:


Khavda, India


Nextracker was selected in March to offer improved bifacial solar trackers to assist India in meeting its renewable energy objectives. Sterling and Wilson Renewable Energy Limited, one of the world’s top renewable energy solution providers, teamed with Nextracker to deploy award-winning solar trackers to NTPC Renewable Energy Limited’s 1.56 GW Solar PV Project in Khavda RE Park, Gujarat.

Australia’s New South Wales

PCL Construction and developer ACEN Australia chose Nextracker for the 520 MW Stubbo solar power plant project in March based on the strength of its local market expertise and portfolio, as well as the NX Horizon-XTR’s suitability to be constructed on the site’s uneven, rocky land, while significantly reducing cut and fill earthworks and pier lengths, accelerating the project construction schedule.

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“We are thrilled to be collaborating with Nextracker on this historic project for Australia,” stated Gopi Govindraj, Country Manager, PCL Construction. “The Stubbo Solar project site presents an engineering challenge with its ground conditions, coupled with plans for sheep to cohabitate on the site, requiring a fast recovery of vegetation post-construction.

Nextracker’s expertise and partnership on achieving these goals, as well as NX Horizon-XTR’s ability to bypass most of the groundworks, help us to overcome these challenges with ease.”

Brazil and Mexico

Atlas Renewable Energy, Latin America’s largest independent power producer (IPP) in the solar renewable energy market, is using Nextracker’s TrueCaptureTM technology into some of the region’s largest solar projects to date.

Atlas has long been a Nextracker partner and an early adopter of the TrueCapture software, pioneering its introduction to Latin America and making it standard for the majority of its solar projects in the area.

Nextracker earned an additional 1.7 GW agreement with Atlas during the fourth quarter to implement TrueCapture technology on some of the company’s largest solar projects to date.

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“By implementing TrueCapture in the majority of our operating solar fleet, we are capitalising on Atlas’ innovative approach to asset optimisation to elevate our solar projects,” said Carlos Barrera, CEO and founder of Atlas Renewable Energy.

“Furthermore, we are very proud that our plants’ performance continues to rank among the most efficient in Latin America. This has helped us advance the solar industry in the region and present even more competitive solutions for our clients.”

Spain’s Garnacha

IbVogt, a German multinational solar developer, selected Nextracker in March for the 150 MW Garnacha solar power facility in Spain. IbVogt now has the answer it needs to quickly overcome local environmental and permitting obstacles thanks to NX. Horizon-XTR™ Google will get power from the project under a 12-year power purchase agreement.

Illinois, United States

Swift Current Energy chose Nextracker in March to offer smart solar tracker systems for the 800 MW Double Black Diamond solar project in central Illinois. This project will provide over 400 employment and power the equivalent of 85,000 Illinois households each year.

Arizona, Texas, Virginia, U.S.

In March, Nextracker signed a multi-year supply arrangement with Strata Clean Energy. Nextracker will provide one gigatonne of trackers for large-scale solar generating projects in Texas, Arizona, and Virginia. Strata Clean Energy picked Nextracker because of its superior energy performance, use of clean US-made steel, and track record.

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Alberta, Canada

Nextracker was chosen to provide ATCO’s 39 MW Empress Solar Park with their bifacial optimised NX HorizonTM model for difficult terrain. Nextracker collaborated with ATCO to assist the firm increase its solar gains while reducing its environmental effect.

Solar is rapidly becoming the most cost-effective power generating choice on a worldwide scale, driving considerable development in the global solar industry. According to today’s FY23Q4 figures, Nextracker ended FY23 with $1.9 billion in revenue and a $2.6 billion backlog.

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