Nextracker Reports First Quarter Fiscal Year 2024 Financial Results

Nextracker, one of the world’s leading providers of intelligent solar tracker and software solutions, has announced financial results for the first quarter ended June 30, 2023.

First Quarter Fiscal 2024 Financial Highlights:

• Revenue of $479.5 million, an increase of 19% year-over-year
• GAAP net income of $63.6 million, $0.43 EPS
• Adjusted EBITDA of$83.7 million, an increase of 161% year-over-year
• Adjusted net income of $70.9 million, $0.48 Adjusted non-GAAP EPS

First Quarter Fiscal 2024 Business Highlights:

• Significant customer wins in Fiscal year 2023 Q1; new record backlog over $3 billion
• Global manufacturing expansion progressing on plan
• Completed successful secondary public offering, increasing Nextracker’s public float

“I am very pleased with our Q1 results against both operational and financial metrics, as we continue serving global markets,” said Dan Shugar, Nextracker Founder and CEO. “Solid execution combined with sustained sales momentum produced our new record backlog of over $3 billion, along with profitability that exceeded pre-pandemic levels. From this foundation we are increasing our FY24 guidance.

“As we maintain pricing discipline, our relentless focus on innovation is allowing customers to increase their project profitability. Solar’s growth prospects as the largest source of new power generation continues to strengthen as a result of technology progress, cost reduction, capacity expansion, and favorable policies; Nextracker is well positioned to continue leading the industry,” concluded Shugar.

Fiscal Year 2024 Outlook

• Revenue: $2.2 billion to $2.4 billion
• GAAP Net Income: $176 million to $205 million
• GAAP EPS: $1.20 to $1.40
• Adjusted EBITDA: $290 million to $340 million
• Adjusted non-GAAP EPS: $1.45 to $1.65 which excludes $0.25 for stock-based compensation expense and net intangible amortization