Nextracker Reports Q2 FY24 Financial Results

Nextracker, one of the world’s leading providers of intelligent solar tracker and software solutions, has announced financial results for the second quarter ended September 29, 2023.

Q2 FY2024 Financial Highlights:

• Revenue $573 million, up 23% YoY
• GAAP net income $81 million, EPS $0.55
• Adjusted EBITDA $110 million, up 164% YoY
• Non-GAAP net income $96 million, non-GAAP EPS $0.65

Q2 FY2024 Business Highlights:

Strong Execution Supported by Global Supply Chain Repositioning and Capacity Expansion, Continued Customer Wins, and Product Innovation with Next Gen Tech Suite

• Record backlog; robust customer wins across multiple continents
• Continued U.S. and global supply chain capacity expansion with strategic partners
• Launched Next Gen Tech Suite with 3 new innovations:
  • NX Horizon Hail Pro: Hail-stowing solution with hardware, software, service
  • NX Horizon XTR-1.5: Doubling the undulation capability of our terrain-following tracker
  • TrueCapture Zonal Diffuse: Enhanced energy yield in varied irradiance conditions

“Nextracker’s Q2 results reflect strong worldwide execution, and we are pleased with our record revenue, profits, and backlog,” said Dan Shugar, Founder and CEO of Nextracker. “We closed our third consecutive quarter of growth year-over-year, as a public company, and it was our sixth consecutive quarter of margin expansion on a sequential basis.”

“With a record first half and our anticipation of a strong second half of the fiscal year, we have raised our annual profit guidance and the mid-point of our annual revenue guidance. We are well-positioned with our global scale and growth profile, and we are excited to pursue the market opportunities ahead.”

FY2024 Annual Guidance

Raised Mid-Point of FY24 Revenue Range and Raised FY24 Adjusted EBITDA Range

• Revenue: $2.3 billion to $2.4 billion (vs. previous $2.2 billion to $2.4 billion)
• GAAP Net Income: $237 million to $266 million (vs. previous $176 million to $205 million)
• GAAP EPS: $1.60 to $1.80 (vs. previous $1.20 to $1.40)
• Adjusted EBITDA: $390 million to $440 million (vs. previous $290 million to $340 million)
• Non-GAAP EPS: $1.95 to $2.15 (vs. previous $1.45 to $1.65) which excludes $0.35 for stock-based compensation expense and net intangible amortization