Nextracker Reports Q3 FY24 Financial Results

Nextracker, one of the world’s leading providers of intelligent solar tracker and software solutions, announced financial results for the third quarter ended December 31, 2023.

Q3 FY2024 Financial Highlights:

• Revenue $710 million, up 38% YoY
• GAAP net income $128 million, diluted EPS $0.87
• Adjusted EBITDA $168 million, up 168% YoY
• Adjusted net income $142 million, adjusted diluted EPS $0.96

Q3 FY2024 Business Highlights:

• Strong execution, significant revenue growth of 38% year-over-year, and supply chain optimization
• Record backlog; continued demand strength globally, achieved the 10-gigawatt milestone in India, Middle East, and Africa regions for projects in operation or under fulfilment
• High-quality balance sheet with total liquidity of approximately $800 million; strong operating cash flow of $317 million and adjusted free cash flow of $314 million year-to-date

“Nextracker achieved a record third quarter, outperforming across revenue, profit, and backlog, which reflects strong execution and spotlights our capability to meet customer requirements. Underpinned by product differentiation that is gaining momentum in the marketplace, we are raising our annual guidance once again,” said Dan Shugar, Founder and CEO of Nextracker. “As the world transitions to renewable energy and with solar leading new power generation, we are well positioned as the global leader in trackers, and we’re just getting started.”

Raised FY2024 Annual Guidance

• Revenue: $2.425 billion to $2.475 billion (vs. previous $2.3 billion to $2.4 billion)
• GAAP Net Income: $374 million to $429 million (vs. previous $237 million to $266 million) which includes an estimated $50 million to $80 million of benefit from IRA 45X tax credit vendor rebates
• GAAP diluted EPS: $2.53 to $2.90 (vs. previous $1.60 to $1.80)
• Adjusted EBITDA: $475 million to $500 million (vs. previous $390 million to $440 million) which excludes stock-based compensation expense, net intangible amortization, and IRA 45X tax credit vendor rebates
• Adjusted diluted EPS: $2.55 to $2.75 (vs. previous $1.95 to $2.15) which excludes $0.30 for stock-based compensation expense and net intangible amortization and excludes $0.28 to $0.45 of benefit from IRA 45X tax credit vendor rebates