Nextracker Reports Q4 and FY24 Financial Results

Nextracker, a global market leader of intelligent solar trackers and software solutions, announced financial results for the fourth quarter and fiscal year ended March 31, 2024.

Full FY2024 Financial Highlights

• Revenue $2.5 billion, up 31% YoY
• GAAP net income $496 million, diluted EPS $3.37
• Adjusted EBITDA $521 million, up 150% YoY (excludes IRA 45X tax credit benefits)
• Adjusted net income $451 million, adjusted diluted EPS $3.06 (excludes IRA 45X tax credit benefits)
• Operating cash flow of $429 million and adjusted free cash flow of $427 million

Q4 FY2024 Financial Highlights:

• Revenue $737 million, up 42% YoY
• GAAP net income $223 million, diluted EPS $1.51
• Adjusted EBITDA $160 million, up 120% YoY (excludes IRA 45X tax credit benefits)

“Fiscal year 2024 was a year of strong execution and significant growth for Nextracker, and we reached a record backlog of over $4 billion that more than tripled in 2 years,” said Dan Shugar, founder and CEO of Nextracker. “We’ve accelerated our pace of product innovation, scaled global revenue and supply chains, more than doubled our profits from the prior year, and exceeded all elements of our full-year guidance.”

“We also reached a tremendous milestone being the first U.S. solar company to surpass 100 gigawatts of global shipments since Nextracker’s inception, which underscores our sustained leadership position in the market. As we look ahead, we’re very excited about solar accelerating its position as the number one source of new power generation in the U.S. and abroad.”

FY2025 Annual Guidance

• Revenue: $2.8 billion to $2.9 billion
• GAAP net income: $369 million to $399 million
• GAAP diluted EPS: $2.41 to $2.61
• Adjusted EBITDA: $600 million to $650 million, which excludes approximately $95 million for stock-based compensation expense and net intangible amortization
• Adjusted diluted EPS: $2.89 to $3.09, which excludes approximately $0.48 for stock-based compensation expense and net intangible amortization