Nextracker, a global market leader of intelligent solar tracker and software solutions, announced financial results for the first quarter of fiscal year 2025.
| Financial Summary (In millions, except per share) | |||
| Q1 FY25* | Q4 FY24* | Q1 FY24* | |
| Revenue | $720 | $737 | $480 |
| GAAP Gross Profit | $237 | $340 | $114 |
| GAAP Gross Margin | 33.0% | 46.2% | 23.7% |
| GAAP Net Income | $125 | $223 | $64 |
| GAAP Net Income Margin | 17.3% | 30.3% | 13.3% |
| GAAP Diluted EPS | $0.84 | $1.51 | $0.43 |
| Adjusted Gross Profit | $241 | $222 | $116 |
| Adjusted Gross Margin | 33.5% | 30.2% | 24.1% |
| Adjusted EBITDA | $175 | $160 | $84 |
| Adjusted EBITDA Margin | 24.3% | 21.7% | 17.4% |
| Adjusted Net Income | $139 | $142 | $71 |
| Adjusted Diluted EPS | $0.93 | $0.96 | $0.48 |
*Q1 FY25 GAAP and adjusted results include approximately $47 million of IRA 45X advanced manufacturing tax credit vendor rebates (45X credits). Q4 FY24 GAAP results include a cumulative adjustment to recognize 45X credits of $121 million earned on eligible deliveries from January 1, 2023, through March 31, 2024. Q1 FY24 results do not include 45X credits.
Please refer to Nextrackerโs most recent Annual Report on Form 10-K for more information on 45X credits and schedules IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures, and additional information can be found on the Investor Relations section of the website.
Business Highlights
- Launched NX Horizon Low Carbon Tracker in April 2024 and unveiled Agrivoltaics in July 2024
- Expanded JM Steelโs Pittsburgh facility with Nextracker-dedicated manufacturing in April 2024
- Opened a second Nevada factory by Unimacts with Nextracker-dedicated manufacturing in June 2024
- Acquired Ojjo, Inc. on June 20, 2024 for approximately $120 million
- Acquired Solar Pile Internationalโs foundations business on July 31, 2024 for approximately $48 million
- Amended credit agreement and expanded revolver facility from $500 million to $1 billion on June 21, 2024
- Currently expect 100% U.S. domestic content capability with an early CY25 planned ship date
โOur fiscal year is off to an excellent start with another quarter of strong execution, where healthy demand dynamics continued for solar trackers in both the U.S. and international markets,โ said Dan Shugar, founder and CEO of Nextracker. โWe also unveiled new product solutions, expanded several of our partner manufacturing facilities, and added foundations solutions with the acquisitions of Ojjo and Solar Pile Internationalโs foundations business.โ
โOur exceptional Q1 results led to our sixth consecutive quarter of year-over-year double-digit revenue growth,โ said Chuck Boynton, CFO of Nextracker. โWe continued to bolster our strong balance sheet with healthy operating cash flows, limited debt, and an expanded total liquidity of over $1.4 billion.โ
FY2025 Annual Outlook
Nextracker reaffirmed its full-year fiscal year 2025 outlook:
| FY25 Outlook | |
| Revenue | $2.8 billion to $2.9 billion |
| GAAP Net Income | $363 million to $393 million |
| GAAP Diluted EPS | $2.37 to $2.57 |
| Adjusted EBITDA | $600 million to $650 million |
| Adjusted Diluted EPS | $2.89 to $3.09 |
GAAP net income range of $363 million to $393 million is updated from previous range of $369 million to $399 million to include estimated impact of incremental net intangible asset amortization resulting from acquisitions. GAAP diluted EPS range of $2.37 to $2.57 is updated from previous $2.41 to $2.61 to include the estimated impact of incremental net intangible asset amortization resulting from acquisitions.
Adjusted EBITDA and adjusted diluted EPS exclude approximately $103 million and $0.52, respectively, for stock-based compensation and net intangible amortization.
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