Nextracker (Nasdaq: NXT), a global market leader in intelligent solar trackers and software solutions, announced financial results for the second quarter of fiscal year 2025, ending September 27, 2024.
| Financial Summary | |||
| (In millions, except per share) | |||
| Q2 FY25* | Q1 FY25* | Q2 FY24 | |
| Revenue | $636 | $720 | $573 |
| GAAP Gross Profit | $225 | $237 | $149 |
| GAAP Gross Margin | 35.4% | 33.0% | 26.0% |
| GAAP Net Income | $117 | $125 | $81 |
| GAAP Net Income Margin | 18.5% | 17.3% | 14.2% |
| GAAP Diluted EPS | $0.79 | $0.84 | $0.55 |
| Adjusted Gross Profit | $228 | $241 | $152 |
| Adjusted Gross Margin | 35.9% | 33.5% | 26.6% |
| Adjusted EBITDA | $173 | $175 | $110 |
| Adjusted EBITDA Margin | 27.2% | 24.3% | 19.2% |
| Adjusted Net Income | $145 | $139 | $96 |
| Adjusted Diluted EPS | $0.97 | $0.93 | $0.65 |
Please refer to Nextracker’s most recent Quarterly Report on Form 10-Q and 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. Additional information can be found on the Investor Relations section of our website.
- Unveiled NX Foundation Solutions at 2024 RE+ North America in Anaheim, California
- Signed 100% U.S. domestic content project contracts and accelerated planned ship date to the end of CY24
- Expanded manufacturing footprint to over 85 partner manufacturing facilities
- Inaugurated India’s first R&D Center for Solar Excellence in Hyderabad, the third global R&D center along with centers in Brazil and the U.S.
“We’re very pleased with the company’s execution, driving a record first half of fiscal year 2025 with strong demand in Q2,” said Dan Shugar, founder and CEO of Nextracker. “In the quarter, we successfully executed on the launch of our new NX Foundation Solutions portfolio. We are also pleased to report that we have received customer orders for all of our new products launched in the last year, including NX Horizon-XTR™ 1.5 all-terrain tracker, NX Horizon™ Low Carbon Tracker, NX Hail Pro-75, and NX Foundation Solutions. Finally, we accelerated our planned timeline for our 100% U.S. domestic content projects ship date from early CY25 to before the end of the current calendar year.”
“We finished Q2 with strong execution and operational discipline, driving meaningful improvements in margins, which allows us to raise our FY25 profit outlook,” said Chuck Boynton, CFO of Nextracker. “In the first half of FY25, we generated $260 million in adjusted free cash flow, bolstering our balance sheet with over $560 million of total cash and cash equivalents, bringing our total liquidity to over $1.5 billion.”
FY2025 Annual Outlook
Reaffirms FY25 revenue outlook and raises FY25 profit outlook
| Updated Outlook | Previous Outlook | |
| Revenue | $2.8 to $2.9 billion | $2.8 to $2.9 billion |
| GAAP Net Income | $378 to $408 million | $363 to $393 million |
| GAAP Diluted EPS | $2.50 to $2.70 | $2.37 to $2.57 |
| Adjusted EBITDA | $625 to $665 million | $600 to $650 million |
| Adjusted Diluted EPS | $3.10 to $3.30 | $2.89 to $3.09 |
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