Nextracker, a global market leader in intelligent solar trackers, foundations, and software solutions, has announced financial results for the third quarter of fiscal year 2025, ended December 31, 2024.
| Financial Summary (In millions, except per share) | |||
| Q3 FY25 | Q2 FY25 | Q3 FY24 | |
| Revenue | $679 | $636 | $710 |
| GAAP Gross Profit | $241 | $225 | $210 |
| GAAP Gross Margin | 35.5% | 35.4% | 29.5% |
| GAAP Net Income | $117 | $117 | $128 |
| GAAP Net Income Margin | 17.3% | 18.5% | 18.0% |
| GAAP Diluted EPS | $0.79 | $0.79 | $0.87 |
| Adjusted Gross Profit | $245 | $228 | $212 |
| Adjusted Gross Margin | 36.0% | 35.9% | 29.9% |
| Adjusted EBITDA | $186 | $173 | $168 |
| Adjusted EBITDA Margin | 27.4% | 27.2% | 23.6% |
| Adjusted Net Income | $154 | $145 | $142 |
| Adjusted Diluted EPS | $1.03 | $0.97 | $0.96 |
| Q3 FY25 and Q2 FY25 GAAP and adjusted results include approximately $52 million and $51 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates (“45X credits”). Q3 FY24 results do not include 45X credits. |
Business Highlights
- Record backlog increased to significantly greater than $4.5 billion, supported by robust demand in all key regions for the company with meaningful contributions from new products
- Expanded manufacturing and supply chain network to over 70 manufacturing partners operating more than 90 facilities across 19 countries, totaling over 50 GW/year of capacity, enabling local content with superior on-time delivery and customer satisfaction
- Shipped the first 100% U.S. domestic content solar trackers
- Deployed newly launched products and features at scale, including:
- NX Horizon Hail Pro™: Industry-leading 75-degree stow capability to mitigate against hail risk
- NX Horizon Hail Pro™: Automated stowing for proactive storm response
- NX Horizon-XTR™: Feature doubles XTR’s ability to conform to sloping terrain
- NX-Anchor™: Advanced foundations solutions solving challenging geotechnical conditions
- Launched significant expansion of R&D and innovation capability:
- Expanded U.S. R&D facility and Customer Center of Excellence
- Partnered with UC Berkeley and launched CAL-NEXT Center for Solar Energy Research, a $6.5 million commitment to advance solar technology
- Inaugurated the India R&D Center for Solar Excellence in Hyderabad
- Expanded Center for Solar Excellence in Brazil
“We’re very pleased with the company’s execution, delivering record revenue and profit year-to-date driven by strong demand,” said Dan Shugar, founder and CEO of Nextracker. “In the quarter, we successfully deployed several of our newly launched products and features at scale, expanding our total addressable market. In addition, we continue to increase our investment in R&D to drive rapid customer centric innovation ensuring our solutions remain at the forefront of solar technology while driving value for stakeholders worldwide.”
“Our strong year-to-date financial performance, coupled with our growth in backlog enables us to raise our FY25 profit outlook,” said Chuck Boynton, CFO of Nextracker. “The company is on incredibly solid financial footing with $418 million of operating cash flow year-to-date, ending the quarter with over $693 million in cash and equivalents.”
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 | $467 to $497 million | $378 to $408 million |
| GAAP Diluted EPS | $3.11 to $3.31 | $2.50 to $2.70 |
| Adjusted EBITDA | $700 to $740 million | $625 to $665 million |
| Adjusted Diluted EPS | $3.75 to $3.95 | $3.10 to $3.30 |
| Adjusted EBITDA and adjusted diluted EPS exclude approximately $120 million and $0.64, respectively, for stock-based compensation, acquisition-related costs, and net intangible amortization. |
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