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Nextracker Reports First Quarter Fiscal Year 2024 Financial Results
Q1 2024 Revenues of $479.5 million, up 19% year-over-year FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), one of the world’s leading providers
About this update from Nextpower Inc.
[{"type":"text","content":"\nQ1 2024 Revenues of $479.5 million, up 19% year-over-year\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nNextracker (Nasdaq: NXT), one of the world’s leading providers of intelligent solar tracker and software solutions, today announced financial results for the first quarter ended June 30, 2023.\n\n\nFirst Quarter Fiscal 2024 Financial Highlights:\n\n\n\nRevenue of $479.5 million, an increase of 19% year-over-year\n\n\n\nGAAP net income of $63.6 million, $0.43 EPS\n\n\n\nAdjusted EBITDA of $83.7 million, an increase of 161% year-over-year\n\n\n\nAdjusted net income of $70.9 million, $0.48 Adjusted non-GAAP EPS\n\n\n\nAn explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules IV and V attached to this press release.\n\n\nFirst Quarter Fiscal 2024 Business Highlights:\n\n\n\nSignificant customer wins in Fiscal year 2023 Q1; new record backlog over $3 billion\n\n\n\nGlobal manufacturing expansion progressing on plan\n\n\n\nCompleted successful secondary public offering, increasing Nextracker’s public float\n\n\n\n“I am very pleased with our Q1 results against both operational and financial metrics, as we continue serving global markets,” said Dan Shugar, Nextracker Founder and CEO. “Solid execution combined with sustained sales momentum produced our new record backlog of over $3 billion, along with profitability that exceeded pre-pandemic levels. From this foundation we are increasing our FY24 guidance.\n\n\n“As we maintain pricing discipline, our relentless focus on innovation is allowing customers to increase their project profitability. Solar’s growth prospects as the largest source of new power generation continues to strengthen as a result of technology progress, cost reduction, capacity expansion, and favorable policies; Nextracker is well positioned to continue leading the industry,” concluded Shugar.\n\n\nFiscal Year 2024 Outlook\n\n\n\nRevenue: $2.2 billion to $2.4 billion\n\n\n\nGAAP Net Income: $176 million to $205 million\n\n\n\nGAAP EPS: $1.20 to $1.40\n\n\n\nAdjusted EBITDA: $290 million to $340 million\n\n\n\nAdjusted non-GAAP EPS: $1.45 to $1.65 which excludes $0.25 for stock-based compensation expense and net intangible amortization\n\n\n\nThese statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the F...