Business
Nextracker Reports Fourth Quarter and Fiscal Year 2023 Financial Results
FY 2023 Revenues of $1.9 billion, up 30% year-over-year FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), one of the world's leading providers of
About this update from Nextpower Inc.
[{"type":"text","content":"\nFY 2023 Revenues of $1.9 billion, up 30% 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 fourth quarter and fiscal year ended March 31, 2023.\n\n\nFourth Quarter Fiscal 2023 Financial Highlights\n\n\n\nRevenue of $518.4 million\n\n\n\nGAAP net income of $27.5 million\n\n\n\nAdjusted EBITDA of $72.5 million\n\n\n\nAdjusted net income of $55.9 million\n\n\n\nFull Year Fiscal 2023 Financial Highlights\n\n\n\nRevenue of $1.9 billion\n\n\n\nGAAP net income of $121.3 million\n\n\n\nAdjusted EBITDA of $209.0 million\n\n\n\nAdjusted net income of $153.1 million\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\nFiscal 2023 Business Highlights:\n\n\n\nBacklog grew to a record $2.6 billion, a 90% year-on-year increase, with key wins in North America, Latin America, Australia, India, and Europe\n\n\n\nExecuted multiple project portfolio contracts with owners and developers\n\n\n\nNextracker listed its shares on Nasdaq on February 9, 2023, and closed its Initial Public Offering on February 13, 2023\n\n\n\n“We are very pleased to complete the year reporting such a strong quarter, our first as a public Company,” said Dan Shugar, CEO and Founder of Nextracker. “Our ability to grow revenue by 30% and earnings by over 120% for fiscal 2023, while posting our fifth consecutive year of profitability, reflects our leadership position in solar markets around the world, a global supply chain footprint supporting those operations, as well as solid execution across the business. We completed the year with record backlog of $2.6 billion and believe the trends driving solar adoption are accelerating. With only 3% of the global energy market converted to solar, we are excited about the opportunity ahead for Nextracker and our industry.”\n\n\nFiscal Year 2024 Outlook\n\n\n\nRevenue: $2.1 billion to $2.3 billion\n\n\n\nGAAP Net Income: $175 million to $205 million\n\n\n\nGAAP EPS: $1.20 to $1.40\n\n\n\nAdjusted EBITDA: $265 million to $305 million\n\n\n\nAdjusted Non-GAAP EPS: $1.35 to $1.55 which excludes $0.15 for stock-based compensation expense and net intangible amortiz...