Slide 1: Q3 FY2025 Shareholder Letter
Q3 FY2025 SHAREHOLDER LETTER January 28, 2025 Winneke Solar Farm powering Melbourne Water’s Water Treatment Plant in Melbourne’s northeast, featured technology: Nextracker NX Horizon-XTRTM all terrain tracker
Slide 2: Financial Highlights
Financial Highlights YTD Performance Through Q3 FY25 Revenue ($M) Adjusted EBITDA ($M) Adjusted Free Cash Flow ($M) 534 2,035 26% 1,763 362 Adj. 395 +15% EBITDA % 21% +48% 314 +26% YTD FY24 YTD FY25 YTD FY24 YTD FY25 YTD FY24 YTD FY25 GAAP Adjusted Gross Profit ($M) Gross Profit ($M) YTD Financial H
Slide 3: Dear Nextracker Shareholder
Dear Nextracker Shareholder, We are pleased to share the results of our third quarter of fiscal year 2025. On our earnings conference call, we will provide short opening remarks and a Q&A session. We look forward to speaking with you on our call, held on January 28 at 2:00 p.m. PT. Q3 and YTD FY25 R
Slide 4: Business Highlights
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 Steel worker at Nextracker-dedicated from new products Las Vegas, Nevada fabrication facility • Expanded manufacturin
Slide 5: Fiscal Year 2025 Outlook
Fiscal Year 2025 Outlook We are reaffirming FY25 revenue outlook and raising our FY25 profit outlook. We expect revenue to be in the range of $2.8 billion Based on the progress we’ve made in the past to $2.9 billion, adjusted EBITDA to be in the range of quarter and our backlog growing to significan
Slide 6: Outlook Summary
Outlook Summary Updated Outlook Previous Outlook Revenue $ 2.8 - $2.9B $ 2.8 - $2.9B 467 - $497M 378 - $408M GAAP $ $ Net Income GAAP Diluted EPS 3.11 - $3.31 $ $ 2.50 - $2.70 Adjusted EBITDA $ 700 - $740M $ 625 - $665M Adjusted Diluted EPS 3.75 - $3.95 $ $ 3.10 - $3.30 WASO 150M • Increasing Adjust
Slide 7: Customer Wins, Bookings, and Backlog
Nextracker delivers Saudi Arabia’s first terrain-following tracker at scale on ACWA’s 1173 MWp Al Khafah (PIF 3) project, Dec 2024 Customer Wins, Bookings, and Backlog Nextracker continues to enjoy strong repeat business, representing over 80% of revenue, while also expanding our geographic reach an
Slide 8: Customer Wins, Bookings, and Backlog: U.S. Business and Rest of World
CUSTOMER WINS, BOOKINGS, AND BACKLOG U.S. Business In Q3, we achieved record new U.S. bookings in the quarter, which further highlights the Company’s leading position in the industry. Our differentiated value-driven products along with strategic alignment with both EPC partners and developers and ow
Slide 9: Industry Update: Powering Progress
NX HorizonTM smart solar tracker technology on the Helios Valgas power plant in Minas Gerais, Brazil. (662 MW) Industry Update Powering Progress The next four years are set to witness a significant surge in electricity demand to power data centers and artificial intelligence (AI), industrial onshori
Slide 10: Industry Update: Solar Plus Storage
INDUSTRY UPDATE Solar Plus Storage: Positioned for Sustainable Growth We believe solar energy remains our most viable Cost, reliability, availability of supply chain, and speed of solution for new power generation capacity and construction are key drivers of the growing adoption energy as strong ele
Slide 11: Financial Results
NX HorizonTM smart solar tracker featured at Janauba Solar Power Plant, Brazil (1.3 GW) Financial Results Shareholder Letter Q3 FY2025 Page 11
Slide 12: Financial Results: Revenue and Revenue Mix
FINANCIAL RESULTS Revenue ($M) Revenue Mix 737 710 720 Revenue Q2 Q3 Q4 Q1 Q2 Q3 679 $M, except % FY24 FY24 FY24 FY25 FY25 FY25 636 573 U.S. 382 556 494 511 462 450 YoY Change 23% 70% 27% 89% 21% -19% RoW 191 155 242 208 174 229 YoY Change 23% -17% 89% 0% -9% 48% U.S. % 67% 78% 67% 71% 73% 66% Q2 FY
Slide 13: Financial Results: Profitability
FINANCIAL RESULTS Profitability Adjusted EBITDA ($M) 186 $M, except % Q2 Q3 Q4 Q1 Q2 Q3 175 173 and per share FY24 FY24 FY24 FY25 FY25 FY25 27% 168 160 24% Adj. Adj. Gross Profit 152 212 222 241 228 245 27% EBITDA % 24% 22% YoY Change 135% 157% 118% 109% 50% 15% 110 Adj. Gross Margin 27% 30% 30% 34%
Slide 14: Financial Results: Quarterly Results
FINANCIAL RESULTS Q3 net interest and other income was $10 million, related to the two foundations company acquisitions, primarily driven by FX gains, higher interest income and the implementation of transfer pricing strategies. on a higher average cash and cash equivalents balance, and tax related
Slide 15: Balance Sheet and Cash Flow
FINANCIAL RESULTS Balance Sheet and Cash Flow Our strong balance sheet, cash flow generation, Our debt to adjusted EBITDA (TTM) ratio is and ample liquidity remain competitive advantages. approximately 0.2x, with no significant debt maturities until fiscal 2028. Year to date, we have We closed the q
Slide 16: About Nextracker
Wright Solar Power Plant (250 MW) featuring Nextracker’s NX Horizon-XTRTM + half cut cell bifacial pv technology, TrueCaptureTM optimization software with Split BoostTM About Nextracker We at Nextracker vision a world powered by renewable energy where clean, affordable power is available for all. Ou
Slide 17: Nextracker Product Portfolio: Tracker Systems
ABOUT NEXTRACKER Nextracker Product Portfolio Tracker Systems Nextracker offers customers the industry’s most comprehensive smart solar tracker portfolio, optimized for all panels. Designed with independent-row and windproof architecture, Nextracker solutions deliver greater flexibility to reliably
Slide 18: Nextracker Product Portfolio: Software, Controls and Services
ABOUT NEXTRACKER Nextracker Product Portfolio Software & Controls Our field-proven TrueCaptureTM energy yield enhancement and NX NavigatorTM advanced monitoring and control platforms make for the most advanced software ecosystem in the solar tracker sector. Validated by independent engineers and emb
Slide 19: A Global and Diversified Supply Chain
ABOUT NEXTRACKER A Global and Diversified Supply Chain Nextracker’s 100 GW+ shipments demonstrate the We continue to expand our global supply chain global scale of our supply chain. network and are strategically positioned with more than 90 partnering facilities worldwide that Our annual global capa
Slide 20: Go-to-Market Strategy and Operations
ABOUT NEXTRACKER Go-to-Market Strategy and Operations Nextracker provides intelligent, integrated utility scale solutions to customers through a capex-light manufacturing model, in which most of our components are produced by outside qualified vendors through contract manufacturing agreements. We ha
Slide 21: About Nextracker
ABOUT NEXTRACKER Nextracker is a leading provider of integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects around the world. Our product portfolio enables solar PV power plants to follow the sun’s movement across
Slide 22: Forward Looking Statements
Forward Looking Statements This shareholder letter contains forward-looking expected future developments and other factors they statements within the meaning of Section 27A believe to be appropriate, and speak only as of the of the Securities Act of 1933, as amended, and date of this shareholder let
Slide 23: Use of Adjusted Financial Information
energy system; a loss of one or more of our significant Use of Adjusted customers, their inability to perform under their Financial Information contracts, or their default in payment to us; defects or performance problems in our products; delays, disruptions or quality control problems in our produc
Slide 24: Schedule I: Statements of Operations
Schedule ScheduleI I Nextracker Inc. Unaudited condensed consolidated statements of operations and comprehensive income (In thousands, except per share data) Three-month periods ended December 31, 2024 December 31, 2023 Revenue $ 679,363 $ 710,426 Cost of sales 438,460 500,701 Gross profit 240,903 2
Slide 25: Schedule II: Balance Sheets
Schedule II Schedule II Nextracker Inc. Unaudited condensed consolidated balance sheets (In thousands) As of December 31, 2024 As of March 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 693,543 $ 474,054 Accounts receivable, net of allowance of $2,845 and $3,872, respectively 457,918 38
Slide 26: Schedule III: Statements of Cash Flows
Schedule III Schedule III Nextracker Inc. Unaudited condensed consolidated statements of cash flows (In thousands) Three-month periods ended Nine-month periods ended December 31, 2024 September 27, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Cash flows from operating activities: Net i
Slide 27: Schedule IV: Reconciliation of GAAP to Non-GAAP
Schedule Schedule IV IV Nextracker Inc. Reconciliation of GAAP to Non-GAAP Financial measures (In thousands, except percentages and per share data) Three-month periods ended December 31, 2024 September 27, 2024 June 28, 2024 March 31, 2024 December 31, 2023 September 29, 2023 GAAP gross profit & mar
Slide 28: Schedule IV: Reconciliation of GAAP to Non-GAAP
development $ 20,094 3.0% $ 19,193 3.0% $ 16,519 2.3% $ 13,090 1.8% $ 12,897 1.8% $ 7,146 1.2% Stock-based compensation expense 2,414 1,987 2,834 2,317 5,377 — Adjusted research and Schedule Schedule IV IV development $ 17,680 2.6% $ 17,206 2.7% Nextracker Inc. 1.9% $ 10,773 1.5% $ 13,685 $ 7,520 1.
Slide 29: Schedule IV: Reconciliation of GAAP to Non-GAAP
Schedule Schedule IV IV Nextracker Inc. Reconciliation of GAAP to Non-GAAP Financial measuresNine-month periods ended (In thousands, except percentages and per share December data) 31, 2024 December 31, 2023 GAAP gross profit & margin $ 703,138 34.6% $ 472,579 26.8% Three-month periods ended Stock-b
Slide 30: Schedule V: Notes
Schedule V Nextracker Inc. Notes To supplement Nextracker’s unaudited selected In calculating non-GAAP financial measures, we financial data presented consistent with U.S. exclude certain items to facilitate a review of Generally Accepted Accounting Principles (“GAAP”), the comparability of the Comp
Slide 31: Schedule V: Explanations of Adjustments
Schedule V The following are explanations of each of the footprint. These suppliers produce 45X Credit adjustments that we incorporate into non-GAAP eligible parts, including torque tubes, and structural measures, as well as the reasons for excluding fasteners, that will then be incorporated into a