Business
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.
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 of intelligent solar tracker and software solutions, today announced financial results for the first quarter ended June 30, 2023. First Quarter Fiscal 2024 Financial Highlights: Revenue of $479.5 million, an increase of 19% year-over-year GAAP net income of $63.6 million, $0.43 EPS Adjusted EBITDA of $83.7 million, an increase of 161% year-over-year Adjusted net income of $70.9 million, $0.48 Adjusted non-GAAP EPS An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules IV and V attached to this press release. First Quarter Fiscal 2024 Business Highlights: Significant customer wins in Fiscal year 2023 Q1; new record backlog over $3 billion Global manufacturing expansion progressing on plan Completed successful secondary public offering, increasing Nextracker’s public float “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. “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. Fiscal Year 2024 Outlook Revenue: $2.2 billion to $2.4 billion GAAP Net Income: $176 million to $205 million GAAP EPS: $1.20 to $1.40 Adjusted EBITDA: $290 million to $340 million Adjusted non-GAAP EPS: $1.45 to $1.65 which excludes $0.25 for stock-based compensation expense and net intangible amortization These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements section below for information on factors that could cause Nextracker’s actual results to differ materially from these forward-looking s...