Business
Nextracker Reports Q1 FY25 Financial Results
50% Revenue Growth YoY; Reaffirms FY25 Outlook Adds Solar Foundation Offerings with Ojjo and Solar Pile International Acquisitions FREMONT, Calif.--(BUSINESS
About this update from Nextpower Inc.
50% Revenue Growth YoY; Reaffirms FY25 Outlook Adds Solar Foundation Offerings with Ojjo and Solar Pile International Acquisitions FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a global market leader of intelligent solar tracker and software solutions, today announced financial results for the first quarter of fiscal year 2025, ended June 28, 2024. Financial Summary (In millions, except per share) Q1 FY25* Q4 FY24* Q1 FY24* Revenue $720 $737 $480 GAAP Gross Profit $237 $340 $114 GAAP Gross Margin 33.0% 46.2% 23.7% GAAP Net Income $125 $223 $64 GAAP Net Income Margin 17.3% 30.3% 13.3% GAAP Diluted EPS $0.84 $1.51 $0.43 Adjusted Gross Profit $241 $222 $116 Adjusted Gross Margin 33.5% 30.2% 24.1% Adjusted EBITDA $175 $160 $84 Adjusted EBITDA Margin 24.3% 21.7% 17.4% Adjusted Net Income $139 $142 $71 Adjusted Diluted EPS $0.93 $0.96 $0.48 *Q1 FY25 GAAP and adjusted results include approximately $47 million of IRA 45X advanced manufacturing tax credit vendor rebates (45X credits). Q4 FY24 GAAP results include a cumulative adjustment to recognize 45X credits of $121 million earned on eligible deliveries from January 1, 2023, through March 31, 2024. Q1 FY24 results do not include 45X credits. Please refer to Nextracker’s most recent Annual Report on Form 10-K for more information on 45X credits and schedules IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures, and additional information can be found on the Investor Relations section of our website. Business Highlights Launched NX Horizon Low Carbon Tracker in April 2024 and unveiled Agrivoltaics in July 2024 Expanded JM Steel’s Pittsburgh facility with Nextracker-dedicated manufacturing in April 2024 Opened a second Nevada factory by Unimacts with Nextracker-dedicated manufacturing in June 2024 Acquired Ojjo, Inc. on June 20, 2024 for approximately $120 million Acquired Solar Pile International’s foundations business on July 31, 2024 for approximately $48 million Amended credit agreement and expanded revolver facility from $500 million to $1 billion on June 21, 2024 Currently expect 100% U.S. domestic content capability with an early CY25 planned ship date “Our fiscal year is off to an excellent start with another quarter of strong execution, where healthy demand dynamics continued for solar trackers in both the U.S. and international markets,” said ...