Business
Nextracker Reports Q2 FY25 Financial Results
Reaffirms FY25 Revenue Outlook and Raises FY25 Profit Outlook FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a global market leader of
About this update from Nextpower Inc.
Reaffirms FY25 Revenue Outlook and Raises FY25 Profit Outlook FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a global market leader of intelligent solar tracker and software solutions, today announced financial results for the second quarter of fiscal year 2025, ended September 27, 2024. Financial Summary (In millions, except per share) Q2 FY25* Q1 FY25* Q2 FY24 Revenue $636 $720 $573 GAAP Gross Profit $225 $237 $149 GAAP Gross Margin 35.4% 33.0% 26.0% GAAP Net Income $117 $125 $81 GAAP Net Income Margin 18.5% 17.3% 14.2% GAAP Diluted EPS $0.79 $0.84 $0.55 Adjusted Gross Profit $228 $241 $152 Adjusted Gross Margin 35.9% 33.5% 26.6% Adjusted EBITDA $173 $175 $110 Adjusted EBITDA Margin 27.2% 24.3% 19.2% Adjusted Net Income $145 $139 $96 Adjusted Diluted EPS $0.97 $0.93 $0.65 *Q2 FY25 and Q1 FY25 GAAP and adjusted results include approximately $51 million and $47 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates (45X credits). Q2 FY24 results do not include 45X credits. Please refer to Nextracker’s most recent Quarterly Report on Form 10-Q and 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. Additional information can be found on the Investor Relations section of our website. Business Highlights Unveiled NX Foundation Solutions at 2024 RE+ North America in Anaheim, California Signed 100% U.S. domestic content project contracts and accelerated planned ship date to the end of CY24 Expanded manufacturing footprint to over 85 partner manufacturing facilities Inaugurated India’s first R&D Center for Solar Excellence in Hyderabad, the third global R&D center along with centers in Brazil and the U.S. “We’re very pleased with the company’s execution, driving a record first half of fiscal year 2025 with strong demand in Q2,” said Dan Shugar, founder and CEO of Nextracker. “In the quarter, we successfully executed on the launch of our new NX Foundation Solutions portfolio. We are also pleased to report that we have received customer orders for all of our new products launched in the last year, including NX Horizon-XTR™ 1.5 all-terrain tracker, NX Horizon™ Low Carbon Tracker, NX Hail Pro-75, and NX Foundation Solutions. Finally, we accelerated our planned timeline for our 100% U.S. domestic cont...