Business
Nextracker Reports Q4 and FY24 Financial Results
Achieves Record Revenue and Profits First U.S. Solar Company to Achieve 100 Gigawatts Global Shipment Milestone FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker
About this update from Nextpower Inc.
Achieves Record Revenue and Profits First U.S. Solar Company to Achieve 100 Gigawatts Global Shipment Milestone FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a global market leader of intelligent solar tracker and software solutions, today announced financial results for the fourth quarter and fiscal year ended March 31, 2024. Full FY2024 Financial Highlights Revenue $2.5 billion, up 31% YoY GAAP net income $496 million, diluted EPS $3.37 Adjusted EBITDA $521 million, up 150% YoY (excludes IRA 45X tax credit benefits) Adjusted net income $451 million, adjusted diluted EPS $3.06 (excludes IRA 45X tax credit benefits) Operating cash flow of $429 million and adjusted free cash flow of $427 million Full FY2024 Business Highlights Milestone of 100-gigawatts (GW) shipped globally since company inception Record backlog of over $4 billion; Robust demand in U.S. and international markets Launched 3 new products: NX Horizon Hail Pro™, NX Horizon XTR-1.5™, TrueCapture’s Zonal Diffuse™ 20 new or expanded U.S. partner manufacturing facilities since 2021 Global annual supply capacity over 50 gigawatts, including U.S. capacity of over 30 gigawatts Q4 FY2024 Financial Highlights: Revenue $737 million, up 42% YoY GAAP net income $223 million, diluted EPS $1.51 Adjusted EBITDA $160 million, up 120% YoY (excludes IRA 45X tax credit benefits) “Fiscal year 2024 was a year of strong execution and significant growth for Nextracker, and we reached a record backlog of over $4 billion that more than tripled in 2 years,” said Dan Shugar, founder and CEO of Nextracker. “We’ve accelerated our pace of product innovation, scaled global revenue and supply chain, more than doubled our profits from the prior year, and exceeded all elements of our full year guidance.” “We also reached a tremendous milestone being the first U.S. solar company to surpass 100 gigawatts of global shipments since Nextracker’s inception, which underscores our sustained leadership position in the market. As we look ahead, we’re very excited about solar accelerating its position as the number one source of new power generation in the U.S. and abroad.” FY2025 Annual Guidance Revenue: $2.8 billion to $2.9 billion GAAP net income: $369 million to $399 million GAAP diluted EPS: $2.41 to $2.61 Adjusted EBITDA: $600 million to $650 million, which excludes approximately $95 million for stock-based compensa...