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Nextracker (Nasdaq: NXT), a global market leader in intelligent solar trackers and software solutions, announced financial results for the second quarter of fiscal year 2025, ending 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.
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 content projects ship date from early CY25 to before the end of the current calendar year.”
“We finished Q2 with strong execution and operational discipline, driving meaningful improvements in margins, which allows us to raise our FY25 profit outlook,” said Chuck Boynton, CFO of Nextracker. “In the first half of FY25, we generated $260 million in adjusted free cash flow, bolstering our balance sheet with over $560 million of total cash and cash equivalents, bringing our total liquidity to over $1.5 billion.”
FY2025 Annual Outlook
Reaffirms FY25 revenue outlook and raises FY25 profit outlook
Updated Outlook Previous Outlook
Revenue $2.8 to $2.9 billion $2.8 to $2.9 billion
GAAP Net Income $378 to $408 million $363 to $393 million
GAAP Diluted EPS $2.50 to $2.70 $2.37 to $2.57
Adjusted EBITDA $625 to $665 million $600 to $650 million
Adjusted Diluted EPS $3.10 to $3.30 $2.89 to $3.09
Adjusted EBITDA and adjusted diluted EPS exclude approximately $119 million and $0.60, respectively, for stock-based compensation, acquisition-related costs and net intangible amortization. |
