US-based leading solar tracker manufacturer Nextracker exited FY2025 with nearly $3 billion in revenues, representing an 18% year-on-year (YoY) growth, driven by a $924 million contribution from Q4 alone.
The Q4 FY2025 revenues were led by the US, which accounted for close to 66% of the mix, followed by 34% from the rest of the world (ROW). For the year, this mix represented 69% and 31%, respectively.
Adjusted EBITDA for the year at $776 million rose by 49% YoY with the addition of $242 million in the last quarter, which itself grew 52% YoY.
The management says its Hail Pro series trackers, with more than 9 GW of Hail Pro-60 and Hail Pro-75, were booked in FY2025. Nextracker also sold more than 17 GW of XTR tracker series last year, including its recently released XTR 1.5 tracker.
Diversification
Following the company’s earnings calldiscussing its financial results, Philip Shen of ROTH stated, “With its dominant market share, how can NXT grow especially as some customers don't necessarily want to give NXT more tracker business given its dominant position? NXT's answer, in part, is to diversify its business and to offer its customers other elements in a solar system's balance of system (BOS).” This is where its electrical balance of system (eBOS) provider Bentek’s acquisition comes in, which Nextracker acquired in an all-cash transaction of approximately $78 million.
Nextracker said it will offer eBOS products as standalone industry-compatible components for both trackers and fixed tilt systems. These will also be used in integrated NX Horizon system solutions.
“Bentek’s U.S. fabrication footprint further enhances Nextracker’s strong domestic supply chain position. This acquisition continues Nextracker’s strategy of incorporating complementary technologies into the company’s market-leading tracker platform to accelerate solar power plant construction, increase performance, and enhance long-term reliability,” stated the management.
Nextracker is strategically evolving from a single product category to a power solutions platform. Over the next 5 years, it targets the sales of non-tracker products and services to grow 1/3rd of the company’s total revenue.
Backlog and guidance
Total backlog for the company increased QoQ, significantly over $4.5 billion, representing its 9th consecutive quarter of sequential growth (see Nextracker Reports Strong Q3 FY2025 Financial Results).
While the company reports a strong backlog, ROTH analysts expect booking activity to slow down in the coming quarters, given market uncertainty.
Nevertheless, backed by this backlog and robust pipeline coverage, Nextracker has offered strong guidance of $3.2 billion to $3.4 billion for revenues in FY 2026, with a GAAP net income of $445 million to $503 million. Adjusted EBITDA is guided to be between $700 million and $775 million.
