Nextracker FY 2024 backlog orders up 56%, expects revenue to increase about 15%

Facebook
Twitter
LinkedIn
Reddit
Email
Robust demand and new tracker fleets operating across the US and international markets drive the growth in FY 2024. Image: PV Tech

US solar tracker manufacturer Nextracker has posted its financial results for the fourth quarter and the full year of its last financial year, with backlog increasing by more than 50%.

In the financial year ended 31 March 2024, the value of Nextracker’s backlog increased from US$2.56 billion to more than US$4 billion, representing an increase of more than 56%. The company said this was due to robust demand and new tracker fleets operating across the US and international markets.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The company’s backlog increased significantly in recent years. In FY 2022, it was only US$1.3 billion, as shown in the graph below.

Graph showing increase in the value of Nextracker’s backlog orders. Credit: PV Tech

Aside from this backlog, the company’s revenue in Q4 increased by 42% year-on-year to US$737 million. Of the total revenue, the US market accounted for 67% (US$494 million), with the rest of the world making up the remaining 33% (US$242 million).

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased from US$72.5 million in Q1 2023 to US$159.6 million in Q1 2024, representing a 120% growth.

Revenue increased from US$1.9 billion in FY 2023 to US$2.5 billion in FY 2024. Adjusted EBITDA was US$521.5 billion, excluding 45X tax credit benefits of the Inflation Reduction Act (IRA), up from US$209 billion in FY 2023, representing a yearly growth of 150%.

Nextracker’s research and development (R&D) expenses also increased. In Q4, the company spent US$13.1 million on R&D, up from US$8.34 million in Q1 2023. Nextracker’s yearly R&D expenses increased from US$21.6 million in FY 2023 to US$42.4 million in FY 2024.

Graph comparing Nextracker revenue and R&D spending. Credit: PV Tech

In total, Nextracker has shipped more than 100GW products worldwide, with approximately 64GW shipped to the North American market. The remaining 36GW products have been shipped to the rest of the world, with Asia being the major market after North America.

Looking towards FY 2025, Nextracker expects its adjusted EBITDA is expected to be between US$600-650 million. The company forecasts its revenue to be between US$2.8-2.9 billion.

“Our guidance is supported by the strong backlog and considers individual project timings and potential headwinds like weather or logistics that might impact deliveries. The 45X credit is one of several elements that lower our costs and is included in our guidance,” said Dave Bennett, CFO of Nextracker.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 6, 2025
Genesis Energy and FRV Australia have mutually agreed to terminate their solar development joint venture while maintaining co-ownership of the 63MWp Lauriston solar PV power plant in Canterbury, New Zealand.
Premium
October 6, 2025
Talon PV aims to be the first US company to safely manufacture TOPCon cells at scale, backed by European technology and a crucial First Solar licensing deal.
October 6, 2025
Indian infrastructure company focused on rooftop and ground-based solar power installations, PVV Infra has secured solar power orders worth INR7.9 billion (US$90 million) through two of its subsidiaries. 
October 6, 2025
US utility AES Corporation is reportedly in discussions to be acquired by Global Infrastructure Partners (GIP), a subsidiary of global asset owning giant BlackRock.
October 6, 2025
Indian solar developer ACME Group has established a new subsidiary to manage its renewable equipment manufacturing business, under which it is planning to scale production of TOPCon PV modules.
October 6, 2025
Rajasthan government will develop 500MW/2,000MWh of standalone battery energy storage systems (BESS) with a four-hour single-cycle configuration and extended operational life.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland