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

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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.

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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.

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