US solar tracker manufacturer Nextracker reported US$679 million in revenues and over 50GW of manufacturing capacity in its financial results for the quarter ending 31 December 2024.
Nextracker describes this quarter as the third quarter of its 2025 financial year, and many of its financial metrics have improved from its second quarter. Total revenue exceeded the US$636 million posted in the previous quarter, and gross margin increased slightly from 35.4% to 35.5%, an increase from 29.5% in the same period a year ago.
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Earnings, meanwhile, increased from US$173 million in the second quarter of the 2025 financial year to US$186 million in the most recent quarter, and both figures are increases over the US$168 million posted in the third quarter of the 2024 financial year.
Nextracker also noted that its total backlog of orders had exceeded US$4.5 billion. The company expects to commission 87% of its backlog in the next eight quarters, an advancement on its previous forecast of realising 80% of its backlog by that time, which it made in its Q1 FY2025 report.
The growth in revenue is shown in the graph above, with quarters labelled by calendar quarter rather than financial year.
Nextracker has benefited from the US Inflation Reduction Act (IRA); its Q2 and Q3 results for the 2025 financial year included US$52 million and US$51 million, respectively, of tax credit rebates delivered under the 45X Advanced Manufacturing Tax Credit.
The 45X credit has been influential in expanding US domestic production of clean energy technologies. In December, Nextracker delivered the first trackers that comply entirely with the domestic content tax bonus guidelines included under the IRA. The trackers were delivered to SB Energy’s Pelican’s Jaw solar project, and are an important proof of concept for the US tracker manufacturing space.
While the US is by far its biggest market, the majority of Nextracker’s new revenue growth has come from outside the US, with revenue from other countries growing from US$174 million in the second quarter of the financial year to US$229 million in the most recent quarter. The company noted that, in the last three months, it has expanded its Center for Solar Excellence in Brazil and inaugurated a research and development (R&D) centre in India.
R&D investment grows
R&D has become a priority for Nextracker in recent months, launching a new tracker foundation system in September. The company’s R&D spending has increased consistently over the last year, exceeding US$20 million in a quarter for the first time, and almost doubling the US$12.9 million spent on R&D in the final quarter of the previous financial year.
The graph below shows that even as Nextracker’s quarterly revenue has fluctuated this year, R&D investment has increased for four consecutive quarters.
Looking ahead, Nextracker has updated its full-year forecasts for its 2025 financial year and expects its net income, earnings and earnings per share to increase while its revenue forecast is in line with its previous outlook – expecting US$2.8-2.9 billion. Net income, for instance, is now forecast to land between US$467-497 million, up from a previous prediction of US$378-408 million.
However, the company has been the subject of lawsuits from the Rosen Law Firm and Johnson Fistel, due to alleged misreporting of project delays between February and August 2024. The latter firm argues that Nextracker “made false and/or misleading statements” regarding the impacts of project delays on its financial performance and how permitting and interconnection delays had impeded Nextracker’s ability to realise its backlog.
When asked about the lawsuit, a Nextracker spokesperson told PV Tech today that: “We believe the lawsuit has no merit, and we will vigorously defend against it. Beyond that, we do not comment on pending litigation.
