Nextracker reports US$573 million in revenue in Q3 2023, announces split from Flex

Nextracker’s booth at RE+ 2023. Image: PV Tech

US solar tracker manufacturer Nextracker has published its financial results for the third quarter of the year, headlined by revenue of US$573 million and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$110 million.

The figures, which cover the quarter to 29 September, which Nextracker calls the second quarter of its 2024 financial year, are encouraging compared to previous years. The company’s revenue is up 23% year-on-year, and up from US$479.5 million in the second quarter of this year, while its EBITDA is up 164% year-on-year, and has risen from US$83.7 million in the previous quarter.

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At the same time, Nextracker’s parent company, Singapore-headquartered electronics manufacturer Flex, announced plans to transfer its ownership of the company to its shareholders. Flex owns a 51.47% stake in Nextracker, following sales of its stake, first to investor TPG Rise, then as part of a public offering, and the latest deal will see Nextracker separate entirely from Flex.

The move is subject to conditions laid out in an agreement signed in February this year by Flex and Nextracker.

“We closed our third consecutive quarter of growth year-over-year, as a public company, and it was our sixth consecutive quarter of margin expansion on a sequential basis,” said CEO Dan Shugar.

“With a record first half and our anticipation of a strong second half of the fiscal year, we have raised our annual profit guidance and the mid-point of our annual revenue guidance. We are well-positioned with our global scale and growth profile, and we are excited to pursue the market opportunities ahead.”

Much of Nextracker’s recent growth stems from the company’s launch of a number of new products, most notably a range of trackers designed for use in unpredictable or damaging weather conditions, such as hailstorms. Nextracker has also expanded its manufacturing capacity, as it has sought to take advantage of financial incentives offered for US renewable power manufacturing under the Inflation Reduction Act, by opening a new component factory in Las Vegas.

As a result of these positive performances, the company has revised many of its end-of-year forecasts, now expecting to generate revenue of US$2.3-2.4 billion by the end of the company’s 2024 financial year, which will end next March. This is an increase over the US$2.2-2.4 billion initially forecast. Nextracker also expects its adjusted EBITDA to increase from US$290-340 million to US$390-440 million by the end of the company’s next financial year.

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