Nextracker’s quarterly revenue rises 19% year-on-year

Facebook
Twitter
LinkedIn
Reddit
Email
Nextracker’s Tennessee steel factory, one of four the company now uses in the US. Image: Nextracker.

Solar tracker supplier Nextracker has reported a 19% rise in year-on-year revenues for the first quarter of its 2024 fiscal year (FY) to US$479.5 million.

In this quarter, the company recorded net income of US$63.6 million, up from US$55.9 million in the previous three-month period. Adjusted EBITDA of US$83.7 million was up from US$72.5 million on the previous quarter and up 161% YoY.

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 fiscal year begins in April, with the first quarter ending on 30 June and corresponding to the second quarter of the calendar year.

Nextracker said that it hit a record high US$3 billion backlog of orders in the last quarter, and over the financial year to come it expects revenues of US$2.2 billion to US$2.4 billion and adjusted EBITDA between US$290 million and US$340 million.

“I am very pleased with our Q1 results against both operational and financial metrics, as we continue serving global markets,” said Dan Shugar, Nextracker founder and CEO. “Solid execution combined with sustained sales momentum produced our new record backlog of over $3 billion, along with profitability that exceeded pre-pandemic levels. From this foundation we are increasing our FY24 guidance.”

In January, Nextracker filed its initial public offering (IPO), for which it raised US$638 million at a share price of US$24.

The FY 2023, which ended in March this year, saw Nextracker more than double its YoY adjusted EBITDA, from US$92 million in 2022 to US$209 million. At the time of that earnings call, Roth Capital said that Nextracker’s results were “impressive”, given that the company had specific orders, projects and start dates assigned to almost all of its US$1 billion in orders.

In May the company opened its fourth US steel plant to manufacture steel torque tubes for its tracker systems. At the same time it announced a 3GW supply deal with US solar developer Silicon Ranch.

Demand for US-made solar array components like trackers is likely to remain high following the Inflation Reduction Act’s Domestic Content tax adders, which require solar installations to meet a 40% cost-based level of US-made content (rising to 55% in 2026) in order to gain a 10% additional tax credit.

 Last year it announced a new tracker production line in Arizona, as well as a research and development centre in Brazil.

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

September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
The California State Legislature has passed two bills that aim to reduce energy prices in the state, AB 825 and SB 302.
Premium
September 16, 2025
At RE+, industry leaders pointed to the resilience of the US solar sector, despite challenges brought by the 'One Big, Beautiful Bill' Act.
September 16, 2025
Two Wisconsin Republicans have introduced legislation to open access to community solar projects in the US state.
September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA