Nextracker, a solar tracker and software provider, has reported a substantial increase in its adjusted EBITDA for the financial year ending March 2023, more than doubling to $209 million from $92 million in the previous year. The company also posted net revenue of $1.9 billion and an adjusted net income of $153.1 million during the same period, with over $1.2 billion (65%) of net revenue coming from its US operations. In addition, Nextracker's backlog of contracts exceeded $2.9 billion, representing a record 90% year-on-year increase.
The company's recent initial public offering (IPO) raised $638 million at $24 per share price, and Roth Capital noted that “NXT's $1bn of bookings is impressive since the company has specific projects, start dates, and deposits on nearly all that volume.”
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For the final quarter of the financial year, from January to March 2023, Nextracker recorded $518.4 million in revenue, adjusted EBITDA of $72.5 million (up 227% from the same period in 2022), and net income of $55.9 million. CEO and founder Dan Shugar said that the company's growth reflects its leadership position in solar markets worldwide, as well as solid execution across the business.
Nextracker's success in the US can be attributed to its commitment to onshoring and securing its US supply chain. The company has over 15 manufacturing partners in North America to supply its tracker components, and it has recently reopened the Bethlehem steel manufacturing plant, among other initiatives.
Looking ahead to 2024, Nextracker predicts revenue of $2.1-2.3 billion and adjusted EBITDA of between $265 million and $305 million. With a track record of profitability and a strong backlog of contracts, Nextracker is poised for continued success in the solar energy market.
