Nextracker Announces Saudi Arabia JV As Backlog Exceeds $5 Billion

Nextracker, one of the world’s leading solar tracker manufacturers, is expanding its footprint to the Middle East and North Africa (MENA) region under a joint venture (JV) with Abunayyan Holding. The new entity, Nextracker Arabia, will be headquartered in Riyadh.

The JV will target utility-scale and distributed generation projects in Saudi Arabia and the broader MENA region. “The joint venture includes sales, engineering, and operations, and will assume ownership of Nextracker’s existing manufacturing facility in the Kingdom,” stated the US-based manufacturer in an official statement.  

Nextracker Founder and CEO Dan Shugar added, “With this new joint venture and initial manufacturing facility, we will build a strong local supply chain that brings production closer to our customers, enhances self-reliance, and delivers the high performance and reliability that our customers value.”

Nextracker Arabia will be officially launched in Q1 of the calendar year 2026. Nextracker Middle East, India, and Africa (MEIA) Senior Vice President and General Manager Rajeev Kashyap is likely to lead it as the chief operating officer (COO). 

With this announcement, Nextracker joins the club of other tracker manufacturers who plan to establish factories in Saudi Arabia, including TrinaTracker and Nextracker’s compatriot GameChange Solar, which is doubling its capacity in the country to 6 GW (see GameChange Solar Doubling Saudi Arabia Output To 6 GW).  

Q2 FY26 Financial Results 

The company has also reported its Q2 FY26 financials (period ended September 30, 2025) with a 42% year-on-year (YoY) and close to 5% quarter-on-quarter (QoQ) growth in revenues (see Nextracker Reports 27% Annual Growth In Q1 FY26 Revenues).   

The US market was the largest revenue generator for Nextracker during the reporting quarter, accounting for $687 million or 76% of the total revenues of $905 million, with a 49% YoY increase. The rest of the world contributed 24% with $218 million, which was also an annual increase of 26%. For H1 FY26, its revenues totaled $1.77 billion, representing a 31% YoY increase. 

Its year-to-date adjusted EBITDA was up 29% YoY at $224 million, while GAAP net income of $147 million was an increase of over 25% annually but more than 6% lower than in the previous quarter (see US Solar Tracker Maker Nextracker Posts Strong Q2 FY25 Performance). 

The US-headquartered tracker manufacturer reported record bookings in Europe in Q2 FY26, adding that it has also achieved record bookings for its foundation solutions business and its proprietary energy yield management system, TrueCapture. 

New contracted bookings expanded its total backlog to over $5 billion, up from over $4.75 billion in the previous quarter. The has upwardly revised its FY26 outlook for backlogs. Analysts at ROTH observed that this marks the 16th quarter of sequential backlog improvement for Nextracker that reflects healthy global demand.  

Guidance  

As part of its revised FY26 outlook, Nextracker now expects $3.27 billion to $3.47 billion in revenues, up from $3.2 billion to $3.45 billion previously. GAAP net income forecast of $499 million to $529 million range and adjusted EBITDA forecast of $775 million to $815 million are up from $496 million to $543 million and $750 million to $810 million, respectively.  

The management added, “Our outlook assumes the current U.S. policy environment remains intact and, in addition, that permitting processes and timelines will remain consistent with historical levels. We are closely monitoring potential updates to regulatory actions, which could impact project timing, investment decisions, and our financial results.”

ROTH said that the Section 232 polysilicon investigation is a ‘near-term watch-out’ for the company, while Nextracker expects a modest impact from these tariffs (see US Launches National Security Investigation Into Polysilicon Imports).