Leading solar tracker supplier, US based Nextracker's revenues increased by 19% year-over-year for Q1/2024 (period ending June 30, 2023) to $479.5 million, owing to significant customer wins. Buoyed by its 'new record' backlog of over $3 billion, the company has offered an upward revision for FY 2024 (period ending March 2024).
The US remains its largest market, contributing around 56% or $270 million to the revenues, with the remaining coming from rest of the world. Adjusted EBITDA grew 161% to $84 million on improved execution, reduced logistics costs and higher volumes.
In the US market, Nextracker says it has more than 25 GW of contracted capacity for key components at 10 facilities across the nation, with the latest being its 3 GW Tennessee fab of MSS Steel Tubes that will provide the company with its steel torque tubes (see More Local Steel For Solar In US).
Management said additional new factories and lines are in process to be announced in August 2023.
"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," said Nextracker Founder and CEO Dan Shugar.
Guidance
Based on the strong demand and sales momentum, along with more than 10 GW of contract wins in Q1/2024 globally, Nextracker has revised its FY 2024 financial guidance.
It now expects to report $2.2 billion to $2.4 billion in revenues during the year, with GAAP net income of $176 million to $205 million. Adjusted EBITDA is guided to range within $290 million to $340 million. The revised guidance does not factor in possible benefits related to the Inflation Reduction Act (IRA) for tracker manufacturing, it added.
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