FY 2023 Revenues of $1.9 billion, up 30% year-over-year
FREMONT, CALIF., MAY 10, 2023 — Nextracker (Nasdaq: NXT), one of the world’s leading providers of intelligent solar tracker and software solutions, today announced financial results for the fourth quarter and fiscal year ended March 31, 2023.
Fourth Quarter Fiscal 2023 Financial Highlights
- Revenue of $518.4 million
- GAAP net income of $27.5 million
- Adjusted EBITDA of $72.5 million
- Adjusted net income of $55.9 million
Full Year Fiscal 2023 Financial Highlights
- Revenue of $1.9 billion
- GAAP net income of $121.3 million
- Adjusted EBITDA of $209.0 million
- Adjusted net income of $153.1 million
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules IV and V attached to this press release.
Fiscal 2023 Business Highlights:
- Backlog grew to a record $2.6 billion, a 90% year-on-year increase, with key wins in North America, Latin America, Australia, India, and Europe
- Executed multiple project portfolio contracts with owners and developers
- Nextracker listed its shares on Nasdaq on February 9, 2023, and closed its Initial Public Offering on February 13, 2023
“We are very pleased to complete the year reporting such a strong quarter, our first as a public Company,” said Dan Shugar, CEO and Founder of Nextracker. “Our ability to grow revenue by 30% and earnings by over 120% for fiscal 2023, while posting our fifth consecutive year of profitability, reflects our leadership position in solar markets around the world, a global supply chain footprint supporting those operations, as well as solid execution across the business. We completed the year with record backlog of $2.6 billion and believe the trends driving solar adoption are accelerating. With only 3% of the global energy market converted to solar, we are excited about the opportunity ahead for Nextracker and our industry.”
Fiscal Year 2024 Outlook
- Revenue: $2.1 billion to $2.3 billion
- GAAP Net Income: $175 million to $205 million
- GAAP EPS: $1.20 to $1.40
- Adjusted EBITDA: $265 million to $305 million
- Adjusted Non-GAAP EPS: $1.35 to $1.55 which excludes $0.15 for stock-based compensation expense and net intangible amortization.
These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements section below for information on factors that could cause Nextracker’s actual results to differ materially from these forward-looking statements.
Conference Call
Nextracker will host a conference call at 2:30pm PT today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of Nextracker’s website: https://investors.nextracker.com/events-and-presentations/default.aspx
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With plants operating on more than 30 countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit Nextracker.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the trends for future solar adoption and Nextracker’s outlook for fiscal 2024 and other periods. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextracker’s most recent Quarterly Report on Form 10-Q and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.
Investors & Analysts
Don Quinby
Director, Finance
Investor@nextracker.com
Media & Press
Kristan Kirsh
Vice President, Global Marketing
KKirsh@nextracker.com