Nextracker Revenue Surges to $2.5 Billion

Nextracker Inc. has recently released its 10-K report, providing a detailed look at the company's financial performance and operations. Nextracker, a subsidiary of Flex Ltd., is an energy solutions company that specializes in providing solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide.

The company's product offerings include NX Horizon, NX Gemini, and NX Horizon-XTR solar tracking solutions, as well as monitoring and control software solutions such as TrueCapture and NX Navigator. Nextracker was founded in 2013 and is headquartered in Fremont, California.

In the fiscal year 2024, Nextracker reported revenues of $2.5 billion, a significant increase from the $1.9 billion reported in fiscal year 2023. The company's revenue distribution by geographic location shows that 68% of its revenue came from the U.S., while the rest of the world contributed 32% to the total revenue.

Nextracker's revenue from customers that individually accounted for greater than 10% of its revenue during the fiscal year 2024 included Customer A and Customer G, with the latter contributing $426.1 million.

The company's business model revolves around generating revenue from the sale of solar trackers and licensing its TrueCapture software product. It caters to engineering, procurement, and construction firms (EPCs), solar project developers, and owners, with contract prices ranging from a few hundred thousand dollars to over one hundred million dollars.

In terms of market presence, Nextracker operates in nearly all significant tracker markets globally. It has dedicated sales staff in the United States, Brazil, Mexico, Spain, and other countries in Europe, the Middle East, and Africa. The company's sales and marketing strategy focuses on building long-term relationships with key stakeholders involved in developing, building, owning, and maintaining utility-scale solar projects.

Nextracker's financial statements were derived from Flex's historical accounting records and were presented on a carve-out basis, including allocations of certain costs from Flex incurred on Nextracker’s behalf. The company entered into a separation agreement with Flex, which set forth certain agreements between them regarding principal actions taken in connection with the separation of Nextracker's business from the retained Flex businesses.

The company's successful performance, expansion into new markets, and significant revenue growth demonstrate its position as a global market leader in providing solar tracker and software solutions for the renewable energy industry. Following these announcements, the company's shares moved -2.5%, and are now trading at a price of $55.33. For more information, read the company's full 10-K submission here.

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