Nextracker Inc. has recently released its 10-Q report, providing insights into the company's financial performance and operations. Nextracker is an energy solutions company that specializes in providing solar tracker and software solutions for utility-scale and distributed generation solar projects globally. The company offers tracking solutions such as NX Horizon and NX Horizon-XTR, as well as TrueCapture and NX Navigator, which optimize solar power plant production and assist in monitoring and controlling solar projects. As of March 31, 2024, Nextracker Inc. was formerly a subsidiary of Flex Ltd.
In the 10-Q report, Nextracker revealed that it had revenues of $1.4 billion for the six-month period ended September 27, 2024, and $2.5 billion for the fiscal year 2024. The company's acquisitions during the same period included Ojjo, Inc. and the solar foundations business of Solar Pile International, expanding its foundations offering and integrated solutions for solar trackers and foundations.
The report also highlighted the impact of the Inflation Reduction Act of 2022, which introduced a new corporate minimum tax, a stock repurchase excise tax, and increased enforcement resources. Nextracker has executed agreements with suppliers to ramp up its U.S. manufacturing footprint, producing 45X Credit eligible parts, and has recognized a cumulative reduction to cost of sales of $121.4 million related to 45X Credit vendor rebates earned on production of eligible components.
In terms of revenue, Nextracker generated $635.6 million in the three-month period ended September 27, 2024, with 73% coming from the U.S. and 27% from the rest of the world. Notably, Customer G accounted for a significant portion of revenue, with $83.4 million in the same period.
The company also discussed its critical accounting policies and significant management estimates, emphasizing the importance of estimates and assumptions in the preparation of financial statements. Additionally, Nextracker provided insights into its accounting for business acquisitions, including the fair value of acquired assets and liabilities and the recognition of goodwill.
The report delved into key components of Nextracker's results of operations, including revenue growth, cost of sales, and gross profit. It also outlined operating expenses, such as selling, general, and administrative expenses, which primarily consist of personnel-related costs associated with administrative and support functions.
Today the company's shares have moved -0.5% to a price of $39.61. Check out the company's full 10-Q submission here.
