Nextracker Inc. has recently released its 10-Q report, detailing its financial performance for the three-month period ended December 31, 2024. The company, headquartered in Fremont, California, specializes in providing solar tracker and software solutions for utility-scale and distributed generation solar projects both in the U.S. and internationally. Nextracker offers tracking solutions including NX Horizon and NX Horizon-XTR, as well as TrueCapture and NX Navigator to optimize solar power plant production. As of March 31, 2024, Nextracker Inc. was formerly a subsidiary of Flex Ltd. and was acquired by Flex in 2015. Since then, Nextracker has become a leading provider of integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects worldwide.
The company generated revenues of $2.0 billion for the nine-month period ended December 31, 2024, and $2.5 billion for fiscal year 2024. Nextracker Inc. has also completed two acquisitions during the nine-month period ended December 31, 2024, including the acquisition of Ojjo, Inc., a renewable energy company specializing in foundations technology and services used in ground-mount applications for solar power generation, and the acquisition of the solar foundations business held by Solar Pile International through the purchase of Spinex Systems Inc. and assets held by other SPI affiliates. These acquisitions expand Nextracker's foundations offering by accelerating its capability to offer customers a more complete integrated solution for solar trackers and foundations.
The company has also been impacted by the Inflation Reduction Act of 2022, which includes a new corporate minimum tax, a stock repurchase excise tax, numerous green energy credits, and significantly increased enforcement resources. Nextracker has executed agreements with certain suppliers to ramp up its U.S. manufacturing footprint, producing 45X Credit eligible parts, including torque tubes and structural fasteners, that will be incorporated into a solar tracker.
In terms of revenue mix, for the three-month period ended December 31, 2024, the U.S. accounted for $450.4 million, or 66%, of the total revenue, while the rest of the world contributed $228.9 million, or 34%. Notably, customer G accounted for a significant portion of the revenue, with $170.5 million during this period.
Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $50.42. Check out the company's full 10-Q submission here.
