Solar tracker firm Nextracker‘s fourth-quarter revenue jumped 42% to $737 million in financial year (FY) 2024 from $518 million last year, reflecting robust demand for its products. The demand was driven by 27% growth in the U.S. and 89% growth in the rest of the world.

This is Nextracker’s fifth consecutive quarter of year-over-year double-digit revenue growth. “Solar deployments continue to accelerate in most of the world because solar is the lowest cost option for new power,” said CEO Dan Shugar during a post-earnings conference call with analysts, adding that demand is strong in the U.S. and multiple regions around the world.

Meanwhile, lower cost of sales and robust sales growth, along with optimized supply chains, helped the California-based company’s net income surge 710% to $223 million from $27.5 million in the prior year quarter.

Adjusted earnings before income tax, depreciation, and amortization (EBITDA) doubled to $160 million, a 120% increase from $72.5 million last year. Higher revenue and cost efficiencies fuelled the expansion.

“Optimizing our global supply chain and increasing our localized content offering resulted in lower material and logistics costs on top of faster lead times,” said CFO David Bennet during the earnings call.

FY 2024

For fiscal 2024, Nextracker achieved record revenue of $2.5 billion, a 31% increase from $1.9 billion in 2023, propelled by accelerating global demand for solar trackers. The company surpassed 100 GW of solar trackers shipped globally since its inception.

Net income for the year rose to $496 million, marking a 309% surge from $121 million in the previous fiscal year, benefiting from higher sales and reduced operating costs.

Adjusted EBITDA more than doubled to $521 million, up 150% compared to $209 million last year, reflecting the company’s profitability expansion.

The company exited the year with a backlog exceeding $4 billion, driven by strong demand across U.S. and international markets. The backlog rose more than 50% from last year’s $2.6 billion and tripled over the last two years.

“We achieved record bookings internationally for the year as well, including sizable customer contracts in India, Australia, Europe, and Brazil,” said Nextracker President Howard Wenger during the earnings call.

The company also expanded its manufacturing capacity to over 50 GW annually, including over 30 GW in the U.S.

Looking ahead to FY 2025, Nextracker provided upbeat guidance, forecasting revenue between $2.8 billion and $2.9 billion and adjusted EBITDA in the range of $600 million to $650 million.

In the previous quarter, the company reported a 38% year-over-year jump in its, helped by higher deliveries in the U.S.

Last year, SB Energy Global, a U.S.-based integrated renewable energy platform, secured $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. Nextracker was the supplier for trackers from its recently expanded component providers in Pennsylvania, Nevada, and Tennessee.