U.S.-based solar tracker and energy technology solutions firm Nextracker has posted a revenue of $864 million for the first quarter (Q1) of fiscal year (FY) 2026, up 20% year-over-year (YoY) from $720 million.

The revenue, however, fell short of the analysts’ expectations of $902.31 million.

The revenue growth was supported by strong international demand, with a 27% YoY rise in international revenue and significant sales increases across key markets including North America, Latin America, Oceania, and Europe.

During the quarter, the company invested $86.8 million in cash for strategic acquisitions, including three previously unannounced acquisitions in robotics and artificial intelligence (AI) technologies to expand its solar technology platform. These technologies focus on areas such as robotic cleaning, real-time monitoring, and 3D site mapping, all of which integrate directly into Nextracker’s control and monitoring systems .

Nextracker said that the passage of the One Big Beautiful Bill (Budget Reconciliation Bill) helped reduce uncertainty around solar manufacturing and investment-related tax incentives. This clarity gave both the company and its customers the confidence to move forward with planned projects and investments, supported by steady pricing, stable project execution, and strong bookings.

The company also strengthened its domestic supply chain, having opened or expanded more than 25 manufacturing facilities across the U.S., enabling greater operational flexibility and reliability.

Nextracker’s net income rose 25.6% YoY to $157 million from $125 million.

Earnings per share (EPS) came in at $1.16, beating analysts’ expectations of $1.08

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 22.8% YoY to $215 million from $175 million.

Nextracker’s operating income increased 16.2% from $160 million in Q1 FY 2025 to $186 million in Q1 FY 2026. The company incurred selling, general, and administrative expenses of $73.9 million and $21.5 million in research and development expenses, compared to $60.8 million and $16.5 million, respectively, in the same period last year.

In Q1 FY 2026, Nextracker had approximately $93 million in 45X vendor rebates, up from $47 million in Q1 FY 2025. These credits significantly contributed to the improved bottom line. The total backlog as of the end of the quarter exceeded $4.75 billion.

Business Highlights

The company reported continued momentum in the adoption of its newer product lines, with sales of its NX Horizon Hail Pro and NX Horizon-XTR tracker systems rising 43% and 22% quarter-over-quarter, respectively.

The NX Earth Truss foundation system also reached a cumulative deployment of over 1 GW. Nextracker highlighted positive customer response to its expanding product ecosystem, including offerings in structural foundations and electrical balance-of-system solutions.

Outlook

The company projects adjusted EBITDA in the range of $750 million to $810 million, excluding approximately $130 million for stock-based compensation, acquisition-related costs, and amortization.

Adjusted diluted EPS guidance was set between $3.96 and $4.27, excluding roughly $0.72 for similar adjustments, net of tax impact. The guidance assumes the current U.S. policy environment remains unchanged and that permitting timelines remain consistent with historical trends.

Dan Shugar, Founder and Chief Executive Officer at Nextracker, emphasized the company’s focus on innovation and platform expansion, noting that the recent AI and robotics acquisitions will play a key role in optimizing performance and lowering project costs.

The company expects its evolving solar technology platform, built around integrated tracking, eBOS, and AI-based tools, to enable faster deployment timelines, improved reliability, and long-term profitability as global electricity demand continues to grow.

Nextracker reported a revenue of $924.34 million in Q4 FY 2025, a 25% YoY growth from $736.51 million.