U.S.-based solar tracker firm Nextracker has reported a revenue of $924.34 million in the fourth quarter (Q4) of the fiscal year (FY) 2025, a 25% year-over-year (YoY) growth from $736.51 million. The revenue exceeded analysts’ expectations by $95.89 million.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 52% YoY to $242.49 million.

The company’s profit was $156.79 million, reducing 23% from $205.16 million in the same period the previous year.

Its earnings per share (EPS) were $1.29 in Q4 FY 2025, compared to $0.96 in the corresponding period last year. The EPS also beat analysts’ expectations by $0.31.

Dan Shugar, founder and CEO of Nextracker, said, “We posted another strong bookings quarter with backlog again increasing sequentially, supported by robust global demand. Our performance positions the company for further growth this year and enables continued investment in key strategic initiatives. We are also pleased to announce today the launch of our electrical balance-of-systems business with the acquisition of Bentek Corporation. As we continue incorporating adjacent products and services around our core tracker technology, we are evolving Nextracker from a pure-play tracker supplier to a solar power platform company.”

Fiscal Year 2025

Nextracker reported an annual revenue of $2.95 billion, up from $2.49 billion in FY 2024.

The company saw a 66% YoY net profit surge from $306.24 million to $509.16 million.

Its EBITDA increased to $776.49 million from $521.46 million in the previous fiscal year.

The company’s EPS came in at $4.22 against $3.06 last year.

During the earnings call, Shugar highlighted the company’s strategic outlook and the broader industry dynamics.

“Our market opportunity is expanding rapidly, driven by the structurally increasing global demand for electricity to power AI data centers, EVs, and buildings,” he stated. “This unprecedented surge in electricity demand is approaching the limits of existing generation capacity with terawatts of incremental new capacity needed within the next five years.”

Shugar emphasized that the U.S. market environment remains strong, noting that Tier 1 owner-developers continue to advance their projects, securing necessary safe harbor investments and domestic supply commitments. “We are seeing substantially increased demand for a 100% domestic content tracker, which is currently being shipped to many projects,” he added.

Internationally, Nextracker signed contracts in 17 countries in Q4 alone, with dozens of new utility and distributed generation projects worldwide. “The international pipeline continues to grow, and we are seeing more countries installing solar,” Shugar said.

He noted that Europe delivered the company’s strongest year ever, with record-breaking volume, particularly in Spain, and growing regional traction. He said, “We believe our market share grew to a leading position benefiting from our XTR terrain-following tracker, which is critical to this region, as well as benefits from our cost-reduction programs.”

On pricing and project management, Shugar noted that Q4 pricing remained generally stable, with effective cost controls in place. Project timing was also manageable across the portfolio despite the inherent variability of large-scale infrastructure work. He observed, “Some projects accelerated, some pushed out—that’s the nature of these long-cycle deployments. But our backlog and large project portfolio provide excellent visibility and help reduce uncertainty.”

Shugar also addressed policy-related headwinds, notably the uncertainty surrounding the U.S. House tax bill. “There are things in the reconciliation bill that are favorable and others that need attention,” he said, citing the 45X and 48E incentives as generally beneficial while pointing to needed improvements in areas such as tax credit transferability and the foreign entity of concern rules.

“We’ve been to Washington, met with congressional representatives, and are actively engaged through our trade associations,” he continued. “Solar is recognized as a critical pillar of energy independence. It accounted for over 80% of the grid capacity installed last year. So we’re cautiously optimistic.”

Shugar also emphasized the strategic value of the company’s acquisition of Bentek, which aims to strengthen U.S. solar manufacturing. “They had the ingredients to become a larger player but lacked financial support and a holistic systems approach. We bring those things to them,” he said.

Outlook

In FY 2026, Nextracker anticipates its revenue to range between $3.2 billion and $3.4 billion. Its generally accepted accounting principles (GAAP) net income is projected to reach between $445 million and $503 million, translating to a GAAP diluted EPS range of $2.91 to $3.29.

The company expects its EBITDA to fall between $700 million and $775 million on an adjusted basis. This adjusted figure excludes approximately $128 million related to stock-based compensation, acquisition-related expenses, and net intangible amortization.

Similarly, the adjusted diluted EPS is forecasted to come in at $3.65 to $4.03, excluding around $0.64 per share for the same adjustments.