U.S.-based solar tracker firm Nextracker has reported revenue of $905.27 million for the second quarter of the financial year (FY) 2026, a 4.74% quarter-over-quarter (QoQ) increase from $864 million and a 42.3% year-over-year (YoY) increase from $636 million.

The revenue exceeded analysts’ expectations by $65.38 million.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $224 million, up 29% from $173 million in the same quarter of the previous year.

Its profit grew 27.3% to $146.9 million from $115.4 million in Q2 FY 2025.

Earnings per share (EPS) came in at $1.19, compared to $0.97 in the same period of the previous year. It beat analysts’ expectations by $0.18.

Nextracker attributed its performance to powerful structural tailwinds, including increasing electricity demand and strong long-term customer relationships. The company also said it has a large and expanding backlog, as well as good project timing and execution.

In Q1, the company had posted a revenue of $864 million, up 20% from $720 million in the same period the previous year.

In an earnings call, Daniel Shugar, Co-Founder, CEO, and Director at Nextracker, said, “Over the past year, we’ve significantly expanded our technology platform from foundations and electrical balance of systems solutions to AI and robotics, and our suite of complementary products and services is gaining traction.”

1H 2025

Nextracker reported revenue of $1.77 billion in the first half (1H) of FY 2026, increasing 30.5% YoY from $1.35 billion.

The company’s EBITDA during this period stood at $438.3 million, rising  26% from $347.62 million in 1H FY2025.

EPS came in at $2.36, compared to $1.9 during 1H FY 2025.

Shugar said that the company recently announced a multiyear agreement with a U.S. module manufacturer for $75 million to supply multi-gigawatt volumes of Nextracker’s advanced module frame technology.

In September this year, Nextracker launched its new electrical balance-of-system trunk bus product, NX PowerMerge.

“We saw other products gaining traction as well. We booked our first fully integrated NX Earth Trust Foundation, which reduced parts count over an order of magnitude. And we saw strong adoption of our NX Vantage Fire Identification System, which employs AI-based visual analysis,” stated Shugar.

The company has also signed a joint venture agreement with Abunayyan Holding to form Nextracker Arabia to expand its manufacturing footprint and commercial presence across the Middle East and North Africa.

Nextracker has worked on Saudi Arabia’s first utility-scale installation, the 405 NW Sakaka solar park.

On the U.S. policy environment, Shugar said the company environment remains intact. Permitting processes and timelines are expected to remain consistent with historical levels. “Overall, we feel confident in our ability to deliver sustained growth and profitability while continuing to invest in innovation and long-term value creation. We continue to execute at a high level while maintaining strong margins and cash flow and strengthening our balance sheet. We believe our strategy, team, and platform uniquely position us to deliver long-term shareholder value.”

Nextracker’s customers have safe harbored a considerable numbers of projects. Shugar said its orders are continuing and pointed to the company’s sustained backlogs and bookings as evidence for its strong overseas fundamentals.

“So many of our customers share our view that the industry can stand on its own without tax credits and be economically viable in most of the U.S., most of the world,” he added.

Outlook

Nextracker’s updated revenue guidance for FY 2026 ranges from $3.275 to $3.475 billion. Its generally accepted accounting principles (GAAP) net income is projected to reach between $499 and $529 million, translating to a GAAP diluted EPS range of $3.26 to $3.46.

The company expects its EBITDA to fall between $775 and $815 million on an adjusted basis. This adjusted figure excludes approximately $142 million related to stock-based compensation, acquisition-related expenses, and net intangible amortization.

Similarly, the adjusted diluted EPS is forecasted to come in at $4.04 to $4.25, excluding around $0.78 per share for the same adjustments and net of impacts for tax.

In May this year, Nextracker announced the acquisition of Bentek Corporation, a provider of electrical balance-of-system solutions. The all-cash acquisition was valued at approximately $78 million, including future contingent earnout.