Nextracker with 90 percent growth in backlog

U.S. manufacturer of single-axis tracking systems for large-scale solar power plants Nextracker Inc. has published quarterly figures for the first time as a listed company following its IPO in February, at the same time announcing that its current order backlog is worth $ 2.6 billion. Compared with the same period last year, this is an increase of 90 percent. The company said it has been able to increase its backlog in North America, Latin America, Australia, India and Europe.
Nextracker reported Q1 2023 revenues of $ 518.4 million (Q1 2022: $ 439.8 million) and gross profit of $ 90.3 million (Q1 2022: $ 39 million). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $ 72.5 million (Q1 2022: $ 22.2 million). For fiscal year 2023 – April 2022 to March 2023 – revenue was $ 1.9 billion and EBITDA was $ 209 million. For fiscal year 2024, Nextracker expects $ 2.1 billion to $ 2.3 billion in revenue and EBITDA of $ 265 million to $ 305 million.
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