Nextracker Maintains Strong Global Momentum in FY23 Q4

Rhea-AI Summary

Nextracker Inc. announces its first quarterly earnings as a public company, highlighting the strong market demand for its solar solutions. The company signed or announced notable global projects, including the Stubbo solar power plant in Australia, solar plants in Mexico and Brazil with Atlas Renewable Energy, the Garnacha solar power plant in Spain, a project in Khavda, India, the Double Black Diamond solar project in Illinois, and a multi-year supply agreement with Strata Clean Energy for projects in Texas, Arizona, and Virginia. Nextracker completed FY23 with revenue of $1.9Bn and a backlog of $2.6Bn.

Demand for performance enhancing software and “light on land” trackers for extreme terrain, spurs deals across five continents

FREMONT, Calif.--(BUSINESS WIRE)-- Earlier today, Nextracker Inc. (Nasdaq: NXT), a global provider of intelligent solar tracker and software solutions, announced its first quarterly earnings as a public company. The fiscal Q4 earnings announcement underscores the significant and continued market demand for Nextracker’s solar solutions.

Atlas Renewable Energy’s La Pimienta solar project in Mexico features NX Horizon™ solar tracker, to deploy TrueCapture™ optimization software (Photo: Atlas Renewable Energy)

“At Nextracker we’re laser-focused on delivering customer value with the most reliable and highest performing systems,” said Dan Shugar, Nextracker CEO and founder. “Our customers need ways to optimize solar power projects and overcome technical challenges. They come to us because they know we can execute with leading technology and a talented global team of experts, delivering on performance and profitability.”

Nextracker is off to a strong start in calendar year 2023. The company signed or announced a selection of notable global projects during FY23 Q4 including:

New South Wales, Australia – In March, Project engineering, procurement, and construction (EPC) company, PCL Construction, and developer ACEN Australia, selected Nextracker for the 520 MW Stubbo solar power plant project based on the strength of its local market expertise and portfolio, as well as NX Horizon-XTR’s suitability to be constructed on the site’s uneven, rocky land, while significantly reducing cut and fill earthworks, reducing pier lengths, accelerating the project construction schedule.

“We’re delighted to be working with Nextracker on this landmark project for Australia,” said Gopi Govindraj, Country Manager, PCL Construction. “The Stubbo Solar project site presents an engineering challenge with its ground conditions, coupled with plans for sheep to cohabitate on the site, requiring a fast recovery of vegetation post-construction. Nextracker’s expertise and partnership on achieving these goals, as well as NX Horizon-XTR’s ability to bypass most of the groundworks, help us to overcome these challenges with ease.”

Mexico and Brazil – Atlas Renewable Energy, Latin America's largest independent power producer (IPP) in the solar renewable energy industry, is implementing Nextracker's TrueCapture™ technology in some of the largest solar plants in the region to date. Atlas has been a longstanding partner of Nextracker and an early adopter of the TrueCapture software, pioneering its introduction to Latin America and making it mainstream for most of its solar plants in the region. During the fourth quarter, Nextracker secured an additional 1.7 GW deal with Atlas to deploy TrueCapture technology on some of the company's largest solar projects to date.

"By implementing TrueCapture in most of our operating solar fleet we are building on Atlas's innovative approach to asset optimization to further uplevel our solar projects," said Carlos Barrera, CEO and founder of Atlas Renewable Energy. "Furthermore, we are very proud that our plants’ performance continues to rank among the most efficient in Latin America. This has helped us advance the solar industry in the region and present even more competitive solutions for our clients."

Garnacha, Spain – In March, IbVogt, a German international solar developer, chose Nextracker for the 150 MW Garnacha solar power plant in Spain. NX Horizon-XTR™ provides IbVogt with the solution it needs to easily overcome local environmental and permitting challenges. The project will provide power to Google under a 12-year power purchase agreement.

Khavda, India – Nextracker was tapped in March to provide optimized bifacial solar trackers to help meet India’s renewable energy targets. Sterling and Wilson Renewable Energy Limited, one of the world's leading renewable energy solutions providers, partnered with Nextracker to deliver its award-winning solar trackers to NTPC Renewable Energy Limited’s 1.56 GW Solar PV Project in Khavda RE Park, Gujarat.

Illinois, U.S. – In March, Swift Current Energy selected Nextracker to provide smart solar tracker solutions the 800 MW Double Black Diamond solar project located in central Illinois. This project will create more than 400 jobs and help power the equivalent of 85,000 Illinois households annually.

Arizona, Texas, Virginia, U.S. – Nextracker entered a multi-year supply agreement in March with Strata Clean Energy. Nextracker will supply 1 GW of trackers for large-scale solar power projects in Texas, Arizona, and Virginia. Strata Clean Energy chose Nextracker for its optimal energy performance, products made with clean US-made steel and proven track record.

Alberta, Canada – Nextracker was chosen to provide its bifacial optimized NX Horizon™ variant for extreme terrain, for ATCO’s 39 MW Empress Solar Park. Nextracker partnered with ATCO to help the company augment its solar gains and reduce its environmental impact.

Solar is quickly becoming the lowest-cost power generation option around the world, spurring significant growth in the global solar market. As reported in today’s FY23 Q4 earnings, Nextracker completed FY23 with revenue of $1.9Bn and a backlog of $2.6Bn.

About Nextracker

Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Our products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With plants operating on more than thirty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit Nextracker. Stay in touch with us: Twitter, LinkedIn, Instagram, Facebook.

Cautionary Note Regarding Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than historical factual information are forward-looking statements. Terminology such as “will,” “may,” “should,” “could,” “would,” “believe,” “anticipate,” “intend,” “plan,” “expect,” “estimate,” “project,” “target,” “possible,” “potential,” “forecast” and “positioned” and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements, and many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed in our filings with the Securities and Exchange Commission. Except as required by law, Nextracker assumes no obligation and does not intend to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510006027/en/

Media:

Kristan Kirsh

kkirsh@nextracker.com

Investor Relations:

Don Quinby

dquinby@nextracker.com

Source: Nextracker

FAQ

What did Nextracker announce in its quarterly earnings as a public company?

Nextracker announced notable global projects, including the Stubbo solar power plant in Australia, solar plants in Mexico and Brazil with Atlas Renewable Energy, the Garnacha solar power plant in Spain, a project in Khavda, India, the Double Black Diamond solar project in Illinois, and a multi-year supply agreement with Strata Clean Energy for projects in Texas, Arizona, and Virginia.

What were Nextracker's FY23 revenue and backlog?

Nextracker completed FY23 with revenue of $1.9Bn and a backlog of $2.6Bn.

Who is Nextracker's CEO and founder?

Nextracker's CEO and founder is Dan Shugar.

What is TrueCapture™ technology?

TrueCapture™ technology is a software developed by Nextracker that optimizes solar plant performance.

What is the capacity of NTPC Renewable Energy Limited's Solar PV Project in Khavda RE Park, Gujarat?

NTPC Renewable Energy Limited's Solar PV Project in Khavda RE Park, Gujarat has a capacity of 1.56 GW.