Nextracker Inc. Company Summary

Business Overview

• Industry: Solar energy technology, specializing in solar tracking systems.
• Core Product: Smart solar tracker solutions that enable solar power plants to follow the sun's movement, optimizing energy production.
• Technology:
  • Independent row tracking with proprietary, mechanically balanced, self-powered systems.
  • Terrain-following capabilities to conform to uneven terrain, reducing earthworks and costs.
  • Energy yield management via TrueCapture® system to address real-world site variability.
  • Foundations solutions, including recently acquired foundation technologies (Ojjo and SPI foundations).
  • Operations & maintenance tools including NX Navigator for system monitoring and weather mitigation.
  • Electrical Balance of Systems (eBOS) components, acquired from Bentek, for integrated project development.
• Next Generation Products: NX Horizon™ flagship tracker, NX Horizon-XTR terrain-following model, NX Horizon-Hail Pro weather-protection, and NX Horizon-Low Carbon with reduced embodied emissions.
• Innovations: Autonomous, modular, and scalable designs supporting bifacial panels, local sourcing in the U.S., and solutions for challenging terrains.

Market & Industry

• Global Presence: Products in over 40 countries across six continents.
• Customer Base:
  • Over 240 active customers including major EPCs, project developers, and owners.
  • Significant customer relationships with multiple repeat projects through long-term master supply agreements.
• Backlog: Over $4.5 billion in project-specific purchase orders and VCAs as of March 31, 2025.
• Revenue (Fiscal Year):
  • 2025: $3.0 billion
  • 2024: $2.5 billion
  • 2023: $1.9 billion
• Revenue by Geography (2025):
  • U.S.: 69% (~$2.03 billion)
  • Rest of World: 31% (~$927 million)
• Number of Employees: Approximately 1,300 full-time employees globally as of March 31, 2025.
  • Major operations in the U.S. (California, Tennessee), India (over 400 employees), Australia, Spain, Brazil, Mexico, UAE, and others.

Strategic Initiatives & Acquisitions (2025)

• Expanding foundation solutions with the launch of NX Foundation Solutions.
• Acquired Ojjo (ground-mount foundations tech) in June 2024.
• Acquired SPI’s solar foundations business in July 2024, enhancing integrated project solutions.
• Introduced U.S.-sourced and locally manufactured product offerings to leverage IRA incentives.

Financial Highlights

• Revenues: $3.0 billion, up from $2.5 billion in 2024.
• Operating Metrics:
  • Delivered 33.6 GW of tracker capacity in 2025, up from 26.0 GW in 2024.
  • Recorded net income of $338 million in fiscal year 2025 (not explicitly provided but implied from the detailed financials).

Customers & Market Position

• Large and diversified customer base, including some with revenue contributions >10%:
  • In 2025, largest customer (Customer G) contributed approximately $426.1 million.
  • In 2024, the largest customer (Customer A) contributed approximately $331 million.
• Market Leadership:
  • Ninth consecutive year as the global market leader in GW shipped.
  • Trusted provider to major EPC firms, developers, and project owners.

Summary:
Nextracker is a leading global provider of innovative solar tracker systems used in utility-scale and distributed solar projects, with a broad international footprint, over 240 active customers, and revenues reaching $3 billion in FY 2025. The company employs around 1,300 people worldwide, including a significant presence in India, U.S., and other markets, and has a backlog exceeding $4.5 billion. It continuously develops advanced, scalable tracker and foundation systems and has made strategic acquisitions to expand its integrated solutions capacity.