Nextracker takes over Solar Pile International’s photovoltaic foundations

Dan Shugar, founder and CEO of Nextracker, said, “We believe it is beneficial for our customers to combine tracker and foundation systems to create an integrated solution. With these two acquisitions, we can provide a holistic, integrated solution for a wide range of soil conditions for utility-scale projects around the world.”

While the Ojjo application works best in more complex soils and shallow bedrock, the SPI application works best in softer and more expansive soil conditions, as well as in locations where frost heave occurs. The acquisition includes tangible assets, intellectual property, and other intangible assets.

In addition to these two recent acquisitions, Nextracker has also added new manufacturing capacity in the US, opening a second tracker production line in Nevada and increasing its production capacity in Pennsylvania to 4 GW. In recent years, the company has opened or expanded its manufacturing operations in the US, opening more than 20 manufacturing facilities with an annual production capacity of more than 30 GW. Nextracker’s global production capacity now stands at more than 50 GW.

As the company’s domestic manufacturing capacity continues to expand, it expects to be able to fulfill orders with 100% U.S.-sourced products by early 2025.

Sixth consecutive quarter of double-digit revenue growth

For the sixth consecutive quarter, Nextracker reported double-digit revenue growth of $720 million in Q2 2024 (Q1 FY25 for Nextracker). This represents a 50% increase compared to the same period in 2023, when revenue reached $480 million.

For the third consecutive quarter, the company’s revenue exceeded $700 million, while it continued to increase research and development (R&D) spending, reaching $16.5 million in the second quarter of 2024.

In a letter to shareholders, the company wrote with regard to R&D: “We continue to view investments in R&D, sales and marketing as strategic and will prioritize them to grow and scale our business and fund innovation initiatives.”

In the second quarter of 2024, Nextracker launched a new version of the NX Horizon series of solar tracking systems, with a carbon footprint up to 35% smaller.

Additionally, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled year over year to a quarterly record of $175 million for the period April 1 through June 30, 2024. This amount includes $47 million of 45X benefits under the Inflation Reduction Act (IRA).

The United States continues to be the company’s primary source of revenue, accounting for more than two-thirds of the total stock market and accounting for $511 million in Q2 2024. In comparison, the rest of the world accounted for $208 million, as shown in the chart below.

Nextracker confirmed its fiscal year 2025 guidance of revenue of $2.8-2.9 billion and adjusted EBITDA of $600-650 million.

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