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NXT Nasdaq· Nextracker Inc.
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NXT Nasdaq· Nextracker Inc.
Earnings report Q4 2023

Nextracker Inc. Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

Nextracker Inc. reported total revenue of $710.4 million for the three-month period ended December 31, 2023, representing a significant increase of $197.1 million, or 38%, compared to the same period in the previous year. The revenue growth was primarily driven by a 48% increase in gigawatts delivered, particularly in the U.S., due to increased demand and projects progressing on schedule. Revenue in the U.S. saw a substantial increase of $228.2 million, or 70%, while revenue in the Rest of the World decreased by $31.2 million, or 17%, mainly due to lower sales in Brazil and the United Arab Emirates.

Strengths

Nextracker Inc. demonstrated strong financial performance in the latest quarter, with revenue increasing by $197.1 million, or 38%, compared to the same period last year. This growth was primarily attributed to a significant increase in gigawatts delivered, driven by heightened demand and successful project execution. The company's expansion in the U.S. market was particularly noteworthy, with revenue in the region surging by $228.2 million, or 70%. Additionally, Nextracker Inc. experienced growth in sales from India, Canada, and Europe, contributing to the overall revenue increase in the Rest of the World segment.

Challenges

While Nextracker Inc. achieved impressive revenue growth in the latest quarter, there were some challenges faced by the company. Revenue in the Rest of the World segment decreased by $31.2 million, or 17%, primarily due to lower sales in Brazil and the United Arab Emirates. These declines were attributed to weather constraints in Brazil and other factors impacting sales in the United Arab Emirates. It will be important for the company to address these challenges and explore strategies to mitigate the impact on future revenue.

Noteworthy

Nextracker Inc. successfully completed its initial public offering (IPO) on February 8, 2023, as stated in their 10Q report. This milestone event indicates the company's confidence in its growth prospects and ability to attract investment. The IPO could potentially provide Nextracker Inc. with additional capital to support its expansion plans and further enhance its market position.

Summary

Nextracker Inc. delivered a strong performance in the latest quarter, with revenue increasing by $197.1 million, or 38%, compared to the same period last year. The significant growth was primarily driven by a surge in gigawatts delivered, particularly in the U.S., due to increased demand and successful project execution. The company's expansion in the U.S. market and sales growth in India, Canada, and Europe were key factors contributing to the overall revenue increase. However, challenges were faced in the Rest of the World segment, with lower sales in Brazil and the United Arab Emirates. Nextracker Inc.'s successful IPO further highlights its positive outlook and potential for future growth.

Source documents

Form 10-Q  filed on Feb 07, 2024
6 pages scanned

Reference data

Company financials Q4 revenue 710M
Analyst estimates Q4 EPS beat by 164.36%
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