Nextracker : 2025 Annual Report of 2025, PDF file,

Published: 2025-06-30 15:23:07 ET NXT

Published on 06/30/2025 at 15:23

2025

Annual Report

FY25

>1,300

Global Team Members

Snapshot

>40

>$4.5B

FY25 Year-End Backlog

countries

With Operating Trackers

>90

Global Supply Chain Partners

Dear Investors,

+130 GW

$776M

FY25 Adj. EBITDA

$622M

Adj. Free Cash Flow

$3.0B

FY25 Revenue

Nextracker delivered another year of strong financial results in fiscal 2025. Our performance was driven by solid execution across all aspects of our business and geographic regions, with focus as always on providing exceptional customer service. We exceeded our financial targets, posting record results for revenue, adjusted EBITDA, and cash flow, and significantly increased backlog while continuing to expand our local manufacturing footprint in key regions. We have now shipped over 130 GW of our tracker systems since the company was founded, helping meet the accelerating demand for electricity while decarbonizing the power generation mix.

We closed two important acquisitions in FY25 and announced another transaction shortly after year end that adds electrical balance of systems (eBOS) products and solutions to our technology platform. We also expanded our innovation engine, accelerating R&D investment for several key products. This further differentiated our product portfolio and extended our

global leadership in large-scale solar power technology including trackers, foundations, installation tools, system monitoring and controls, and services. Finally, we added skilled talent and capabilities across domains including mechanical and electrical engineering, software development, and AI/machine learning.

Revenue in fiscal 2025 grew 18% to almost $3 billion, with adjusted EBITDA increasing 49% to $776 million, both record results. Strong demand for our NX Horizon Hail Pro™ and NX Horizon-XTR™ tracker solutions, along with record TrueCapture® bookings, drove further expansion of our geographic footprint. At year end we are serving over 40 countries from more than 90 global partner factory facilities along with three R&D innovation centers. Leveraging this infrastructure in FY25 we delivered the first 100% domestic content tracker as measured by U.S. Treasury Department safe harbor guidelines, with increasing domestic capacity served by over 25 U.S. partner facilities.

Our market opportunity is expanding rapidly, driven by structurally increasing global demand for electricity to power AI data centers, EVs, manufacturing, and buildings. This unprecedented surge in electricity demand is testing the limits of existing generation capacity, with thousands of gigawatts of incremental new capacity required within the next five years.

According to the IEA's most recent global electricity report, renewables, led by solar power, are expected to become the leading source of electricity in most major economies by 2030.

Responding to this opportunity, we are investing a portion of our robust free cash flow in new products and capabilities. Specifically we are incorporating complementary technologies around our core market-leading tracker platform with a singular focus on delivering key customer benefits including accelerated solar power plant construction timelines, increased system operating performance, and enhanced long-term reliability.

We began systematically executing this strategy in FY25 with the acquisition of two foundations companies that are now driving meaningful revenue contribution. The recent acquisition of Bentek and its eBOS product portfolio is the next step in this strategy. As we continue to incorporate adjacent products and services around our core tracker technology through a combination of acquisition and organic development, Nextracker's business model is evolving from a single product supplier to a power solutions platform. We believe that over the next five years, sales of non-tracker products and services can grow to over one third of our total company revenue.

We are excited about this next phase of Nextracker's growth and appreciate the continued support of our customers, partners, employees, and shareholders. We look forward to sharing our continued progress in the coming years.

Dan Shugar

Founder and CEO, Nextracker

Nextracker Inc.

Reconciliation of GAAP to Non-GAAP Financial measures

(in thousands)

Fiscal Year 2025

GAAP Net income $ 517,246

Interest, net

Provision for income taxes Depreciation expense Intangible amortization

Stock-based compensation expense

Acquisition related costs

Advanced manufacturing tax credit vendor rebate Other tax related loss (income), net

(9,246)

130,770

7,884

5,523

118,880

5,338

- 101

Adjusted EBITDA $ 776,496

Net cash provided by operating activities $ 655,794

Purchases of property and equipment ( 33,921)

Other financing -

Adjusted free cash flow $ 621,873

August 18, 2025

9:00 a.m. (Pacific Time)

YOUR VOTE IS IMPORTANT

Dear Stockholder

You are cordially invited to attend the Annual Meeting of Stockholders (the "Annual Meeting") of Nextracker Inc., a Delaware corporation ("we," "us," "Nextracker" or the "Company"). The Annual Meeting will be held virtually on August 18, 2025 at 9:00 a.m. (Pacific Time), to consider and vote on the following proposals:

To elect three nominees to serve as directors until the 2028 annual meeting of stockholders and until their successors are duly elected and qualified, subject to earlier resignation or removal;

To ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2026; and

In addition, we will conduct any other business that properly comes before the Annual Meeting or any adjournment thereof. These items of business are more fully described in the proxy statement accompanying this Notice of Annual Meeting of Stockholders (the "Proxy Statement").

The record date for the Annual Meeting is June 23, 2025 (the "Record Date"). Only stockholders of record of the Company's Class A common stock and Class B common stock (together, the "common stock") at the close of business on the Record Date may vote at the Annual Meeting or any adjournment thereof. You will be able to attend the Annual Meeting remotely by registering at https://www.virtualshareholdermeeting.com/NXT2025. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you access to the Annual Meeting and to vote and submit questions. As part of the registration process, you must enter the control number located on your proxy card, voting instruction form, or Important Notice Regarding the Availability of Proxy Materials.

We have determined that the 2025 Annual Meeting will be held in a virtual meeting format only, via the internet, with no physical in-person meeting. If you plan to participate in the virtual meeting, please see the Questions and Answers section below. Stockholders who own shares of our common stock as of the Record Date ("stockholders") will be able to attend, vote and submit questions (both before, and for a portion of, the meeting) via the internet.

In the event of an adjournment, postponement or emergency that may change the Annual Meeting's time or date, we will make an announcement, issue a press release or post information at https://www.nextracker.com to notify stockholders, as appropriate. If you have any questions or need assistance in voting your shares, please write to Nextracker Investor Relations at 6200 Paseo Padre Parkway, Fremont, CA 94555 or by email at [email protected].

By Order of the Board of Directors

Chief Legal and Compliance Officer & Secretary Fremont, California

Disclaimer

NEXTracker Inc. published this content on June 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 30, 2025 at 19:22 UTC.