Nextracker FY 2024 backlog orders up 56%, expects revenue to increase about 15%
- Admin
- May 15, 2024
- 1 min read
The growth in FY 2024 for US solar tracker manufacturer Nextracker was primarily driven by robust demand and new tracker fleets operating across the US and international markets. In the financial year ended 31 March 2024, Nextracker's backlog increased significantly, reaching more than US$4 billion. The company also saw a 42% year-on-year increase in revenue in Q4, reaching US$737 million, with the US market contributing 67% and the rest of the world contributing 33%. Adjusted EBITDA showed substantial growth, as did revenue and R&D expenses. Nextracker has shipped over 100GW products globally, with a significant portion going to North America. Looking ahead to FY 2025, the company forecasts strong financial performance based on its backlog and various cost-reducing elements.
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