On this page of StockholderLetter.com we present the latest annual shareholder letter from Nextracker Inc. — ticker symbol NXT. Reading current and past NXT letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Nextracker FY25 Snapshot >1,300 2025 Annual Report >40 >$4.5B countries FY25 Year-End Backlog With Operating Trackers Global Team Members $776M >90 Global Supply Chain Partners FY25 Adj. EBITDA +130 GW $622M Adj. Free Cash Flow Dear Investors, 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. $3.0B FY25 Revenue See Appendix for reconciliation of each non-GAAP financial measure to most directly comparable financial measure stated in accordance with GAAP.
Nextracker 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. 2025 Annual Report 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 See Appendix for reconciliation of each non-GAAP financial measure to most directly comparable financial measure stated in accordance with GAAP.
Nextracker 2025 Annual Report Nextracker Inc. Reconciliation of GAAP to Non-GAAP Financial measures (in thousands) Fiscal Year 2025 GAAP Net income Interest, net 517,246 (9,246) Provision for income taxes 130,770 Depreciation expense 7,884 Intangible amortization 5,523 Stock-based compensation expense 118,880 Acquisition related costs 5,338 Advanced manufacturing tax credit vendor rebate Other tax related loss (income), net 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
June 25, 2025 Dear Stockholder Notice of Annual Meeting of Stockholders Date: August 18, 2025 Time: 9:00 a.m. (Pacific Time) Place: www.virtualshareholder meeting.com/NXT2025 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 To approve, on an advisory basis, the compensation for our named executive officers. YOUR VOTE IS IMPORTANT All stockholders are cordially invited to virtually attend the annual meeting. Whether or not you expect to attend the annual meeting, please complete, date, sign and return the proxy card, or vote over the telephone or internet as instructed in these materials, as promptly as possible in order to ensure your representation at the annual meeting. Even if you have voted by proxy, you may still vote if you attend the annual meeting. 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 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. IMPORTANT NOTICE Regarding the Availability of Proxy Materials for the Annual Meeting to be held on August 18, 2025 at 9:00 a.m. (Pacific Time) via the internet at www.virtualshareholdermeeting.com/NXT2025. The Proxy Statement and annual report to stockholders are available at: www.proxyvote.com. 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 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 investor@nextracker.com. By Order of the Board of Directors Bruce Ledesma Chief Legal and Compliance Officer & Secretary Fremont, California
 • shareholder letter icon 6/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/28/2023 NXT Stockholder Letter
 • stockholder letter icon 6/26/2024 NXT Stockholder Letter
 • stockholder letter icon More "Oil & Gas Equipment & Services" Category Stockholder Letters
 • Benford's Law Stocks icon NXT Benford's Law Stock Score = 86


NXT Shareholder/Stockholder Letter Transcript:

2025
Annual Report

Nextracker
FY25
Snapshot
>1,300
2025 Annual Report
>40
>$4.5B
countries
FY25 Year-End
Backlog
With Operating
Trackers
Global Team
Members
$776M
>90
Global Supply
Chain Partners
FY25 Adj. EBITDA
+130 GW
$622M
Adj. Free
Cash Flow
Dear Investors,
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.
$3.0B
FY25 Revenue
See Appendix for reconciliation of each non-GAAP financial measure to most directly comparable financial measure stated in accordance with GAAP.

Nextracker
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.
2025 Annual Report
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
See Appendix for reconciliation of each non-GAAP financial measure to most directly comparable financial measure stated in accordance with GAAP.

Nextracker
2025 Annual Report
Nextracker Inc.
Reconciliation of GAAP to Non-GAAP Financial measures
(in thousands)
Fiscal Year 2025
GAAP Net income

Interest, net
517,246
(9,246)
Provision for income taxes
130,770
Depreciation expense
7,884
Intangible amortization
5,523
Stock-based compensation expense
118,880
Acquisition related costs
5,338
Advanced manufacturing tax credit vendor rebate

Other tax related loss (income), net
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

June 25, 2025
Dear Stockholder
Notice of Annual
Meeting of
Stockholders
Date:
August 18, 2025
Time:
9:00 a.m. (Pacific Time)
Place:
www.virtualshareholder
meeting.com/NXT2025
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
To approve, on an advisory basis, the compensation for our named executive officers.
YOUR VOTE IS
IMPORTANT
All stockholders are
cordially invited to
virtually attend the
annual meeting.
Whether or not you
expect to attend the
annual meeting, please
complete, date, sign
and return the proxy
card, or vote over the
telephone or internet
as instructed in these
materials, as promptly
as possible in order to
ensure your
representation at the
annual meeting. Even if
you have voted by
proxy, you may still
vote if you attend the
annual meeting.
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 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.
IMPORTANT NOTICE Regarding the Availability of Proxy Materials for the Annual
Meeting to be held on August 18, 2025 at 9:00 a.m. (Pacific Time) via the internet at
www.virtualshareholdermeeting.com/NXT2025. The Proxy Statement and annual report
to stockholders are available at: www.proxyvote.com.
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 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 investor@nextracker.com.
By Order of the Board of Directors
Bruce Ledesma
Chief Legal and Compliance Officer & Secretary
Fremont, California


shareholder letter icon 6/25/2025 Letter Continued (Full PDF)
 

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