On this page of StockholderLetter.com we present the 6/26/2024 shareholder letter from Nextracker Inc. — ticker symbol NXT. Reading current and past NXT letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
Nextracker FY24 Shareholder Letter Since day one, Nextracker s goal has 2024 Annual Report Dan Shugar Founder and CEO, Nextracker been to transition the world to affordable, renewable power by offering products and services that deliver the lowest levelized cost of solar energy, with best in class reliability and customer service As a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects worldwide, our products enable solar panels to follow the sun s movement across the sky and optimize power plant performance. From sustainable tracker solutions that conform to uneven terrain and withstand extreme weather, Nextracker systems operate in 40 countries globally. With over 100 gigawatts shipped worldwide, Nextracker leads the solar industry with solar tracker technologies that optimize and increase energy Vision A world powered by renewable energy where clean, affordable power is available for all. Mission To be the most trusted and valued renewable energy company by delivering intelligent, reliable, and productive solar power.
Nextracker FY24 Snapshot 2024 Annual Report 40 countries >1,000 Trackers >$4B FY24 Year-End Backlog Global Team Members $521M >80 Global Supply Chain Partners 100 GW $427M Adj. Free Cash Flow Dear Investors, our pace of innovation; launching a range of new products and services. We deepened relationships with key customers and added new ones; today we are serving customers in 40 countries around the world. We expanded our global supply chain in major markets and furthered operational excellence in our unrelenting passion to delight our customers by delivering upon our value proposition of the lowest levelized cost of solar energy, with best in class reliability and customer service. And last but not least we expanded our dedicated team of global solar professionals. $2.5B FY24 Revenue
Nextracker Customers, Execution, and Team, enabled us to produce last year s $2.6 billion, and a tripling over the last two years. sheet with over $800 million in total liquidity, and strong to achieve 100 gigawatts of shipments. Not only is this a proud moment for Nextracker, we view this as a win for the entire clean power industry, as 100 GW represents largest economy when viewed as a standalone country. Expanding our global supply chain footprint with partners have been instrumental in our success in scaling shortening lead time. We have over 80 major suppliers our growth. We also expanded our global supply chain 30 gigawatts of U.S. capacity. Additionally, in the U.S., we played a key role in revitalizing domestic manufacturing by enabling domestic production in 20 new or expanded partner facilities most of whom supply tracker products exclusive to Nextracker since 2021. Customers recognize that engineering and technology really matter. We believe we are driving the gold standard for solar trackers, and this is being rewarded and technologies in mechanical features, electronic issued and pending. We help customers de-risk projects and improve project economics while expanding to catalog of positive attributes, earned and proven over many years translates into what we believe is the most bankable product with the lowest cost of energy. 2024 Annual Report product development and global expansion. Fiscal year 2024 was a key investment year as we built out product groups, program management teams, sales, and engineering teams. There has been a steep increase in electric power demand in the US and key global areas driven by the and appliances, and re-industrialization. The legacy some new gas is expected, in the USA, solar and storage account for over 80% of the new projects in the electric grid interconnection queue. We think it s a rising tide for our industry and believe we are on an accelerating ride for solar to be the number one source of energy in the U.S. and the world. The drivers for solar s rise are lower cost, lower risk, faster deployments, customer preference, availability of affordable battery storage at scale, and superior position to be connected to the grid. Solar is leading global energy capacity additions, and solar economics have never been more favorable. As the world transitions to renewable energy, Nextracker is increasingly well positioned in the solar power ecosystem to drive growth. on executing our plan and disciplined in our strategic investments. We believe our culture, strategy, team, and position will enable us to continue to deliver strong value for customers, shareholders, and other stakeholders. Dan Shugar
Nextracker 2024 Annual Report Reconciliation of GAAP to Non-GAAP Financial measures Fiscal Year 2024 GAAP Net income Interest, net 496,215 2,124 Provision for income taxes Depreciation expense 4,088 Intangible amortization Stock-based compensation expense Legal costs and other Advanced manufacturing tax credit vendor rebate Other tax related income, net Adjusted EBITDA 521,465 Net cash provided by operating activities 428,973 Purchase of property and equipment Proceeds from disposition of property and equipment 426,563
 • shareholder letter icon 6/26/2024 Letter Continued (Full PDF)
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NXT 6/26/2024 Shareholder/Stockholder Letter Transcript:

2024
Annual Report

Nextracker
FY24
Shareholder Letter
Since day one, Nextracker   s goal has
2024 Annual Report
Dan Shugar
Founder and CEO,
Nextracker
been to transition the world to affordable,
renewable power by offering products and
services that deliver the lowest levelized
cost of solar energy, with best in class
reliability and customer service
As a leading provider of intelligent, integrated solar tracker
and software solutions used in utility-scale and distributed
generation solar projects worldwide, our products enable solar
panels to follow the sun   s movement across the sky and optimize
power plant performance. From sustainable tracker solutions
that conform to uneven terrain and withstand extreme weather,
Nextracker systems operate in 40 countries globally. With over 100
gigawatts shipped worldwide, Nextracker leads the solar industry
with solar tracker technologies that optimize and increase energy

Vision
A world powered by
renewable energy where
clean, affordable power
is available for all.
Mission
To be the most trusted
and valued renewable
energy company by
delivering intelligent,
reliable, and productive
solar power.

Nextracker
FY24
Snapshot
2024 Annual Report
40
countries
>1,000

Trackers
>$4B
FY24 Year-End
Backlog
Global Team
Members
$521M
>80
Global Supply
Chain Partners

100 GW
$427M
Adj. Free
Cash Flow
Dear Investors,
our pace of innovation; launching a range of new products
and services. We deepened relationships with key
customers and added new ones; today we are serving
customers in 40 countries around the world. We expanded
our global supply chain in major markets and furthered
operational excellence in our unrelenting passion to
delight our customers by delivering upon our value
proposition of the lowest levelized cost of solar energy,
with best in class reliability and customer service. And last
but not least we expanded our dedicated team of global
solar professionals.
$2.5B
FY24 Revenue


Nextracker

Customers, Execution, and Team, enabled us to produce


last year   s $2.6 billion, and a tripling over the last two years.
sheet with over $800 million in total liquidity, and strong

to achieve 100 gigawatts of shipments. Not only is this a
proud moment for Nextracker, we view this as a win for
the entire clean power industry, as 100 GW represents
largest economy when viewed as a standalone country.
Expanding our global supply chain footprint with partners
have been instrumental in our success in scaling
shortening lead time. We have over 80 major suppliers
our growth. We also expanded our global supply chain
30 gigawatts of U.S. capacity. Additionally, in the U.S., we
played a key role in revitalizing domestic manufacturing
by enabling domestic production in 20 new or expanded
partner facilities     most of whom supply tracker products
exclusive to Nextracker     since 2021.
Customers recognize that engineering and technology
really matter. We believe we are driving the gold
standard for solar trackers, and this is being rewarded
and technologies in mechanical features, electronic
issued and pending. We help customers de-risk projects
and improve project economics while expanding to
catalog of positive attributes, earned and proven over
many years translates into what we believe is the most
bankable product with the lowest cost of energy.
2024 Annual Report

product development and global expansion. Fiscal year
2024 was a key investment year as we built out product
groups, program management teams, sales, and
engineering teams.
There has been a steep increase in electric power
demand in the US and key global areas driven by the
and appliances, and re-industrialization. The legacy
some new gas is expected, in the USA, solar and storage
account for over 80% of the new projects in the electric
grid interconnection queue.
We think it   s a rising tide for our industry and believe
we are on an accelerating ride for solar to be the
number one source of energy in the U.S. and the world.
The drivers for solar   s rise are lower cost, lower risk,
faster deployments, customer preference, availability
of affordable battery storage at scale, and superior
position to be connected to the grid.
Solar is leading global energy capacity additions,
and solar economics have never been more favorable.
As the world transitions to renewable energy, Nextracker
is increasingly well positioned in the solar power
ecosystem to drive growth.
on executing our plan and disciplined in our strategic
investments. We believe our culture, strategy, team, and
position will enable us to continue to deliver strong value
for customers, shareholders, and other stakeholders.
Dan Shugar


Nextracker
2024 Annual Report

Reconciliation of GAAP to Non-GAAP Financial measures
Fiscal Year 2024
GAAP Net income

Interest, net
496,215
2,124
Provision for income taxes

Depreciation expense
4,088
Intangible amortization

Stock-based compensation expense

Legal costs and other

Advanced manufacturing tax credit vendor rebate

Other tax related income, net

Adjusted EBITDA

521,465
Net cash provided by operating activities

428,973
Purchase of property and equipment

Proceeds from disposition of property and equipment




426,563


shareholder letter icon 6/26/2024 Letter Continued (Full PDF)
 

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