U.S.-based solar tracker firm Nextracker has reported a net profit of $115.28 million in the third quarter (Q3) of the financial year (FY) 2025, a 178.48% year-over-year (YoY) growth from $41.4 million.

Increased bookings for its tracker software drove the growth.

The company’s consolidated revenue fell 4.37% YoY to $679.36 million in Q3 FY 2025 from $710.43 million. Solar tracker system sales contributed the most to the company’s revenue.

Nextracker’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 10.7% YoY to $186 million in Q3 FY25 from $168 million.

The earnings per share (EPS) fell to $0.79 from $0.87 in Q3 FY 2024.

9M Results

In the first nine months (9M) of FY 2025, the company reported a 248.61% YoY surge in net profit to $352.37 million from $101.08 million.

Nextracker’s consolidated revenue jumped 15.39% YoY to $2.03 billion from $1.76 billion.

The company’s EBITDA surged 48% YoY to $534 million in 9M FY25 from $361.8 million.

The EPS was $2.41 against $1.86 during the same period the previous year.

The company expanded its manufacturing and supply chain network to over 70 manufacturing partners operating more than 90 facilities across 19 countries, totaling over 50 GW/year of capacity.

Backlogs increased significantly to over $4.5 billion, driven by robust demand in the company’s key regions.

The company shipped its first 100% U.S. domestic content solar trackers and expanded its U.S. research and development (R&D) facility and Customer Center of Excellence. It also set up an R&D Center for Solar Excellence in Hyderabad, India and an Expanded Center for Solar Excellence in Brazil.

The company has partnered with UC Berkeley and launched CAL-NEXT Center for Solar Energy Research by investing a $6.5 million commitment to advance solar technology.

Dan Shugar, Founder and CEO, Nextracker, said that the U.S. Department of Energy forecasts 15% to 20% power demand growth over the next decade. Solar power dominated the capacity additions, with nearly 7,000 solar and solar plus storage projects in the queue. Solar power remains the most practical power generation source in the U.S. grid and many global electric systems.

He noted that 75% of total bookings in the quarter covered a diverse mix of new project contracts in over 20 U.S. states. Nextracker’s new foundations business is currently focused on the U.S. market to secure additional business. The company believes that customers are expressing greater interest in its solutions, which combine the NX Horizon tracker platform with foundations covering a range of soil conditions.

The company reported increased bookings for its Hail Pro-75 tracker and Hail Pro software with automated-stowing features aimed at protecting systems during severe storms.

Nextracker has signed contracts in 13 countries in Latin America, Europe, Africa, and the Middle East, and also in Australia and India.

Shugar added that the company signed 15 new project agreements in these regions in Q3 FY 2025 and is also receiving international interest for its XTR and TrueCapture software.

The company views the U.S. Treasury Department’s updated rules regarding domestic content positively, expecting them to help Nextracker achieve the 10% investment tax credit bonus. The company plans to charge a modest premium, reflecting the increase in the cost of its domestic content supply.

The company estimates a revenue of $2.8 billion to $2.9 billion at the end of FY 2025.

Nextracker’s net profit climbed 193.9%YoY to $115.39 million in Q2 of FY 2025 from $39.25 million.