US-based solar tracker firm Nextracker’s net profit climbed 193.9% year-over-year (YoY) to $115.39 million in the second quarter (Q2) of the financial year (FY) 2024-25 from $39.25 million.

The company also reported a 10.85% YoY rise in revenue to $635.57 million from $573.36 million owing to solar tracker system sales. The geographic mix of revenue for Q2 was 73% for the U.S. and 27% for the rest of the world.

Rising sales drove both the company’s profit and revenue.

In Q2, it achieved record growth from sales of its TrueCapture software. TrueCapture revenue represented over 2% of Q2’s total revenue, driven by a higher commissioned project rate.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 57.27% YoY to $173 million in Q3 FY25 from $110 million.

1H results

In the first half (1H) of FY25, the company’s net profit climbed 297.26% to $237.09 million from $59.68 million in FY24.

The company reported consolidated revenue of $1.36 billion, a 29.52% increase from $1.05 billion in the same period in FY24.

The company’s EBITDA soared by 79.14% to 347.63 million during the period from $194.05 million last year.

In Q2, one-third of the total bookings came from regions outside its home market. It witnessed a record 1H in EU bookings and delivered its second-largest quarter of bookings in Q2, with nearly 8 GW operational and under fulfillment in Europe.

In Latin America, Nextracker had nearly 20 GW operational and under-fulfillment orders and more than 15 GW in the Middle East, India, and Africa regions combined. It also  booked customer projects in 12 countries outside the U.S., including first-time projects in New Zealand and Malaysia.

The company’s annual global capacity remains over 50 GW, including over 30 GW of capacity in the U.S.

Nextracker, founder and CEO Dan Shugar said, “We’re very pleased with the company’s execution, driving a record first half of fiscal year 2025 with strong demand in Q2. In the quarter, we successfully executed on the launch of our new NX Foundation Solutions portfolio. We are also pleased to report that we have received customer orders for all of our new products launched in the last year, including NX Horizon-XTR™ 1.5 all-terrain tracker, NX Horizon™ Low Carbon Tracker, NX Hail Pro-75, and NX Foundation Solutions. Finally, we accelerated our planned timeline for our 100% U.S. domestic content projects ship date from early CY25 to before the end of the current calendar year.“

Shugar added that Q2 marks the company’s seventh consecutive quarter of double-digit revenue growth.

The company recorded a net income of $139 million, a 95% YoY increase compared to $71 million for the first quarter of FY25, reflecting significant growth across various metrics.

The firm’s fourth-quarter revenue jumped 42% to $737 million in FY24 from $518 million the previous year, reflecting robust product demand. The demand was driven by 27% growth in the U.S. and 89% growth in the rest of the world.