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Empowering the Future: NEXTracker's Vision for Sustainable Energy Leadership

Fiscal Year 2026 Highlights and Strategic Direction

NEXTracker delivered a powerful close to its fiscal year 2026, marking a period of significant achievement and strategic expansion. The company reported a substantial 20% year-over-year revenue increase, accompanied by a record-breaking backlog surpassing $5.25 billion. This impressive performance is attributed to a combination of factors, including a robust core tracker business, the successful implementation of its integrated platform strategy, and strategic investments in cutting-edge power conversion solutions. The company's commitment to innovation, both through organic development and carefully selected acquisitions, underpins its drive to build a more comprehensive and efficient power plant technology platform.

Strengthening Core Business and Market Leadership

The foundation of NEXTracker's success lies in its strong core tracker business, which continues to excel and maintain a leading position in the industry. The past year saw one of the highest booking quarters in the company's history, contributing to unprecedented levels of annual bookings and backlog. This growth is sustained by a diversified customer base, a broad product offering, and a global presence that enables the company to adapt to evolving market dynamics. With global electricity demand projected to surge by 3.6% annually until 2030, driven by data centers, electrification, and industrial expansion, NEXTracker is strategically poised to meet the escalating need for new generation capacity, particularly with solar power.

Advancing with an Integrated Platform Strategy

NEXTracker's platform strategy is demonstrating considerable success, with customers increasingly opting for integrated solutions that streamline procurement, expedite installation, and enhance overall system performance and long-term reliability. The company is actively expanding its product suite to meet this demand, recognizing that a unified approach across the power plant is a crucial differentiator. Key developments include the successful deployment of Tracker Plus foundation products, which facilitate tracker installation across diverse soil conditions, and the acceleration of its EBOS (Electrical Balance of System) business through the acquisition of BendTech. Furthermore, the introduction of new solutions like NX Power Merge EBOS and multi-year steel module frame agreements with partners like JinkoSolar underscore NEXTracker's commitment to delivering comprehensive and innovative offerings.

Pioneering Power Conversion and Future Growth

A significant milestone in NEXTracker's strategic evolution is its deepening investment in power conversion solutions, identified as a vital element of integrated power plant architecture. The company is actively developing unique internal technology designed for superior operating efficiency and reliability, alongside enhanced ease of maintenance. A recent acquisition of key power conversion product lines and a planned U.S. manufacturing footprint will accelerate time-to-market and serve as a launchpad for internally developed products. This move is expected to position NEXTracker as a key player in optimizing solar power plant yield, integrating with battery storage, and providing critical power quality management for data center applications. While these investments may impact short-term profitability, they are expected to drive accelerated growth from next year, with the company anticipating exceeding its previously stated 2030 revenue projections.

Financial Performance and Outlook for Fiscal Year 2027

NEXTracker's fiscal year 2026 concluded with impressive financial results, including an $881 million revenue in the fourth quarter and a full-year revenue of approximately $3.56 billion, a 20% increase. The company maintained robust gross margins, driven by strong performance in North America and strategic tariff recoveries, despite elevated freight costs. Adjusted EBITDA for the full year reached $854 million, well above initial projections. Looking ahead to fiscal year 2027, NEXTracker has raised its revenue targets to between $3.8 billion and $4.1 billion, with adjusted EBITDA forecasted between $825 million and $900 million. The company's capital allocation strategy prioritizes organic investments, disciplined mergers and acquisitions, and shareholder returns, supported by a strong balance sheet and an investment-grade credit rating.