Nextracker announces separation from Flex, Q2 financial results

Nextracker announces separation from Flex, Q2 financial results

Solar tracker and software solutions provider Nextracker announced Flex’s plan to effect a spin-off of all its remaining interests in Nextracker to its shareholders.

Nextracker expects to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission which will include additional information regarding the spin-off. The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024, but remains subject to a number of conditions.

Additionally, Nextracker released its Q2 FY24 results, including business and financial highlights.

Financial highlights include:

  • Revenue $573 million, up 23% YoY
  • GAAP net income $81 million, EPS $0.55
  • Adjusted EBITDA $110 million, up 164% YoY
  • Non-GAAP net income $96 million, non-GAAP EPS $0.65

Business highlights include:

  • Continued U.S. and global supply chain capacity expansion with strategic partners
  • Launched Next Gen Tech Suite with 3 new innovations:
    • NX Horizon Hail Pro: Hail-stowing solution with hardware, software, service
    • NX Horizon XTR-1.5: Doubling the undulation capability of our terrain-following tracker
    • TrueCapture Zonal Diffuse: Enhanced energy yield in varied irradiance conditions

Nextracker CEO Dan Shugar recently appeared on the Factor This! podcast, where he discussed his journey from an engineer in the solar group at Pacific Gas & Electric in the late 80’s, to leading PowerLight to a $335 million acquisition by SunPower, to acting as the CEO of module manufacturer Solaria before spinning off the company’s tracker technology to create Nextracker. c

Shugar also appeared on Factor This! last year, where he discussed Nextracker’s decision to invest heavily in U.S. manufacturing amid supply chain constraints and trade disputes facing the solar industry.