On October 25, 2023, NEXTracker Inc (NXT, Financial), a leading provider of intelligent solar tracker and software solutions, announced its financial results for the second quarter ended September 29, 2023. The company reported record revenue and profits for Q2 FY24 and raised its FY24 guidance following a strong performance in the first half of the fiscal year.
Q2 FY2024 Financial Highlights
NXT reported a revenue of $573,357 for Q2 FY24, a significant increase from $467,142 in the same period last year. The company's gross profit for the quarter stood at $149,110, more than double the $64,539 reported in Q2 FY23. Operating income for the quarter was $94,092, up from $39,472 in Q2 FY23. Net income attributable to NEXTracker Inc. was $39,253.
Balance Sheet and Cash Flow Statement
As of September 29, 2023, NXT had cash and cash equivalents of $372,918. The company's total current assets stood at $1,338,780, while total liabilities were $1,358,447. The company's net cash provided by operating activities for the six months ended September 29, 2023, was $252,677.
Company's Performance and Future Outlook
CEO of NEXTracker, Dan Shugar, commented on the company's performance, stating,
NEXTracker's Q2 results reflect strong worldwide execution, and we are pleased with our record revenue, profits, and backlog. We closed our third consecutive quarter of growth year-over-year, as a public company, and it was our sixth consecutive quarter of margin expansion on a sequential basis."
Shugar also expressed optimism about the company's future, saying,
With a record first half and our anticipation of a strong second half of the fiscal year, we have raised our annual profit guidance and the mid-point of our annual revenue guidance. We are well-positioned with our global scale and growth profile, and we are excited to pursue the market opportunities ahead."
In a separate press release, NEXTracker announced the planned separation from Flex. More details can be found on the NEXTracker IR website.
Explore the complete 8-K earnings release (here) from NEXTracker Inc for further details.
