Nextracker announced robust financial results for the second quarter of fiscal year 2025, which concluded on September 27, 2024. The company reported revenue of $636 million, marking an 11% increase year-over-year, and achieved a GAAP gross profit of $225 million with a 35.4% margin.
Adjusted EBITDA for the quarter reached $173 million, representing a 27.2% margin, while adjusted diluted EPS was $0.97. These results included approximately $51 million from IRA 45X advanced manufacturing tax credit vendor rebates, contributing to the company's strong profitability.
The company's backlog surged to a new record of over $4.5 billion, providing significant revenue visibility. Based on this performance, Nextracker raised its fiscal year 2025 adjusted EBITDA outlook to a range of $625 million to $665 million and adjusted diluted EPS to $3.10 to $3.30, while reaffirming its revenue guidance of $2.8 billion to $2.9 billion.
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