Nextracker (Nasdaq: NXT), a provider of solar technology solutions, reported its fourth-quarter and full-year financial results for fiscal year 2025. The company achieved a record revenue of $924 million in Q4, an increase of 26% year-over-year, contributing to a total revenue of approximately $3 billion for fiscal 2025, which is an 18% rise compared to fiscal 2024.

Adjusted EBITDA for Q4 expanded to $242 million, marking a 52% increase year-over-year, with an adjusted EBITDA margin of 26%. For the full year, adjusted EBITDA was $776 million, up 49% from the previous fiscal year. The company’s adjusted gross profit for FY25 was just over $1 billion, while adjusted gross margin for Q4 was 33.4%, down 260 basis points from Q3.

Nextracker closed the fiscal year with $766 million in cash and no debt, along with approximately $1.7 billion in total liquidity. The adjusted net income for Q4 was $193 million, or $1.29 per share, which reflects a 34% increase compared to Q4 of fiscal 2024. The full-year adjusted diluted EPS reached $4.22, signifying a 38% increase year-over-year.

The company’s backlog increased significantly to over $4.5 billion, a substantial rise from $2.1 billion at the time of its IPO in February 2023. This increase is attributed to strong demand for Nextracker’s products, especially the NX Horizon Hail Pro series trackers, which accounted for over 9 gigawatts sold during the fiscal year.

Nextracker announced its intention to expand its operational capacity through acquisitions, including Bentek Corporation, which will augment its electrical balance of systems (eBOS) offerings. This acquisition is part of a broader strategy to create an integrated solar power technology platform that increases installation speed and system performance.

Looking ahead, Nextracker guided for fiscal year 2026 revenue in the range of $3.2 billion to $3.4 billion, with adjusted EBITDA projected between $700 million and $775 million. Adjusted diluted EPS is expected to be within $3.65 to $4.03, reflecting a planned increase in operational expenditures as the company invests in growth initiatives. Nextracker anticipates ending FY26 with over $1 billion in cash, even after allocating funds for the Bentek acquisition and other investments.