Nextracker Inc.: Initiation Of Coverage – A Deep Dive Into Its Core Business Strategy & Its Competitive Positioning 

Nextracker, Inc. posted strong third-quarter results for the fiscal year 2024. The company achieved record revenue, profits and backlog data for the quarter, with year-over-year revenue growth of 38% surpassing $700 million. Nextracker’s adjusted EBITDA also increased significantly to $168 million, doubling from the same period in the previous year. Benefits from U.S. operations were prominently featured, with business growth of 70% from the previous year playing a critical role in the positive results. The strong performance is attributable to the company’s effective execution, enhanced supply chain, and rigorous pricing discipline.