$NXT

Key Financial Metrics:

🔹 Adjusted EPS: $1.03 (Est. $0.48) 🟢; UP +7% YoY

🔹 Revenue: $679M (Est. $617.99M) 🟢; DOWN -4% YoY

🔹 Adjusted EBITDA: $186M; UP +11% YoY

🔹 Adjusted Gross Margin: 36.0% (Prev. 29.9%)

Operational Highlights:

🔹 Record Backlog: Exceeds $4.5B, supported by robust demand globally.

🔹 Product Innovation: Launched new features such as NX Horizon Hail Pro™ and NX-Anchor™, increasing market adaptability.

🔹 Manufacturing Capacity: Expanded to over 90 facilities across 19 countries, with >50 GW/year capacity.

🔹 R&D Investment: Significant expansions in the U.S., India, and Brazil, including partnerships with UC Berkeley.

FY25 Guidance:

🔹 Revenue: $2.8B-$2.9B (Est. $2.854B) 🟡

🔹 GAAP EPS: $3.11-$3.31 (Est. $3.26) 🟡

🔹 Adjusted EPS: $3.75-$3.95 (Prev. $3.10-$3.30) 🟢

🔹 Adjusted EBITDA: $700M-$740M (Prev. $625M-$665M) 🟢

Strategic Highlights:

🔸 Shipped the first 100% U.S. domestic content solar trackers under Treasury Guidance.

🔸 Expanded addressable market through advanced products and local manufacturing capabilities.

🔸 Operating cash flow reached $418M year-to-date, with cash and equivalents of $693M at quarter-end.

CEO Dan Shugar's Commentary:

🔸 "Strong execution drove record results, including expanding our backlog and successfully scaling new product launches. Our investments in innovation ensure Nextracker stays at the forefront of solar technology, delivering value to customers and stakeholders globally."

CFO Chuck Boynton's Commentary:

🔸 "Our robust backlog and strong financial performance allow us to confidently raise our FY25 profit outlook while maintaining our revenue guidance."

FIRST SOLAR EMERGES AS KEY WINNER FROM DOC ANTIDUMPING RULING $FSLR (+1,27%)

MARKET RESPONSE

- $FSLR shares gained up to 6.5% Monday, following 3.5% increase on Friday

- Positive market reaction follows Department of Commerce's preliminary determination on antidumping duties (Nov 29)

ANALYST INSIGHTS

Piper Sandler (Kashy Harrison)

- Rating: Overweight

- Price Target: Raised to $250 from $210

- Key Points:

* DoC rates exceeded expectations

* Panel pricing likely to increase significantly post-duties

* Potential for utility-scale project delays

* Names $FSLR as sole beneficiary under coverage

Jefferies (Julien Dumoulin-Smith)

- Rating: Buy

- Analysis:

* Positive outlook for US domestic manufacturers ($FSLR) and Malaysia-based Longi

* Vietnam producers ($JKS (+1,82%), $002459) face higher-than-expected antidumping rates

* Thailand rates significantly above expectations, affecting $CSIQ (+2,05%) and Trina

* Market reactions deemed appropriate for $FSLR (up) and $JKS/$CSIQ (down)

Truist (Jordan Levy)

- Rating: Buy

- Key Observations:

* Clear positive for $FSLR given domestic US supply chain

* Company secured on near-term price/volume

* Potential catalyst for expanded domestic manufacturing

* Positive implications for related companies: $SHLS, $ARRY (-0,12%), $NXT (all rated Buy)

UPCOMING CATALYST

- CPIA Annual PV Conference (Dec 4-6)

* Critical event for sector near-term direction

* Expected to reveal supply-side dynamics

* Recommended close monitoring by investors

INDUSTRY IMPLICATIONS

- Strengthens case for US manufacturing expansion

- Module/cell pricing expected to adjust to reflect tariff impact

- Reduced uncertainty may boost booking momentum

- Final determinations pending for next year