Nextracker Posts $4.1 Billion Revenue, Solar Tracker Backlog Hits 70 Gigawatts as Utility-Scale Renewables Boom

💰 Record Revenue and an Unprecedented Backlog

Nextracker, the world's largest manufacturer of solar tracking systems, reported fiscal year 2026 results on May 13, 2026 with revenue of $4.1 billion, up 47% from $2.8 billion in FY2025, driven by what CEO Dan Shugar called a "utility-scale solar supercycle." The company's order backlog swelled to 70 gigawatts, representing approximately 18 months of global solar tracker demand and a book-to-bill ratio of 2.3x.

The stock (NASDAQ: NXT) rose 12% on the earnings report, pushing the company's market capitalization past $14 billion.

Nextracker's NX Horizon-XTR terrain-following trackers, which deploy on uneven ground without grading (reducing site preparation costs by up to 25%), have become the de facto standard for utility-scale solar installations. The company's TrueCapture intelligent control software, which uses machine learning to optimize row-by-row tilt angles based on real-time weather and shading conditions, delivers an additional 3-6% energy yield.

With solar-plus-storage levelized cost of energy (LCOE) falling to $23/MWh in the U.S. Southwest per Lazard's April 2026 analysis, utility-scale solar now undercuts combined-cycle natural gas ($45/MWh) and is dramatically below natural gas peaker plants ($98/MWh).

📈 Gigawatt-Scale Projects Drive Growth

The company's project pipeline includes some of the largest solar installations in history. The SunZia Transmission and Wind project in New Mexico and Arizona, which pairs 3 GW of Nextracker-equipped solar with 3.5 GW of wind power, is the largest clean energy project in the Western Hemisphere and is scheduled for full commissioning in 2027. The Australia-Asia PowerLink, a 20 GW solar farm in Australia's Northern Territory transmitting power to Singapore via 4,200 km of undersea HVDC cable, will use Nextracker trackers across its first 8 GW phase.

In Saudi Arabia, NEOM's $500 billion megaproject includes 15 GW of solar capacity, with Nextracker as the primary tracker supplier for the first 5 GW.

Nextracker is also expanding its U.S. manufacturing footprint, opening new factories in Texas (Dallas), Ohio (Toledo), and Tennessee (Memphis) in 2025-2026 to qualify for the 10% domestic content adder under the Inflation Reduction Act's production tax credit provisions. The company now employs 3,800 workers in the United States across manufacturing, engineering, and project management functions. Global solar installations reached an estimated 450 GW in 2025 and are projected to hit 590 GW in 2026 per BloombergNEF, with tracker-equipped utility-scale installations accounting for approximately 45% of that total.