PVTIME – Nextracker, the global leader in solar trackers, has announced its financial results for the first quarter of the 2026 fiscal year, alongside strategic acquisitions aimed at expanding its technical capabilities. The company reported total revenue of $864 million and gross profit of $282 million, giving a gross margin of 32.6%. Although these figures represent a slight decline from the previous quarter, when revenue was $924 million and gross profit was $306 million with a margin of 33.1%, they demonstrate significant year-on-year growth, with revenue increasing by 20% and gross profit by 19% compared to the same period last year.
Nextracker inspection robot on utility-scale solar plant (Photo: Nextracker)
Nextracker ended June 2025 in a strong financial position, with $743 million in cash reserves and zero debt, having generated $81 million in operating cash flow during the quarter. The company has also confirmed that it has received approximately $93 million in supplier rebates under Section 45X of the Inflation Reduction Act (IRA), which supports advanced manufacturing. A pioneer in meeting IRA domestic production requirements, Nextracker launched compliant tracker products in December 2024 and now operates around 25GW of capacity across US tracker production facilities and supporting steel mills.
Nextracker continues to dominate the global solar tracker market. According to research from Wood Mackenzie, the company held a 26% global market share in 2024, with shipments totalling 28.5GW, while the overall tracker market grew by around 20% that year. This momentum reflects sustained high revenue levels in recent years, driven by growing demand for trackers as developers and project owners prioritise boosting the efficiency of solar plants.
In a strategic move to enhance its plant maintenance and modelling capabilities, Nextracker has acquired three robotics and artificial intelligence firms in a deal totalling over $40 million. These acquisitions include OnSight Technology, a California-based company that specialises in AI-driven autonomous inspection robots and fire detection systems for large, remote solar facilities; Amir Robotics, a producer of waterless robotic cleaning systems that reduce power loss from soiled components; and SenseHawk IP, which provides AI drone technology that creates high-resolution, 3D as-built maps of solar sites. To spearhead these initiatives, Nextracker has formed a new business unit and appointed its inaugural AI and Robotics Technology Officer.
These moves align with industry trends identified by SolarPower Europe, which highlights robotics and data applications as being crucial for solar operations and maintenance. Nextracker’s founder and CEO notes that the deployment of millions of sensors and control nodes across 100GW of operating systems in 40 countries creates unique opportunities to scale AI and robotics. Meanwhile, the company’s new AI and Robotics Technology Officer emphasises that greater autonomy in plant construction and operation is critical to scaling solar power to meet global energy needs.
Looking ahead, Nextracker has upgraded its full-year outlook, raising its projections for revenue, net income and adjusted EBITDA. This guidance assumes that US policy conditions and historical project approval timelines will remain unchanged, although the company is monitoring regulatory updates that could impact progress. This comes despite a 9% contraction in the US tracker market in 2024 and the White House’s decision to end previous solar tax incentives.
Prior to these technology-focused acquisitions, Nextracker expanded its hardware portfolio by purchasing solar infrastructure firms, including Solar Pile International and Ojjo last year and electrical balance of system provider Bentek earlier in 2025.
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