Nextracker, the leading solar tracker manufacturer in the world, announced a revenue of $864 million for the last quarter, with a gross margin of 32.6%. The company also revealed its acquisition of three robotics and artificial intelligence firms as part of a strategic initiative to enhance its core tracking systems business.
In its latest financial report for the first quarter of fiscal year 2026, Nextracker reported total revenue of $864 million and a gross profit of $282 million. This marks a slight decline from the previous quarter, which had revenues of $924 million and profits of $306 million. The gross margin dipped from 33.1% to 32.6%. However, compared to the same period last year, both revenue and gross profit increased by 20% and 19%, respectively. As of June 30, 2025, Nextracker reported holding $743 million in cash with zero debt, and the cash flow from operating activities for the period was $81 million.
The recent acquisitions involved an investment of over $40 million. In its first-quarter report for fiscal year 2026, Nextracker also confirmed that it received approximately $93 million in tax credits from the Inflation Reduction Act (IRA) for advanced manufacturing. Last December, the company was the first to launch tracking systems that meet IRA domestic manufacturing requirements, currently boasting around 25GW of capacity in the United States, including both tracker manufacturing and supporting steel mills.
Nextracker is actively working to solidify its leadership position in the global tracker market. According to Wood Mackenzie, the company is expected to ship 28.5GW in 2024, capturing 26% of the global market share, while the overall market for tracking systems is projected to grow by approximately 20% during the same period. Financial data supports this upward trend, indicating that the company has maintained high revenue levels in recent years. As developers and project owners increasingly focus on enhancing the efficiency of solar power plants, the application of tracking systems is expected to continue expanding.
Looking ahead, the role of the U.S. market in Nextracker’s revenue structure may change. Wood Mackenzie points out that the U.S. tracker market is projected to shrink by 9% in 2024, compounded by the White House’s decision to eliminate previously supported tax incentives for the solar industry. Despite this, Nextracker has raised its revenue, net profit, and adjusted EBITDA forecasts for the year. The company stated, “Current forecasts are based on the assumption that the existing policy environment in the U.S. remains unchanged and that project approval processes maintain historical timelines. We are closely monitoring amendments to safe harbor provisions and other regulatory developments that could influence project timelines, investment decisions, and financial performance.”
Nextracker’s acquisitions in robotics technology are aimed at enhancing its capabilities in plant maintenance and modeling. The total investment in these acquisitions exceeds $40 million, and a new business division has been established for this purpose, along with the appointment of the company’s first Chief AI and Robotics Officer to oversee related operations. The latest acquisition is OnSight Technology, based in California, which specializes in autonomous inspection robots and fire detection systems for solar power plants. Their products feature an “AI-driven, computer vision robot platform” that collects and analyzes data to identify and anticipate issues within large remote solar installations.
Nextracker also acquired Amir Robotics in March 2025, a company that produces a “waterless robotic cleaning system” designed to reduce power generation losses due to component soiling. Additionally, the company acquired SenseHawk IP, which utilizes AI drone technology to “generate high-resolution 3D completion maps of solar project sites.” Nextracker’s founder and CEO, Dan Shugar, noted, “We have deployed millions of sensors and control nodes across approximately 100GW of operational systems in 40 countries, providing Nextracker with a unique opportunity to scale AI and robotics technologies.” Nextracker’s newly appointed AI and Robotics Officer, Francesco Borrelli, added, “To expand solar energy to meet global energy demands, we need to achieve new levels of autonomy in plant construction and operations.” According to SolarPower Europe, robotics technology and data applications have been identified as key trends in the operations and maintenance of photovoltaics.
Before pursuing acquisitions in robotics and AI, Nextracker had already acquired multiple solar hardware companies to enhance its electrical components and project foundation business. Last year, it acquired the structural company Solar Pile International and Ojjo, and earlier this year, it acquired the electrical balance of systems (eBOS) company Bentek.
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