Nextpower Inc.

After this speaker's remarks, there will be a question and answer session. At this time for opening remarks, I would like to pass the call over to Ms. Mary Lai, Vice President of Investor Relations. Mary, you may begin.

Thank you and good afternoon, everyone. Welcome to Next Shopper's first quarter fiscal year 2025 earnings call. I'm Mary Lai, Vice President of Investor Relations. I'm joined by Dan Sugar, our CEO and founder, Power Wainer, our president, and Chuck pointing our CFO. We're excited to have launched a new shareholder letter format along with our press release. On today's call, we will open with a brief message from Dan and then immediately transition into a Q&A session. As a reminder, there will be a replay of this call posted on the IR website along with the press release and shareholder letter. Today's call contains statements regarding our business, financial performance, and operations, including our business and our industry, that may be considered forward-looking statements, and such statements involve risks and uncertainties that may cause actual results to differ maturely from our expectations. Those statements are based on current beliefs, assumptions, and expectations, and speak only as of the current date. For more information on those risks and uncertainties, please review our earnings press release, shareholder letter, and our SEC filings, including our most recently filed Form 10-K, which are available on our website. This information is subject to change, and we undertake no obligation to update any full eligible statements as a result of new information, future events, or changes in our expectations. Please note, we will provide GAAP and non-GAAP measures on today's call. The full non-GAAP to GAAP reconciliation can be found in the appendix to the press release and the shareholder letter, as well as the financial section of the IR website. And now, I will turn the call over to our CEO and founder, Dan.

Thank you, Mary. Welcome to Next Tracker's first quarter fiscal 2025 earnings call. I would like to extend a warm welcome to our new Chief Financial Officer, Chuck Boyden, who joined Next Tracker several months ago and will be participating in our questions and answers session today. Our fiscal year is off to a strong start with another quarter of solid execution. Our first quarter had a 50% year-on-year growth of revenue and record adjusted EBITDA. It was our sixth consecutive quarter of year-over-year growth, of year-over-year double-digit revenue growth. In Q1, we saw healthy demand in both the U.S. and international markets. Our backlog increased quarter-over-quarter and is over $4 billion. In the quarter, we also shared new product solutions such as our Agra PV solution and our NX low carbon tracker and celebrated several factory expansions with our manufacturing partners. And today, we announced we are taking orders for solar tracker solutions with 100% U.S. domestic content capability with an expected shift date in early calendar 2025. We are also thrilled to welcome the teams from OJO and Solar Pile International to Nextracker. We have extensive experience with foundation design, supply chain, installation, and the technologies we acquired broaden the geotechnical use cases for solar. We believe there is value to our customers in combining tracker systems and foundations to form an integrated solution. With these two acquisitions, we can provide a holistic, integrated solution for a broad range of soil conditions for utility scale projects globally. I'm so proud of our team. Fiscal 2025 is off to a great start, and we remain focused on executing our plan. As the world transitions to renewable energy, we are well positioned with our culture, strategy, team, and market positions. This concludes my comments. We now look forward to your questions. Let me pass the call back to the operator.