Nextpower Inc.

Good afternoon, everyone, and thank you for standing by. My name is Joel, and I will be your conference operator today. Today's call is being recorded. I would like to welcome everyone to Nextracker's fourth quarter fiscal year 2025 earnings call. After the speaker's remarks, there will be a Q&A session. At this time for opening remarks, I would like to pass the call over to Mr. Chuck Boynton, CFO. Chuck, you may begin.

Thank you, and good afternoon, everyone. Welcome to Next Tracker's fourth quarter fiscal year 2025 earnings call. I'm Chuck Boynton, Next Tracker's CFO, and I'm joined by Dan Sugar, our CEO and founder, and Howard Langer, our president. Following brief prepared remarks, we will transition to a Q&A session. As a reminder, there will be a replay of this call posted on the IR website, along with the earnings 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 as such, statements involve risks and uncertainties that may cause actual results to differ materially 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 quarterly report on Form 10Q and annual report on Form 10K, which are available on our IR website at investors.nexttracker.com. This information is subject to change, and we undertake no obligation to update any forward-looking statements as a result of new information events or changes in our expectations please note we will provide gap and non gap measures on today's call the full non gap to gap reconciliations can be found in the appendix to the press release and the shareholder letter as well as the financial section of our IR website and now I will turn the call over to our CEO and founder Dan

Thank you for joining us today to discuss our fourth quarter results and to recap our accomplishments for fiscal 2025. Next Tracker had a fantastic year and again delivered strong financial performance for the quarter. A year ago, we forecast $2.8 to $2.9 billion of revenue and we achieved $3 billion for the full year. We forecast $600 to $650 million of adjusted EBITDA and delivered $775 million. For this fiscal year, we are set up for another year of solid growth. Chuck will provide the details shortly, but I want to first lay out three themes that you will hear during today's call. First, Nextracker continues to win in the market, driven by a flight to quality and evidenced by our continued strong bookings growth momentum. At our IPO in February 2023, our backlog was 2.1 billion, and today it is significantly over 4.5 billion. We have been the global and U.S. market share leader for nine consecutive years. And according to third-party sources, in 2024, we further increased our leading global market share with top share in U.S., Europe, Latin America, and Australia regions. And we hold a strong position in most other major markets. Second, we believe that we are best positioned to navigate the current policy uncertainties by virtue of our large geographically diversified order backlog with Tier 1 customers, differentiated products that increase customer profitability, our healthy balance sheet, and an extremely flexible supply chain comprising over 90 manufacturing sites in 19 countries. Third, we are accelerating our innovation engine, acquiring and organically developing adjacent technologies to create a complete solar power platform. By scaling new products and services across Nextracker's high volume global tracker footprint, we can translate modest investments funded from free cash flow into meaningful financial contributions for the company with significant incremental value for our customers. Our market opportunity is expanding rapidly, driven by the structurally increasing global demand for electricity to power AI data centers, EVs, and buildings. This unprecedented surge in electricity demand is approaching the limits of existing generation capacity, with terawatts of incremental new capacity needed within the next five years. Many key customers have been asking us to offer additional products and services in addition to solar trackers to increase installation speed, improve system performance, and enhance long-term operating reliability. Customers value our solar domain expertise, innovation capabilities, supply chain acumen, financial strength, and business culture. In response to these customer requests, We began the transition from a pure play tracker company to a solar power technology platform supplier last summer, when we acquired two specialty foundation companies. Today's announcement that we've acquired Bentec Corporation, a pioneer in electrical balance of system, or eBOS, extends the strategy and continues our evolutions. The Bentec acquisition will enable our customers to source both tracker systems and eBoss components from a single, highly bankable supplier. And we've completed additional acquisitions that we will be communicating over the coming months. I'm really excited about the opportunities that these combinations will unlock. We will be inviting analysts and investors to our headquarters in the fall to see our technologies firsthand and hear more about our longer-term plans to scale our business. Before turning the call over to Howard to review some of the highlights from the quarter and year, let me say how proud I am of the contributions of our employees and how grateful we are for the trust and partnership with our customers and suppliers.