Nextpower Inc.

remarks, there will be a Q&A session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star nine to raise your hand and star six to unmute. At this time for opening remarks, I would like to pass the call over to Ms. Sarah Lee, Head of Investor Relations. Sarah, you may begin.

Thank you and good afternoon, everyone. Welcome to Nextracker's second quarter fiscal year 2026 earnings call. I'm Sarah Lee, Nextracker's head of investor relations, and I'm joined by Dan Sugar, our CEO and founder, Howard Wenger, our president, and Chuck Boynton, our CFO. 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 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, Form 10-Q, and annual report on Form 10-K, 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, future 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 the IR website. And now I'll turn the call over to our CEO and founder, Dan.

Good afternoon and thank you for joining us. We're very pleased to report another quarter of strong execution. Before we cover the company's performance, I'd like to remind everyone we will be hosting our inaugural Capital Markets Day at our headquarters in Fremont on November 12th. We look forward to welcoming many of you as we explain the details of our long-term strategy, platform expansion, and growth opportunities. Given that, after Howard, Chuck, and I provide our prepared remarks on the quarter, we will hold a more limited Q&A today. Now turning to our performance. We delivered yet another solid quarter, reflecting the team's continued focus on innovation, long-term customer partnerships, and execution. In Q2, revenue grew 42% year-over-year to $905 million, and adjusted EBITDA increased 29% to $224 million. For the first half of fiscal 2026, revenue was up 31% year-over-year to $1.77 billion, a record first half for the company. Over the past year, we've significantly expanded our technology platform from foundations and electrical balance to system solutions to AI and robotics, and our suite of complementary products and services is gaining traction. Last week, we announced a multi-year agreement with a leading U.S. solar panel manufacturer for multi-gigawatt volumes of our advanced module frame technology, a deal valued at over $75 million. This agreement provides tangible value to customers. It significantly increases domestic content of solar panels, which supports eligibility for tax credits. Our advanced frame technology also improves durability of solar panels for more reliable long-term performance for owners and can facilitate faster installation during the construction phase. We also launched NX Power Merge in September. our new electrical balances system trunk bus product, and achieved record eBOS bookings in Q2, the highest quarterly sales in Bentex's 40-year history. We saw other products gaining traction as well. We booked our first fully integrated NX Earth Trust Foundation, which reduced parts count over an order of magnitude. And we saw strong adoption of our NX Vantage fire identification system, which employs AI-based visual analysis. Together, these product lines broaden the capability of our platform, connecting the tracker, electrical, and digital systems into one cohesive solution that maximizes project value for our customers and enables us to capture increased wallet share. We are scaling these innovations across our high-volume tracker footprint with over 150 gigawatts shipped to date, translating measured R&D and M&A investments into meaningful revenue and profit. Internationally, we continue to expand our market presence and partnerships. Today, we announced we entered into an agreement to form Nextracker Arabia, a joint venture with Abu Nayyan Holding. expanding our manufacturing footprint and commercial presence across the Middle East and North Africa. Nextracker has a strong legacy of reliable performance in Saudi Arabia, starting with KSA's first utility-scale installation, the 405-megawatt Saqqaqa Solar Park, where our system has demonstrated exemplary reliability. The JV will localize production, strengthen regional supply chains, and advance Saudi Arabia's clean energy goals under Vision 2030. Looking at the broader picture, we continue to benefit from powerful structural tailwinds, including increasing electricity demand, a flight to quality, and very solid long-term customer relationships. Our strategy is clear. Through a combination of internal innovation, targeted acquisitions, and world-class operational execution, we're building a compelling integrated technology platform that delivers the lowest cost, most reliable solutions to meet our customers' needs. Chuck will walk through our updated FY26 outlook shortly, but we're confident in our ability to deliver sustained profitability and cash generation while scaling our platform globally. And finally, before turning the call over to Howard to review some of the highlights from the quarter, I want to thank our customers for their continued partnership and trust, and our employees for their passion in driving innovation and customer satisfaction.