Shares of Nextracker jumped 22% on the back of stronger-than-expected results and an increase to its project backlog.
Shares of troubled Nextracker jumped Thursday, the morning after delivering strong quarterly results and increases to the solar company's full-year profitability outlook and project backlog. Revenue in its fiscal 2025 second quarter totaled $635.6 million, up nearly 11% year over year and ahead of the consensus estimate of $615.4 million, according to LSEG. That marks seven straight quarters of double-digit revenue growth.
"We're getting orders with shorter horizons and that's what fed the backlog increase and caused that metric to go from 80% to 90%," Nextracker President Howard Wenger said on the earnings call. The change in August was attributed to project lifecycles getting a bit longer due to the permitting process and interconnection, an industry term for hooking up the solar field to the broader electricity grid.
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