Nextpower (NXT) Q4 2024 earnings summary

Executive summary

• FY24 revenue reached $2.50B, up 31% YoY; adjusted EBITDA was $521.5M, up 150% excluding IRA 45X benefits.

• Record backlog exceeded $4B, more than tripling in two years.

• FY24 adjusted free cash flow was $426.6M; year-end liquidity exceeded $800M.

Financial highlights

• Q4 revenue was $736.5M, up 42% YoY; GAAP net income was $223.2M and diluted EPS was $1.51.

• Q4 adjusted EBITDA was $159.6M, up 120% excluding IRA 45X benefits; adjusted gross profit was $222M at a 30% margin.

• Q4 adjusted net income was $142M and adjusted diluted EPS was $0.96; FY24 adjusted net income was $451.4M and adjusted diluted EPS was $3.06.

• FY24 GAAP operating income was $587.1M and gross profit was $813.0M; adjusted gross profit was $703M and adjusted operating income was $523M.

• FY24 GAAP net income was $496.2M and diluted EPS was $3.37.

Outlook and guidance

• FY25 revenue guidance is $2.8B–$2.9B, representing 14% YoY growth at the midpoint; adjusted EBITDA guidance is $600M–$650M, up 20% at midpoint.

• FY25 GAAP net income guidance is $369M–$399M and GAAP diluted EPS guidance is $2.41–$2.61.

• FY25 adjusted diluted EPS guidance is $2.89–$3.09; adjusted EBITDA guidance excludes ~$95M of stock-based compensation and net intangible amortization, while adjusted EPS excludes ~$0.48 per share for those items.

• Guidance assumes $15M–$20M of interest and other expense, a 20%–25% adjusted tax rate, and ~153M weighted-average shares; it includes IRA 45X tax credits.