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Energy software company Nextracker files for IPO

Feb 1, 2023
Illustration of a stock chart as an open door

Illustration: Sarah Grillo/Axios

Nextracker, a Fremont, Calif.-based energy software company, is going public.

Why it matters: Nextracker's IPO will test the strength of public market support for this clean energy play amid significant turbulence and a scarcity of overall listings.

Driving the news: Nextracker filed its updated S-1 with the SEC Wednesday afternoon. In a press release, the company said it plans to list on NASDAQ under the ticker "NXT."

Flashback: Nextracker was acquired by solar company Flex in 2015.

  • Flex will continue to own an undisclosed percentage of the company following its debut, per the filing.

By the numbers: Nextracker generated nearly $1.5 billion in revenue in fiscal year 2022, up from about $1.2 billion in FY21, with a FY22 gross profit of $147 million.

  • It says it secured roughly $2 billion worth of contracts, purchase orders and commitments through September 2022.
  • It has 70 GW of solar projects.
  • It's largest customer is SOLV Energy, a San Diego-based renewable energy group. SOLV accounted for $196.2 million of Nextracker's total revenue in FY22.

Of note: J.P. Morgan, BofA, Citigroup and Barclays are acting as joint lead book-running managers for the proposed offering.

Zoom in: Nextracker sells solar trackers and licenses its energy management software to a set of solar project developers and engineering firms that construct grid-scale solar projects.

The bottom line: Nextracker is entering an IPO market few have been willing to brave.

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