Financial Data and Key Metrics Changes - In Q2 2026, revenue grew 42% year over year to $905 million, and adjusted EBITDA increased 29% to $224 million, representing a 25% EBITDA margin [4][15] - For the first half of fiscal 2026, revenue was up 31% year over year to $1.77 billion, marking a record first half for the company [5][15] - Adjusted free cash flow was $171 million for the quarter and $241 million year to date, with the company closing the quarter with $845 million in cash and no debt [15][16] Business Line Data and Key Metrics Changes - The company launched the XPower Merge, a new electrical balance of system trunk bus product, and achieved record e-bus bookings, the highest in Bentech's 40-year history [6][10] - Strong adoption of NX Vantage Fire Identification System, which employs AI-based visual analysis, was noted, indicating broadening capabilities of the platform [6][10] - Record bookings for TrueCapture and Navigator control system were achieved, highlighting the value in energy yield enhancement and plant performance [10][11] Market Data and Key Metrics Changes - In the U.S., bookings and revenue were up significantly year over year, with revenue increasing by 49% [11][12] - Europe emerged as a top market for the company, delivering record sales in Q2 2026 [12] - The company reported a growing backlog of over $5 billion at quarter end, indicating strong global demand for its products and services [10][15] Company Strategy and Development Direction - The company is focused on building a cohesive platform by harmonizing new products and services with its industry-leading NX Horizon tracker system [11] - A joint venture, Nextracker Arabia, was formed to expand manufacturing and commercial presence in the Middle East and North Africa, supporting local production and regional supply chains [8][45] - The strategy includes a combination of internal innovation, targeted acquisitions, and operational execution to deliver the lowest cost and most reliable solutions [8][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals of the solar industry, citing strong customer demand and a record backlog [20][22] - The company raised its full-year FY26 outlook, expecting revenue between $3.275 and $3.475 billion and adjusted EBITDA between $775 and $815 million [16][17] - Management noted that project timing remains stable, with a deep backlog providing excellent visibility and reducing uncertainty [12][14] Other Important Information - The company is experiencing tariff-related headwinds, with approximately 300 basis points impact in Q2, but has mitigated these through a diversified supply chain and domestic manufacturing [16][13] - The company has significantly expanded its technology platform, including advancements in AI and robotics, which are gaining traction in the market [5][6] Q&A Session Summary Question: Industry growth outlook through the end of the decade - Management believes the fundamentals for solar are strong, with significant project safe-harboring and continued orders, indicating a positive long-term outlook for the industry [19][20] Question: Cadence for project timing this year - Management noted a strong first half and raised the outlook, indicating a smoother operational cadence compared to previous years, with Q4 expected to be stronger than Q3 [24][25] Question: Bookings trends with increased product offerings - Management highlighted strong demand and record bookings, indicating a flight to quality and customer willingness to spend more on integrated solutions [31][32] Question: Impact of tariffs on margins - Management discussed the ongoing tariff impacts and the company's strategy to mitigate these through domestic supply chains and increased local manufacturing [34][36] Question: T1 Energy partnership and future deals - Management views the T1 deal as a positive step and anticipates potential future partnerships, emphasizing the need for durable solar panels and local manufacturing [37][38] Question: Tracker uptake in international markets - Management confirmed that trackers are becoming the predominant structure for utility-scale solar projects globally, with significant energy yield improvements over fixed tilt systems [41][42] Question: Investment in Nextracker Arabia JV - Management expressed excitement about the joint venture, highlighting local manufacturing and the strong market potential in Saudi Arabia and the MENA region [44][45]