Financial Data and Key Metrics Changes - In Q2, revenue grew 42% year-over-year to $905 million, and adjusted EBITDA increased 29% to $224 million, reflecting a 25% EBITDA margin [5][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 [6][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 product and achieved record e-bus bookings, the highest quarterly sales in Bentech's 40-year history [7] - Record bookings were noted for TrueCapture and Navigator control systems, indicating strong demand for energy yield enhancement and plant performance [10][11] - The company reported strong adoption of NX Vantage Fire Identification System, employing AI-based visual analysis [7] 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 [12] - The company reported a growing backlog of over $5 billion at quarter end, indicating strong global demand for its products and services [10] Company Strategy and Development Direction - The company aims to build a cohesive platform by harmonizing new products and services with its NX Horizon tracker system, enhancing installation efficiency and customer experience [11] - The strategy includes internal innovation, targeted acquisitions, and operational execution to deliver the lowest cost and most reliable solutions [8][9] - The company is expanding its manufacturing footprint through a joint venture in Saudi Arabia, aiming to localize production and strengthen regional supply chains [8][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for solar, citing strong fundamentals and a record backlog of over $5 billion [21] - The company raised its full-year FY 2026 outlook, expecting revenue between $3.275 billion and $3.475 billion, and adjusted EBITDA between $775 million and $815 million [16][17] - Management noted that project timing remains stable, with some projects accelerating while others are pushed out, providing excellent visibility and reducing uncertainty [12][13] Other Important Information - The company will host its inaugural Capital Markets Day on November 12, where it will discuss long-term strategy and growth opportunities [5] - The company is focused on increasing domestic manufacturing to mitigate tariff impacts and enhance eligibility for tax credits [13][36] 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-harbored and continued orders [20] Question: Project timing and seasonal cadence - Management noted a strong first half and raised outlook, indicating a smoother operational cadence compared to previous years [25] Question: Bookings mix and regional performance - Management highlighted strong U.S. performance with a 49% revenue increase, while international business continues to grow [29] Question: Future bookings trends with expanded technology platform - Management indicated strong demand and synergies between tracker and other products, leading to increased bookings [32] Question: Impact of tariffs on margins - Management acknowledged tariff-related headwinds but emphasized their domestic supply chain's ability to mitigate impacts [16][34] Question: T1 Energy partnership and future deals - Management views the T1 deal as a positive step and anticipates potential future partnerships with other U.S. solar manufacturers [38] Question: TrueCapture revenue contributions - TrueCapture revenue rebounded to around 2% of total revenue, with increasing adoption and strong backlog [56] Question: Appetite for future acquisitions - Management plans to continue investing in R&D and acquisitions, focusing on long-term growth and customer needs [60][61]

Financial Data and Key Metrics Changes - In Q2, revenue grew 42% year over year to $905 million, and adjusted EBITDA increased 29% to $224 million, representing a 25% EBITDA margin [5][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 [6][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 - Record bookings were achieved for e-bus and foundations, with significant traction in robotic inspection and fire detection services [10][11] - The NX Vantage Fire Identification System, employing AI-based visual analysis, saw strong adoption, enhancing the company's product offerings [7][10] - The company launched the XPower Merge, a new electrical balance of system trunk bus product, contributing to the growth of its technology platform [7] 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 [12] - The company reported a growing backlog of over $5 billion at quarter end, indicating strong global demand for its products and services [10][12] Company Strategy and Development Direction - The company aims to build a cohesive platform by harmonizing new products and services with its industry-leading NX Horizon tracker system, enhancing customer experience and project economics [11] - A joint venture, Nextracker Arabia, was formed to expand manufacturing and commercial presence in the Middle East and North Africa, supporting regional clean energy goals [8][52] - The strategy focuses on internal innovation, targeted acquisitions, and operational execution to deliver the lowest cost and most reliable solutions [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for solar, citing strong fundamentals and a record backlog of over $5 billion [21] - 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][13] Other Important Information - The company is experiencing tariff-related headwinds but is mitigating impacts through a domestic supply chain and partnerships with over 25 manufacturing facilities [13][16] - The company has significantly expanded its technology platform, including advancements in AI and robotics, which are gaining traction in the market [6][7] 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-harbored and continued orders, indicating a positive long-term outlook [20] Question: Project timing and seasonal cadence - Management noted a strong first half and raised outlooks, indicating a smoother operational cadence compared to previous years [25] Question: Bookings mix and regional performance - The U.S. has seen a strong run with a 49% revenue increase year over year, while international business continues to grow, contributing to a backlog exceeding $5 billion [29] Question: Impact of tariffs on margins - Management acknowledged tariff impacts but emphasized the strength of their domestic supply chain and the ability to deliver 100% domestic content [13][34] Question: Future partnerships and product development - The company views the T1 Energy partnership as a potential blueprint for future deals, with ongoing discussions for similar collaborations [38] Question: TrueCapture revenue contributions - TrueCapture revenue rebounded to around 2% of total revenue, with increasing adoption and a strong backlog [56]

Financial Data and Key Metrics Changes - In Q2, revenue grew 42% year over year to $905 million, and adjusted EBITDA increased 29% to $224 million, representing a 25% EBITDA margin [6][18] - For the first half of fiscal year 2026, revenue was up 31% year over year to $1.77 billion, marking a record first half for the company [6][18] - Adjusted free cash flow was $171 million for the quarter and $241 million year to date [18] Business Line Data and Key Metrics Changes - Record bookings for eBOS and foundations were achieved, with a record number of new customers and contracts for robotic inspection and fire detection services [11][12] - The NX PowerMerge product was launched, contributing to record eBOS bookings [7] - The company booked its first fully integrated NX Earth Trust foundation, significantly reducing parts count [8] Market Data and Key Metrics Changes - In the U.S., bookings and revenue were up significantly year over year, with revenue increasing by 49% [13] - Europe emerged as a top market, delivering record sales in Q2 [14] - The company announced a joint venture, NextTracker Arabia, to expand its manufacturing footprint in the Middle East and North Africa [9] Company Strategy and Development Direction - The company aims to build an integrated technology platform through internal innovation, targeted acquisitions, and operational execution [10] - The strategy focuses on delivering the lowest cost and most reliable solutions to meet customer needs [10] - The company is confident in its ability to deliver sustained profitability and cash generation while scaling its platform globally [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for solar, citing strong fundamentals and a record backlog of over $5 billion [25] - The company anticipates modest margin impacts in the second half of the year due to tariffs and a higher percentage of international projects [21] - Management highlighted the importance of domestic manufacturing and the ability to deliver 100% domestic content to meet U.S. Treasury guidelines [16] Other Important Information - The company closed the quarter with $845 million in cash, no debt, and total liquidity of nearly $1.8 billion [19] - The company raised its full-year fiscal 2026 outlook, expecting revenue between $3.275 billion and $3.475 billion [20] 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 orders and a record backlog of over $5 billion [25][29] Question: Cadence for this year and project timing - Management noted a strong first half and raised the outlook, indicating a smoother operational cadence compared to previous years [32][34] Question: Bookings mix and regional performance - The U.S. has seen a strong run with a 49% year-over-year revenue increase, while international business continues to grow [38] Question: Impact of tariffs on margins - Management acknowledged tariff-related headwinds but emphasized the strength of their domestic supply chain to mitigate impacts [20][44] Question: T1 Energy partnership and future deals - The company views the T1 Energy partnership as a positive development and anticipates similar opportunities in the future [50] Question: Tracker uptake in international markets - Trackers have become the predominant structure for utility-scale solar projects globally, with significant energy yield improvements [58] Question: Investment in Saudi Arabia JV - The company is excited about the NextTracker Arabia joint venture, which includes a local manufacturing facility and aims to fulfill multi-gigawatt orders [66][70]