Nextracker Reports $864 Million Revenue in Q1 FY2026, Expands into Robotics and AI

Image: Nextracker

US-based solar tracker manufacturer Nextracker has reported revenues of US$864 million and a gross margin of 32.6% for the quarter ending 27 June 2025, marking the first quarter of its 2026 financial year.

While the figures represent a slight decline from the previous quarter—when the company posted revenues of US$924 million and a gross margin of 33.1%—they show strong year-on-year growth, with revenue up 20% and gross profit rising 19% compared to the same period last year.

Gross profit for the quarter stood at US$282 million, down from US$306 million the previous quarter. The company also reported operating cash flow of US$81 million and a cash balance of US$743 million with no outstanding debt.

Manufacturing Credits and Domestic Capacity

Included in the Q1 results was approximately US$93 million in vendor rebates related to the Inflation Reduction Act (IRA) 45X advanced manufacturing tax credit. Nextracker was among the first in its sector to deliver tracker products compliant with the IRA’s domestic content requirements.

The company now boasts 25GW of US-based manufacturing capacity, spanning tracker assembly and steel production facilities.

Strategic Acquisitions in Robotics and AI

As part of its ongoing strategy to enhance its core tracker business, Nextracker has acquired three robotics and AI companies in recent months, investing over US$40 million to expand its capabilities in plant maintenance, monitoring, and modeling.

The latest acquisition, OnSight Technology, is a California-based firm specializing in autonomous inspection and fire detection systems for solar PV plants. OnSight’s AI-powered robotics platform uses computer vision to detect and predict operational issues at large-scale, remote solar sites.
In March 2025, Nextracker acquired Amir Robotics, which produces water-free robotic cleaning systems aimed at reducing power losses from soiling.
It also acquired SenseHawk IP, a developer of AI-enabled drone technology capable of producing high-resolution 3D as-built maps of solar project sites, enhancing site modeling and performance analysis.

To oversee these new capabilities, Nextracker has launched a dedicated robotics and AI division, appointing Francesco Borrelli as its first AI and Robotics Officer.

Leadership Comments

Dan Shugar, founder and CEO of Nextracker, commented: “With millions of sensors and control nodes already deployed across roughly 100GW of systems in 40 countries, we have a unique opportunity to harness AI and robotics at scale.”

Francesco Borrelli added: “Scaling solar to meet global energy demand requires a new level of autonomy in how we build and operate power plants.”

Industry group SolarPower Europe has previously identified robotics, automation, and data intelligence as key trends in solar operations and maintenance (O&M), areas where Nextracker is now clearly expanding.

Building on Prior Acquisitions

These robotics and AI deals follow a broader acquisition strategy. In 2024 and early 2025, Nextracker expanded into solar foundations and electrical balance of system (eBOS) through the acquisition of Solar Pile International, Ojjo, and Bentek—further strengthening its end-to-end offering for utility-scale solar projects.