Spin-off - Nextracker Inc.

Form Type: 10-Q

Filing Date: 2025-01-31

Corporate Action: Spin-off

Type: Update

Accession Number: 000185213125000006

Filing Summary: This document reports on Nextracker Inc.'s financial performance for the quarter ended December 31, 2024. It reflects significant operational updates following the spin-off of Nextracker from Flex Ltd. on January 2, 2024. The results indicate a strong performance, with total revenues of $679,363 for the three months ended December 31, 2024, slightly down from $710,426 in the same period the previous year. However, net income attributable to Nextracker Inc. rose to $115,283, compared to $41,396 a year earlier. The company's gross profit increased due to reduced costs of sales totaling $438,460. Total current assets reached $1,994,521, driven by cash and inventories. The total liabilities were reported at $1,558,599, marking an increase from the previous fiscal period. The document emphasizes the company's commitment to managing uncertainties in the market, particularly due to recent geopolitical conflicts affecting economic conditions. The spin-off's implications on corporate governance and equity structure post-transaction are also clarified, with the non-controlling interests transformed into permanent equity after the spinoff.

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