저자: DanSugar · 외국인
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넥스트트래커(Nextpower)가 FY25 1분기 매출 50% 성장, 1억달러 상회 실적 발표. 유틸리티급 태양광 수요 강세와 수주잔고 증가 강조. 미국 30% 투자세액공제가 수요 지원. 다만 연간 가이던스는 재확인에 그쳤고 계통연결 지연으로 일부 프로젝트가 늦어질 수 있음. 금리 인하 시 유틸리티 태양광에 긍정적이라는 입장.
다듬은 글
all year I've had my own next tracker a technology company that helps the solar industry operate more efficiently they allow your solar panels to rotate with the sun maximizing the power generation this is a stock that's nearly double from its IPO price early last year although lately it's pulled back from its highs as wall Street's turned against grow stocks but because next tracker is all about utility scale solar projects the stocks perform much better than the other solar playes those were the ones that were dragged down by weakness and residential Sol and that's why we bought the stock for the travel trust tonight next record reported yet another blowout quarter big Revenue be 29 Cent earnings speed off a 64 C basis only real negative is the management didn't raise their full year forecast for the current fiscal year and spoke about some new projects being delayed that could constrain earnings and that's why the stock got hit in after hours trading earlier today we checked in with Dan sugar he's AKA sug as we call him around here the co-founder and Co of next tracker to get a better read on the results take a look sh congratulations and welcome back to Money Jim thanks for having us back on the program well we're thrilled that you're here we know that uh this was another great set of numbers starting right at the top of 50% over a year-over-year revenue growth hundred million Topline beat what were the drivers here that made this happen well Jim we really are optimizing our business annually and really seeking to always meet our customer schedules and so uh strong prior bookings uh customers wanting material deliver we delivered and uh had a 50% growth year on-ear in our Top Line can you tell me and our viewers about the benefit of tax credits so they understand because obviously they're Bountiful I think you can do well without them but I do want people to understand how they work sure well we operate globally we're in over 40 countries today Jim and different countries have different uh tax regimes in the US there's a 30% investment tax credit that most of our customers enjoy and that's really helped uh equalize the playing field because fossil fuels and and uh other ways to generate power receive their own benefits but we do know from what you've been saying to us at least by 2030 that solar will be so compelling that we don't really care what Nat gas does or what oil does it it's just going to be uh that much of a price differential because of the technology because of what you do you know it's really amazing how much cost reduction has been sustained in solar over the years uh to give you a sense uh about 15 years ago we did the largest solar power system in the country then and that was over $7 a watt in that year and costs have come down by about a factor of 10 and it's because of the economies of mass production and the learning curve effect that solar enjoyed such an incredible cost reduction and that's why solar which is really a semiconductor technology is displacing traditional fossil fuels in the same way that computers replace typewriters and uh digital film or digital cameras replace film it's the same exact disruptive technology so at the same time uh this is I think you demonstrated by your backlog which seems gigantic to me we did enjoy Jim this quarter an increase in our backlog and that was in the context of you know a very strong Revenue quarter so the fundamentals for solar have never been stronger because solar is the lowest cost way to generate power on most of the earth and so we've seen places that you wouldn't necessarily expect solar to be taking off for example in the US places like Indiana Michigan we're seeing solar projects in most of the States across the us we're seeing solar projects in very strong in Latin America Australia Africa the Middle East India and so we're engaged next tracker in all these Market serving customers okay if that's the case then I do have to wonder why you're just reiterating your full year guidance uh this not this quarter is so big that I I I wouldn't guide up in my first quarter either and I know you do have an election coming up which could play a role but are you just being conservative because otherwise straight line this thing and you would have to take your numbers are pretty big yeah our fiscal year is Young Jim and we're going into this uh the one thing that is true is it does take longer for projects to get fulfilled projects are experienced don't die but sometimes it takes longer to get a construction permit or to get permission to connect to the grid there's so many solar projects that have applied for Connection in the electrical grid if you look around uh the United States over 7,000 projects solar and solar plus energy story Pro Storage projects have applied to be connected to the grid that represents 80% of what we call the interconnection que so the utilities are are figuring out ways to streamline their process to evaluate these these applications and interconnect that's one of the largest uh uh factors in actually practically hooking up uh these projects so our customers projects can move in as they did to an extent this quarter that we just finished which is why we had such a strong quarter or in some cases they can take longer than anticipated and so going into this year we're uh that's that's how we decided to reiterate our gu understood now uh there are a lot of people who don't understand you talked about the vectors what could matter uh what do you think is the sensitivity of your business to interest rates we know the residential turned out to be a turned out to be an interest rate play No One thought that but your company is not as directly impacted by rates right well utility scale solar and thank you for differentiating that in your opening comments has really powered on and is doing extremely well as a category but I'm glad you pointed that out the economics of solar are the number one factor that can help drive more utility scale solar solar are lower interest rates and so because with renewable energy like solar and wind most of the cost over life the project is right up front and that gets amortised out there's no fuel maintenance is very very low in a as a cost item so uh we're hopeful that the FED does lower rates we saw some uh promises signals to that yesterday but we'll we'll let the government do its jobs but we're hopeful that rates do start to come back down and that would be a very strong help to utility scale solar as a category and for next tracker well excellent that's what we wanted to know and uh I it is a pleasure to have you on Suge uh and obviously this is just still one more very good quarter uh thank you for coming on to M money thanks a lot Jim absolutely that's Dan sugar founder and Co of next tracker stock that we own for the travel trust and you obviously know I like very much may my packet the break
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