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Nextracker Inc. (NASDAQ:NXT), a $10 billion market cap company with strong financial metrics according to InvestingPro, held its annual meeting of stockholders Monday via virtual webcast, according to a statement based on a recent SEC filing. The company has demonstrated robust financial health, maintaining a healthy balance sheet with more cash than debt.
At the meeting, shareholders voted on three proposals. A total of 133,241,716 shares of Class A common stock, representing 90.12% of outstanding shares as of the June 23, 2025 record date, were present or represented by proxy.
For the first proposal, shareholders elected Jeffrey Guldner, Monica Karuturi, and Brandi Thomas as Class III directors to serve until the 2028 annual meeting or until their successors are qualified. The vote counts for each nominee were as follows:
- Jeffrey Guldner: 94,618,920 votes for, 32,664,572 withheld, 5,958,224 broker non-votes.
- Monica Karuturi: 126,318,047 votes for, 965,445 withheld, 5,958,224 broker non-votes.
- Brandi Thomas: 122,878,553 votes for, 4,404,939 withheld, 5,958,224 broker non-votes.
The second proposal, to ratify the selection of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2026, was approved. There were 132,712,929 votes for, 157,068 against, and 371,719 abstentions.
The third proposal, an advisory vote on the compensation of the company’s named executive officers for fiscal year 2025, received 102,259,632 votes in favor, 24,905,312 against, 118,548 abstentions, and 5,958,224 broker non-votes.
All proposals were described in the company’s proxy statement filed with the SEC on June 25, 2025. The information in this article is based on a press release statement and the company’s SEC filing.
In other recent news, Nextracker Inc. reported exceptional first-quarter results for fiscal year 2026, surpassing both earnings and revenue forecasts. The company achieved an earnings per share of $1.16, significantly higher than the expected $0.61, resulting in a 90.16% surprise. Revenue also exceeded expectations, reaching $864 million compared to the anticipated $632.94 million, marking a 36.51% increase. Following these results, Mizuho (NYSE:MFG) raised its price target for Nextracker to $66.00, citing improved guidance, while maintaining a Neutral rating. Additionally, TD Cowen increased its price target to $65 from $55, highlighting the strong quarter and elevated fiscal year 2026 guidance, supported by a record backlog. Nextracker has also expanded its business through acquisitions in robotics and artificial intelligence technologies. These developments reflect the company’s robust financial performance and strategic growth initiatives.
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