Nextpower Inc【NXT】株式ニュース

Nextpower Reports Q4 and Fiscal Year 2026 Financial ResultsMay 12, 2026 4:05 PM
Business Wire Achieves Record FY26 Revenue and Earnings Raises FY27 Financial Outlook on Strong Execution and Bookings Nextpower™ (Nasdaq: NXT), a leading provider of intelligent power generation systems for solar power plants, today announced financial results for the fourth quarter and full year for fiscal year 2026, ended March 31, 2026. Financial Summary (In millions, except per share) Q4 FY26 Q3 FY26 Q4 FY25 Revenue $881 $909 $924 GAAP Gross Profit $297 $288 $306 GAAP Gross Margin 33.8% 31.7% 33.1% GAAP Net Income $151 $131 $158 GAAP Net Income Margin 17.1% 14.4% 17.1% GAAP Diluted EPS $0.97 $0.85 $1.05 Adjusted Gross Profit $304 $295 $309 Adjusted Gross Margin 34.5% 32.4% 33.4% Adjusted EBITDA $202 $214 $242 Adjusted EBITDA Margin 22.9% 23.5% 26.2% Adjusted Net Income $162 $170 $193 Adjusted Diluted EPS $1.05 $1.10 $1.29 Q4 FY26, Q3 FY26, and Q4 FY25 results include approximately $47 million, $53 million, and $67 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net. Please refer to Nextpower’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for more information on schedules III, IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures. Additional information can be found on the Investor Relations section of our website. Business Highlights Market and Sales Momentum Achieved record fiscal year revenue of $3.56 billion, an increase of 20% YoY, and increased backlog to a record level of over $5.25 billion Surpassed 160 GW of cumulative tracker shipments globally Increased bookings for new products and bundled solutions in Q4: Increased adoption for foundations, electrical balance of systems (eBOS), and robotics quarter over quarter Achieved record eBOS quarterly bookings, including bookings of over 100 MW of our new NX PowerMerge™ trunk bus connector Achieved record quarterly and annual TrueCapture™ revenue Booked the first bundled VCA project incorporating robotics Exceeded 50 GW of cumulative sales of NX Horizon-XTR™ terrain following trackers Entered into a multi-year gigawatt-scale steel frame supply agreement with Jinko Solar (U.S.) Industries Inc. for U.S.-manufactured steel module frames Surpassed 25 GW of tracker systems sales to date in each of Latam and MEIAT regions Products and Innovation Announced agreement to acquire key power conversion product lines and IP with a planned U.S. manufacturing footprint, subject to foreign direct investment (FDI) approval by the Spanish government NX PowerMerge, a next-generation DC power component designed to streamline eBOS installation and boost long-term reliability, currently in final stages of UL qualification testing Released Gen 3 of Nextpower’s SPC smart tracker controller and NCU weather station, providing enhanced cybersecurity Piloted NX One™, a unified software platform that connects and contextualizes data from across the plant lifecycle into a single system Introduced NX Anchor™ foundation technology, which, together with NX Earth Truss™, enables market leading NX Horizon® tracker to be installed across all soil conditions, now deployed at multi-gigawatt scale “Fiscal 2026 marked a defining inflection point for Nextpower as we accelerated our evolution from the solar tracker leader over the last decade to an integrated utility-scale energy technology platform,” said Dan Shugar, founder and CEO of Nextpower. “Our core tracker business remains very strong, supported by one of the highest booking quarters in our history and expanding market leadership. We are now seeing clear, measurable traction around our platform strategy, reflected in rising adoption across eBOS, foundations, and robotics solutions, early success in bundled deployments, and growing demand for new products such as NX PowerMerge.” Continued Shugar, “We announced this morning an agreement to acquire key power conversion product lines. When completed, we expect this transaction to help accelerate time to market and expand our power conversion product portfolio, enhance our domain expertise in our core solar business, and facilitate entry into the battery storage and data center verticals.” “We delivered strong financial performance in fiscal 2026, with 20% revenue growth, solid profitability, and meaningful cash generation, reflecting the strength of our operating model,” said Chuck Boynton, CFO of Nextpower. “During the year, we further strengthened our financial position, achieving an investment grade credit rating while continuing to invest in strategic growth initiatives aligned with our platform expansion.” Continued Boynton, “Supported by our growing backlog and strong bookings momentum, we are raising our fiscal 2027 outlook and remain focused on disciplined capital allocation, investing in a balance of organic growth and strategic acquisitions, returning capital to shareholders, while maintaining a strong balance sheet and delivering consistent, long-term shareholder value.” FY2027 Annual Outlook Updated Outlook Previous Outlook Revenue $3.8 to $4.1 billion $3.6 to $3.8 billion GAAP Net Income $501 to $559 million GAAP Diluted EPS $3.19 to $3.56 Adjusted EBITDA $825 to $900 million $800 to $900 million Adjusted Diluted EPS $4.21 to $4.59 Updated outlook includes planned incremental costs of approximately $50 million related to the acceleration of our entry into the power conversion market. Adjusted EBITDA range of $825 million to $900 million excludes approximately $195 million for stock-based compensation, net intangible amortization, and acquisition related costs. Adjusted Diluted EPS range of $4.21 to $4.59 excludes approximately $1.02 for stock-based compensation, net intangible amortization, and acquisition related costs, net of impacts for tax. Q4 FY2026 Earnings Call May 12, 2026
2:00 p.m. PT / 5:00 p.m. ET
Live webcast available on investors.nextpower.com We encourage you to review our Q4 FY26 Shareholder Letter, which, along with this press release, is available on the Nextpower Investor Relations website and includes important information for Nextpower shareholders that supplements and expands on the information in this press release. The webcast replay will be available on the Nextpower Investor Relations website following the conclusion of the event. About Nextpower Nextpower™ (Nasdaq: NXT) designs, engineers, and delivers an advanced energy technology platform for solar power plants, innovating across structural, electrical, and digital domains. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer ROI. Building on over a decade of technology and market leadership, the company delivers intelligent power generation systems and services to meet rapidly expanding global electricity demand. Nextpower partners with the world’s leading energy companies to power what’s next. Learn more at www.nextpower.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements relating to the trends for energy demand and future solar adoption, the demand for our products (including our foundations, eBOS, NX PowerMerge and robotics solutions, our other products and our bundled solutions), the ability to grow our core tracker business, the benefits from our steel frame supply agreement, our bookings and backlog, including our ability to convert our backlog into revenue, our competitiveness and global market share, benefits of the proposed acquisition of power conversion assets and other recent acquisitions (including the benefits our customers may realize as a result of integrating these businesses and assets into Nextpower’s), the benefits of UL certification for NX PowerMerge, the impacts to our business caused by the U.S. policy environment, and statements regarding our outlook for fiscal year 2027 and other periods. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including but not limited to: our strategies, mission, plans, objectives and goals; failure to receive approval from the Spanish government for the planned acquisition of power conversion assets; the market demand for our products, solutions and services and our ability to deliver them to customers; projections regarding the U.S. and global demand for electricity and solar power; our competitiveness and global market share; macro-economic trends; growth opportunities and plans for future operations; changing business conditions in our industry and markets overall; legislative, regulatory and economic developments; and our ability to maintain our investment grade credit rating. These forward-looking statements are based on various assumptions and on the current expectations of Nextpower’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextpower’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextpower has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextpower is not aware of or that Nextpower currently believes are immaterial that could also cause actual results to differ from these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextpower assumes no obligation to update these forward-looking statements. Use of Adjusted Financial Information An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules III, IV and V attached to this press release, and can be found, along with other financial information including the Earnings Presentation, on the investor relations section of our website at investors.nextpower.com. Channels for Disclosure of Information Nextpower intends to announce material information to the public through the Nextpower Investor Relations website investors.nextpower.com, SEC filings, press releases, public conference calls, and public webcasts. Nextpower uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextpower encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Schedule I Nextpower Inc. Unaudited condensed consolidated statements of operations (In thousands, except per share data) Three-month periods ended March 31, 2026 December 31, 2025 March 31, 2025 Revenue $ 880,517 $ 909,352 $ 924,342 Cost of sales 583,140 621,220 618,655 Gross profit 297,377 288,132 305,687 Selling, general and administrative expenses 100,625 82,733 86,794 Research and development 43,166 29,294 23,586 Operating income 153,586 176,105 195,307 Interest expense 338 339 2,353 Other income, net (6,387 ) (4,733 ) (5,708 ) Income before income taxes 159,635 180,499 198,662 Provision for income taxes 9,032 49,263 40,848 Net income 150,603 131,236 157,814 Less: Net income attributable to non-controlling interests — — 1,020 Net income attributable to Nextpower Inc. $ 150,603 $ 131,236 $ 156,794 Earnings per share attributable to Nextpower Inc. common stockholders Basic $ 1.01 $ 0.88 $ 1.08 Diluted $ 0.97 $ 0.85 $ 1.05 Weighted-average shares used in computing per share amounts: Basic 148,496 148,414 144,888 Diluted 154,664 153,921 149,740 Nextpower Inc. Unaudited condensed consolidated statements of operations (continued) (In thousands, except per share data) Twelve-month periods ended March 31, 2026 March 31, 2025 Revenue $ 3,559,390 $ 2,959,197 Cost of sales 2,399,295 1,950,372 Gross profit 1,160,095 1,008,825 Selling, general and administrative expenses 341,920 290,321 Research and development 120,909 79,392 Operating income 697,266 639,112 Interest expense 2,623 13,096 Other income, net (19,183 ) (22,000 ) Income before income taxes 713,826 648,016 Provision for income taxes 127,943 130,770 Net income and comprehensive income 585,883 517,246 Less: Net income attributable to non-controlling interests — 8,078 Net income attributable to Nextpower Inc. $ 585,883 $ 509,168 Earnings per share attributable to Nextpower Inc. common stockholders Basic $ 3.96 $ 3.55 Diluted $ 3.84 $ 3.47 Weighted-average shares used in computing per share amounts: Basic 147,976 143,539 Diluted 152,710 149,276 Schedule II Nextpower Inc. Unaudited condensed consolidated balance sheets (In thousands) As of March 31, 2026 As of March 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 1,094,976 $ 766,103 Accounts receivable, net of allowance of $2,078 and $1,472, respectively 417,043 472,462 Contract assets 533,257 405,890 Inventories 262,276 209,432 Section 45X credit receivable 352,598 215,616 Other current assets 186,406 88,483 Total current assets 2,846,556 2,157,986 Property and equipment, net 78,356 60,395 Goodwill 488,950 371,018 Other intangible assets, net 78,046 53,241 Deferred tax assets 511,815 498,778 Other assets 69,489 51,098 Total assets $ 4,073,212 $ 3,192,516 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 533,490 $ 585,299 Accrued expenses 130,133 97,000 Deferred revenue 307,492 247,127 Other current liabilities 192,747 104,086 Total current liabilities 1,163,862 1,033,512 Tax receivable agreement (TRA) liability 372,659 394,879 Long-term deferred revenue 102,493 96,635 Other liabilities 99,801 39,360 Total liabilities 1,738,815 1,564,386 Total stockholders’ equity 2,334,397 1,628,130 Total liabilities and stockholders’ equity $ 4,073,212 $ 3,192,516 Schedule III Nextpower Inc. Unaudited condensed consolidated statements of cash flows (In thousands) Twelve-month periods ended March 31, 2026 March 31, 2025 Cash flows from operating activities: Net income $ 585,883 $ 517,246 Depreciation and amortization of intangible assets 30,602 13,407 Changes in working capital and other, net (58,039 ) 125,141 Net cash provided by operating activities 558,446 655,794 Cash flows from investing activities: Payment for business acquisitions, net of cash acquired (117,162 ) (144,675 ) Purchases of property and equipment (44,812 ) (33,921 ) Purchase of equity method investment (12,177 ) — Other investing activities (8,262 ) (7,500 ) Net cash used in investing activities (182,413 ) (186,096 ) Cash flows from financing activities: Repayment of bank borrowings — (150,000 ) Payment of revolver issuance costs (1,993 ) (6,017 ) TRA payment (27,427 ) (15,520 ) Distribution to former non-controlling interest holder (3,010 ) (6,112 ) Payment of acquisition deferred purchase price (14,335 ) — Repurchase of common stock (395 ) — Net cash used in financing activities (47,160 ) (177,649 ) Net increase in cash and cash equivalents 328,873 292,049 Cash and cash equivalents beginning of period 766,103 474,054 Cash and cash equivalents end of period $ 1,094,976 $ 766,103 Twelve-month periods ended Adjusted free cash flow March 31, 2026 March 31, 2025 Net cash provided by operating activities $ 558,446 $ 655,794 Purchases of property and equipment (44,812 ) (33,921 ) Adjusted free cash flow $ 513,634 $ 621,873 Schedule IV Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures (In thousands, except percentages and per share data) Three-month periods ended March 31, 2026 December 31, 2025 March 31, 2025 GAAP gross profit & margin $ 297,377 33.8 % $ 288,132 31.7 % $ 305,687 33.1 % Stock-based compensation expense 4,530 4,851 2,582 Intangible amortization 1,958 1,976 880 Adjusted gross profit & margin $ 303,865 34.5 % $ 294,959 32.4 % $ 309,149 33.4 % GAAP operating income & margin $ 153,586 17.4 % $ 176,105 19.4 % $ 195,307 21.1 % Stock-based compensation expense 32,480 33,855 40,114 Intangible amortization 3,718 3,272 1,780 Acquisition related costs 6,276 398 643 Adjusted operating income & margin $ 196,060 22.3 % $ 213,630 23.5 % $ 237,844 25.7 % GAAP net income & margin $ 150,603 17.1 % $ 131,236 14.4 % $ 157,814 17.1 % Stock-based compensation expense 32,480 33,855 40,114 Intangible amortization 3,718 3,272 1,780 Adjustment for taxes (32,719 ) 857 (6,980 ) Acquisition related costs 6,276 398 643 Other 1,385 — — Adjusted net income & margin $ 161,743 18.4 % $ 169,618 18.7 % $ 193,371 20.9 % GAAP net income & margin $ 150,603 17.1 % $ 131,236 14.4 % $ 157,814 17.1 % Interest, net (8,679 ) (9,565 ) (6,544 ) Provision for income taxes 9,032 49,263 40,848 Depreciation expense 5,298 5,164 3,328 Intangible amortization 3,718 3,272 1,780 Stock-based compensation expense 32,480 33,855 40,114 Acquisition related costs 6,276 398 643 Other tax related loss, net 1,254 — 4,514 Other 1,817 — — Adjusted EBITDA & margin $ 201,799 22.9 % $ 213,623 23.5 % $ 242,497 26.2 % Diluted earnings per share GAAP diluted earnings per share $ 0.97 $ 0.85 $ 1.05 Earnings per share attributable to Non-GAAP adjustments 0.08 0.25 0.24 Adjusted diluted earnings per share $ 1.05 $ 1.10 $ 1.29 Diluted shares used in computing per share amounts 154,664 153,921 149,740 Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures (continued) (In thousands, except percentages and per share data) Twelve-month periods ended March 31, 2026 March 31, 2025 GAAP gross profit & margin $ 1,160,095 32.6 % $ 1,008,825 34.1 % Stock-based compensation expense 16,696 11,927 Intangible amortization 6,742 2,744 Adjusted gross profit & margin $ 1,183,533 33.3 % $ 1,023,496 34.6 % GAAP operating income & margin $ 697,266 19.6 % $ 639,112 21.6 % Stock-based compensation expense 120,298 118,880 Intangible amortization 11,967 5,523 Acquisition related costs 10,330 5,338 Adjusted operating income & margin $ 839,861 23.6 % $ 768,853 26.0 % GAAP net income & margin $ 585,883 16.5 % $ 517,246 17.5 % Stock-based compensation expense 120,298 118,880 Intangible amortization 11,967 5,523 Adjustment for taxes (42,411 ) (16,348 ) Acquisition related costs 10,330 5,338 Other 1,385 — Adjusted net income & margin $ 687,452 19.3 % $ 630,639 21.3 % GAAP net income & margin $ 585,883 16.5 % $ 517,246 17.5 % Interest, net (29,526 ) (9,246 ) Debt extinguishment cost 5,121 — Provision for income taxes 127,943 130,770 Depreciation expense 18,635 7,884 Intangible amortization 11,967 5,523 Stock-based compensation expense 120,298 118,880 Acquisition related costs 10,330 5,338 Other tax related loss, net 1,254 101 Other 1,817 — Adjusted EBITDA & margin $ 853,722 24.0 % $ 776,496 26.2 % Diluted earnings per share GAAP diluted earnings per share $ 3.84 $ 3.47 Earnings per share attributable to Non-GAAP adjustments 0.66 0.75 Adjusted diluted earnings per share $ 4.50 $ 4.22 Diluted shares used in computing per share amounts 152,710 149,276 See the accompanying notes on Schedule V attached to this press release Schedule V Nextpower Inc.
Notes To supplement Nextpower’s unaudited selected financial data presented consistent with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude certain charges and gains, including adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), adjusted EBITDA margin, adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted operating margin, adjusted net income, adjusted net income margin, adjusted diluted earnings per share, and adjusted free cash flow. These supplemental measures exclude certain legal and other charges, stock-based compensation expense and intangible amortization, other discrete events as applicable and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with Nextpower’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Nextpower’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company’s performance. In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company’s operating performance on a period-to-period basis because such items are not, in our view, related to the Company’s ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering: the ability to make more meaningful period-to-period comparisons of the Company’s ongoing operating results; the ability to better identify trends in the Company’s underlying business and perform related trend analysis; a better understanding of how management plans and measures the Company’s underlying business; and an easier way to compare the Company’s operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures. The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures: Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions, and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact stock-based compensation expense has on its operating results. Intangible amortization consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors. Acquisition costs consist primarily of nonrecurring transaction costs, including integration and diligence activities on new and potential business acquisitions. Adjustment for taxes relates to the tax effects of the various adjustments that we incorporate into non-GAAP measures to provide a more meaningful measure on non-GAAP net income and certain adjustments related to non-recurring settlements of tax contingencies or other non-recurring tax charges, when applicable. Debt extinguishment cost consists of nonrecurring costs for the termination of our prior credit agreement related to the revolver credit facilities originally entered into on February 13, 2023. Other includes an immaterial amount of non-cash equity in loss for the Nextpower Arabia joint venture which is accounted for under the equity method investment accounting. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512915289/en/ Investor Contact:
Sarah Lee
Investor@nextpower.com Media Contact:
Brandy Lee
Media@nextpower.com Original: Nextpower Reports Q4 and Fiscal Year 2026 Financial Results

Nextpower Reports Third Quarter Fiscal Year 2026 Financial ResultsJanuary 27, 2026 9:05 PM
Business Wire
Raises FY26 Financial Outlook on Strong Execution and Bookings

Achieves Investment Grade Rating, Announces Share Buyback Program

Nextpower (Nasdaq: NXT, formerly Nextracker), a leading provider of intelligent power generation systems for solar power plants, today announced financial results for the third quarter of fiscal year 2026, ended December 31, 2025.

Financial Summary

(In millions, except per share)

Q3 FY26

Q2 FY26

Q3 FY25

Revenue

$909

$905

$679

GAAP Gross Profit

$288

$293

$241

GAAP Gross Margin

31.7 %

32.4 %

35.5 %

GAAP Net Income

$131

$147

$117

GAAP Net Income Margin

14.4 %

16.2 %

17.3 %

GAAP Diluted EPS

$0.85

$0.97

$0.79

Adjusted Gross Profit

$295

$300

$245

Adjusted Gross Margin

32.4 %

33.1 %

36.0 %

Adjusted EBITDA

$214

$224

$186

Adjusted EBITDA Margin

23.5 %

24.7 %

27.4 %

Adjusted Net Income

$170

$181

$154

Adjusted Diluted EPS

$1.10

$1.19

$1.03

Q3 FY26, Q2 FY26, and Q3 FY25 results include approximately $53 million, $67 million, and $48 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net.

Please refer to Nextpower’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for more information and schedules III, IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures. Additional information can be found on the Investor Relations section of our website.

Third Quarter Fiscal Year 2026 Financial Highlights:

Revenue of $909 million, up 34% YoY

GAAP gross profit of $288 million, up 20% YoY and GAAP operating income of $176 million, up 17% YoY

Adjusted gross profit of $295 million, up 20% YoY and adjusted EBITDA of $214 million, up 15% YoY

Operating cash flow of $391 million YTD with $953 million of cash and cash equivalents at the end of the quarter and no debt

Achieved an investment grade credit rating from Fitch, reflecting strong cash flow generation, disciplined financial management, and balance sheet strength

Authorized a share repurchase program for repurchase of up to $500 million of common stock over a three-year period

Business Highlights:

Corporate Updates

Rebranded the company to Nextpower at our inaugural Capital Markets Day, reflecting our evolution from a pure-play tracking systems supplier to an end-to-end solar technology platform

Expanded U.S. operations, opening our Southeast operations hub featuring a new Remote Monitoring Center, and grew domestic tracker manufacturing capacity

Achieved upgraded ISS Corporate ESG rating to Prime status, recognizing performance that meets or exceeds ISS STOXX’s sustainability requirements and above industry average

Market Momentum

Achieved record backlog, driven by strength in the U.S. and record bookings in Europe, and expanded our global footprint further in two new countries

Launched NX Earth TrussTM in Australia, marking an important step in the international expansion of our technology platform

Completed the formation of our Nextpower Arabia joint venture in January 2026 that addresses the rapidly growing utility-scale solar market in the Middle East and North Africa (MENA) region

Secured a 2.25 GW supply commitment for advanced solar tracking systems through Nextpower Arabia for the Bisha Solar Project, one of the world’s largest utility-scale solar power plants

Products and Innovation

Increased bookings for bundled offers, including a 552 MW project in Cold Creek, Texas, incorporating NX Horizon Hail ProTM tracker systems, eBOS, NX Earth Truss, and TrueCapture® into a cohesive integrated solution

Announced an innovative power conversion solutions roadmap for utility-scale solar and energy storage systems

Acquired Fracsun, a differentiated panel soiling measurement and SaaS platform enabling end-to-end, real-time soiling monitoring and robotic cleaning solutions to further enhance customer returns

“Customer response to our expanding product offerings and rebrand has been very favorable,” said Dan Shugar, founder and CEO of Nextpower. “We delivered solid financial performance in our first quarter as Nextpower, with strong demand across our business lines and a record backlog. The demand environment remains robust in the U.S. and other global markets, and we’re very excited about the potential of our new joint venture Nextpower Arabia for the MENA region.”

“Our strong financial performance and disciplined capital allocation continue to strengthen Nextpower’s financial position,” said Chuck Boynton, chief financial officer of Nextpower. “We achieved an investment grade credit rating and announced a share repurchase program with authorization for repurchase of up to $500 million of our common stock over three years, reflecting confidence in our cash flow generation and balance sheet strength. Supported by the strength of our bookings and execution, we are raising our FY26 outlook.”

Share Repurchase Program:

As we announced in our current report on Form 8-K today, our board of directors approved a share repurchase program to repurchase up to an aggregate of $500 million of Nextpower’s outstanding shares of Class A common stock.

The share repurchase program has a term of three years and may be modified, suspended, or terminated at any time. The number of shares to be repurchased and the timing of repurchases will be determined by the company in its discretion and will depend on a number of factors, including, but not limited to, stock price, trading volume, and general market conditions, along with Nextpower’s working capital requirements, general business conditions, and other factors. The execution of the share repurchase program will depend on the market price of our common stock and other factors, and there can be no assurance that any shares will be purchased under the share repurchase program.

FY2026 Annual Outlook

Raised FY26 revenue and profitability ranges

Updated Outlook

Previous Outlook

Revenue

$3.425 to $3.500 billion

$3.275 to $3.475 billion

GAAP Net Income

$525 to $540 million

$499 to $529 million

GAAP Diluted EPS

$3.43 to $3.53

$3.26 to $3.46

Adjusted EBITDA

$810 to $830 million

$775 to $815 million

Adjusted Diluted EPS

$4.26 to $4.36

$4.04 to $4.25

Adjusted EBITDA range of $810 million to $830 million excludes approximately $142 million for stock-based compensation, acquisition related costs, and net intangible amortization.

Adjusted Diluted EPS range of $4.26 to $4.36 excludes approximately $0.83 for stock-based compensation, acquisition related costs, and net intangible amortization, net of impacts for tax.

Our outlook assumes the current U.S. policy environment remains intact, and in addition, that permitting processes and timelines will remain consistent with historical levels. We are monitoring potential regulatory actions which could impact project timing, investment decisions and our financial results.

Q3 FY26 Earnings Call

January 27, 2026

2:00 p.m. PT / 5:00 p.m. ET

Live webcast available on investors.nextpower.com

We encourage you to review our Q3 FY26 Shareholder Letter, which, along with this press release, is available on the Nextpower Investor Relations website and includes important information for Nextpower shareholders that supplements and expands on the information in this press release.

The webcast replay will be available on the Nextpower Investor Relations website following the conclusion of the event.

About Nextpower

NextpowerTM (Nasdaq: NXT, formerly Nextracker) designs, engineers, and delivers an advanced energy technology platform for solar power plants, innovating across structural, electrical, and digital domains. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer ROI. Building on over a decade of technology and market leadership, the company delivers intelligent power generation systems and services to meet rapidly expanding global electricity demand. Nextpower partners with the world’s leading energy companies to power what’s next. Learn more at www.nextpower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements relating to the trends for energy demand and future solar adoption, benefits of our recent acquisitions (including the benefits our customers may realize as a result of integrating these businesses into Nextpower’s), the demand for our products (including our eBOS solutions, our other products and our bundled solutions), our bookings and backlog, including our ability to convert our backlog into revenue, the anticipated benefits of our joint venture and expansion of our operations in the Middle East and North Africa markets, our competitiveness and global market share, the impacts to our business caused by the U.S. policy environment, the anticipated benefits from our share repurchase program and Nextpower’s outlook for fiscal year 2026 and other periods. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including but not limited to: our strategies, mission, plans, objectives and goals; the market demand for our products, solutions and services and our ability to deliver them to customers; projections regarding the U.S. and global demand for electricity and solar power; our competitiveness and global market share; macro-economic trends; growth opportunities and plans for future operations; changing business conditions in our industry and markets overall; legislative, regulatory and economic developments; and our ability to maintain our investment grade credit rating; and whether, to what extent, and when Nextpower will make any repurchases of its common stock under its share repurchase program. These forward-looking statements are based on various assumptions and on the current expectations of Nextpower’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextpower’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextpower has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextpower is not aware of or that Nextpower currently believes are immaterial that could also cause actual results to differ from these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextpower assumes no obligation to update these forward-looking statements.

Use of Adjusted Financial Information

An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules III, IV and V attached to this press release, and can be found, along with other financial information including the Earnings Presentation, on the investor relations section of our website at investors.nextpower.com.

Channels for Disclosure of Information

Nextpower intends to announce material information to the public through the Nextpower Investor Relations website, investors.nextpower.com, SEC filings, press releases, public conference calls, and public webcasts. Nextpower uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextpower encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

Schedule I

Nextpower Inc.

Unaudited condensed consolidated statements of operations

(In thousands, except per share data)

Three-month periods ended

December 31, 2025

September 26, 2025

December 31, 2024

Revenue

$

909,352

$

905,268

$

679,363

Cost of sales

621,220

612,408

438,460

Gross profit

288,132

292,860

240,903

Selling, general and administrative expenses

82,733

84,626

70,573

Research and development

29,294

26,889

20,094

Operating income

176,105

181,345

150,236

Interest expense

339

730

3,798

Other income, net

(4,733

)

(2,110

)

(13,778

)

Income before income taxes

180,499

182,725

160,216

Provision for income taxes

49,263

35,864

42,842

Net income

131,236

146,861

117,374

Less: Net income attributable to non-controlling interests

—

—

2,091

Net income attributable to Nextpower Inc.

$

131,236

$

146,861

$

115,283

Earnings per share attributable to Nextpower Inc. common stockholders

Basic

$

0.88

$

0.99

$

0.80

Diluted

$

0.85

$

0.97

$

0.79

Weighted-average shares used in computing per share amounts:

Basic

148,414

148,028

143,664

Diluted

153,921

152,018

149,028

Nextpower Inc.

Unaudited condensed consolidated statements of operations (continued)

(In thousands, except per share data)

Nine-month periods ended

December 31, 2025

December 31, 2024

Revenue

$

2,678,873

$

2,034,855

Cost of sales

1,816,155

1,331,717

Gross profit

862,718

703,138

Selling, general and administrative expenses

241,295

203,527

Research and development

77,743

55,806

Operating income

543,680

443,805

Interest expense

2,285

10,743

Other income, net

(12,796

)

(16,292

)

Income before income taxes

554,191

449,354

Provision for income taxes

118,911

89,922

Net income and comprehensive income

435,280

359,432

Less: Net income attributable to non-controlling interests

—

7,058

Net income attributable to Nextpower Inc.

$

435,280

$

352,374

Earnings per share attributable to Nextpower Inc. common stockholders

Basic

$

2.94

$

2.46

Diluted

$

2.86

$

2.41

Weighted-average shares used in computing per share amounts:

Basic

147,806

143,102

Diluted

152,062

149,134

Schedule II

Nextpower Inc.

Unaudited condensed consolidated balance sheets

(In thousands)

As of December 31, 2025

As of March 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

952,624

$

766,103

Accounts receivable, net of allowance of $1,960 and $1,472, respectively

452,235

472,462

Contract assets

443,358

405,890

Inventories

275,292

209,432

Section 45X credit receivable

301,149

215,616

Other current assets

134,941

88,483

Total current assets

2,559,599

2,157,986

Property and equipment, net

84,752

60,395

Goodwill

485,300

371,018

Other intangible assets, net

80,577

53,241

Deferred tax assets

517,646

498,778

Other assets

72,192

51,098

Total assets

$

3,800,066

$

3,192,516

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

560,075

$

585,299

Accrued expenses

106,573

97,000

Deferred revenue

321,882

247,127

Other current liabilities

96,242

104,086

Total current liabilities

1,084,772

1,033,512

Tax receivable agreement (TRA) liability

371,179

394,879

Long-term deferred revenue

97,580

96,635

Other liabilities

95,665

39,360

Total liabilities

1,649,196

1,564,386

Total stockholders’ equity

2,150,870

1,628,130

Total liabilities and stockholders’ equity

$

3,800,066

$

3,192,516

Schedule III

Nextpower Inc.

Unaudited condensed consolidated statements of cash flows

(In thousands)

Nine-month periods ended

December 31, 2025

December 31, 2024

Cash flows from operating activities:

Net income

$

435,280

$

359,432

Depreciation and amortization of intangible assets

21,586

8,299

Changes in working capital and other, net

(65,383

)

50,736

Net cash provided by operating activities

391,483

418,467

Cash flows from investing activities:

Purchases of property and equipment

(31,463

)

(23,841

)

Payment for acquisitions, net of cash acquired

(124,112

)

(144,675

)

Other investing activities

(2,747

)

—

Net cash used in investing activities

(158,322

)

(168,516

)

Cash flows from financing activities:

Repayment of bank borrowings

—

(2,813

)

Payment of revolver issuance costs

(1,993

)

(6,017

)

TRA payment

(27,427

)

(15,520

)

Distribution to former non-controlling interest holder

(3,010

)

(6,112

)

Payment of acquisition deferred purchase price

(14,210

)

—

Net cash used in financing activities

(46,640

)

(30,462

)

Net increase in cash and cash equivalents

186,521

219,489

Cash and cash equivalents beginning of period

766,103

474,054

Cash and cash equivalents end of period

$

952,624

$

693,543

Nine-month periods ended

Adjusted free cash flow

December 31, 2025

December 31, 2024

Net cash provided by operating activities

$

391,483

$

418,467

Purchases of property and equipment

(31,463

)

(23,841

)

Adjusted free cash flow

$

360,020

$

394,626

Schedule IV

Nextpower Inc.

Reconciliation of GAAP to Non-GAAP financial measures

(In thousands, except percentages and per share data)

Three-month periods ended

December 31, 2025

September 26, 2025

December 31, 2024

GAAP gross profit & margin

$

288,132

31.7

%

$

292,860

32.4

%

$

240,903

35.5

%

Stock-based compensation expense

4,851

5,077

3,084

Intangible amortization

1,976

1,649

880

Adjusted gross profit & margin

$

294,959

32.4

%

$

299,586

33.1

%

$

244,867

36.0

%

GAAP operating income & margin

$

176,105

19.4

%

$

181,345

20.0

%

$

150,236

22.1

%

Stock-based compensation expense

33,855

31,653

26,980

Intangible amortization

3,272

2,918

1,780

Acquisition related costs

398

2,577

1,038

Adjusted operating income & margin

$

213,630

23.5

%

$

218,493

24.1

%

$

180,034

26.5

%

GAAP net income & margin

$

131,236

14.4

%

$

146,861

16.2

%

$

117,374

17.3

%

Stock-based compensation expense

33,855

31,653

26,980

Intangible amortization

3,272

2,918

1,780

Adjustment for taxes

857

(3,420

)

6,550

Acquisition related costs

398

2,577

1,038

Adjusted net income & margin

$

169,618

18.7

%

$

180,589

19.9

%

$

153,722

22.6

%

GAAP net income & margin

$

131,236

14.4

%

$

146,861

16.2

%

$

117,374

17.3

%

Interest, net

(9,565

)

(5,911

)

(1,865

)

Debt extinguishment cost

—

5,121

—

Provision for income taxes

49,263

35,864

42,842

Depreciation expense

5,164

4,443

2,636

Intangible amortization

3,272

2,918

1,780

Stock-based compensation expense

33,855

31,653

26,980

Acquisition related costs

398

2,577

1,038

Other tax related income, net

—

—

(4,413

)

Adjusted EBITDA & margin

$

213,623

23.5

%

$

223,526

24.7

%

$

186,372

27.4

%

Diluted earnings per share

GAAP diluted earnings per share

$

0.85

$

0.97

$

0.79

Earnings per share attributable to Non-GAAP adjustments

0.25

0.22

0.24

Adjusted diluted earnings per share

$

1.10

$

1.19

$

1.03

Diluted shares used in computing per share amounts

153,921

152,018

149,028

Nextpower Inc.

Reconciliation of GAAP to Non-GAAP financial measures (continued)

(In thousands, except percentages and per share data)

Nine-month periods ended

December 31, 2025

December 31, 2024

GAAP gross profit & margin

$

862,718

32.2

%

$

703,138

34.6

%

Stock-based compensation expense

12,166

9,345

Intangible amortization

4,784

1,864

Adjusted gross profit & margin

$

879,668

32.8

%

$

714,347

35.1

%

GAAP operating income & margin

$

543,680

20.3

%

$

443,805

21.8

%

Stock-based compensation expense

87,818

78,766

Intangible amortization

8,249

3,743

Acquisition related costs

4,054

4,695

Adjusted operating income & margin

$

643,801

24.0

%

$

531,009

26.1

%

GAAP net income & margin

$

435,280

16.2

%

$

359,432

17.7

%

Stock-based compensation expense

87,818

78,766

Intangible amortization

8,249

3,743

Adjustment for taxes

(9,692

)

(9,368

)

Acquisition related costs

4,054

4,695

Adjusted net income & margin

$

525,709

19.6

%

$

437,268

21.5

%

GAAP net income & margin

$

435,280

16.2

%

$

359,432

17.7

%

Interest, net

(20,847

)

(2,702

)

Debt extinguishment cost

5,121

—

Provision for income taxes

118,911

89,922

Depreciation expense

13,337

4,556

Intangible amortization

8,249

3,743

Stock-based compensation expense

87,818

78,766

Acquisition related costs

4,054

4,695

Other tax related income, net

—

(4,413

)

Adjusted EBITDA & margin

$

651,923

24.3

%

$

533,999

26.2

%

Diluted earnings per share

GAAP diluted earnings per share

$

2.86

$

2.41

Earnings per share attributable to Non-GAAP adjustments

0.60

0.52

Adjusted diluted earnings per share

$

3.46

$

2.93

Diluted shares used in computing per share amounts

152,062

149,134

See the accompanying notes on Schedule V attached to this press release

Schedule V

Nextpower Inc.

Notes

To supplement Nextpower’s unaudited selected financial data presented consistent with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude certain charges and gains, including adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), adjusted EBITDA margin, adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted operating margin, adjusted net income, adjusted net income margin, adjusted diluted earnings per share, and adjusted free cash flow. These supplemental measures exclude certain legal and other charges, stock-based compensation expense and intangible amortization, other discrete events as applicable and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with Nextpower’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Nextpower’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company’s performance.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company’s operating performance on a period-to-period basis because such items are not, in our view, related to the Company’s ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

the ability to make more meaningful period-to-period comparisons of the Company’s ongoing operating results;

the ability to better identify trends in the Company’s underlying business and perform related trend analysis;

a better understanding of how management plans and measures the Company’s underlying business; and

an easier way to compare the Company’s operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions, and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact stock-based compensation expense has on its operating results.

Intangible amortization consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.

Acquisition costs consist primarily of nonrecurring transaction costs, including integration and diligence activities on new and potential business acquisitions.

Adjustment for taxes relates to the tax effects of the various adjustments that we incorporate into non-GAAP measures to provide a more meaningful measure on non-GAAP net income and certain adjustments related to non-recurring settlements of tax contingencies or other non-recurring tax charges, when applicable.

Revolver extinguishment cost consists of nonrecurring costs for the termination of our existing credit agreement originally entered into on February 13, 2023.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260127908838/en/
IR Contact

Sarah Lee

Investor@nextpower.com

Media Contact

Brandy Lee

Media@nextpower.com

Original: Nextpower Reports Third Quarter Fiscal Year 2026 Financial Results