Nextpower Reports Q4 and Fiscal Year 2026 Financial Results

Nextpower Reports Q4 and Fiscal Year 2026 Financial Results 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 billionSurpassed 160 GW of cumulative tracker shipments globallyIncreased bookings for new products and bundled solutions in Q4:Increased adoption for foundations, electrical balance of systems (eBOS), and robotics quarter over quarterAchieved record eBOS quarterly bookings, including bookings of over 100 MW of our new NX PowerMerge ™ trunk bus connectorAchieved record quarterly and annual TrueCapture ™ revenueBooked the first bundled VCA project incorporating roboticsExceeded 50 GW of cumulative sales of NX Horizon-XTR ™ terrain following trackersEntered into a multi-year gigawatt-scale steel frame supply agreement with Jinko Solar (U.S.) Industries Inc. for U.S.-manufactured steel module framesSurpassed 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 governmentNX PowerMerge, a next-generation DC power component designed to streamline eBOS installation and boost long-term reliability, currently in final stages of UL qualification testingReleased Gen 3 of Nextpower’s SPC smart tracker controller and NCU weather station, providing enhanced cybersecurityPiloted NX One™, a unified software platform that connects and contextualizes data from across the plant lifecycle into a single systemIntroduced 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; andan 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. Source: Nextpower View all news