Nextpower posts record $1.1 billion quarterly revenue as storage and power conversion gain ground. Nextpower, formerly Nextracker which has been on a tear ever since its listing at NASDAQ in 2023, continues to diversify from trackers while building up a strong integrated solar business, all the while maintaining a strong financial profile. 30 Oct 2026 13:59 IST Five key takeaways from the company's Q2 FY2027 results and analyst call Nextpower, formerly known as Nextracker, reported its strongest-ever quarterly performance for the second quarter of fiscal year 2027, with revenues crossing $1.1 billion, a 23% year-on-year increase. However, the more significant development may be the company's rapid transformation from a solar tracking specialist into a broader clean energy technology supplier, with energy storage, inverters and electrical balance of system (eBOS) products emerging as increasingly important growth drivers. The company's October 28 earnings call offered several indications of where it sees its next phase of growth coming from. 1. Non-tracker businesses now account for 22% of revenue While the core solar tracker business continues to deliver strong growth, non-tracker products accounted for 22% of quarterly revenues, compared with around 14% in previous periods. The diversification is particularly significant given that Nextpower's tracker business remains strong. Management clarified during the analyst call that the increase in non-tracker contribution was not the result of slowing tracker sales, but rather the faster growth of newer businesses. Energy storage alone contributed approximately $100 million in revenue and over $20 million in adjusted EBITDA in the quarter. This included a behind-the-meter storage project for a Tier-1 hyperscaler operating in the AI data centre space. The company also reported record eBOS bookings exceeding $100 million, with its NX PowerMerge solution securing over 2 GW of firm orders. 2. AI data centres are opening a new market for battery storage One of the more interesting insights from the call concerned the emerging application of battery storage in AI data centres. CEO Dan Shugar explained that the rapid fluctuations in electricity demand from AI computing loads can create challenges for conventional grid infrastructure. Large data centres can experience extremely rapid changes in power requirements, which existing transmission infrastructure and conventional generation systems may struggle to accommodate. Nextpower believes its Hybrid Power Stabilizer technology can help address these challenges, enabling data centres to connect faster while providing grid stability. Battery systems can also help accommodate greater renewable energy integration. Management indicated that customer interest in this application is growing, making data centres an important potential market beyond conventional utility-scale storage. 3. Inverters emerge as another major growth opportunity Nextpower announced a 1.1 GW inverter framework agreement covering five projects, marking an important milestone in its power conversion business. The company is planning approximately $40 million in capital expenditure over the next 12 months to establish a US manufacturing facility for solar and storage power conversion products. It expects to achieve manufacturing capacity exceeding 10 GW by the end of calendar 2027. Interestingly, management said the inverter business was initiated in response to customer requirements for reliable, bankable suppliers. However, emerging US concerns around cybersecurity, foreign entities of concern and restrictions on certain imported equipment could provide additional tailwinds. 4. Europe becomes a bigger strategic priority Nextpower has completed its €230 million acquisition of Germany-based Zimmermann PV-Steel Group, adding structural solutions including fixed-tilt mounting systems, agrivoltaics and wire management. The acquisition brings over 20 GW of cumulative project experience and expands Nextpower's presence into 15 additional countries, taking its global footprint to 68 countries. The strategic value lies not just in geographic expansion but also in cross-selling opportunities across its existing product portfolio. Management expects the acquisition to contribute approximately $100 million in revenue and $10 million in adjusted EBITDA for the remainder of FY2027. 5. Higher costs and margin pressures remain a concern, despite upgraded guidance Nextpower raised its FY2027 revenue guidance to $4.2-4.45 billion, from the earlier $4.1-4.4 billion range. Adjusted EBITDA guidance was raised to $890-940 million, while its free cash flow target increased to over $500 million. However, management flagged significant increases in diesel, steel, freight and logistics costs. Diesel prices were reportedly up around 80% year-to-date, compounded by constraints in US trucking capacity. Consequently, adjusted gross margins and EBITDA margins are expected to moderate during the second half of the financial year, to the high-20% and high-teens ranges, respectively. Nextpower reported quarterly adjusted EBITDA of approximately $250 million, up 12% year-on-year, and ended the quarter with over $1 billion in cash and no debt. The larger picture Nextpower's results offer an indication of how the economics of the solar equipment industry could evolve. Companies that traditionally supplied individual components are increasingly seeking a larger share of the overall project value through integrated offerings spanning trackers, electrical systems, inverters and storage. With a record backlog exceeding $6 billion and growing exposure to data centre infrastructure, Nextpower is positioning itself for opportunities beyond conventional solar deployment. Its November 16 Capital Markets Day should provide further clarity on how quickly this broader technology platform can scale.

Nextpower posts record $1.1 billion quarter, backlog tops $6 billion. Oct 29, 2026 07:47 PM ET * Nextpower revenue rose 22.5% year on year to a record $1.109 billion in its fiscal second quarter, ended Oct. 2. * Record bookings pushed backlog above $6 billion, and Nextpower signed a 1.1-GW inverter framework deal with an unnamed IPP. * The company raised its fiscal 2027 revenue outlook to $4.2-4.45 billion and holds a Capital Markets Day on Nov. 16. Nextpower, the US solar tracker maker known as Nextracker until late 2025, posted record revenue of $1.109 billion for its fiscal second quarter ended Oct. 2. Sales rose 22.5% from $905 million a year earlier. GAAP net income climbed 13% to $165 million, the company said in a statement on Oct. 28. Margins narrowed. GAAP gross margin slipped to 31.1% from 32.4% a year earlier and 35.9% in the previous quarter. Adjusted EBITDA reached about $250 million. The quarter included roughly $99 million of Section 45X vendor rebates and tariffs, net, against $67 million a year before. Record bookings lifted backlog above $6 billion. Nextpower signed a 1.1-GW inverter framework agreement across five projects and shipped its first NX Power Conversion systems. CEO Dan Shugar described the buyer only as "a leading Tier 1 IPP." Energy storage and other complementary products made up about 22% of quarterly revenue, Shugar said. US utility-scale solar installations rose 61% year on year in the second quarter, while residential fell 12%, SEIA and Wood Mackenzie reported. The quarter in numbers. * 18.6% sequential revenue growth, from $935 million in the June quarter (list.solar calculation). * 5.4 quarters of revenue at the second-quarter rate sit in the $6 billion-plus backlog (list.solar calculation). * 14.9% GAAP net margin, down from 16.2% a year earlier. * About €230 million (some $256 million) paid for Zimmermann PV-Steel Group, with no stock or earnout, adding fixed-tilt structures and 15 countries. * 2 GW-plus of NX PowerMerge trunk-bus systems in backlog. * 9.6 GWdc of US utility-scale solar installed in the second quarter of 2026, according to SEIA and Wood Mackenzie. Nextpower raised its revenue outlook for the fiscal year ending March 31, 2027, to $4.2 billion to $4.45 billion, from $4.1 billion to $4.4 billion. The midpoint moves up 1.8%. It also lifted adjusted EBITDA guidance to $890 million to $940 million and expects third-quarter revenue to grow about 10% year on year. The company has broadened beyond trackers since its Origami Solar acquisition. "We ended the quarter with over $1 billion of cash and cash equivalents and no debt, while funding new acquisitions and returning approximately $162 million to shareholders through share repurchases," Chief Financial Officer Chuck Boynton said. Nextpower will lay out its long-term strategy and financial framework at a Capital Markets Day in Las Vegas on Nov. 16.

Strong tracker demand lifts Nextpower's Q2 revenue by 23%. The company's order backlog exceeded $6 billion during the quarter October 30, 2026 Follow Mercom India on WhatsApp for exclusive updates on clean energy news and insights U.S.-based solar tracker and clean power technology company Nextpower reported record revenue of $1.11 billion in the second quarter (Q2) of fiscal year (FY) 2027, up 22.5% year-over-year (YoY) from $905.27 million, driven in part by strong demand for its solar tracker products. The revenue exceeded analysts' expectations by $46.92 million. Profit after tax (PAT) rose 12.7% YoY to $165.45 million from $146.86 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 11.7% YoY to $249.71 million from $223.53 million. Diluted earnings per share (EPS) increased to $1.08 from $0.97 in the corresponding quarter last year. Adjusted EPS of $1.31 exceeded analysts' expectations by $0.21. Nextpower attributed its quarterly performance to strong demand for its solar tracker products and increasing adoption of its energy storage and complementary technology offerings. Daniel Shugar, Co-Founder and Chief Executive Officer, said non-tracker products accounted for approximately 22% of the company's Q2 revenue. The company's energy storage business contributed approximately $100 million in revenue and more than $20 million in adjusted EBITDA during the quarter. The revenue also came from a behind-the-meter energy storage project for an AI data center operated by a major hyperscaler. The company achieved record bookings in its foundation and eBOS businesses, with eBOS bookings over $100 million in the quarter. The U.S. accounted for approximately 82% of Nextpower's quarterly revenue. International revenue increased 25% quarter-over-quarter, compared with 17% growth in the company's U.S. revenue. In Q1 FY 2027, Nextpower reported a revenue of $935 million. First Half Results For the first half (1H) of FY 2027, Nextpower reported a revenue of $2.04 billion, up 15.5% YoY from $1.77 billion. PAT rose 8.8% YoY to $330.81 million from $304.04 million. Adjusted EBITDA increased 10% YoY to $482.26 million from $438.30 million. Diluted EPS was $2.14, up from $2.01 in the same period last year. Business Updates Nextpower recorded its highest quarterly bookings, exceeding $1 billion, taking its order backlog to more than $6 billion. The company completed its acquisition of Zimmermann PV-Steel Group for approximately €230 million (~$256.11 million). The company revised the transaction from the previously announced consideration of up to €330 million (~$367.45 million) to an all-cash deal without earnout payments. The acquisition will expand Nextpower's product portfolio to include fixed-tilt solar structures, agrivoltaics, and wire management solutions. Zimmermann has more than 20 GW of cumulative project experience and added 15 countries to Nextpower's geographic footprint, taking its presence to 68 countries. Nextpower expects Zimmermann to contribute approximately $100 million in revenue and $10 million in adjusted EBITDA during the remainder of FY 2027. The company secured a 1.1 GW inverter framework agreement covering five projects and shipped its first Nextpower-branded power conversion systems to customers. The company's NX PowerMerge solution received a U.S. patent and entered commercial deployment at scale, with more than 2 GW in backlog. During the quarter, the company also deployed NX Earth Truss foundations alongside NX Horizon trackers equipped with Hail Pro technology, demonstrating the integration of complementary products across its technology platform. Shugar said the company's energy storage technology could help data centers manage rapid fluctuations in electricity demand that conventional grid infrastructure and rotating generators may struggle to accommodate. He added that the company's Hybrid Power Stabilizer technology had completed full-scale testing at a major national laboratory. Nextpower is also expanding its inverter manufacturing capabilities in the U.S. The company plans to invest approximately $40 million in capital expenditure over the next 12 months to establish domestic manufacturing operations. Shugar highlighted that rising diesel, steel, freight, and logistics costs were affecting margins. However, its geographically distributed manufacturing network helped mitigate some of these pressures. The company expects to absorb certain cost increases under existing long-term contracts while sharing additional costs with customers where feasible. It expects to begin shipping products from the facility by the end of summer of 2027 and achieve more than 10 GW of annual manufacturing capacity by the end of calendar year 2027. Nextpower raised its revenue guidance for FY 2027 to between $4.2 billion and $4.45 billion from its previous forecast of $4.1 billion to $4.4 billion. However, the company expects its inverter business expansion to impact its income statement by about $50 million, primarily through research and development and cost of goods sold. The company raised its adjusted EBITDA guidance to $890 million to $940 million from $870 million to $930 million. Its adjusted diluted EPS guidance was raised to $4.61-$4.87 from $4.42-$4.73. Nextpower also plans to expand its energy storage offerings into European markets, including Germany and Spain, where increasing solar generation is creating demand for storage solutions. The company expects these opportunities to begin contributing revenue in FY 2028. Melvin Mathew