Nextpower (NASDAQ:NXT) reported record first-quarter fiscal 2027 revenue and expanded its backlog while advancing a strategy to broaden its offerings beyond solar trackers into energy storage, power conversion and electrical balance-of-system products.
Revenue for the quarter totaled $935 million, up 8% from a year earlier and 6% sequentially. Adjusted EBITDA was $233 million, representing a 25% margin, while adjusted gross margin reached 37%. The company generated $121 million of operating cash flow and $105 million of adjusted free cash flow, ending the quarter with more than $1.2 billion in cash and cash equivalents and no debt.
Tracker leadership and growing non-tracker mix
Shugar said Wood Mackenzie recognized Nextpower as the leading solar tracker provider in the U.S. and globally for the 11th consecutive year in its 2025 market-share data. The company held 55% of the U.S. tracker market and 30% of the global market, according to Shugar, and has deployed its technology across projects totaling more than 160 gigawatts.
While tracker systems remain the primary business, non-tracker offerings represented about 14% of first-quarter revenue. CFO Chuck Boynton said revenue during the period included contributions from TrueCapture controls, eBOS, foundations, robotic solutions and other platform products.
President Howard Wenger said eBOS had record bookings and remains on track to generate well over $100 million in revenue during fiscal 2027. The company has booked 850 megawatts of its UL-certified NX PowerMerge eBOS solution, with deliveries expected to begin in the current quarter.
Nextpower’s foundations business posted a 50% year-over-year revenue increase in the first quarter, while TrueCapture produced record revenue and backlog. Wenger said the company is seeing a higher TrueCapture attach rate, though it did not provide a specific figure. Boynton said TrueCapture historically represented about 2% of revenue and was above that level during the quarter.
Storage and inverter expansion
Nextpower closed its acquisition of Prevalon, launching Nextpower Energy Storage. Shugar said Prevalon brings a team with experience across 6 gigawatt-hours of turnkey storage solutions and approximately 38 projects. The business serves applications including dispatchable peaking power, data-center stabilization and utility-scale storage.
The company also closed its acquisition of the Apex inverter business and said its inverter product received UL 1741 SB certification. Nextpower expects deliveries to begin in early 2027 and plans to have more than 10 gigawatts of U.S. inverter capacity online by next summer.
Shugar said the company had begun investing in inverters more than two years ago in response to customer needs for operating performance, domestic manufacturing, cybersecurity and service support. He said the company is accelerating its U.S. manufacturing buildout across multiple locations and intends to offer inverters and power-conditioning products for both solar and storage applications.
The company also addressed the Federal Communications Commission’s announcement related to imported inverters, with Shugar saying Nextpower’s inverter business could help customers manage potential restrictions on overseas equipment. He said the UL-certified Apex product is designed to use site-level optical-fiber communications and to meet government requirements.
International development and pending German acquisition
Internationally, Nextpower secured a tracker order for what Wenger described as Australia’s largest solar-plus-storage project to date, a 721-megawatt project that includes locally made steel. The company’s customer reach now spans more than 50 countries.
Nextpower also has a pending acquisition of Germany-based Zimmermann PV-Steel Group. If completed, the transaction would add five product lines, extend the company’s presence into 15 additional countries and expand its offerings in fixed-tilt and structural solar systems.
Wenger said Zimmermann has deployed more than 20 gigawatts of projects and would strengthen Nextpower’s European position, particularly in Germany, where fixed-tilt systems represent a significant portion of the ground-mount market. The acquisition is not included in the company’s fiscal 2027 outlook because the timing of its closing remains uncertain, Boynton said.
Outlook raised after first-quarter execution
Based on first-quarter results, backlog and demand across established and newer product categories, Nextpower raised the lower end of its fiscal 2027 outlook. The company now expects:
- Revenue of $4.1 billion to $4.4 billion.
- Adjusted EBITDA of $870 million to $930 million.
- Adjusted diluted earnings per share of $4.42 to $4.73.
The outlook includes approximately $50 million of planned growth investments, primarily to accelerate the company’s power-conversion market entry. Boynton said this is the same $50 million investment previously disclosed, rather than an additional amount.
Management reiterated its longer-term margin framework of gross margins in the low 30% range and operating margins in the low 20% range. First-quarter margins exceeded those targets partly because of IEEPA tariff recoveries, a higher relative contribution from U.S. revenue and strong TrueCapture revenue, partially offset by higher logistics costs.
Nextpower plans to provide an updated 2030 outlook at its Capital Markets Day on Nov. 16 at the RE+ conference in Las Vegas. Shugar said the update will reflect market momentum, recent acquisitions and the company’s operating performance.
About Nextpower (NASDAQ:NXT)
Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.
In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.
