--- title: "Nextpower | 10-K: FY2026 Revenue Beats Estimate at USD 3.559 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/286966098.md" datetime: "2026-05-19T20:52:25.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286966098.md) - [en](https://longbridge.com/en/news/286966098.md) - [zh-HK](https://longbridge.com/zh-HK/news/286966098.md) --- # Nextpower | 10-K: FY2026 Revenue Beats Estimate at USD 3.559 B Revenue: As of FY2026, the actual value is USD 3.559 B, beating the estimate of USD 3.509 B. EPS: As of FY2026, the actual value is USD 3.84, beating the estimate of USD 3.616. EBIT: As of FY2026, the actual value is USD 668.69 M. ### Segment Revenue #### Total Revenue - Fiscal Year 2026: $3,559,390 thousand - Fiscal Year 2025: $2,959,197 thousand - Fiscal Year 2024: $2,499,841 thousand - Year-over-year change (2026 vs. 2025): +20% #### U.S. Revenue - Fiscal Year 2026: $2,730,699 thousand (77% of total revenue) - Fiscal Year 2025: $2,031,603 thousand (69% of total revenue) - Fiscal Year 2024: $1,702,611 thousand (68% of total revenue) - Year-over-year change (2026 vs. 2025): +34% #### Rest of the World Revenue - Fiscal Year 2026: $828,691 thousand (23% of total revenue) - Fiscal Year 2025: $927,594 thousand (31% of total revenue) - Fiscal Year 2024: $797,230 thousand (32% of total revenue) - Year-over-year change (2026 vs. 2025): -11%, primarily due to reduced shipments to Latin America #### Revenue by Timing of Transfer - **Point in time** - Fiscal Year 2026: $442,012 thousand - Fiscal Year 2025: $77,037 thousand - Fiscal Year 2024: $35,268 thousand - **Over time** - Fiscal Year 2026: $3,117,378 thousand - Fiscal Year 2025: $2,882,160 thousand - Fiscal Year 2024: $2,464,573 thousand #### Revenue from Bill-and-Hold Arrangements - Fiscal Year 2026: $144.4 million - Fiscal Year 2025 & 2024: No revenue recognized #### Product Revenue Mix - Solar tracker system sales: Approximately 88% of total revenue in Fiscal Year 2026 - Non-tracker sales (TrueCapture, eBOS, foundations, robotic solutions, and other): Approximately 12% of total revenue in Fiscal Year 2026, up from approximately 8% in Fiscal Year 2025 - Revenues related to sales of energy yield management: Approximately 2% for Fiscal Years 2026 and 2025, not material for Fiscal Year 2024 ### Operational Metrics #### Cost of Sales - Fiscal Year 2026: $2,399,295 thousand - Fiscal Year 2025: $1,950,372 thousand - Fiscal Year 2024: $1,686,792 thousand - Year-over-year change (2026 vs. 2025): +23% - Tariffs: $130.4 million in Fiscal Year 2026, up from $19.7 million in Fiscal Year 2025 - 45X Credit reduction to cost of sales: $379.9 million in Fiscal Year 2026, $224.9 million in Fiscal Year 2025, and $121.4 million (cumulative) in Fiscal Year 2024 #### Gross Profit - Fiscal Year 2026: $1,160,095 thousand - Fiscal Year 2025: $1,008,825 thousand - Fiscal Year 2024: $813,049 thousand - Year-over-year change (2026 vs. 2025): +15% #### Gross Margin - Fiscal Year 2026: 32.6% - Fiscal Year 2025: 34.1% - Fiscal Year 2024: 32.5% - Year-over-year change (2026 vs. 2025): -150 basis points #### Selling, General and Administrative Expenses (SG&A) - Fiscal Year 2026: $341,920 thousand - Fiscal Year 2025: $290,321 thousand - Fiscal Year 2024: $183,571 thousand - Year-over-year change (2026 vs. 2025): +18% - As a percentage of revenue: Approximately 9.6% in Fiscal Year 2026, down from 9.8% in Fiscal Year 2025 #### Research and Development (R&D) Expenses - Fiscal Year 2026: $120,909 thousand - Fiscal Year 2025: $79,392 thousand - Fiscal Year 2024: $42,360 thousand - Year-over-year change (2026 vs. 2025): +52% #### Operating Income - Fiscal Year 2026: $697,266 thousand - Fiscal Year 2025: $639,112 thousand - Fiscal Year 2024: $587,118 thousand - Year-over-year change (2026 vs. 2025): +9% #### Interest Expense - Fiscal Year 2026: $2,623 thousand - Fiscal Year 2025: $13,096 thousand - Fiscal Year 2024: $13,820 thousand - Year-over-year change (2026 vs. 2025): -80% #### Other Income, Net - Fiscal Year 2026: - $19,183 thousand (includes $31.2 million interest income, - $7.1 million foreign currency exchange losses, - $5.8 million debt extinguishment costs and transaction costs) - Fiscal Year 2025: - $22,000 thousand (includes $22.2 million interest income, - $1.4 million foreign currency exchange losses) - Fiscal Year 2024: - $34,699 thousand (includes - $2.5 million foreign currency exchange losses) #### Net Income - Fiscal Year 2026: $585,883 thousand - Fiscal Year 2025: $517,246 thousand - Fiscal Year 2024: $496,215 thousand - Year-over-year change (2026 vs. 2025): +13% #### Net Income Attributable to Nextpower Inc. - Fiscal Year 2026: $585,883 thousand - Fiscal Year 2025: $509,168 thousand - Fiscal Year 2024: $306,241 thousand #### Adjusted Gross Profit - Fiscal Year 2026: $1,183,533 thousand (33.3% margin) - Fiscal Year 2025: $1,023,496 thousand (34.6% margin) - Fiscal Year 2024: $702,683 thousand (28.1% margin) #### Adjusted Operating Income - Fiscal Year 2026: $839,861 thousand (23.6% margin) - Fiscal Year 2025: $768,853 thousand (26.0% margin) - Fiscal Year 2024: $522,771 thousand (20.9% margin) #### Adjusted Net Income - Fiscal Year 2026: $687,452 thousand (19.3% margin) - Fiscal Year 2025: $630,639 thousand (21.3% margin) - Fiscal Year 2024: $451,395 thousand (18.1% margin) #### Adjusted EBITDA - Fiscal Year 2026: $853,722 thousand (24.0% margin) - Fiscal Year 2025: $776,496 thousand (26.2% margin) - Fiscal Year 2024: $521,465 thousand (20.9% margin) ### Cash Flow #### Net cash provided by operating activities - Fiscal Year 2026: $562,911 thousand - Fiscal Year 2025: $655,794 thousand - Fiscal Year 2024: $428,973 thousand #### Net cash used in investing activities - Fiscal Year 2026: - $186,878 thousand (includes - $117.2 million for business acquisitions, - $49.3 million for property and equipment, - $12.2 million for Nextpower Arabia joint venture) - Fiscal Year 2025: - $186,096 thousand (includes - $144.7 million for business acquisitions, - $33.9 million for property and equipment, - $7.5 million for intangible assets) - Fiscal Year 2024: - $6,660 thousand (primarily for property and equipment) #### Net cash used in financing activities - Fiscal Year 2026: - $47,160 thousand (includes - $27.4 million TRA payment, - $14.3 million acquisition deferred purchase price, - $3.0 million tax distribution, - $2.0 million revolver issuance cost) - Fiscal Year 2025: - $177,649 thousand (includes - $150.0 million bank borrowing repayment, - $15.5 million TRA payment, - $6.1 million tax distributions, - $6.0 million revolver issuance cost) - Fiscal Year 2024: - $78,267 thousand (includes - $66.9 million tax distributions, - $8.3 million net transfers to former parent, - $3.1 million other financing activities) ### Unique Metrics #### GW delivered - Fiscal Year 2026: 38.0 GW - Fiscal Year 2025: 33.6 GW - Fiscal Year 2024: 26.0 GW - Year-over-year change (2026 vs. 2025): +13% #### Backlog - As of end of Fiscal Year 2026: Over $5 billion (includes project-specific purchase orders and Volume Commitment Agreements) #### Tax Receivable Agreement (TRA) Liability - As of March 31, 2026: $393.2 million ($372.7 million long-term, $20.5 million current) - As of March 31, 2025: $419.4 million ($394.9 million long-term, $24.5 million current) #### Share Repurchase Program - Authorized on January 27, 2026, for up to $500.0 million of Class A common stock over three years - As of March 31, 2026: Approximately $499.6 million remained available - Repurchases in March 2026: 3,960 shares at an average price of $99.77 per share #### Total Liquidity - As of March 31, 2026: Approximately $2.0 billion #### New Revolving Credit Facility - Entered on September 8, 2025, for $1.0 billion, maturing September 8, 2030 - As of March 31, 2026: $922.1 million available, net of $77.9 million outstanding letters of credit #### Goodwill - As of March 31, 2026: $488,950 thousand - As of March 31, 2025: $371,018 thousand #### Other Intangible Assets, Net - As of March 31, 2026: $78,046 thousand - As of March 31, 2025: $53,241 thousand #### Accrued Warranty Reserve (Ending Balance) - As of March 31, 2026: $32,845 thousand - As of March 31, 2025: $17,981 thousand - As of March 31, 2024: $12,511 thousand ### Outlook / Guidance Nextpower Inc. anticipates that sales growth for non-tracker platform solutions will outpace that of solar tracker system sales. The company expects its operating cash flow and current/committed liquidity, including the New Credit Agreement, to adequately support operations, capital expenditures, debt service, and TRA payments for at least the next 12 months. Nextpower Inc. also plans to expand its product portfolio into battery energy storage and data center markets through a definitive agreement to acquire assets from Zigor Corporation’s power conversion business and Apex Power for approximately $80.5 million. ### Related Stocks - [NXT.US](https://longbridge.com/en/quote/NXT.US.md) ## Related News & Research - [Nextpower Reports Q4 and Fiscal Year 2026 Financial Results | NXT Stock News](https://longbridge.com/en/news/286148655.md) - [Nextpower Q4 revenue beats estimates, raises 2027 outlook](https://longbridge.com/en/news/286152090.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Nextpower Shares Climb After Q4 Earnings Beat Estimates](https://longbridge.com/en/news/286158903.md)