Nextpower Posts Record $1.1 Billion Quarter, Backlog Tops $6 Billion

• 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.