olivLaw · US equity research
Nextpower Inc. NXT
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Nextpower Inc. (Nasdaq: NXT), formerly known as Nextracker, is a global provider of solar and energy technology solutions for utility-scale power plants. It is the market leader in solar tracking systems, and fiscal 2026 revenue reached 3.6 billion USD, in a context of growing electricity demand driven by data centers and electrification.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Nextpower Inc. (NXT) stock was 99.58 USD (−6.67% on the day), with market capitalisation 15.0 bn USD, P/E 25.1 on diluted EPS of 3.97 USD over the last 12 months, beta 1.42, 52-week range 76.48–156.40 USD. Latest reported quarter (Q2 2027): revenue of 1.1 bn USD (+22.5% YoY), net income of 165.5 m USD (+12.7% YoY), diluted EPS 1.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.7
- strong (55–70)
- Bollinger (20, 2)
- 69.01 – 100.33
- in the upper half of the band · %B 0.98 · band width 37.0%
- SMA 50 / 200
- 83.42 / 106.88
- mixed trend
- MACD (12, 26, 9)
- 3.32 / 0.63
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.0% | −5.9% | +19.0 pp | — |
| 3 months | +1.2% | −4.6% | +5.8 pp | — |
| 6 months | −17.6% | +0.2% | −17.8 pp | — |
| Year to date | +14.3% | +7.4% | +6.9 pp | — |
| 1 year | −11.0% | +8.2% | −19.2 pp | +21.0% |
| 3 years | +168.0% | +68.4% | +99.6 pp | +55.4% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 679.4 m | 924.3 m | 864.3 m | 905.3 m | 909.4 m | 880.5 m | 935.2 m | 1.1 bn |
| Cost of revenue | 438.5 m | 618.7 m | 582.5 m | 612.4 m | 621.2 m | 583.1 m | 599.3 m | 764.0 m |
| Gross profit | 240.9 m | 305.7 m | 281.7 m | 292.9 m | 288.1 m | 297.4 m | 335.9 m | 345.3 m |
| Research & development | 20.1 m | 23.6 m | 21.6 m | 26.9 m | 29.3 m | 43.2 m | 44.5 m | 45.6 m |
| SG&A | 70.6 m | 86.8 m | 73.9 m | 84.6 m | 82.7 m | 100.6 m | 100.4 m | 92.2 m |
| Operating income | 150.2 m | 195.3 m | 186.2 m | 181.3 m | 176.1 m | 153.6 m | 190.9 m | 207.5 m |
| Depreciation & amortisation | 4.4 m ≈ | 5.1 m | 5.8 m | 7.4 m ≈ | 8.4 m ≈ | 9.0 m | 8.8 m | 14.9 m ≈ |
| Pre-tax income | 160.2 m | 198.7 m | 191.0 m | 182.7 m | 180.5 m | 159.6 m | 198.9 m | 215.1 m |
| Income tax | 42.8 m | 40.8 m | 33.8 m | 35.9 m | 49.3 m | 9.0 m | 33.6 m | 49.6 m |
| Net income | 115.3 m | 156.8 m | 157.2 m | 146.9 m | 131.2 m | 150.6 m | 165.4 m | 165.5 m |
| Diluted EPS | 0.79 | 1.05 ≈ | 1.04 | 0.97 | 0.85 | 0.97 ≈ | 1.07 | 1.08 |
| Operating cash flow | 143.8 m ≈ | 237.3 m | 81.3 m | 186.9 m ≈ | 123.3 m ≈ | 171.4 m | 121.1 m | 158.1 m ≈ |
| Capex | 8.9 m ≈ | 10.1 m | 11.3 m | 15.5 m ≈ | 4.7 m ≈ | 17.8 m | 15.9 m | 23.1 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 82 percentile of its own 11-quarter history (min 9.6, median 17.4, max 31.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.9 bn | 2.5 bn | 3.0 bn | 3.6 bn |
| Revenue YoY | unavailable | +21.9% | +30.5% | +31.4% | +18.4% | +20.3% |
| Net income | 0 | 0 | 1.1 m | 306.2 m | 509.2 m | 585.9 m |
| Net income YoY | unavailable | unavailable | unavailable | +26,692.7% | +66.3% | +15.1% |
| Diluted EPS | unavailable | unavailable | 0.02 | 3.37 | 3.47 | 3.84 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +16,750.0% | +3.0% | +10.7% |
| net % | 0.0% | 0.0% | 0.1% | 12.3% | 17.2% | 16.5% |
| Free cash flow | 91.8 m | -153.0 m | 104.5 m | 422.8 m | 621.9 m | 513.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.1 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.3 bn USD
- Total assets
- 4.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.45x
- ROE
- 29.6%
- ROA
- 16.1%
- FCF margin
- 14.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.9 bn | 2.5 bn | 3.0 bn | 3.6 bn | SEC (XBRL)· 19 May 2026verified |
| Cost of revenue | 963.6 m | 1.3 bn | 1.6 bn | 1.7 bn | 2.0 bn | 2.4 bn | SEC (XBRL)· 19 May 2026verified |
| Gross profit | 232.0 m | 147.0 m | 287.0 m | 813.0 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 19 May 2026verified |
| Research & development | 13.0 m | 14.2 m | 21.6 m | 42.4 m | 79.4 m | 120.9 m | SEC (XBRL)· 19 May 2026verified |
| SG&A | 60.4 m | 66.9 m | 96.9 m | 183.6 m | 290.3 m | 341.9 m | SEC (XBRL)· 19 May 2026verified |
| Operating income | 158.5 m | 65.9 m | 168.5 m | 587.1 m | 639.1 m | 697.3 m | SEC (XBRL)· 19 May 2026verified |
| Depreciation & amortisation | 16.8 m | 11.1 m | 4.6 m | 4.4 m | 13.4 m | 30.6 m | SEC (XBRL)· 19 May 2026verified |
| EBITDA | 175.3 m ≈ | 77.1 m ≈ | 173.1 m ≈ | 591.5 m ≈ | 652.5 m ≈ | 727.9 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Pre-tax income | 158.0 m | 65.1 m | 169.1 m | 608.0 m | 648.0 m | 713.8 m | SEC (XBRL)· 19 May 2026verified |
| Income tax | 33.7 m | 14.2 m | 47.8 m | 111.8 m | 130.8 m | 127.9 m | SEC (XBRL)· 19 May 2026verified |
| Net income | 0 | 0 | 1.1 m | 306.2 m | 509.2 m | 585.9 m | SEC (XBRL)· 19 May 2026verified |
| Diluted EPS | — | — | 0.02 | 3.37 | 3.47 | 3.84 | SEC (XBRL)· 19 May 2026verified |
| Weighted average diluted shares | — | — | 145.9 m | 147.3 m | 149.3 m | 152.7 m | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 190.6 m | 29.1 m | 130.0 m | 474.1 m | 766.1 m | 1.1 bn | SEC (XBRL)· 19 May 2026verified |
| Receivables | — | 168.3 m | 271.2 m | 382.7 m | 472.5 m | 417.0 m | SEC (XBRL)· 19 May 2026verified |
| Inventories | — | 172.2 m | 138.1 m | 201.7 m | 209.4 m | 262.3 m | SEC (XBRL)· 19 May 2026verified |
| Current assets | — | 714.1 m | 872.3 m | 1.8 bn | 2.2 bn | 2.8 bn | SEC (XBRL)· 19 May 2026verified |
| Property, plant & equipment, net | — | 7.4 m | 7.3 m | 9.2 m | 60.4 m | 78.4 m | SEC (XBRL)· 19 May 2026verified |
| Goodwill | — | 265.2 m | 265.2 m | 265.2 m | 371.0 m | 489.0 m | SEC (XBRL)· 19 May 2026verified |
| Intangibles (excl. goodwill) | — | 2.5 m | 1.3 m | 1.5 m | 53.2 m | 78.0 m | SEC (XBRL)· 19 May 2026verified |
| Total assets | — | 1.0 bn | 1.4 bn | 2.5 bn | 3.2 bn | 4.1 bn | SEC (XBRL)· 19 May 2026verified |
| Accounts payable | — | 266.6 m | 211.4 m | 456.6 m | 585.3 m | 533.5 m | SEC (XBRL)· 19 May 2026verified |
| Short-term debt | — | — | — | 3.8 m | 0 | — | SEC (XBRL)· 22 May 2025verified |
| Long-term debt | — | 0 | 147.1 m | 144.0 m | 0 | — | SEC (XBRL)· 22 May 2025verified |
| Current liabilities | — | 473.4 m | 507.4 m | 891.5 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 19 May 2026verified |
| Total liabilities | — | 516.2 m | 934.8 m | 1.5 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 19 May 2026verified |
| Equity | 0 | 0 | -3.1 bn | 992.0 m | 1.6 bn | 2.3 bn † | SEC (XBRL)· 19 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 94.3 m | -147.1 m | 107.7 m | 429.0 m | 655.8 m | 562.9 m | SEC (XBRL)· 19 May 2026verified |
| Capex | 2.5 m | 5.9 m | 3.2 m | 6.2 m | 33.9 m | 49.3 m | SEC (XBRL)· 19 May 2026verified |
| Free cash flow | 91.8 m ≈ | -153.0 m ≈ | 104.5 m ≈ | 422.8 m ≈ | 621.9 m ≈ | 513.6 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Investing cash flow | -3.0 m | -5.8 m | -3.2 m | -6.7 m | -186.1 m | -186.9 m | SEC (XBRL)· 19 May 2026verified |
| Financing cash flow | 96.3 m | -8.7 m | -3.6 m | -78.3 m | -177.6 m | -47.2 m | SEC (XBRL)· 19 May 2026verified |
| Share repurchases | — | 0 | 693.8 m | 0 | 0 | 395.0 k | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 15.0 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 33.0% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | 19.0% | 62 (vs peers) | 11% |
| FCF margin · Quality | 13.4% | 53 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 23.2% | 93 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 20.3% | 47 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 84 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.4% | 68 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.1% | 51 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial84/100 · 1/2 factors with a value
- Growth78/100 · 2/2 factors with a value
- Quality36/100 · 3/3 factors with a value
- Returns51/100 · 1/1 factors with a value
- Valuation· partial68/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Nextpower Inc. (NXT). Latest full fiscal year: 2026; data up to 2026-10-02.
Figures computed from the financial statements: revenue 3.6 bn USD in 2026; YoY growth 20.3%; net margin 16.0%; ROE 26.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 23.2%
- Current ratio: 2.2x
What contradicts it
- Gross margin: 33.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSMTaiwan Semiconductor Manufacturing Company Limited | 9,156.8 bn | 259.6 | 29.3% | 40.0% | +25.0% | +21% / +263% |
| NVDANvidia Corp | 4,376.6 bn | 23.0 | 117.2% | 63.7% | +65.5% | +3% / +288% |
| AVGOBroadcom Inc. | 1,391.7 bn | 37.2 | 44.2% | 42.9% | +23.9% | −28% / +215% |
| MUMicron Technology, Inc. | 742.7 bn | 8.8 | 88.3% | 63.8% | +256.3% | +178% / +762% |
| AMDAdvanced Micro Devices, Inc | 663.3 bn | 88.0 | 11.8% | 16.8% | +34.3% | +86% / +234% |
| INTCIntel Corporation | 277.7 bn | — | -10.9% | -20.1% | −0.5% | +29% / +17% |
| TXNTexas Instruments Inc | 254.2 bn | 36.0 | 39.7% | 34.3% | +13.0% | +65% / +82% |
| AMATApplied Materials Inc | 253.4 bn | 27.5 | 41.1% | 30.1% | +4.4% | +27% / +113% |
| ADIAnalog Devices Inc | 174.9 bn | 42.8 | 12.2% | 29.8% | +16.9% | +36% / +97% |
| UMCUnited Microelectronics Corporation | 168.4 bn | 111.5 | 13.3% | 21.0% | −2.5% | +79% / +72% |
| MRVLMarvell Technology, Inc | 117.1 bn | 44.1 | 16.5% | 27.9% | +42.1% | +49% / +140% |
| NXPINXP Semiconductors N.V. | 61.6 bn | 19.2 | 29.2% | 23.4% | −2.7% | +25% / +20% |
| MPWRMonolithic Power Systems, Inc. | 55.2 bn | 62.4 | 25.1% | 23.9% | +26.4% | +22% / +106% |
| MCHPMicrochip Technology Inc | 35.3 bn | 47.2 | 12.6% | 15.0% | +7.1% | +21% / −22% |
| ALABAstera Labs, Inc. | 31.4 bn | 71.6 | 28.2% | 29.6% | +115.1% | +14% / unavailable |
| IMOSChipMOS TECHNOLOGIES INC. | 29.7 bn | 676.0 | 5.6% | 6.3% | −0.8% | +55% / +64% |
| ONOn Semiconductor Corp | 24.5 bn | 36.6 | 8.9% | 10.8% | −15.3% | +25% / −12% |
| QQnity Electronics, Inc. | 23.0 bn | 38.9 | 7.6% | 11.5% | +9.7% | +36% / unavailable |
| CRDOCredo Technology Group Holding Ltd | 21.1 bn | 40.0 | 30.7% | 33.8% | +205.7% | −37% / +527% |
| FSLRFirst Solar, Inc. | 21.0 bn | 11.3 | 18.7% | 37.1% | +24.1% | −28% / +24% |
| NXTNextpower Inc. | 15.0 bn | 25.1 | 26.5% | 16.0% | +20.3% | −11% / +168% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 14.5 bn | 60.9 | 17.2% | 20.7% | +32.6% | +9% / +127% |
| SITMSiTime Corporation | 10.7 bn | 373.7 | 1.2% | 3.9% | +61.2% | +19% / +221% |
| SLABSilicon Laboratories Inc. | 7.4 bn | — | -3.6% | -4.6% | unavailable | +73% / +110% |
| VIAVViavi Solutions Inc. | 6.5 bn | 106.7 | 6.5% | 4.0% | +40.0% | +47% / +225% |
1- and 3-year price returns: for NXT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 66.63 Total return -33% · Per year -33% | 117.26 Total return 18% · Per year 18% | 175.89 Total return 77% · Per year 77% |
| 3 years | 79.03 Total return -21% · Per year -7% | 155.07 Total return 56% · Per year 16% | 253.28 Total return 154% · Per year 37% |
| 5 years | 93.75 Total return -6% · Per year -1% | 205.09 Total return 106% · Per year 16% | 364.72 Total return 266% · Per year 30% |
- Exit P/E± 38.77
- Net margin± 27.14
- Annual revenue growth± 20.24
- Annual dilution± 2.28
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (28 Oct 2026 · results).
In brief
Nextpower Inc. (Nasdaq: NXT), formerly known as Nextracker, is a global provider of solar and energy technology solutions for utility-scale power plants. It is the market leader in solar tracking systems, and fiscal 2026 revenue reached 3.6 billion USD 1, in a context of growing electricity demand driven by data centers and electrification 1.
SWOT
Strengths
Weaknesses
- Dependence on a relatively small number of large customers could affect revenue if one of them reduces orders 1.
- Revenue varies from quarter to quarter, which makes performance difficult to forecast 1.
- The company relies on external suppliers and complex supply chains, and disruptions can affect deliveries 1.
Opportunities
Risks
- Dependence on solar demandhigh
Demand depends on public policy, financing and economic conditions that the company does not control 1.
- Customer concentrationhigh
A small number of customers generates a significant share of revenue, and losing one could affect results 1.
- International trademedium
Tariffs and trade restrictions can change costs and the timing of revenue 1.
- Acquisitions and integrationmedium
Integrating several recent acquisitions may divert management attention and delay the expected benefits 12.
- Supply chainmedium
Problems at suppliers or logistics disruptions can delay projects and deliveries 1.
Investment thesis
What would need to be true (bull case)
- If demand for solar and storage keeps growing, leadership in trackers and platform expansion could support revenue growth 13.
- Growth in backlog and gross margin in the quarter ended July 2026 could indicate solid operational execution 3.
- Integrating eBOS and power conversion could increase customer value and revenue per project 13.
What would break the thesis
- If pricing pressure intensifies, margins could decline, especially on contracts with large customers 1.
- Dependence on incentive policies and U.S. demand could expose the company to regulatory change 12.
- Recent acquisitions carry integration risk, and the announced benefits could be delayed or not fully realized 12.
What to watch
- Delivery against the fiscal 2027 revenue outlook2027
- Development of backlog and eBOS ordersQ2 2027
- Integration of the Prevalon and Apex Power acquisitionsnext 10-Q
- Status of the Zimmermann PV-Steel Group acquisition and government approvals2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (28 Oct 2026 · results).
The business
Nextpower designs, manufactures and delivers solar tracking systems, together with foundations, steel frames, electrical balance of systems equipment and software solutions for optimizing plant performance 1. The company was founded in 2013 and has shipped more than 160 GW of tracking systems to projects on six continents 1. Its main customers are EPC firms, developers and solar project owners, and contracts are usually negotiated separately for each project 1.
The platform integrates trackers with electrical infrastructure, software, controls and emerging technologies, transforming the company from a pure tracker supplier into an energy technology platform 13. Its strategy has been extended through acquisitions in 2025 and 2026, including Bentek, OnSight, Origami and Fracsun, as well as the Prevalon battery storage acquisition 12.
Revenue is generated mainly from the sale of trackers and yield management systems, and contract values range from a few hundred thousand dollars to over one hundred million dollars 1. The U.S. accounted for 83% of revenue in the quarter ended July 3, 2026 2.
Segments
Market context
Demand for solar energy is supported by cost competitiveness and global electrification, and the cost of solar generation fell by 84% between 2009 and 2025, according to Lazard as cited by the company 1. Trackers can generate up to 25% more energy than fixed systems 1, but the market is fragmented and price competition remains intense 1.
Rising electricity demand from data centers and artificial intelligence could support the solar market, although transmission limits, permitting and grid access may slow projects 1. Integrated suppliers could benefit if these trends persist 1.
Trends
- Electrification and data center demandtailwind
Growing electricity demand from data centers and artificial intelligence could support demand for utility-scale solar, according to the company 1.
- Lower solar coststailwind
Falling solar generation costs make solar competitive with natural gas and wind, which could support broader adoption 1.
- Grid and permitting constraintsheadwind
Transmission limits, permitting procedures and a lack of grid infrastructure can delay projects and reduce demand for equipment 1.
- Policy and trade tariffsmixed
Tax incentives such as IRA 45X credits and tariffs can influence both revenue and margins, and their net effect may vary from quarter to quarter 13.
Competitive position
The solar tracker market is fragmented, and competitors may have lower costs, stronger brand recognition or greater economies of scale 1. The company also faces competition from conventional energy and other renewable sources such as natural gas, wind and energy storage 1.
The company says it maintains its global tracker leadership, based on market share data cited from Wood Mackenzie, while extending its offering to higher value-added products 3. Pricing pressure from panel suppliers and EPC firms may however reduce margins 1.
- Regional solar tracker suppliers
Companies in this group compete on price and local delivery, especially in emerging markets, as described in the company's risk factors 1.
- Fixed-tilt racking manufacturers
Fixed-tilt systems compete directly with trackers and can become more attractive when panel prices fall, according to the company 1.
- Conventional and renewable power producers
Gas, coal, nuclear and wind compete on price and predictability, which may limit solar growth 1.
- Energy storage and inverter suppliers
As the company extends into storage and inverters, it meets specialized suppliers in these fields 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report02 Nov 2026
- Current report28 Oct 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report19 Aug 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Jul 2026
- Current report22 Jun 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report28 May 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Annual report19 May 2026
- Current report12 May 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Nextpower Inc. · 19 May 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Nextpower Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Nextpower Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.