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Nextpower Inc. provides solar tracker technologies and solutions for utility-scale and distributed generation solar applications in the United States and internationally. The company offers tracking solutions, including NX Horizon, a solar tracking solution; NX Horizon-XTR, a terrain-following tracker to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain; NX Horizon Hail Pro adds automatic stowing using weather service information; and NX Horizon Low Carbon, a solar tracker solution with a reduced carbon footprint. It also provides TrueCapture, an energy yield management system that addresses power production shortfalls; NX Anchor, a solar tracker foundation system to facilitate solar project development in challenging soil conditions; NX Truss Driver, an advanced installation equipment; and NX Navigator, which assists solar power plant owners and operators in monitoring, controlling, and protecting their solar projects. The company serves engineering, procurement, and construction firms, as well as solar project developers and owners. Nextpower Inc. was formerly known as Nextracker Inc. and changed its name to Nextpower Inc. in November 2025. The company was founded in 2013 and is headquartered in Fremont, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.0B | $675M | $509M | $622M | 31.3% | 18.4% | 66.3% |
| 2024 | $2.5B | $626M | $306M | $422M | 30.9% | 31.4% | 157.6% |
| 2023 | $1.9B | $176M | $119M | $104M | 24.5% | 30.5% | 133.5% |
| 2022 | $1.5B | $76M | $51M | $-153M | -1677.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,457.59 | 1,902.14 | 2,499.84 | 2,959.20 |
| Cost Of Revenue | 1,310.56 | 1,615.16 | 1,686.79 | 1,950.37 |
| Gross Profit | 147.03 | 286.97 | 813.05 | 1,008.83 |
| Operating Expense | 81.12 | 118.49 | 225.93 | 369.71 |
| Operating Income | 65.91 | 168.49 | 587.12 | 639.11 |
| EBITDA | 76.29 | 175.54 | 626.18 | 674.52 |
| EBIT | 65.14 | 170.92 | 621.82 | 661.11 |
| Pretax Income | 65.11 | 169.08 | 608 | 648.02 |
| Tax Provision | 14.20 | 47.75 | 111.78 | 130.77 |
| Net Income | 50.91 | 118.89 | 306.24 | 509.17 |
| Net Income Common Stockholders | 0 | 1.14 | 306.24 | 509.17 |
| Total Expenses | 1,391.68 | 1,733.65 | 1,912.72 | 2,320.09 |
| Interest Expense | 0.03 | 1.83 | 13.82 | 13.10 |
| Research And Development | 14.18 | 21.62 | 42.36 | 79.39 |
| Selling General And Administration | 66.95 | 96.87 | 183.57 | 290.32 |
| Normalized EBITDA | 76.29 | 175.54 | 626.18 | 674.52 |
| Normalized Income | 50.91 | 118.89 | 306.24 | 509.17 |
| Basic EPS | 0 | 0.02 | 3.97 | 3.55 |
| Diluted EPS | 0 | 0.02 | 3.37 | 3.47 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.22 | 0.28 | 0.18 | 0.20 |
| Net Income From Continuing Operation Net Minority Interest | 50.91 | 118.89 | 306.24 | 509.17 |
| Reconciled Depreciation | 11.15 | 4.63 | 4.36 | 13.41 |
| Reconciled Cost Of Revenue | 1,310.56 | 1,615.16 | 1,686.79 | 1,950.37 |
| Net Interest Income | -0.03 | -1.83 | -13.82 | -13.10 |
| Net Income From Continuing And Discontinued Operation | 50.91 | 118.89 | 306.24 | 509.17 |
| Total Operating Income As Reported | 65.91 | 168.49 | 587.12 | 639.11 |
| Diluted Average Shares | 41.88 | 145.83 | 147.28 | 149.28 |
| Basic Average Shares | 41.88 | 45.87 | 77.07 | 143.54 |
| Diluted NI Availto Com Stockholders | 0 | 1.14 | 306.24 | 509.17 |
| Otherunder Preferred Stock Dividend | 50.91 | 117.74 | 0 | 0 |
| Minority Interests | 0 | -2.45 | -189.97 | -8.08 |
| Net Income Including Noncontrolling Interests | 50.91 | 121.33 | 496.21 | 517.25 |
| Net Income From Tax Loss Carryforward | -50.91 | -117.74 | 0 | 0 |
| Net Income Continuous Operations | 50.91 | 121.33 | 496.21 | 517.25 |
| Other Income Expense | -0.77 | 2.43 | 34.70 | 22 |
| Other Non Operating Income Expenses | -0.77 | 2.43 | 34.70 | 22 |
| Net Non Operating Interest Income Expense | -0.03 | -1.83 | -13.82 | -13.10 |
| Total Other Finance Cost | 0.80 | -0.60 | 0 | 0 |
| Interest Expense Non Operating | 0.03 | 1.83 | 13.82 | 13.10 |
| Operating Revenue | 1,457.59 | 1,902.14 | 2,499.84 | 2,959.20 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Nextpower Inc.this co. | NXT | - | - | - | 31.3% | - |
| KULR Technology Group, Inc. | KULR | $111M | - | 0.91 | -50.9% | -2.45 |
| Expensify, Inc. | EXFY | $106M | - | 0.74 | -16.1% | -2.34 |
| SunPower Inc. | SPWR | $105M | - | -1.02 | 50.3% | -16.16 |
| CSP Inc. | CSPI | $103M | - | 2.29 | -0.2% |
| -30.63 |
| SoundThinking, Inc. | SSTI | $89M | - | 1.22 | -13.1% | 45.14 |
| Airship AI Holdings, Inc. | AISP | $76M | 2.91 | -10.63 | -410.1% | -9.02 |
| Neonode Inc. | NEON | $26M | 3.27 | 1.07 | 34.4% | -0.11 |
| zSpace, Inc. | ZSPC | $1M | - | -0.34 | 112.8% | -0.78 |
| Peer Median | - | 3.09 | 0.82 | -6.6% | -2.40 | |