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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: 2026
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 |
|---|---|---|---|---|---|---|---|
| 2026 | $3.6B | $747M | $586M | $514M | 25.1% | 20.3% | 15.1% |
| 2025 | $3.0B | $675M | $509M | $622M | 31.3% | 18.4% | 66.3% |
| 2024 | $2.5B | $626M | $306M | $423M | 31.9% | 31.4% | 157.6% |
| 2023 | $1.9B | $176M | $119M | $104M | -3.9% | - | - |
| 2022 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,902.14 | 2,499.84 | 2,959.20 | 3,559.39 |
| Operating Revenue | - | 1,902.14 | 2,499.84 | 2,959.20 | 3,559.39 |
| Cost Of Revenue | - | 1,615.16 | 1,686.79 | 1,950.37 | 2,399.30 |
| Gross Profit | - | 286.97 | 813.05 | 1,008.82 | 1,160.10 |
| Operating Expense | - | 118.49 | 225.93 | 369.71 | 462.83 |
| Research And Development | - | 21.62 | 42.36 | 79.39 | 120.91 |
| Selling General And Administration | - | 96.87 | 183.57 | 290.32 | 341.92 |
| Total Expenses | - | 1,733.65 | 1,912.72 | 2,320.08 | 2,862.12 |
| Operating Income | - | 168.48 | 587.12 | 639.11 | 697.27 |
| Total Operating Income As Reported | - | 168.48 | 587.12 | 639.11 | 697.27 |
| EBITDA | - | 175.54 | 626.18 | 674.52 | 747.05 |
| Normalized EBITDA | - | 175.54 | 626.18 | 674.52 | 747.05 |
| EBIT | - | 170.92 | 621.82 | 661.11 | 716.45 |
| Interest Expense | - | 1.83 | 13.82 | 13.10 | 2.62 |
| Net Interest Income | - | -1.83 | -13.82 | -13.10 | -2.62 |
| Other Non Operating Income Expenses | - | 2.43 | 34.70 | 22 | 19.18 |
| Other Income Expense | - | 2.43 | 34.70 | 22 | 19.18 |
| Interest Expense Non Operating | - | 1.83 | 13.82 | 13.10 | 2.62 |
| Net Non Operating Interest Income Expense | - | -1.83 | -13.82 | -13.10 | -2.62 |
| Pretax Income | - | 169.08 | 608 | 648.02 | 713.83 |
| Tax Provision | - | 47.75 | 111.78 | 130.77 | 127.94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 121.33 | 496.22 | 517.25 | 585.88 |
| Net Income From Continuing And Discontinued Operation | - | 118.89 | 306.24 | 509.17 | 585.88 |
| Net Income From Continuing Operation Net Minority Interest | - | 118.89 | 306.24 | 509.17 | 585.88 |
| Net Income | - | 118.89 | 306.24 | 509.17 | 585.88 |
| Net Income Common Stockholders | - | 1.14 | 306.24 | 509.17 | 585.88 |
| Net Income Including Noncontrolling Interests | - | 121.33 | 496.22 | 517.25 | 585.88 |
| Normalized Income | - | 118.89 | 306.24 | 509.17 | 585.88 |
| Diluted NI Availto Com Stockholders | - | 1.14 | 306.24 | 509.17 | 585.88 |
| Basic Average Shares | 41.88 | 45.87 | 77.07 | 143.54 | - |
| Diluted Average Shares | 41.88 | 145.83 | 147.28 | 149.28 | - |
| Reconciled Depreciation | - | 4.63 | 4.36 | 13.41 | 30.60 |
| Reconciled Cost Of Revenue | - | 1,615.16 | 1,686.79 | 1,950.37 | 2,399.30 |
| Minority Interests | - | -2.45 | -189.97 | -8.08 | 0 |
| Total Other Finance Cost | 0.80 | -0.60 | - | - | - |
| Otherunder Preferred Stock Dividend | 50.91 | 117.74 | 0 | 0 | - |
| Net Income From Tax Loss Carryforward | -50.91 | -117.74 | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Nextpower Inc.this co. | NXT | $22.9B | 39.05↓ discount | 9.80 | 25.1% | 29.35 |
| Fabrinet | FN | $25.6B | 77.02 | 12.92 | 16.8% | 60.40 |
| IonQ, Inc. | IONQ | $24.5B | -48.02 | 6.45 | -13.4% | -42.61 |
| TTM Technologies, Inc. | TTMI | $19.2B | 108.18 | 10.89 | 10.1% | 48.96 |
| DigitalOcean Holdings, Inc. | DOCN | $18.8B | 72.66 |
| - |
| - |
| - |
| - |
| -656.60 |
| -903.7% |
| 55.75 |
| SiTime Corporation | SITM | $18.7B | -434.98 | 16.14 | -3.7% | -922.21 |
| Rambus Inc. | RMBS | $18.3B | 79.46 | 13.42 | 16.9% | 55.81 |
| Applied Optoelectronics, Inc. | AAOI | $16.3B | -425.88 | 22.18 | -5.2% | -1052.31 |
| Vicor Corporation | VICR | $14.0B | 117.69 | 19.61 | 16.7% | 132.12 |
| Peer Median | - | 74.84 | 13.17 | 3.2% | 52.36 | |