Nextpower Raises Outlook After Record $1.1 Billion Quarter Lifts Backlog Above $6 Billion

Nextpower raised its full-year outlook on Wednesday after the solar tracker and power equipment maker posted record revenue of $1.1 billion for its fiscal second quarter and pushed its backlog above $6 billion on record bookings.

The company now expects fiscal 2027 revenue of $4.2 billion to $4.45 billion, up from $4.1 billion to $4.4 billion, and adjusted diluted EPS of $4.61 to $4.87, up from $4.42 to $4.73, according to its earnings release filed with an 8-K on Wednesday.

A record quarter

Revenue for the quarter ended Oct. 2 rose to $1.109 billion from $905 million a year earlier. Net income increased to $165 million, or $1.08 a diluted share, from $147 million, or $0.97.

Adjusted EPS climbed to $1.31 from $1.19, and adjusted EBITDA reached $250 million, up from $224 million.

Margins narrowed, though. GAAP gross margin slipped to 31.1% from 32.4% a year ago and from 35.9% in the prior quarter, and adjusted EBITDA margin fell to 22.5% from 24.7%. Results included about $99 million of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net, compared with about $67 million a year earlier.

"Nextpower delivered record quarterly revenue and bookings and grew backlog to more than $6 billion, reflecting continued demand strength for our tracker products, alongside rapidly accelerating demand and orders for our additional products and services," CEO and founder Dan Shugar said in the release.

Beyond trackers

Shugar said energy storage and other complementary offerings made up about 22% of second-quarter revenue. The company booked a quarterly record of more than $100 million in eBOS orders, posted record foundation bookings and signed a 1.1-gigawatt inverter framework agreement across five projects.

Nextpower also completed its acquisition of Zimmermann PV-Steel Group for about €230 million, with no stock or earnout. The deal added fixed-tilt and structural products and expanded its reach to 68 countries.

Raised outlook and buybacks

The company lifted its GAAP net income forecast to $559 million to $598 million and its adjusted EBITDA forecast to $890 million to $940 million. It expects fiscal third-quarter revenue to grow about 10% year over year.

CFO Chuck Boynton said the company generated $158 million of operating cash flow and about $135 million of adjusted free cash flow in the quarter, ended with more than $1 billion in cash and no debt, and returned about $162 million to shareholders through share repurchases.

Nextpower plans to lay out its long-term strategy and financial framework at a Capital Markets Day in Las Vegas on Nov. 16.

Two new directors

In the same 8-K, Nextpower said its board expanded from 10 to 12 seats and appointed Sarah Slusser, former CEO of Cypress Creek Renewables, and Michael Alvarez, co-founder and chief risk officer of Longroad Energy, as independent directors. Slusser joins effective Nov. 1.

Sources

1. Nextpower Form 8-K with second-quarter fiscal 2027 earnings release (Exhibit 99.1) and director appointments, filed Oct. 28, 2026 (accession 0001852131-26-000055)

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