Nextpower Strong Demand and Execution Drives Beat and Raise

Nextpower (NXT) delivered a strong F4Q26 beat with revenue exceeding $880mn and record bookings, leading to a FY2027 guidance raise. The company's expansion into power conversion via the Zigor acquisition further bolsters its long-term growth prospects toward 2030.

Key Takeaways

• 1.Nextpower reported an F4Q26 'beat and raise' quarter, with revenue of $881mn exceeding estimates of $824mn.
• 2.NXT's backlog hit a record $5.25bn+, driven by strong bookings (estimated at ~$1.1bn) and growing non-tracker traction.
• 3.The company announced the acquisition of Zigor Corp's power conversion business, enabling a move into inverters, battery storage, and data centers.

Table of Contents

• Implications
• Ratios & Valuation
• Growth & Margins (%)
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• New products gaining traction
• Another acquisition to expand product portfolio, on track to exceed 2030 revenue target
• Estimate changes
• Valuation and key risks
• Disclosure Appendix

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