Nextpower Inc.

The grade, in three tenses

Headline 6.4 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.9 out of ten, present 6.2 out of ten, future 6.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2021. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 8.1 out of ten. +24.4% a year over 6 filed years; profitable in 4 of 6. 80th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 3.5 out of ten. Share count grew 1.5% a year. 0% of cash flow returned. Insiders: 38 sales, 0 purchases. 34th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.0 out of ten. ROE 25%: 25¢ of profit per shareholder dollar. Leverage 43%: owes 43¢ per asset dollar. 60th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.8 out of ten. top 22% of 97 in its family; net margin 16.5%. 78th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.2 out of ten. CrossAssetData estimate 4.2/10, confidence 35 of 100 (one part). 42nd percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 4.7 out of ten. bottom 47% of 94 in its family for room to expand. 47th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 8.0 out of ten. top 20% of 93 in its family for growth drivers. 80th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.6 out of ten. top 44% of 88 in its family for expectations against reality. 56th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-05-19 for the period ended 2026-03-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-03 for the period ended 2026-07-03 (on EDGAR). Newest results release: Form 8-K filed 2026-07-30 (on EDGAR). Newest filing: Form 4, 2026-09-02. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-05-19.

The people

Daniel Shugar founded the company in 2013, as Nextracker, and has been chief executive since July 2013. He has worked in solar since 1988: he ran Solaria, a solar panel maker, from 2010 to 2013, led the systems division of SunPower from 2007 to 2009 and was president of PowerLight, a builder of commercial and utility-scale solar plants, from 1996 to 2007. Howard Wenger, president since February 2022 and a director since June 2024, came the same road: in solar since 1984, executive vice president of PowerLight from 2003 to 2007, executive roles at SunPower from 2007 to 2017, eight of those years running its systems business, and president of Solaria from 2020 to 2021. [1, 2, 3, 4, 5, 6, 7]

Charles Boynton became chief financial officer in May 2024, after sitting on the board and chairing its audit committee from February 2023; before that he was finance chief of Logitech and, from 2012 to 2018, of SunPower. Two long-serving officers changed in 2026. Nicholas (Marco) Miller, a co-founder who had worked in operations since December 2013 and been chief operating officer since March 2021, ceased serving on June 14, 2026, and Bruce Ledesma, chief legal and compliance officer since January 2025, was to retire on July 17, 2026. On the record this site holds, Robert Vinje first filed as chief operating officer in June 2026 and Lindsey Wiedmann as chief legal and compliance officer in July 2026; the quarterly report lists offer letters to them dated May 8 and April 28, 2026. [8, 9, 10, 11, 12, 13, 14, 15]

The board has ten members and is chaired by William Watkins, a former chief executive of Seagate Technology who has also sat on the board of Flex, the company's former parent, since 2009. Several directors come from power utilities and energy policy: Jeffrey Guldner ran Pinnacle West Capital and its utility, Arizona Public Service, as chief executive from 2019 to 2025; Monica Karuturi is general counsel of CenterPoint Energy, a gas and electric utility; and Mark Menezes, who joined in June 2025, was deputy secretary of the US Department of Energy from 2020 to 2021. [16, 17, 18, 19, 20, 21, 22]

At March 31, 2026 Nextpower had about 1,993 full-time employees in eight offices, over 578 of them in technical, development or engineering roles and over 500 in research and development. About 48% worked in the United States and about 27% in India, where the Hyderabad office alone had over 542 people across sales, engineering, project management and corporate support, and runs as an independent research center alongside headquarters. All employees in Spain and Brazil, about 15% of the workforce, are covered by local collective bargaining agreements. [23, 24, 25, 26, 27, 28]

How it operates

Nextpower makes solar trackers: steel structures with motors that tilt rows of solar panels to follow the sun across the sky, which the filing says can produce up to 25% more energy than panels fixed in place. Its flagship, NX Horizon, turns each row on its own, powered by a small solar panel on the row itself; NX Horizon-XTR follows sloping ground; and TrueCapture and NX Navigator, licensed separately, are the software that aims the rows for more yield and stows them against hail and storms. Around the tracker it now sells foundations, steel panel frames, eBOS (the electrical gear that carries power from the panels to the grid) and robotic inspection. It says it has led the world in trackers by gigawatts shipped for ten years in a row, and it had shipped more than 160 gigawatts to projects on six continents by March 31, 2026. [29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39]

Its buyers are the builders and owners of large solar plants: engineering, procurement and construction firms (EPCs), which design, buy for and build a plant before handing it to a long-term owner, and the developers and owners themselves, often independent power producers. For most projects the direct customer is the EPC, and each project usually gets its own contract, worth anything from a few hundred thousand dollars to over one hundred million. Since fiscal 2023 it has also signed volume commitment agreements covering several projects over several years, and its backlog at the end of fiscal 2026 was over 5 billion dollars. It counted over 275 active customers in more than forty countries. The five largest took 34.3% of fiscal 2026 revenue and none reached a tenth; in fiscal 2024 one of them, Customer G, took 17.0%. [40, 41, 42, 43, 44, 45]

The United States is most of the business: projects there brought in 77% of fiscal 2026 revenue and international markets 23%. It keeps sales staff in California and Tennessee and sales representatives in Madrid, Seville, Manly in Australia, Mexico City, Hyderabad, Dubai, Riyadh and São Paulo. In the Middle East and North Africa it now works through Nextpower Arabia, a joint venture formed in fiscal 2026 with Abdullah Abunayyan Investment Holding, which holds 51%, appoints the chair and nominates the chief executive; the venture owns factories for some tracker parts in Saudi Arabia. [46, 47, 48, 49, 50]

It makes very little itself. Under what it calls a capex-light model, contract manufacturers produce most parts, steel included, at more than 100 facilities in 19 countries on five continents, for capacity of about 1,500 megawatts a week, enough for about 80 gigawatts a year, reached with close to no capital investment of its own. In the United States it buys steel under supply commitments with mills, and more than 30 US fabricators turn the coils into parts such as torque tubes, the central beams the panels turn on, under contracts for more than 40 gigawatts a year. It owns only a controller plant in Brazil and an eBOS plant in California, and ships parts straight from its vendors to project sites. After the 2018 US tariffs on Chinese steel it moved its US supply chain to American and other non-Chinese vendors where it could. [51, 50, 52, 53, 54, 55, 56, 57]

The specifics

Nextpower was founded in 2013 and was majority-owned by Flex, a Singapore company, which still held about half of it after its February 2023 listing and a July 2023 share sale, until Flex spun off its remaining stake to its own shareholders on January 2, 2024. A tax receivable agreement from the listing still obliges it to pay Flex's affiliate and TPG 85% of certain tax benefits it realizes. In November 2025 it renamed itself from Nextracker to Nextpower, to mark a shift from a pure tracker supplier to what it calls an end-to-end solar technology platform. Four purchases in fiscal 2026 built that out: Bentek (eBOS) and OnSight (robotic inspection) in May 2025, Origami (steel panel frames) in September 2025 and Fracsun (soiling measurement) in November 2025, for about 116.8 million dollars in cash. On July 30, 2026 it completed a fifth, the power conversion business of Zigor and its US subsidiary Apex Power, for up to about 80.5 million dollars. [1, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69]

US tax policy shapes its market. The Inflation Reduction Act gave solar projects a 30% investment tax credit, 40% with enough US-made content, and a manufacturing credit, 45X, for US-made parts, worth 0.87 dollars a kilogram on torque tubes and 2.28 dollars a kilogram on structural fasteners through 2029, then shrinks by 25% a year from 2030 and ends after 2032. The One Big Beautiful Bill Act of July 4, 2025 cut the window for the project credits: to keep the longer schedule a project must begin construction by July 4, 2026, and later starts must be in service by December 31, 2027. Treasury then ended, from September 2, 2025, the 5% safe harbor that let a developer show construction had begun by spending 5% of project costs, and new foreign entity of concern rules deny credits to owners and makers tied to countries such as China. [70, 71, 72, 73, 74, 75, 76, 77, 78]

It protects its designs with 329 issued US patents, 498 granted outside the United States and 745 applications pending, with its US patents expiring between 2026 and 2050, and with trade secrets for what patents cannot cover. It names its main competitors as Arctech Solar, Array Technologies, GameChange Solar, PV Hardware, Shoals Technologies Group and TrinaSolar, alongside smaller local players and, in some emerging markets, makers of fixed-tilt mounts. It argues that buyers' reluctance to trust new entrants without a track record has split the field between proven suppliers and the rest. [79, 80, 81, 82]

What drives growth, line by line

In fiscal 2026 revenue rose 20% to 3.6 billion dollars as the company delivered about 38 gigawatts, 13% more than the 34 of the year before. Profit grew more slowly: tariffs cost 130.4 million dollars against 19.7 million, and gross margin slipped to 32.6% from 34.1% because the tariffs were not fully passed into prices; operating income still rose 9% to 697.3 million dollars. [83, 84, 85, 86]

U.S.. 77% of fiscal 2026 revenue, up 699.1 million dollars or 34%. The filing puts the year's growth down to higher customer demand in the United States, along with a 365.0 million dollar rise in revenue booked at a point in time as components, software licenses included, were shipped directly to customers' designated locations, and the contribution of the year's acquisitions. [46, 87, 88]

Rest of the World. 23% of fiscal 2026 revenue, down 98.9 million dollars or 11%, which the filing puts down mainly to reduced shipments to Latin America. [46, 87]

Non-tracker platform solutions. About 12% of fiscal 2026 revenue, up from about 8% the year before, with solar tracker system sales making up about 88%. This is where the acquisitions show: the filing lists revenue from TrueCapture, eBOS, foundations and robotic solutions, and says non-tracker sales grew faster than tracker sales, a trend it expects to continue. [89, 90]

The quarterly report for the quarter to July 3, 2026 shows revenue up 8%, driven by a higher average selling price as costs per watt rose and by more demand in the United States, offset by fewer gigawatts delivered, most of all abroad: revenue outside the United States fell 40%, on lower shipments to Latin America and the Middle East, partly offset by more to Europe. [91, 92]

What comes next, in the company's own words: it expects the earlier expiry of the solar tax credits to reduce the number of projects that qualify in later years, likely reducing overall project volume over time; and it expects the Zigor purchase to expand its products in utility-scale solar power conversion and support its entry into battery energy storage and data center markets. [93, 94]

What the desk infers (inferred, not filed)

• A large part of Nextpower's profit rests on a US manufacturing tax credit that its American suppliers earn and pass on to it, so its earnings depend on US tax law as much as on tracker sales. Because: In fiscal 2026 the 45X credit took 379.9 million dollars off cost of sales, up from 224.9 million, equal to more than half of the year's operating income of 697.3 million. [95, 83] Its US suppliers make the credit-eligible parts, torque tubes and structural fasteners, and either share the credit with it as a rebate or assign it outright. [96] The filing says the gross profit gain came from US revenue growth and the 45X credit, offset by higher tariffs. [97] The credit shrinks by 25% a year from 2030 and ends for parts sold after 2032. [73] Confidence 80 of 100. Wrong if: A filing showing that Nextpower passes the 45X benefit through to customers in lower prices, so that its margins would hold without the credit.
• Part of fiscal 2026's growth came from customers buying tracker parts early to lock in expiring US tax credits: parts that were billed and warehoused rather than installed. Because: The company booked 144.4 million dollars under bill-and-hold arrangements in fiscal 2026, and none in the two years before. [98] The filing's example of bill-and-hold is a customer spending at least 5% of project costs to meet the safe harbor for the investment tax credit before it phases out, with the parts stored in a warehouse. [99] The new law ties the longer credit schedule to starting construction by July 4, 2026. [74] Revenue booked at a point in time, as components were shipped to customers' designated locations, rose by 365.0 million dollars. [88] Confidence 70 of 100. Wrong if: A filing showing that the bill-and-hold revenue of fiscal 2026 came from arrangements unrelated to tax credit deadlines, such as delays at project sites.
• Nextpower fixes its price project by project in advance, so a sudden cost such as a tariff lands on its own margin until later contracts are priced to cover it. Because: Each project usually gets its own contract that sets the total price, and delivery can run from days to several months. [43] Tariffs rose to 130.4 million dollars from 19.7 million, and gross margin fell to 32.6% from 34.1% because they were not fully included in pricing. [85, 86] In the next quarter revenue rose on a higher average selling price as costs per watt rose, even though fewer gigawatts were delivered abroad. [91] Confidence 60 of 100. Wrong if: A filing showing that most of Nextpower's contracts let it pass tariffs and steel costs through to customers as they arise.

Sources

1. Nextpower Inc., Form 10-K filed 2026-05-19: “Founded in 2013 by our Chief Executive Officer, Dan Shugar, we pioneered and remain the global market leader in solar tracking systems.”
2. Nextpower Inc., Form 10-K filed 2026-05-19: “In November 2025, we rebranded our company from Nextracker to Nextpower. Our new brand reflects the Company’s strategic evolution from a pure-play tracking systems supplier to an end-to-end solar technology platform provider”
3. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Daniel Shugar founded Nextpower and has served as its Chief Executive Officer since July 2013. Mr. Shugar began his career in the solar industry in 1988 and has held senior leadership positions in multiple solar companies. Prior to Nextpower, he served as Chief Executive Officer of Solaria Corporation, a solar panel manufacturing company, from January 2010 to June 2013.”
4. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mr. Shugar was the President of Systems, a division of SunPower Corporation, a global solar panel manufacturer and construction company, from January 2007 to March 2009. From 1996 to 2007, he served as President of PowerLight Corporation, a commercial and utility-scale solar system integrator.”
5. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Howard Wenger has served as President of Nextpower since February 2022 and as a director since June 2024. Mr. Wenger began his solar career in 1984 and has held multiple leadership and board positions.”
6. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mr. Wenger served as President of Solaria Corporation, a solar panel manufacturing company, from May 2020 to October 2021, and as member of its Board of Directors from September 2019 to November 2022. From 2007 to 2017, he held various executive officer roles at SunPower Corporation, including President, Global Business Units, and for eight years serving as President and Chief Executive Officer of SunPower Corporation Systems, a wholly-owned subsidiary of SunPower Corporation.”
7. Nextpower Inc., Form DEF 14A filed 2026-07-07: “From 2003 to 2007, Mr. Wenger served as Executive Vice President and Board Director of PowerLight Corporation”
8. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Charles Boynton has served as our Chief Financial Officer since May 2024. Prior to becoming our Chief Financial Officer, Mr. Boynton served on our Board of Directors, including as chair of our Audit Committee from February 2023 through March 15, 2024. He also previously served as the Chief Financial Officer of Logitech, a digital product company founded in Lausanne, Switzerland, from February 2023 through March 2024.”
9. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mr. Boynton previously served as Executive Vice President and Chief Financial Officer of SunPower Corporation, a global vertically integrated solar company, from March 2012 to May 2018”
10. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Nicholas (Marco) Miller is a co-founder of Nextpower and has served as its Chief Operating Officer since March 2021, its Senior Vice President, Global Operations from August 2017 to March 2021, and its Vice President of Operations from December 2013 to August 2017.”
11. Nextpower Inc., Form DEF 14A filed 2026-07-07: “(1)Mr. Ledesma will retire and cease serving as Chief Legal & Compliance Officer of the Company on July 17, 2026. (2)Mr. Miller ceased serving as Chief Operating Officer of the Company on June 14, 2026.”
12. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Bruce Ledesma has served as our Chief Legal and Compliance Officer and Secretary since January 2025.”
13. Nextpower Inc., Form 10-Q filed 2026-08-03: “Offer Letter between the Company and Lindsey Wiedmann dated April 28, 2026.”
14. Nextpower Inc., Form 10-Q filed 2026-08-03: “Offer Letter between the Company and Robert Vinje dated May 8, 2026.”
15. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
16. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Our Board of Directors consists of ten members. William Watkins is the Chair.”
17. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mr. Watkins also served as the Chief Executive Officer of Seagate Technology Holdings PLC from 2004 to January 2009”
18. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mr. Watkins has served on the Board of Directors of Flex Ltd. (“Flex”) since 2009.”
19. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Jeffrey Guldner most recently served as President and Chief Executive Officer and Chairman of the Board of Directors of Pinnacle West Capital Corporation, a utility holding company, and Chief Executive Officer and Chairman of the Board of Directors of its primary subsidiary, Arizona Public Service Company (“APS”), an electric utility company, from November 2019 to March 2025.”
20. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Monica Karuturi joined our Board of Directors in June 2025 and has served as Executive Vice President and General Counsel of CenterPoint Energy, an electric and gas utility company, since January 2022.”
21. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mark Menezes was appointed to our Board on June 17, 2025.”
22. Nextpower Inc., Form DEF 14A filed 2026-07-07: “Mr. Menezes also served as the Deputy Secretary of the United States Department of Energy from August 2020 to January 2021.”
23. Nextpower Inc., Form 10-K filed 2026-05-19: “As of March 31, 2026, we had approximately 1,993 full-time employees. Our employees span eight offices globally, including over 578 employees in technical, development or engineering roles.”
24. Nextpower Inc., Form 10-K filed 2026-05-19: “As of March 31, 2026, we had over 500 employees engaged in R&D activities.”
25. Nextpower Inc., Form 10-K filed 2026-05-19: “As of March 31, 2026, approximately 48% of our employees were based in the U.S., approximately 27% of our employees were based in India and the remainder of our employees were based in other international offices.”
26. Nextpower Inc., Form 10-K filed 2026-05-19: “Our Hyderabad, India office had over 542 employees across sales, engineering, project management and corporate support functions as of March 31, 2026.”
27. Nextpower Inc., Form 10-K filed 2026-05-19: “This office serves not only as a regional hub to support deployments in South Asia and the emerging Middle East and Africa markets, but also as an independent R&D center, including a recently inaugurated Center for Solar Excellence, that conducts parallel technology development alongside our U.S. headquarters”
28. Nextpower Inc., Form 10-K filed 2026-05-19: “In addition, all of our employees in Spain and Brazil, which together represented approximately 15% of our workforce as of March 31, 2026, are covered by local collective bargaining agreements.”
29. Nextpower Inc., Form 10-K filed 2026-05-19: “Today’s utility-scale solar plants have evolved from fixed-tilt systems to generally rely on solar tracking technologies that increase electricity generation and improve economics for solar plant owners by enabling solar panels to rotate and follow the sun’s movement across the sky”
30. Nextpower Inc., Form 10-K filed 2026-05-19: “Single axis solar trackers can increase energy yield of solar projects and, in many cases, generate up to 25% more energy than projects that use fixed-tilt, or stationary, panel mounting systems that do not track the sun.”
31. Nextpower Inc., Form 10-K filed 2026-05-19: “NX Horizon® is our flagship solar tracking solution.”
32. Nextpower Inc., Form 10-K filed 2026-05-19: “Self-powered. Our tracker design includes the placement of a small solar panel on each row that powers the trackers, eliminating the need for more expensive AC power.”
33. Nextpower Inc., Form 10-K filed 2026-05-19: “NX Horizon-XTR™ is our terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven and challenging terrain.”
34. Nextpower Inc., Form 10-K filed 2026-05-19: “Through software and control solutions, including our separately licensed TrueCapture and NX Navigator solutions, our systems are designed to improve performance and operability over time.”
35. Nextpower Inc., Form 10-K filed 2026-05-19: “NX Navigator also includes safety features such as single click Hurricane/Typhoon Stow and Hail Stow modes, both of which enable rapid repositioning of trackers to protective stow angles in response to severe weather conditions, helping to reduce the risk of damage.”
36. Nextpower Inc., Form 10-K filed 2026-05-19: “Our solar tracking systems lead our portfolio, but our solutions extend to include yield management systems, foundations, steel frames, electrical balance of systems (eBOS), AI and robotic services, risk mitigation and operability solutions and emerging technologies designed to optimize performance across the entire solar power plant.”
37. Nextpower Inc., Form 10-K filed 2026-05-19: “In May 2025, we announced the acquisition of U.S.-based Bentek Corporation ("Bentek"), an industry pioneer and manufacturer of electrical infrastructure components that collect and transport electricity from solar panels to the power grid.”
38. Nextpower Inc., Form 10-K filed 2026-05-19: “We have been the global market leader in solar tracking systems based on gigawatts (“GW”) shipped for ten consecutive years.”
39. Nextpower Inc., Form 10-K filed 2026-05-19: “We have shipped more than 160 GW of our solar tracker systems as of March 31, 2026 to projects on six continents for use in utility-scale and distributed generation solar applications.”
40. Nextpower Inc., Form 10-K filed 2026-05-19: “EPCs design and optimize the system, procure components, build and commission the plant, and operate the plant for a limited time until transfer to a long-term owner. Owners, which are often independent power producers, own and operate the plant, typically as part of a portfolio of similar assets.”
41. Nextpower Inc., Form 10-K filed 2026-05-19: “For the majority of our projects, our direct customer is the EPC. We also engage with project owners and developers and enter into master supply agreements that cover multiple projects.”
42. Nextpower Inc., Form 10-K filed 2026-05-19: “In fiscal year 2023, we began our Volume Commitment Agreement ("VCA") program, which consists of signed contracts with developers, plant owners, and EPCs comprising multiple projects typically to be deployed over multiple years. At the end of fiscal year 2026, our backlog was over $5 billion and included project-specific purchase orders and VCAs comprising multiple specific projects.”
43. Nextpower Inc., Form 10-K filed 2026-05-19: “We usually enter into a different contract with our customers for each individual solar project. Contracts typically stipulate total price, technical solution, specifications of the system sold, delivery and activation schedule, warranty terms and related services provided. The delivery period for a specific contract can range from days to several months depending on the size of the project. Our contract prices range from a few hundred thousand dollars to over one hundred million dollars.”
44. Nextpower Inc., Form 10-K filed 2026-05-19: “Our large and diversified customer base consisted of over 275 active customers across more than forty countries as of March 31, 2026.”
45. Nextpower Inc., Form 10-K filed 2026-05-19: “Fiscal year ended March 31, 2026 2025 2024 Customer G * * 17.0% Top five largest customers 34.3% 32.0% 41.1%”
46. Nextpower Inc., Form 10-K filed 2026-05-19: “For fiscal year 2026, we derived 77% of our revenue from projects in the U.S. and 23% from projects in international markets.”
47. Nextpower Inc., Form 10-K filed 2026-05-19: “In the United States, we maintain dedicated sales staff principally in California and Tennessee, providing coverage across an expansive geographic market. Our international sales representatives are located in Spain (Madrid and Seville), Australia (Manly), Mexico (Mexico City), India (Hyderabad), United Arab Emirates (Dubai), the Kingdom of Saudi Arabia (Riyadh) and Brazil (São Paulo).”
48. Nextpower Inc., Form 10-K filed 2026-05-19: “In fiscal year 2026, we established a joint venture in the Kingdom of Saudi Arabia with Abdullah Abunayyan Investment Holding (“Abunayyan”) to support the continued growth of our business in the Middle East and North Africa region.”
49. Nextpower Inc., Form 10-K filed 2026-05-19: “The joint venture shareholders have an equal number of board seats, with the chair position appointed by Abunayyan, which also nominates the chief executive officer. Abunayyan will maintain 51% common stock ownership interest”
50. Nextpower Inc., Form 10-K filed 2026-05-19: “While we outsource the manufacturing for the vast majority of our components, we do own and operate manufacturing facilities on a very limited basis, including a manufacturing facility for our controllers in Brazil and for our eBOS products in California. Our joint venture Nextpower Arabia also owns factory operations for certain tracker components in Saudi Arabia.”
51. Nextpower Inc., Form 10-K filed 2026-05-19: “We utilize a ‘capex-light’ manufacturing model, in which most components, including steel parts, are produced by outside qualified vendors through contract manufacturing arrangements. As of March 31, 2026, total global manufacturing capacity was approximately 1,500 MW per week, enabling the support of approximately 80 GW of annual shipments. By outsourcing most of our product manufacturing, we achieved this global capacity with close to no capital investment.”
52. Nextpower Inc., Form 10-K filed 2026-05-19: “As of March 31, 2026, we had contract manufacturing arrangements with more than 100 facilities located in 19 countries across five continents.”
53. Nextpower Inc., Form 10-K filed 2026-05-19: “Our U.S. supply chain approach has been to secure raw material supply commitments with steel mills located in various regions of the U.S. The steel coils produced by such mills are transferred directly to manufacturing suppliers, also known as fabricators, with whom we have established contract manufacturing agreements to produce finished tracker parts such as our primary component torque tubes.”
54. Nextpower Inc., Form 10-K filed 2026-05-19: “We currently have contracts to provide us with a total annual capacity of more than 40 GW of manufacturing for our primary components. More than 30 U.S. fabricators currently manufacture various tracker components.”
55. Nextpower Inc., Form 10-K filed 2026-05-19: “Mechanical balancing also enables greater elevation of solar panels above a central support beam (torque tube), significantly improving energy production in bifacial applications”
56. Nextpower Inc., Form 10-K filed 2026-05-19: “To reduce material movement and inventory, we prioritize drop-shipping all components manufactured by our vendors directly to customer sites.”
57. Nextpower Inc., Form 10-K filed 2026-05-19: “For the U.S. market, in 2018 following the introduction of tariffs by the U.S. government on imports of Chinese steel and certain solar equipment, we shifted our supply chain to U.S. and other non-China vendors where possible, supplementing capacity with neighboring countries and countries with favorable commercial relationships with the U.S.”
58. Nextpower Inc., Form 10-K filed 2026-05-19: “References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “Flex” refer to Flex Ltd., a Singapore incorporated public company limited by shares”
59. Nextpower Inc., Form 10-K filed 2026-05-19: “In February 2023, we became a public company”
60. Nextpower Inc., Form 10-K filed 2026-05-19: “Immediately following the completion of the Follow-on, Flex (through Yuma and Yuma Sub), owned 74,432,619 shares of Class B common stock, representing approximately 51.45% of the total outstanding shares of the Company's outstanding common stock.”
61. Nextpower Inc., Form 10-K filed 2026-05-19: “On July 3, 2023, Nextpower completed an underwritten offering of 18,150,000 shares of Class A common stock”
62. Nextpower Inc., Form 10-K filed 2026-05-19: “On January 2, 2024, Flex completed the spin-off of all of its remaining interests in Nextpower to Flex shareholders.”
63. Nextpower Inc., Form 10-K filed 2026-05-19: “The Tax Receivable Agreement provides for the payment by us to Flex’s affiliate, TPG and the TPG Affiliates (or certain permitted transferees thereof) of 85% of the tax benefits, if any, that we are deemed to realize under certain circumstances”
64. Nextpower Inc., Form 10-K filed 2026-05-19: “On May 7, 2025, as part of an all-cash transaction, we acquired 100% of the ownership interest in Bentek, an industry pioneer and manufacturer of electrical infrastructure components that collect and transport electricity from solar panels to the power grid.”
65. Nextpower Inc., Form 10-K filed 2026-05-19: “On May 9, 2025, we acquired 100% of the ownership interest in OnSight, an autonomous robotic inspection and fire detection system for solar plants.”
66. Nextpower Inc., Form 10-K filed 2026-05-19: “On September 8, 2025, in an all-cash transaction, we acquired 100% of the ownership interest in Origami, a pioneer in roll-formed steel frame technology for solar panels.”
67. Nextpower Inc., Form 10-K filed 2026-05-19: “On November 7, 2025, in an all-cash transaction, we acquired 100% of the ownership interest in Fracsun Inc., a market leader in solar panel soiling measurement and monitoring solutions.”
68. Nextpower Inc., Form 10-K filed 2026-05-19: “The aggregate cash consideration of the foregoing business acquisitions was approximately $116.8 million, net of cash acquired.”
69. Nextpower Inc., Form 10-Q filed 2026-08-03: “On July 30, 2026, we completed the previously announced acquisition of complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power, for total consideration of up to approximately $80.5 million in cash, consisting of $46.0 million paid at closing and up to $34.5 million of contingent cash consideration.”
70. Nextpower Inc., Form 10-K filed 2026-05-19: “As a result of changes made by the IRA, United States taxpayers may be entitled to a 30% tax credit under the ITC (now Section 48E), for certain qualifying projects and increased further to 40% for projects that satisfy certain “domestic content” requirements.”
71. Nextpower Inc., Form 10-K filed 2026-05-19: “The IRA also introduced a per-unit tax credit (the “Section 45X Credit” or “45X Credit”) that is earned over time for certain clean energy components domestically produced and sold by a manufacturer.”
72. Nextpower Inc., Form 10-K filed 2026-05-19: “In the case of torque tubes and structural fasteners, the credit amount is equal to $0.87 per kilogram and $2.28 per kilogram, respectively, through the end of 2029.”
73. Nextpower Inc., Form 10-K filed 2026-05-19: “The Section 45X Credit amount is reduced each year by 25% in calendar years 2030, 2031 and 2032. Under current law, there are no Section 45X Credits available for components sold after December 31, 2032.”
74. Nextpower Inc., Form 10-K filed 2026-05-19: “the OBBBA substantially reduced this timeframe to require that projects begin construction by July 4, 2026 to utilize a continuity safe harbor that permits solar projects to be placed in service within four calendar years following the calendar year in which the project began construction for tax credit eligibility. Alternatively, solar projects that begin construction after July 4, 2026 must be placed in service by December 31, 2027 to qualify for the Section 48E and 45Y credits.”
75. Nextpower Inc., Form 10-K filed 2026-05-19: “On July 4, 2025, a U.S. federal budget reconciliation bill known as the One Big Beautiful Bill Act (“OBBBA”) was enacted.”
76. Nextpower Inc., Form 10-K filed 2026-05-19: “The Executive Order targets “safe harbor” practices in which our customers seek to establish that their projects have begun construction by the relevant deadline (and therefore qualify for the tax credit) by incurring 5% or more of applicable project costs.”
77. Nextpower Inc., Form 10-K filed 2026-05-19: “Under this guidance the 5% safe harbor was eliminated effective September 2, 2025 and additional requirements were imposed on solar projects for purposes of demonstrating both the start of physical construction and continuous physical construction thereafter.”
78. Nextpower Inc., Form 10-K filed 2026-05-19: “Under these rules, a “prohibited foreign entity” includes a “specified foreign entity” or “foreign influenced entity,” and in general means that certain entities (governments or companies) that are under the ownership, control, or influence of deemed foreign adversaries, such as China, are ineligible for such tax credits.”
79. Nextpower Inc., Form 10-K filed 2026-05-19: “As of March 31, 2026, we had 329 issued U.S. patents, 498 granted non-U.S. patents and 745 U.S. and non-U.S. patent applications pending, including provisional patent applications pending in the U.S. and pending applications across our product portfolio. Our U.S. issued patents are scheduled to expire between 2026 and 2050.”
80. Nextpower Inc., Form 10-K filed 2026-05-19: “In addition to patent protections, we rely on trade secret laws in the U.S. and similar laws in other countries to safeguard our interests with respect to proprietary know-how that is not patentable and processes for which patents are difficult to enforce.”
81. Nextpower Inc., Form 10-K filed 2026-05-19: “The expertise required to design trackers and customers’ reluctance to purchase products from new entrants with a limited history has resulted in a bifurcation of providers based on their track record with major customers. Our principal competitors are Arctech Solar, Array Technologies, GameChange Solar, PV Hardware, Shoals Technologies Group and TrinaSolar Co., Ltd.”
82. Nextpower Inc., Form 10-K filed 2026-05-19: “We also compete with smaller market participants in various geographies. From time to time, we compete indirectly with manufacturers of fixed-tilt systems in certain emerging markets.”
83. The record on this page: the filed annual figures (EDGAR's company facts)
84. Nextpower Inc., Form 10-K filed 2026-05-19: “Revenue increased by $600.2 million, or 20%, for our fiscal year 2026 compared to fiscal year 2025, driven by a 13% increase in GW delivered as we delivered approximately 38 GW during fiscal year 2026, compared to 34 GW during fiscal year 2025.”
85. Nextpower Inc., Form 10-K filed 2026-05-19: “coupled with the impact from a $110.7 million increase in tariffs which increased to $130.4 million in fiscal year 2026 from $19.7 million in fiscal year 2025, offset by the impact from the 45X Credit”
86. Nextpower Inc., Form 10-K filed 2026-05-19: “Gross margin decreased by 150 basis points, to 32.6% for fiscal year 2026 from 34.1% for fiscal year 2025 primarily resulting from the increase in tariffs noted above that were not fully included in pricing.”
87. Nextpower Inc., Form 10-K filed 2026-05-19: “Revenue increased approximately $699.1 million, or 34%, in the U.S. while decreasing slightly by $98.9 million or 11% in the Rest of the World during fiscal year 2026 compared to the previous year. The decline in the Rest of the World was primarily driven by reduced shipments to Latin America.”
88. Nextpower Inc., Form 10-K filed 2026-05-19: “The revenue increase was driven primarily by higher customer demand in the U.S., along with a $365.0 million rise in point in time revenue reflecting year over year increase in components directly shipped to our customers’ designated locations including software licenses, coupled with additional contributions from our recent business acquisitions.”
89. Nextpower Inc., Form 10-K filed 2026-05-19: “We continue to expand our platform of services in fiscal year 2026 and have recognized revenue for TrueCapture, eBOS, foundations, robotic solutions, and other.”
90. Nextpower Inc., Form 10-K filed 2026-05-19: “Solar tracker system sales was approximately 88% of total revenue and non-tracker sales was approximately 12% of total revenue, which was up from approximately 8% from fiscal year 2025. The growth in our non-tracker platform solutions sales was higher than our solar tracker system sales, a trend we expect to continue.”
91. Nextpower Inc., Form 10-Q filed 2026-08-03: “Revenue increased by $70.9 million, or 8%, for the three-month period ended July 3, 2026 compared to the three-month period ended June 27, 2025, driven by a higher average selling price resulting from increasing costs per watt coupled with increased customer demand in the U.S, offset with lower GW delivered most notably in Rest of the World.”
92. Nextpower Inc., Form 10-Q filed 2026-08-03: “Rest of the World decreased by $105.2 million, or 40%, primarily resulting from decreased shipments to Latin America, and the Middle East, partially offset with increased shipments to Europe.”
93. Nextpower Inc., Form 10-K filed 2026-05-19: “Such acceleration in the expiration of these tax credits will reduce the number of projects in future years that would have otherwise qualified for such credits, likely reducing the overall project volume over time.”
94. Nextpower Inc., Form 10-K filed 2026-05-19: “The transaction is expected to expand our product portfolio and capabilities in utility-scale solar power conversion and support our entry into battery energy storage and data center markets.”
95. Nextpower Inc., Form 10-K filed 2026-05-19: “During fiscal year 2026, we recognized approximately $379.9 million of reduction to cost of sales related to the 45X Credit earned on production of eligible components shipped during the period, compared to $224.9 million recognized in fiscal year 2025.”
96. Nextpower Inc., Form 10-K filed 2026-05-19: “These suppliers produce 45X Credit-eligible parts, including torque tubes and structural fasteners, that will then be incorporated into a solar tracker. The 45X Credit was eligible for domestic parts manufactured after January 1, 2023. We have contractually agreed with these suppliers to either share a portion of the economic value of the credit related to our purchases in the form of a vendor rebate or assign their credit directly to us”
97. Nextpower Inc., Form 10-K filed 2026-05-19: “Gross profit increased by $151.3 million, or 15%, during fiscal year 2026 compared to fiscal year 2025, primarily resulting from the U.S. revenue growth noted above and the impact of the 45X Credit recognized, offset by the higher tariffs coupled with the higher cost associated with our increase in headcount noted above.”
98. Nextpower Inc., Form 10-K filed 2026-05-19: “During the fiscal year ended March 31, 2026, the Company recognized $144.4 million from certain customers under a bill-and-hold arrangement. No revenue was recognized under a bill-and-hold arrangement during fiscal years 2025 and 2024.”
99. Nextpower Inc., Form 10-K filed 2026-05-19: “For example, certain customers engage the Company to start a solar project and invest at least 5% of the total project costs, in order to meet the Safe Harbor threshold and qualify for the ITC, before it phases out. As part of the agreement, the components purchased by the customer are stored in a warehouse and segregated from any other inventory type.”

Who runs it

Shugar, Daniel S (Chief Executive Officer); Wenger, Howard (President); Boynton, Charles D (Chief Financial Officer); Vinje, Robert (Chief Operating Officer); Miller, Nicholas Marco (Chief Operating Officer); Wiedmann, Lindsey Roon (Chief Legal & Compliance Off.); Bennett, David P (Chief Accounting Officer); Ledesma, Bruce (Chief Legal & Compliance Ofc); Blunden, Julia (director); Karuturi, Monica (director); and 5 more. 15 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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