NXT

MKT CAP:$18B

Nextpower Inc.

Market Cap

$18B

Technology·Consumer Electronics·🇺🇸 United States·NASDAQ

Technology·Consumer Elec.·🇺🇸·NASDAQ

Stock Price

$124.36+$31.58 (+34.04%)

Apr 23, 2026

Company Details

Nextracker Inc., an energy solutions company, provides solar tracker solutions for PV projects. The company offers solar trackers, such as Bifacial PV modules for large-scale solar; NX Horizon for solar power plants; NX Gemini two-in-portra...

CEO

Daniel S. Shugar

IPO Date

Feb 9, 2023

Website

www.nextpower.com

Key Metrics TTM

Revenue

$3.6B

+38.3% YoY

Net Income

$592M

EPS (Diluted)

$3.91

Free Cash Flow

$589M

Revenue / Share

$23.41

Gross Margin

32.4%

Operating Margin

20.5%

Net Margin

16.4%

FCF Margin

16.4%

P/S

5.0x

P/E

30.4x

Earnings Reports

Q4 2026

May 13, 2026

PENDING

Q3 2026

Jan 30, 2026

$909MEPS $0.85

Q2 2026

Oct 29, 2025

$905M+42.4%EPS $0.97

Q1 2026

Aug 1, 2025

$864M+20.0%EPS $1.04

Q4 2025

May 21, 2025

$924M+25.5%EPS $1.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$305M	$59M	$42M
Q4 21	$305M	$59M	$42M
Q1 22	$341M	$38M	$21M
Q2 22	$339M	$37M	$20M
Q3 22	$338M	$34M	$17M
Q4 22	$440M	$39M	$8M
Q1 23	$403M	$50M	$30M
Q2 23	$467M	$65M	$39M
Q3 23	$513M	$82M	$59M
Q4 24	$737M	$219M	$271M
Q1 25	$720M	$237M	$160M
Q2 25	$636M	$225M	$133M
Q4 25	$924M	$306M	$195M
Q1 26	$864M	$282M	$186M
Q2 26	$905M	$293M	$181M
Q3 26	$909M	$288M	$176M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q4 21	1.2x	11.6x
Q1 22	1.2x	12.6x
Q2 22	1.1x	14.7x
Q3 22	1.1x	18.5x
Q4 22	1.0x	28.3x
Q1 23	0.9x	24.7x
Q2 23	0.9x	20.7x
Q3 23	0.8x	14.5x
Q4 24	3.8x	26.7x
Q1 25	2.7x	16.7x
Q2 25	2.1x	11.1x
Q4 25	2.1x	10.4x
Q1 26	2.6x	14.6x
Q2 26	3.4x	19.6x
Q3 26	3.7x	22.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$35M	$34M
Q4 21	$35M	$34M
Q1 22	-$33M	-$34M
Q2 22	$2M	-$351.0K
Q3 22	-$75M	-$76M
Q4 22	-$41M	-$42M
Q1 23	$3M	$2M
Q2 23	$50M	$49M
Q3 23	$20M	$19M
Q4 24	$111M	$109M
Q1 25	$121M	$118M
Q2 25	$154M	$142M
Q4 25	$237M	$227M
Q1 26	$81M	$70M
Q2 26	$187M	$171M
Q3 26	$125M	$121M

Capital Expenditures

Quarter	CapEx
Q3 21	$778.0K
Q4 21	$778.0K
Q1 22	$868.0K
Q2 22	$3M
Q3 22	$2M
Q4 22	$794.0K
Q1 23	$427.0K
Q2 23	$908.0K
Q3 23	$1M
Q4 24	$3M
Q1 25	$3M
Q2 25	$12M
Q4 25	$10M
Q1 26	$11M
Q2 26	$15M
Q3 26	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+15.3%	+22.1%
Q2 22	+16.9%	+28.4%
Q3 22	+10.8%	+21.7%
Q4 22	+44.3%	+64.2%
Q1 23	+18.1%	+16.6%
Q2 23	+37.9%	+34.2%
Q3 23	+52.1%	+41.9%
Q4 24	+67.5%	+7.8%
Q1 25	+78.5%	+49.9%
Q2 25	+36.1%	+17.4%
Q4 25	+80.1%	+60.3%
Q1 26	+17.3%	+45.5%
Q2 26	+25.7%	+29.3%
Q3 26	+43.1%	+46.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$1M	0.4%
Q4 21	$1M	0.4%
Q1 22	$541.0K	0.2%
Q2 22	$839.0K	0.2%
Q3 22	$842.0K	0.2%
Q4 22	$826.0K	0.2%
Q1 23	$1M	0.2%
Q2 23	$845.0K	0.2%
Q3 23	$940.0K	0.2%
Q4 24	$17M	2.3%
Q1 25	$22M	3.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%
Q2 26	$0	0.0%
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$4M	$14M
Q4 21	$4M	$14M
Q1 22	$4M	$13M
Q2 22	$3M	$13M
Q3 22	$4M	$13M
Q4 22	$4M	$15M
Q1 23	$4M	$16M
Q2 23	$4M	$21M
Q3 23	$5M	$19M
Q4 24	$13M	$57M
Q1 25	$17M	$61M
Q2 25	$19M	$70M
Q4 25	$24M	$91M
Q1 26	$22M	$74M
Q2 26	$27M	$85M
Q3 26	$29M	$83M

Revenue Segments

Quarter	Reportable Segment
Q1 26	$864M
Q3 26	$909M

Revenue by Geography

Quarter	Non-US	United States
Q3 23	$186M	$328M
Q1 25	$208M	$511M
Q2 25	$174M	$462M
Q1 26	$265M	$599M
Q3 26	$174M	$735M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$29M	$9M	$38M
Q1 23	$31M	$0	$31M
Q2 23	$84M	$38M	$123M
Q3 23	$100M	$0	$100M
Q4 23	$130M	$0	$130M
Q1 24	$355M	$0	$355M
Q2 24	$373M	$98M	$471M
Q3 24	$368M	$0	$368M
Q4 24	$474M	$0	$474M
Q1 25	$472M	$0	$472M
Q2 25	$562M	$0	$562M
Q3 25	$694M	$0	$694M
Q4 25	$766M	$0	$766M
Q1 26	$743M	$0	$743M
Q2 26	$845M	$0	$845M
Q3 26	$953M	$0	$953M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	46M	0.0%	—
Q4 21	42M	-8.0%	—
Q1 22	46M	+8.7%	0.0%
Q2 22	46M	0.0%	0.0%
Q3 22	42M	-8.7%	-8.7%
Q4 22	44M	+4.8%	+4.0%
Q1 23	42M	-4.5%	-8.7%
Q2 23	42M	0.0%	-8.7%
Q3 23	46M	+9.5%	+9.5%
Q4 24	148M	+223.0%	+237.7%
Q1 25	149M	+0.7%	+256.3%
Q2 25	149M	-0.1%	+256.0%
Q4 25	150M	+0.4%	+226.5%
Q1 26	151M	+0.8%	+1.9%
Q2 26	152M	+0.7%	+1.9%
Q3 26	154M	+1.3%	+3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 24	$2M	300
Q1 25	$2M	300
Q2 25	$2M	300
Q4 25	$711.0K	1K
Q1 26	$664.8K	1K
Q2 26	$696.4K	1K
Q3 26	$699.5K	1K

Revenue / Employee