U.S.-based solar tracker firm Nextpower reported revenue of $880.5 million in the fourth quarter (Q4) of the financial year (FY) 2026, a 4.7% year-over-year (YoY) decrease from $924.3 million.

The revenue exceeded analysts’ expectations by $50.7 million.

The company said Q4 revenue was affected by the non-consolidation of its new Middle East joint venture, which reduced reported revenue by approximately 300 basis points.

Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $202 million, down 16.5% YoY from $242 million.

Net profit declined by 3.9% YoY to $150.6 million from $156.8 million.

Earnings per share (EPS) came in at $0.97, compared to $1.05 in the same quarter of the previous year and beating analysts’ expectations by $0.12.

In Q3 FY 2026, revenue had surged by 34% YoY.

Full-Year Results

Nextpower reported revenue of $3.56 billion in FY 2026, a 20.3% YoY increase from $2.96 billion, driven by strong demand from the U.S. market.

Net profit stood at $585.9 million, up 15.1% YoY from $509.2 million.

The company’s adjusted EBITDA during this period stood at $853.7 million, up 10% YoY from $776.5 million.

EPS came in at $3.84, compared to $3.47 in FY 2025.

Business Highlights

The company’s order backlog in FY 2026 exceeded $5.25 billion, and its cumulative global tracker shipments surpassed 160 GW. The U.S. accounted for 79% of bookings, and 21% were from other countries.

Cumulative tracker shipments to Latin America, the Middle East, India, Africa, and Turkey together surpassed 25 GW each.

It achieved a record quarterly electrical balance-of-system (eBOS) bookings, including over 100 MW for its new trunk bus connector. During the quarter, the company received an initial purchase order for its NX PowerMerge eBOS solution.

Nextpower also entered into a multi-year GW-scale steel frame supply agreement with Jinko Solar Industries for U.S.-manufactured steel module frames.

In January 2026, Saudi Arabia’s energy and infrastructure developer, Abunayyan Holding, and Nextpower completed the process of the formal incorporation of their previously announced joint venture, Nextpower Arabia. The joint venture aims to accelerate the deployment of utility-scale solar power projects across the Middle East and North Africa.

Dan Shugar, founder and CEO at Nextpower, announced the company’s transition from being primarily a tracker company to an integrated utility-scale energy technology platform.

He also said that the company has signed an agreement to acquire key power conversion product lines. It entered into a definitive agreement to acquire complementary assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power.

According to the company, the technology is suitable for battery storage and solar inverter applications at 1,500 V, can currently repower applications at 600 V and 1,000 V, and is 2,000 V. The modular skid design can be configured up to 5.2 MVA.

Once completed, Nextpower will enhance its domain expertise in solar businesses and facilitate its entry into the battery storage and data center verticals.

The company is planning to invest $130 million to accelerate its power conversion business.

Nextpower said it is seeing strong demand for its trackers that handle more complex terrain and extreme weather environments. Cumulative sales of its terrain following tracker XTR surpassed 50 GW and over 30 GW for its NX Hail Pro tracker solutions.

It saw a modest gain in its overall average selling YoY due in part to higher attach rates of its non-tracker products and services in the U.S.

Shugar noted that the conflict in the Middle East has provided a tailwind for global renewables and solar, with about 20% of global supplies of liquefied natural gas impacted by constraints at the Strait of Hormuz, and LNG prices going up by 30% to 50% for Europe and Asia.

Outlook

The company expects revenue to be in the range of $3.8 billion to $4.1 billion in FY 2027, up from previous expectations of $3.6 billion to $3.8 billion.

It expects its non-tracker revenue to reach approximately 15% of total revenue in FY 2027, and project strong demand from Europe, Australia, India, and the Middle East markets.