Nextpower Inc., formerly known as Nextracker Inc., reported significant financial growth in its latest 10-K filing for the fiscal year ending March 31, 2026. The company achieved revenues of $3.56 billion, marking a 20% increase from $2.96 billion in the previous fiscal year. This growth was primarily driven by a 13% rise in gigawatts (GW) delivered, totaling approximately 38 GW, alongside a notable increase in demand for solar tracking systems in the U.S. market, which accounted for 77% of total revenue. The company's net income also rose to $585.9 million, a 13% increase from $517.2 million in fiscal year 2025.
The filing highlighted several strategic developments, including the completion of four acquisitions aimed at enhancing Nextpower's technology platform. These acquisitions included Bentek Corporation, OnSight Technology Inc., Origami Solar, and Fracsun Inc., with a total cash consideration of approximately $116.8 million. Additionally, the company established a joint venture, Nextpower Arabia, with Abdullah Abunayyan Investment Holding to expand its presence in the Middle East and North Africa region. This joint venture is expected to enhance local market engagement and project execution capabilities.
Operationally, Nextpower reported a diversified customer base of over 275 active customers across more than 40 countries, with a backlog exceeding $5 billion at the end of fiscal year 2026. The company noted that 88% of its revenue came from solar tracker system sales, while non-tracker sales increased to 12%, reflecting a growing adoption of its integrated solutions. The company also reported a total employee headcount of approximately 1,993, with significant growth in its engineering and sales teams to support its expansion efforts.
Looking ahead, Nextpower expressed optimism about the future, citing the ongoing demand for solar energy driven by global decarbonization efforts and the increasing competitiveness of solar technology. However, the company acknowledged potential risks, including fluctuations in material costs, regulatory changes, and the impact of government incentives on the solar market. The company remains focused on leveraging its technological advancements and strategic partnerships to navigate these challenges and sustain its growth trajectory.
About Nextracker Inc.
Nextracker Inc. is a global leader in solar tracker technology, providing innovative, reliable systems that optimize solar power plant performance. Its core products include intelligent single-axis trackers, energy yield management, and foundation solutions for utility-scale and distributed solar projects worldwide. The company’s competitive advantages include advanced independent-row architecture, terrain adaptability, and sustainability initiatives, serving developers, EPCs, and asset owners in expanding renewable energy markets.
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