Nextpower’s Q3 FY26 revenue rose 34% YoY to $909 million, with the US accounting for 81% of the total
Its adjusted EBITDA increased 15% to $214 million, while margins declined to 23%
Its backlog reached a record $5 billion, including record bookings in Europe, while strong demand continues in the US
Strong growth in demand from the US market pushed up Nextpower’s Q3 FY26 (ended December 31, 2025) annual revenues by 34% to $909 million, as it accounted for 81% of the total mix, followed by the rest of the world contributing 19%.
Solar tracker system sales formed the core of its revenue mix, while the company recognized revenue for TrueCapture, eBOS, foundations, robotic solutions, among others.
Q3 adjusted EBITDA of $214 million was an increase of 15% year-over-year (YoY), even as its adjusted EBITDA margin of 23% was lower by 4 percentage points (pp). GAAP net income of $131 million improved over $117 million in Q3 FY25, but dropped from $147 million in Q2 FY26.
Nextpower says its YTD FY26 revenue increased 32% YoY to approximately $2.68 billion, while adjusted EBITDA of $652 million improved by 22%.
The reporting quarter was significant for Nextpower as it rebranded from Nextracker to emphasize its expansion into integrated global energy technology solutions (see Nextpower Emerges As Nextracker’s Next Growth Phase).
It also expanded its manufacturing footprint to the Middle East and North Africa (MENA) region through a joint venture with Abunayyan Holding, targeting 12 GW annual manufacturing capacity under Nextpower Arabia. It recently landed a 2.25 GW tracker order (see Middle East & Africa Solar PV News Snippets).
The company is also venturing into power conversion technology, for which it is planning pilot deployments in CY26. In a shareholder letter, the management stated, “The next major phase of our strategy involves expansion into the power conversion space, where we believe Nextpower has a meaningful opportunity to improve system efficiency, reliability, serviceability, and cybersecurity across the solar and battery energy storage system (BESS) ecosystems.”
At the end of the reporting period, Nextpower’s total backlog stood at a record $5 billion, mostly in the US, with record bookings in Europe.
“We delivered solid financial performance in our first quarter as Nextpower, with strong demand across our business lines and a record backlog. The demand environment remains robust in the U.S. and other global markets, and we’re very excited about the potential of our new joint venture Nextpower Arabia for the MENA region,” said Nextpower Founder and CEO Dan Shugar.
Following the strong results of Q3 FY26 and strong backlog, Nextpower has now raised its annual revenue forecast to $3.425 billion to $3.500 billion, while adjusted EBITDA is raised to $810 million to $830 million. The management has also raised its GAAP net income guidance to $525 million to $540 million, up from $499 million to $529 million.
The company added that the outlook assumes the current US policy environment remains unchanged and that permitting processes and timelines remain consistent with historical levels.
The US solar market has been facing federal policy headwinds with heightened scrutiny for renewable energy projects under the Trump administration. Affected companies stress that the July 2025 Department of the Interior (DOI) memo has created a near-complete moratorium on permitting (see US Solar Industry Urges Congress To Fast-Track Permitting).