Nextpower Expands With Zigor Deal; Reports FY26 Growth

Nextpower, the US-based leading tracker manufacturer, is venturing into solar inverters and power conversion technology with the acquisition of assets from the power conversion business of Spain-based Zigor Corporation and its US subsidiary, Apex Power. The company announced the acquisition alongside its Q4 and full-year FY2026 financial results (ended March 31, 2026). 

Nextpower says this acquisition will accelerate its entry into the power conversion market with complementary IP, supporting closer integration of power electronics with its solar trackers, electrical balance of systems (eBOS), and broader technology platform. It will also enable the rapid scale-up of inverter manufacturing capacity in the US, with production ramp expected to begin in 2027, the management added.  

As part of the acquisition, Nextpower will acquire Zigor’s modular, field-deployed inverter technology and engineering talent. This technology is suitable for new battery storage and inverter applications at 1,500 V, repowering applications at 600 V and 1,000 V, and is 2.000 V ready. The modular skid design can be configured up to 5.2 MVA.  

The move, says Nextpower, is expected to support its growth in utility-scale solar, battery storage, and AI data center power systems since these products are similar to the technology it has already been developing internally. The deal will finalize following regulatory approvals.  

Nextpower Founder and CEO Dan Shugar said, “We will be in market with products for solar, storage, and data centers, and building out U.S. manufacturing as quickly as is prudent. Initial customer demand is promising and we look forward to welcoming the legacy Apex Power and Zigor team members to Nextpower once the transaction closes.”  

Q4 FY2026 and FY2026 Financial Results 

Nextpower exited the year with a record revenue of $3.56 billion, a 20% year-on-year (YoY) increase (see Nextracker Sees 18% YoY Revenue Growth In FY2025). The US market accounted for 77% of total revenue, with the remaining 23% coming from the rest of the world.  

However, its Q4 revenue decreased 3% sequentially to $881 million, with the US market accounting for 81% of the total. 

Management says Nextpower achieved record quarterly eBOS bookings, including over 100 MW of its new NX PowerMerge trunk bus connector (see Nextracker Launches Trunk Cable Connector).  

Adjusted EBITDA for the year was up 10% YoY to $854 million, but a decline of 6% to $202 million for Q4. Nextpower’s FY2026 GAAP net income of $585.8 million improved by over 13% YoY. Q4 EBITDA totaled $150.6 million, down from $157.8 million in Q1 FY25. 

Nextpower says it surpassed 160 GW of cumulative tracker shipments globally last fiscal, while exceeding 50 GW of cumulative sales of NX Horizon-XTR terrain following trackers. It also claims strong customer adoption of NX Horizon with Hail Pro tracker which in FY2026, activated 4,605 hail stows, with 57 events experiencing hail up to 3" diameter, and less than 0.01% modules experienced damage (see Nextpower Highlights NX Horizon With Terrain-Adaptive Design).  

Nextpower participated in TaiyangNews Market Survey on Solar Trackers 2026 with its NX Horizon tracker (see Nextpower Highlights NX Horizon With Terrain-Adaptive Design). 

Analysts at ROTH believe the company continues to do well with customers based on their regular checks. They state, “Our checks suggest that most customers are actually pretty happy and/or very satisfied with NXT's offerings, service, and reliability. So while they may be open to other options, we don't expect a tremendous shift in share given the company's strong performance.”  

Nextpower and JinkoSolar entered into a multi-year US-made steel frame agreement in February 2026 (see Nextpower & Jinko Solar Enter Multi-Year Deal For US-Made Steel Frames).  

Guidance  

For FY2027, Nextpower has revised its revenue outlook upward, forecasting it in the range of $3.80 billion to $4.10 billion, up from the previously expected $3.6 billion to $3.8 billion.   

The adjusted EBITDA outlook of $825 million to $900 million (previously $825 million to $900 million) includes planned incremental costs of approximately $50 million as it accelerates entry into the power conversion market. 

The outlook also factors in the US policy environment, permitting processes, and timelines. Nextpower sees strong near-term fundamentals in the US utility-scale solar market, supported by a substantial volume of safe-harbored projects.