Nextpower | 10-K: FY2026 Revenue Beats Estimate at USD 3.559 B

Revenue: As of FY2026, the actual value is USD 3.559 B, beating the estimate of USD 3.509 B.EPS: As of FY2026, the actual value is USD 3.84, beating the estimate of USD 3.616.EBIT: As of FY2026, the actual value is USD 668.69 M.Segment RevenueTotal RevenueFiscal Year 2026: $3,559,390 thousand Fiscal Year 2025: $2,959,197 thousand Fiscal Year 2024: $2,499,841 thousand Year-over-year change (2026 vs. 2025): +20% U.S. RevenueFiscal Year 2026: $2,730,699 thousand (77% of total revenue) Fiscal Year 2025: $2,031,603 thousand (69% of total revenue) Fiscal Year 2024: $1,702,611 thousand (68% of total revenue) Year-over-year change (2026 vs. 2025): +34% Rest of the World RevenueFiscal Year 2026: $828,691 thousand (23% of total revenue) Fiscal Year 2025: $927,594 thousand (31% of total revenue) Fiscal Year 2024: $797,230 thousand (32% of total revenue) Year-over-year change (2026 vs. 2025): -11%, primarily due to reduced shipments to Latin America Revenue by Timing of TransferPoint in timeFiscal Year 2026: $442,012 thousand Fiscal Year 2025: $77,037 thousand Fiscal Year 2024: $35,268 thousand Over timeFiscal Year 2026: $3,117,378 thousand Fiscal Year 2025: $2,882,160 thousand Fiscal Year 2024: $2,464,573 thousand Revenue from Bill-and-Hold ArrangementsFiscal Year 2026: $144.4 million Fiscal Year 2025 & 2024: No revenue recognized Product Revenue MixSolar tracker system sales: Approximately 88% of total revenue in Fiscal Year 2026 Non-tracker sales (TrueCapture, eBOS, foundations, robotic solutions, and other): Approximately 12% of total revenue in Fiscal Year 2026, up from approximately 8% in Fiscal Year 2025 Revenues related to sales of energy yield management: Approximately 2% for Fiscal Years 2026 and 2025, not material for Fiscal Year 2024 Operational MetricsCost of SalesFiscal Year 2026: $2,399,295 thousand Fiscal Year 2025: $1,950,372 thousand Fiscal Year 2024: $1,686,792 thousand Year-over-year change (2026 vs. 2025): +23% Tariffs: $130.4 million in Fiscal Year 2026, up from $19.7 million in Fiscal Year 2025 45X Credit reduction to cost of sales: $379.9 million in Fiscal Year 2026, $224.9 million in Fiscal Year 2025, and $121.4 million (cumulative) in Fiscal Year 2024 Gross ProfitFiscal Year 2026: $1,160,095 thousand Fiscal Year 2025: $1,008,825 thousand Fiscal Year 2024: $813,049 thousand Year-over-year change (2026 vs. 2025): +15% Gross MarginFiscal Year 2026: 32.6% Fiscal Year 2025: 34.1% Fiscal Year 2024: 32.5% Year-over-year change (2026 vs. 2025): -150 basis points Selling, General and Administrative Expenses (SG&A)Fiscal Year 2026: $341,920 thousand Fiscal Year 2025: $290,321 thousand Fiscal Year 2024: $183,571 thousand Year-over-year change (2026 vs. 2025): +18% As a percentage of revenue: Approximately 9.6% in Fiscal Year 2026, down from 9.8% in Fiscal Year 2025 Research and Development (R&D) ExpensesFiscal Year 2026: $120,909 thousand Fiscal Year 2025: $79,392 thousand Fiscal Year 2024: $42,360 thousand Year-over-year change (2026 vs. 2025): +52% Operating IncomeFiscal Year 2026: $697,266 thousand Fiscal Year 2025: $639,112 thousand Fiscal Year 2024: $587,118 thousand Year-over-year change (2026 vs. 2025): +9% Interest ExpenseFiscal Year 2026: $2,623 thousand Fiscal Year 2025: $13,096 thousand Fiscal Year 2024: $13,820 thousand Year-over-year change (2026 vs. 2025): -80% Other Income, NetFiscal Year 2026: - $19,183 thousand (includes $31.2 million interest income, - $7.1 million foreign currency exchange losses, - $5.8 million debt extinguishment costs and transaction costs) Fiscal Year 2025: - $22,000 thousand (includes $22.2 million interest income, - $1.4 million foreign currency exchange losses) Fiscal Year 2024: - $34,699 thousand (includes - $2.5 million foreign currency exchange losses) Net IncomeFiscal Year 2026: $585,883 thousand Fiscal Year 2025: $517,246 thousand Fiscal Year 2024: $496,215 thousand Year-over-year change (2026 vs. 2025): +13% Net Income Attributable to Nextpower Inc.Fiscal Year 2026: $585,883 thousand Fiscal Year 2025: $509,168 thousand Fiscal Year 2024: $306,241 thousand Adjusted Gross ProfitFiscal Year 2026: $1,183,533 thousand (33.3% margin) Fiscal Year 2025: $1,023,496 thousand (34.6% margin) Fiscal Year 2024: $702,683 thousand (28.1% margin) Adjusted Operating IncomeFiscal Year 2026: $839,861 thousand (23.6% margin) Fiscal Year 2025: $768,853 thousand (26.0% margin) Fiscal Year 2024: $522,771 thousand (20.9% margin) Adjusted Net IncomeFiscal Year 2026: $687,452 thousand (19.3% margin) Fiscal Year 2025: $630,639 thousand (21.3% margin) Fiscal Year 2024: $451,395 thousand (18.1% margin) Adjusted EBITDAFiscal Year 2026: $853,722 thousand (24.0% margin) Fiscal Year 2025: $776,496 thousand (26.2% margin) Fiscal Year 2024: $521,465 thousand (20.9% margin) Cash FlowNet cash provided by operating activitiesFiscal Year 2026: $562,911 thousand Fiscal Year 2025: $655,794 thousand Fiscal Year 2024: $428,973 thousand Net cash used in investing activitiesFiscal Year 2026: - $186,878 thousand (includes - $117.2 million for business acquisitions, - $49.3 million for property and equipment, - $12.2 million for Nextpower Arabia joint venture) Fiscal Year 2025: - $186,096 thousand (includes - $144.7 million for business acquisitions, - $33.9 million for property and equipment, - $7.5 million for intangible assets) Fiscal Year 2024: - $6,660 thousand (primarily for property and equipment) Net cash used in financing activitiesFiscal Year 2026: - $47,160 thousand (includes - $27.4 million TRA payment, - $14.3 million acquisition deferred purchase price, - $3.0 million tax distribution, - $2.0 million revolver issuance cost) Fiscal Year 2025: - $177,649 thousand (includes - $150.0 million bank borrowing repayment, - $15.5 million TRA payment, - $6.1 million tax distributions, - $6.0 million revolver issuance cost) Fiscal Year 2024: - $78,267 thousand (includes - $66.9 million tax distributions, - $8.3 million net transfers to former parent, - $3.1 million other financing activities) Unique MetricsGW deliveredFiscal Year 2026: 38.0 GW Fiscal Year 2025: 33.6 GW Fiscal Year 2024: 26.0 GW Year-over-year change (2026 vs. 2025): +13% BacklogAs of end of Fiscal Year 2026: Over $5 billion (includes project-specific purchase orders and Volume Commitment Agreements) Tax Receivable Agreement (TRA) LiabilityAs of March 31, 2026: $393.2 million ($372.7 million long-term, $20.5 million current) As of March 31, 2025: $419.4 million ($394.9 million long-term, $24.5 million current) Share Repurchase ProgramAuthorized on January 27, 2026, for up to $500.0 million of Class A common stock over three years As of March 31, 2026: Approximately $499.6 million remained available Repurchases in March 2026: 3,960 shares at an average price of $99.77 per share Total LiquidityAs of March 31, 2026: Approximately $2.0 billion New Revolving Credit FacilityEntered on September 8, 2025, for $1.0 billion, maturing September 8, 2030 As of March 31, 2026: $922.1 million available, net of $77.9 million outstanding letters of credit GoodwillAs of March 31, 2026: $488,950 thousand As of March 31, 2025: $371,018 thousand Other Intangible Assets, NetAs of March 31, 2026: $78,046 thousand As of March 31, 2025: $53,241 thousand Accrued Warranty Reserve (Ending Balance)As of March 31, 2026: $32,845 thousand As of March 31, 2025: $17,981 thousand As of March 31, 2024: $12,511 thousand Outlook / GuidanceNextpower Inc. anticipates that sales growth for non-tracker platform solutions will outpace that of solar tracker system sales. The company expects its operating cash flow and current/committed liquidity, including the New Credit Agreement, to adequately support operations, capital expenditures, debt service, and TRA payments for at least the next 12 months. Nextpower Inc. also plans to expand its product portfolio into battery energy storage and data center markets through a definitive agreement to acquire assets from Zigor Corporation’s power conversion business and Apex Power for approximately $80.5 million.