NXT

EX-99.1

2 ex991_q227.htm

EX-99.1

Document

Exhibit 99.1

Nextpower Reports Q2 Fiscal Year 2027 Financial Results

Record Revenue of $1.1 Billion

Record Bookings Increase Backlog to over $6 Billion

FREMONT, Calif., October 28, 2026 – Nextpower™ (Nasdaq: NXT), a leading provider of clean power technology solutions, today announced financial results for the second quarter for fiscal year 2027, ended October 2, 2026.

Financial Summary

(In millions, except per share)

Q2 FY27Q1 FY27Q2 FY26

Revenue$1,109$935$905

GAAP Gross Profit$345$336$293

GAAP Gross Margin31.1 %35.9 %32.4 %

GAAP Net Income$165$165$147

GAAP Net Income Margin14.9 %17.7 %16.2 %

GAAP Diluted EPS$1.08$1.07$0.97

Adjusted Gross Profit$355$342$300

Adjusted Gross Margin32.0 %36.6 %33.1 %

Adjusted EBITDA$250$233$224

Adjusted EBITDA Margin22.5 %24.9 %24.7 %

Adjusted Net Income$202$186$181

Adjusted Diluted EPS$1.31$1.20$1.19

Q2 FY27, Q1 FY27, and Q2 FY26 results include approximately $99 million, $99 million, and $67 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net.

Please refer to Nextpower’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for more information on schedules III, IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures. Additional information can be found on the Investor Relations section of our website.

Business Highlights

Company Highlights

•Delivered record quarterly results, including revenue of over $1.1 billion, net income of $165 million, and adjusted EBITDA of approximately $250 million.

•Completed the Zimmermann PV-Steel Group acquisition for approximately €230 million, subject to customary working capital adjustments, with no stock or earnout.

•Announced Sarah Slusser and Michael Alvarez will join our Board, bringing experience across renewables, power generation, project operations, finance, and risk management.

Products and Innovation

•Deployed NX Earth Truss™ foundations with NX Horizon® trackers equipped with Hail Pro™, demonstrating complementary product integration across our technology platform.

•Secured a U.S. patent for NX PowerMerge™, which is now in commercial deployment at scale, with more than 2 GW in backlog.

•Added fixed-tilt and structural solutions to our product portfolio through the Zimmermann acquisition.

Market and Sales Momentum

•Bookings reached a quarterly record, and backlog exceeded $6 billion.

•Secured a 1.1 GW inverter framework agreement across five projects and shipped first NX Power Conversion systems to customers.

•eBOS bookings exceeded $100 million, a quarterly record; foundations also posted record quarterly bookings.

•Zimmermann acquisition provides access to an established European customer base for complementary products, and the acquisition added 15 countries, expanding our reach to a total of 68 countries.

“Nextpower delivered record quarterly revenue and bookings and grew backlog to more than $6 billion, reflecting continued demand strength for our tracker products, alongside rapidly accelerating demand and orders for our additional products and services,” said Dan Shugar, CEO and founder of Nextpower. “Customer adoption of our integrated platform is growing. Recent examples include energy storage and other complementary offerings accounting for approximately 22% of our Q2 revenue, record quarterly eBOS bookings of more than $100 million, and a 1.1-gigawatt inverter supply agreement signed with a leading Tier 1 IPP. These achievements reflect the strength of our customer relationships and differentiated technology. We remain focused on expanding our participation across the project lifecycle, helping customers build faster, enhance yield, and optimize long-term operation.”

“Our team’s strong execution across the business led to record quarterly revenue and adjusted EBITDA with cash flow from operations of $158 million and strong adjusted free cash flow of approximately $135 million,” said Chuck Boynton, CFO of Nextpower. “We ended the quarter with over $1 billion of cash and cash equivalents and no debt, while funding new acquisitions and returning approximately $162 million to shareholders through share repurchases. We look forward to sharing more about our long-term strategy and financial framework at our Capital Markets Day in Las Vegas on November 16th.”

FY2027 Annual Outlook

Updated OutlookPrevious Outlook

Revenue$4.2 to $4.45 billion$4.1 to $4.4 billion

GAAP Net Income$559 to $598 million$540 to $573 million

GAAP Diluted EPS$3.62 to $3.87$3.42 to $3.64

Adjusted EBITDA$890 to $940 million$870 to $930 million

Adjusted Diluted EPS$4.61 to $4.87$4.42 to $4.73

Updated outlook includes Q3 FY27 revenue at approximately 10% year over year growth, and Q3 FY27 adjusted EBITDA margin roughly 1 to 2 percentage points below Q4 FY27.

Adjusted EBITDA range of $890 million to $940 million excludes approximately $185 million for stock-based

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