Solar PV solutions provider Nextpower has begun testing products in its new power-conversion line, with initial pilot deployments scheduled for later this year.
In its shareholder letter for the last quarter of 2025, Nextpower said its expansion into power conversion, first proposed when it rebranded from Nextracker last November, was the “next major phase” of its strategy.
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In the power conversion space, Nextpower said it had a “meaningful opportunity to improve system efficiency, reliability, serviceability, and cybersecurity across the solar and battery energy storage system (BESS) ecosystems”.
The company’s move into power conversion was first revealed when it rebranded from Nextracker to Netxpower, in a move designed to reflect its evolution from pure-play tracker supplier to a full-platform provider of integrated energy solutions. At that time, Nextpower said its expanded remit would encompass a new line of utility-scale power conversion systems that would begin shipping in 2026. PV Tech is seeking further details of the precise nature of these new products and will update this article with any new information received.
Over the couple of years leading up to its rebranding, Nextpower acquired several companies that reflected its eventual new name, such as solar foundation companies Ojjo and Solar Pile International, electrical balance of system (eBOS) infrastructure manufacturer Bentek and steel frame manufacturer Origami Solar, among others, while also moving into AI and robotics in July 2025.
Nextpower also unveiled in its recent statement that it has acquired Fractsun, a panel soiling measurement and software-as-a-service (SaaS) platform that enables end-to-end, real-time soiling monitoring and robotic cleaning solutions to further enhance costumer returns.
“Customer response to our expanding product offerings and rebrand has been very favourable,” said Dan Shugar, founder and CEO of Nextpower.
Underlining that point, the company said it had secured bookings of bundled offers such as the 552MW Cold Creek project in Texas, which will incorporate NX Horizon Hail Pro tracker systems, eBOS, NX Earth Truss and TrueCapture.
The company said its order backlog has now reached a record US$5 billion as of the end of 2025, driven by strength in the US market and record bookings in Europe.
On top of the rebranding during Q4 2025, the company also expanded its operations domestically, opening an operations hub in the Southeast US that features a new Remote Monitoring Centre, and increased its domestic tracker manufacturing capacity.
Outside the US, the company recently finalised the formation of its Saudi joint venture – dubbed Nextpower Arabia – and unveiled the opening of a solar tracking systems manufacturing facility with a 12GW annual nameplate capacity for the second quarter of 2026.
“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 US and other global markets, and we’re very excited about the potential of our new joint venture Nextpower Arabia for the MENA region,” added Shugar.
Moreover, the company’s Saudi division has secured a 2.25GW solar PV tracker supply agreement in Saudi Arabia. This is the first such supply agreement to be signed since the Saudi JV was officially formed earlier this year.
The supply agreement of advanced solar tracking systems has been signed with engineering, procurement, and construction (EPC) contractor Larsen & Toubro (L&T) for the Bisha Solar project. The project is being developed by a consortium led by Saudi developer ACWA Power and is part of a portfolio of seven solar PV and wind plants with a combined 12GW of solar PV capacity.
The portfolio is forecast to begin commercial operations between the second half of 2027 and the first half of 2028.
Nextpower raises fiscal year 2026 outlook
Nextpower has also released its financial results for the fourth quarter of 2025 – Q3 FY26 for the company – with revenues up by 34% year-on-year.
The company also raised its fiscal year 2026 outlook, with chief financial officer Chuck Boynton saying that the FY26 outlook rise is supported by the company’s strength in its bookings and execution.
The new outlook for FY26 increases the revenue from between US$3.275-3.475 billion to US$3.425-3.5 billion, while the adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) is increased from US$775-815 million to US$810-830 million. However, the updated adjusted EBITDA excludes nearly US$142 million in stock-based compensation, acquisition-related costs and net intangible amortisation.
For the period covering October until the end of December, Nextpower registered revenues of US$909 million, up both quarterly and yearly. The adjusted EBITDA is also up on a yearly basis from US$186 million to US$214 million.
The US remains the company’s main market and represented 81% of Nextpower’s revenue inQ4 2025. In the last three months of 2025, revenues in the US increased by 63% on a yearly basis from US$450 million to US$735 million. On the other hand, the rest of the world has registered a yearly decrease in revenues by 24% from US$229 million in Q4 2024 to US$174 million in Q4 2025.
So far in the nine months of Nextpower’s financial results – the company’s fiscal year begins in April – its results are up by 32% year-over-year from US$2 billion in FY25 to US$2.7 billion in FY26, while its adjusted EBITDA is up 22% year-on-year from US$534 million to US$652 million.
Moreover, during the fourth quarter of 2025, the company authorised a share repurchase programme of up to US$500 million of common stock over a three-year period.
