Nextracker Inc

Latest Results (03.04.2026):

Nextracker Inc. — third quarter of fiscal 2026 (quarter ended December 31, 2025): The company reported strong quarter-over-quarter and year-over-year growth with revenue of $909.4 million (up from $679.4M a year earlier), gross profit of $288.1 million, and net income of $131.2 million. Diluted EPS was $0.85 for the quarter. The company completed multiple acquisitions during the period and in November 2025 changed its corporate name to Nextpower Inc.

Revenue and profitability

Q3 revenue $909.352M vs $679.363M a year ago (+~34%). Gross profit $288.132M (gross margin ≈31.7%). Operating income $176.105M (operating margin ≈19.4%). Net income $131.236M vs $117.374M YoY. Diluted EPS $0.85 vs $0.79.

Nine‑month (YTD) results

YTD revenue $2.6789B vs $2.0349B prior year. YTD net income $435.28M vs $359.43M prior year. YTD diluted EPS $2.86 vs $2.41.

Balance sheet and liquidity

Cash and cash equivalents $952.6M (up from $766.1M at March 31, 2025). Total assets $3.800B; stockholders’ equity $2.151B. Key working items: contract assets $443.4M, accounts receivable $452.2M, inventories $275.3M, and a Section 45X credit receivable of $301.1M.

Credit facility

Entered a new unsecured $1.0B revolving credit facility (matures Sept 8, 2030) on Sept 8, 2025. As of Dec 31, 2025 the company had ≈$891.4M available under the facility net of $108.6M in outstanding letters of credit. Issuance costs of ≈$2.0M capitalized.

Cash flow and investing

Nine‑month operating cash provided $391.5M. Investing cash used $158.3M (including $124.1M of acquisition consideration net of cash acquired). Financing used $46.6M. Ending cash $952.6M.

Acquisitions, goodwill and intangibles

Goodwill increased to $485.3M (from $371.0M) driven by recent acquisitions including Bentek, OnSight, Origami and Fracsun. Other intangible assets, net $80.6M; quarterly amortization included in cost of sales and SG&A.

Tax, TRA and other liabilities

Quarter effective tax rate 27.3% (provision $49.3M). Tax Receivable Agreement (TRA) related liabilities ~ $391.9M (a portion recorded in current liabilities). Deferred tax assets $517.6M.

Backlog / contract metrics

Remaining performance obligations $419.5M as of Dec 31, 2025; ~77% expected to be recognized in the next 12 months. During the nine‑month period the company converted $231.9M of deferred revenue to revenue (≈67% of beginning deferred revenue).

Contingencies — AD/CVD duties & litigation

Company faced potential AD/CVD exposure relating to the Solar Circumvention Determination; earlier estimated exposure (pre-exclusion) had been as high as ≈$120M. Commerce granted a retroactive exclusion in Dec 2025 for Nextpower’s off‑grid smart modules, substantially reducing that potential liability (amounts, if any, remain uncertain). Litigation: Flex suit alleging entitlement to a prior tax distribution — the court granted defendants’ motion to dismiss (Jan 21, 2026); securities class action and derivative suits remain pending, and the company says it cannot reasonably estimate potential loss, if any.

Stock‑based compensation and EPS dilution

Stock‑based compensation expense for the quarter $33.9M ($87.8M YTD). Unrecognized stock‑based compensation ~ $200.1M, expected to be recognized over ~2.1 years. Basic EPS $0.88, diluted EPS $0.85.