Nextpower (NXT) Q1 2027 earnings summary

Executive summary

• Achieved record Q1 revenue of $935 million, up 8% year-over-year and 6% sequentially, driven by strong customer demand and disciplined execution.

• Backlog grew to over $5.5 billion, with an additional $300 million from the newly acquired energy storage business and robust bookings momentum.

• Expanded product and technology portfolio through acquisitions of Prevalon (energy storage), Apex (inverters), Zigor Corporation's inverter business, and pending Zimmermann PV-Steel Group to strengthen European presence.

• Maintained #1 U.S. and global tracker market shares, expanding project footprint to over 50 countries.

• Strong demand and bookings in both U.S. and international markets, with non-tracker products contributing 14% of revenue.

Financial highlights

• Q1 adjusted gross profit was $342 million, with an adjusted gross margin of 37%; GAAP gross profit was $336 million (35.9% margin).

• Adjusted EBITDA reached $233 million (24.9% margin), and adjusted diluted EPS was $1.20.

• Generated $121 million in operating cash flow and $105 million in adjusted free cash flow; ended quarter with $1.2 billion in cash and no debt.

• Non-tracker products, including eBOS and TrueCapture, saw record bookings and revenue.

• IEEPA tariff recoveries and higher U.S. revenue mix boosted margins, partially offset by higher logistics costs.

Outlook and guidance

• Fiscal 2027 revenue guidance raised to $4.1–$4.4 billion, adjusted EBITDA to $870–$930 million, and adjusted diluted EPS to $4.42–$4.73.

• GAAP net income expected between $507–$573 million.

• Guidance includes $50 million in planned investments for power conversion market entry.

• Adjusted EBITDA and EPS guidance exclude stock-based compensation, intangible amortization, and acquisition-related costs.

• Expect modest sequential revenue increases throughout the year; Zimmermann acquisition not yet included in outlook.