Revenue growth has faced cyclical headwinds, shifting from a 50.1% peak in 2025Q1 to a 4.7% decline in 2026Q4, though gross margins remain resilient above 30%.
| Sales/Revenue | 3.56B | 2.96B | 2.5B | 1.9B | 1.46B | 1.2B | 1.17B | 660.74M |
| Revenue Growth % | 20.28% | 18.38% | 31.42% | 30.5% | 21.91% | 2.08% | 77.27% | - |
| Cost of Goods Sold | 2.4B | 1.96B | 1.81B | 1.62B | 1.31B | 963.64M | 958.38M | 604.21M |
| COGS % of Revenue | 67.41% | 66.27% | 72.33% | 84.91% | 89.91% | 80.6% | 81.82% | 91.44% |
| Gross Profit | 1.16B | 998.16M | 691.64M | 286.97M | 147.03M | 231.98M | 212.91M | 56.53M |
| Gross Margin % | 32.59% | 33.73% | 27.67% | 15.09% | 10.09% | 19.4% | 18.18% | 8.56% |
| Gross Profit Growth % | 16.22% | 44.32% | 141.01% | 95.18% | -36.62% | 8.96% | 276.6% | - |
| Operating Expenses | 462.83M | 359.05M | 104.53M | 118.49M | 81.12M | 73.45M | 64M | 55.37M |
| OpEx % of Revenue | 13% | 12.13% | 4.18% | 6.23% | 5.57% | 6.14% | 5.46% | 8.38% |
| Selling, General & Admin | 341.92M | 279.66M | 183.57M | 95.43M | 54.01M | 60.44M | 55.36M | 46.8M |
| SG&A % of Revenue | 9.61% | 9.45% | 7.34% | 5.02% | 3.71% | 5.06% | 4.73% | 7.08% |
| Research & Development | 120.91M | 79.39M | 42.36M | 21.62M | 14.18M | 13.01M | 8.64M | 8.56M |
| R&D % of Revenue | 3.4% | 2.68% | 1.69% | 1.14% | 0.97% | 1.09% | 0.74% | 1.3% |
| Other Operating Expenses | 0 | 0 | -121.41M | 1.44M | 12.94M | 0 | 0 | 0 |
| Operating Income | 697.27M | 639.11M | 587.12M | 168.49M | 65.91M | 158.53M | 148.91M | 1.17M |
| Operating Margin % | 19.59% | 21.6% | 23.49% | 8.86% | 4.52% | 13.26% | 12.71% | 0.18% |
| Operating Income Growth % | 9.1% | 8.86% | 248.47% | 155.64% | -58.43% | 6.46% | 12659.64% | - |
| EBITDA | 727.87M | 652.52M | 591.48M | 173.11M | 77.11M | 175.34M | 166.6M | 19.67M |
| EBITDA Margin % | 20.45% | 22.05% | 23.66% | 9.1% | 5.29% | 14.67% | 14.22% | 2.98% |
| EBITDA Growth % | 11.55% | 10.32% | 241.68% | 124.51% | -56.02% | 5.24% | 747.13% | - |
| D&A (Non-Cash Add-back) | 30.6M | 13.41M | 4.36M | 4.63M | 11.2M | 16.81M | 17.7M | 18.5M |
| EBIT | 697.27M | 639.11M | 587.12M | 169.93M | 78.85M | 158.53M | 148.91M | 1.17M |
| Net Interest Income | -2.62M | -13.1M | -13.82M | -1.83M | -34K | -502K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.62M | 13.1M | 13.82M | 1.83M | 34K | 502K | 0 | 0 |
| Other Income/Expense | 16.56M | 8.9M | 20.88M | 598K | -799K | -502K | 24K | -407K |
| Pretax Income | 713.83M | 648.02M | 608M | 169.08M | 65.11M | 158.03M | 148.93M | 760K |
| Pretax Margin % | 20.05% | 21.9% | 24.32% | 8.89% | 4.47% | 13.22% | 12.72% | 0.11% |
| Income Tax | 127.94M | 130.77M | 111.78M | 47.75M | 14.2M | 33.68M | 30.67M | 2.35M |
| Effective Tax Rate % | 17.92% | 20.18% | 18.39% | 28.24% | 21.8% | 21.31% | 20.6% | 309.21% |
| Net Income | 585.88M | 509.17M | 306.24M | 118.89M | 50.91M | 124.35M | 118.26M | -1.59M |
| Net Margin % | 16.46% | 17.21% | 12.25% | 6.25% | 3.49% | 10.4% | 10.1% | -0.24% |
| Net Income Growth % | 15.07% | 66.26% | 157.59% | 133.51% | -59.06% | 5.15% | 7537.48% | - |
| Net Income (Continuing) | 585.88M | 517.25M | 496.21M | 121.33M | 50.91M | 124.35M | 118.26M | -1.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 31.02M | 3.56B | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.84 | 3.47 | 3.37 | 0.01 | 1.11 | 3.23 | 3.07 | -0.04 |
| EPS Growth % | 10.66% | 2.97% | - | -99.3% | -65.63% | 5.21% | 7533.41% | - |
| EPS (Basic) | 3.96 | 3.55 | 3.97 | 0.02 | 1.11 | 3.23 | 3.07 | -0.04 |
| Diluted Shares Outstanding | 152.71M | 149.28M | 147.28M | 145.85M | 45.87M | 38.54M | 38.54M | 38.54M |
| Basic Shares Outstanding | 147.98M | 143.54M | 77.07M | 45.89M | 45.87M | 38.54M | 38.54M | 38.54M |
| Dividend Payout Ratio | - | - | - | - | - | 266.51% | - | - |
Project-based revenue lumpiness
As reported in recent financial statements, Nextpower's revenue growth has turned negative, with a 4.7% year-over-year decline in 2026Q4, signaling that the project-based nature of utility-scale solar deployments is creating significant volatility compared to the 50.1% growth peak observed in early 2025.
The transition from double-digit expansion to contraction suggests that the company is highly sensitive to the timing of utility-scale capital expenditure cycles. Investors should monitor whether this deceleration reflects a structural slowdown in project FIDs or merely the inherent lumpiness of large-scale hardware delivery schedules.
Based on reported figures, Nextpower has maintained gross margins above 30% for most of the last ten quarters, peaking at 35.2% in 2025Q2, which suggests a robust competitive moat derived from its asset-light manufacturing model and specialized terrain-following technology.
The ability to sustain these margins despite fluctuating steel costs indicates strong pricing power and effective pass-through mechanisms in their contracts. However, the slight compression to 33.8% in 2026Q4 warrants investigation into whether rising logistics costs or shifts in product mix are beginning to erode this advantage.
According to recent SEC filings, operating income has fluctuated significantly, dropping from a high of $270.7M in 2024Q4 to $153.6M in 2026Q4, indicating that operating leverage is currently being challenged by rising SG&A expenses relative to the company's top-line performance.
While the company has successfully kept R&D spending disciplined, the recent increase in SG&A suggests a potential shift toward higher overhead as the firm scales independently. Analysts should assess whether this spending is a necessary investment for international expansion or a sign of diminishing operational efficiency.
As indicated by the income statement data, Nextpower has successfully eliminated stock-based compensation expenses as of 2026Q1, which suggests that the quality of net income has improved by removing non-cash dilution impacts that were present in previous fiscal periods.
The absence of SBC in recent quarters provides a clearer view of core profitability, though the volatility in net margins—ranging from 5.8% to 27.9%—suggests that non-operating items or tax timing may still be influencing the bottom line. Investors should remain cautious regarding the sustainability of these net income levels during periods of revenue contraction.
Based on the provided financial data, the sharp 69.9% decline in EPS growth during 2024Q3 highlights the extreme sensitivity of Nextpower's bottom line to project-based revenue recognition, which may lead to significant earnings misses if large-scale deployments are delayed by regulatory or macroeconomic factors.
Short-term volatility in earnings per share suggests that the market may be overestimating the predictability of the company's cash flows. The reliance on a few large utility-scale projects creates a binary risk profile that could lead to rapid margin compression if competitive pressures force pricing concessions in future bidding cycles.
Quick answers to the most common questions about buying NXT stock.
For fiscal year 2026, Nextpower Inc. (NXT) reported total revenue of $3.56B. This represents a 438.7% increase compared to $660.7M in 2019.
Nextpower Inc. (NXT) is profitable, generating $585.9M in net income for the fiscal year ending 2026 with a net profit margin of 16.5%.
Nextpower Inc. (NXT) reported an operating income of $697.3M, resulting in an operating profit margin of 19.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Nextpower Inc. (NXT) generated $1.16B in gross profit for the year, representing a gross profit margin of 32.6%. This demonstrates the company's core pricing power and production efficiency.