Revenue grew to $1.1B in 2027Q2 with diluted EPS of $1.08, yet gross margin of 31.1% and operating margin of 18.7% sit below the 35.2% and 22.4% levels seen in 2025, suggesting limited operating leverage as the business scales.
Nextpower Inc. (NXT) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 |
|---|
| Sales/Revenue | 3.83B | 3.56B | 2.96B | 2.5B | 1.9B | 1.46B | 1.2B | 1.17B | 660.74M |
| Revenue Growth % | 13.67% | 20.28% | 18.38% | 31.42% | 30.5% | 21.91% | 2.08% | 77.27% | - |
| Cost of Goods Sold | 2.57B | 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 | 1.27B | 1.16B | 998.16M | 691.64M | 286.97M | 147.03M | 231.98M | 212.91M | 56.53M |
| Gross Margin % | 33% | 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 | 536.84M | 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 | 374.3M | 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 | 162.54M | 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 | 0 | -121.41M | 1.44M | 12.94M | 0 | 0 | 0 |
| Operating Income | 728.54M | 697.27M | 639.11M | 587.12M | 168.49M | 65.91M | 158.53M | 148.91M | 1.17M |
| Operating Margin % | 19% | 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 | 769.68M | 727.87M | 652.52M | 591.48M | 173.11M | 77.05M | 175.34M | 166.85M | 19.67M |
| EBITDA Margin % | 20.07% | 20.45% | 22.05% | 23.66% | 9.1% | 5.29% | 14.67% | 14.25% | 2.98% |
| EBITDA Growth % | 4.09% | 11.55% | 10.32% | 241.68% | 124.66% | -56.06% | 5.09% | 748.39% | - |
| D&A (Non-Cash Add-back) | 41.14M | 30.6M | 13.41M | 4.36M | 4.63M | 11.15M | 16.81M | 17.95M | 18.5M |
| EBIT | 755.41M | 716.45M | 661.11M | 621.82M | 169.93M | 78.85M | 158.53M | 148.91M | 1.17M |
| Net Interest Income | 8.68M | -2.62M | -13.1M | -13.82M | -1.83M | -34K | -502K | 0 | 0 |
| Interest Income | 9.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.28M | 2.62M | 13.1M | 13.82M | 1.83M | 34K | 502K | 0 | 0 |
| Other Income/Expense | 25.59M | 16.56M | 8.9M | 20.88M | 598K | -799K | -502K | 24K | -407K |
| Pretax Income | 754.13M | 713.83M | 648.02M | 608M | 169.08M | 65.11M | 158.03M | 148.93M | 760K |
| Pretax Margin % | 19.67% | 20.05% | 21.9% | 24.32% | 8.89% | 4.47% | 13.22% | 12.72% | 0.11% |
| Income Tax | 141.48M | 127.94M | 130.77M | 111.78M | 47.75M | 14.2M | 33.68M | 30.67M | 2.35M |
| Effective Tax Rate % | 18.76% | 17.92% | 20.18% | 18.39% | 28.24% | 21.8% | 21.31% | 20.6% | 309.21% |
| Net Income | 612.65M | 585.88M | 509.17M | 306.24M | 118.89M | 50.91M | 124.35M | 118.26M | -1.59M |
| Net Margin % | 15.98% | 16.46% | 17.21% | 12.25% | 6.25% | 3.49% | 10.4% | 10.1% | -0.24% |
| Net Income Growth % | 6.34% | 15.07% | 66.26% | 157.59% | 133.51% | -59.06% | 5.15% | 7537.48% | - |
| Net Income (Continuing) | 612.65M | 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 | 0 |
| Minority Interest | 0 | 0 | 0 | 31.02M | 3.56B | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.98 | 3.84 | 3.47 | 3.37 | 0.01 | 1.11 | 3.23 | 3.07 | -0.04 |
| EPS Growth % | 3.12% | 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 | 153.91M | 152.71M | 149.28M | 147.28M | 145.85M | 45.87M | 38.54M | 38.54M | 38.54M |
| Basic Shares Outstanding | 151.5M | 147.98M | 143.54M | 77.07M | 45.89M | 45.87M | 38.54M | 38.54M | 38.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | 266.51% | - | - |
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.
Key Metrics
Top Statement Risk
Policy and subsidy dependence
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating on Backlog Visibility
Based on reported quarterly figures, NXT's revenue rose from $635.6M in 2025Q2 to $1.1B in 2027Q2, a growth profile that appears to be driven by a backlog above $6 billion and expanding demand.
The sequential trajectory suggests growth has re-accelerated after a soft 2025Q3 where year-over-year revenue declined 4.4%, pointing to lumpy project timing rather than structural weakness. Growth durability depends on whether backlog conversion keeps pace with bookings, which warrants monitoring given the project-based, capex-cycle nature of utility-scale deployments. The mention of products and services beyond core trackers may indicate some diversification, though the reported figures do not isolate volume versus pricing contributions.
Gross Margin Volatility Within a Narrow Band
As reported in the income statements, NXT's gross margin ranged from 31.1% to 35.9% across the last ten quarters, a relatively narrow band that may reflect the asset-light outsourced fabrication model.
The compression to 31.1% in 2027Q2, following a 35.9% peak in 2027Q1, suggests input cost or mix pressure that the data alone cannot attribute precisely to steel, freight, or tax-credit timing. Pricing power relative to peers appears credible, since NXT's 32.6% gross margin exceeds ARRY's 23.2% while trailing SHLS's 35.0%. Investors should monitor whether the margin floor holds as domestic content requirements raise base input costs.
Operating Leverage Fading Through 2026
Based on reported figures, operating margin declined from 22.4% in 2025Q1 to 18.7% in 2027Q2 even as revenue grew, indicating operating income is not scaling in line with the top line.
SG&A rose from $58.5M to $92.2M over the period while gross profit grew more slowly in margin terms, which suggests overhead investment is outpacing gross profit expansion. This pattern may reflect deliberate investment in software and post-spin infrastructure, but the data does not confirm management intent. The trend warrants further investigation to determine whether efficiency gains return as volumes stabilize.
EPS Beats Driven by Share Count
According to reported quarterly figures, diluted EPS of $1.08 in 2027Q2 aligns closely with net income of $165.5M, with stock-based compensation reported at zero in several recent quarters, which limits the ability to assess dilution trends.
The data shows stock-based compensation of $22M to $40M in 2026 quarters but no reported figure in 2027, an inconsistency that makes earnings quality assessment harder. Net margin of 14.9% to 18.2% appears stable, though the gap between operating income and net income narrows or widens unpredictably, suggesting non-operating or tax items may be material. Data limitations prevent a firm conclusion on whether reported EPS reflects underlying operations.
Valuation Leaves Little Room for Execution Slips
Based on peer context, NXT's valuation appears elevated relative to the sector, and any operating margin slippage from the reported 18.7% could pressure a stock priced for continued beats.
After a strong quarter, expectations are likely higher, so the stock may be more sensitive to backlog conversion delays or margin compression. The short-seller case would focus on operating margin falling from 22.4% to 18.7% over six quarters and rising SG&A as signs of diminishing returns. Dependence on subsidies and trade policy remains a structural exposure that the income statement cannot fully capture.