U.S.-based solar tracker firm Nextpower reported a revenue of $935 million in the first quarter (Q1) of fiscal year (FY) 2027, an 8.2% year-over-year (YoY) increase from $864 million. However, it missed analysts’ expectations by $8.04 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 8.3% to $233 million from $215 million.

Profit after tax (PAT) increased 5.2% YoY to $165 million from $157 million.

Earnings per share (EPS) was $1.07 in Q1 FY 2027, compared with $1.04 a year before.

Nextpower attributed the performance to customer demand, record bookings, backlog growth, and operational execution. The company also cited a higher contribution from U.S. revenue, tariff recoveries, and increased revenue from non-tracker products.

In Q4 FY 2026, Nextpower reported revenue of $880.5 million.

Daniel Shugar, Co-Founder and Chief Executive Officer, said the quarter reflected continued momentum in bookings, backlog growth, operational discipline, and progress in expanding the company’s technology platform. Demand remained healthy across the core tracker business and the company’s growing portfolio of non-tracker products.

Business Updates

Nextpower’s backlog exceeded $5.5 billion. The acquisition of Prevalon, completed in July 2026, added more than $300 million to the backlog.

It expanded its clean power technology platform by acquiring Prevalon’s energy storage business, Apex Power, and key assets of Zigor Corporation’s inverter business.

The company also entered into an agreement to acquire Zimmermann PV-Steel Group. The transaction consideration includes cash and stock totaling up to €330 million (approximately $378 million).

Shugar said the Prevalon acquisition added a team with experience across 6 GWh of turnkey storage solutions, including dispatchable peaking power and data center stabilization. He said solar and storage are complementary technologies that can provide low-cost, dispatchable energy.

Nextpower recorded its highest quarterly bookings for eBOS products. The company expects annual revenue from the eBOS segment to exceed $100 million.

Its eBOS product, NX PowerMerge, received UL certification during the quarter. Cumulative bookings for PowerMerge exceeded 850 MW.

The company said it expanded its solar tracker market share in the U.S. and globally. Its project footprint covers more than 50 countries.

Howard Wenger, President and Director, said non-tracker products were contributing more to bookings and revenue.

He noted that integrating Nextpower’s foundations with its trackers reduced installation time by approximately 20%, partly by eliminating fasteners between the foundation and tracker systems.

Outlook

Nextpower raised its financial outlook for FY 2027 following its Q1 performance, backlog growth, and continued demand across its tracker and non-tracker businesses.

The company now expects revenue from $4.1 billion to $4.4 billion, adjusted EBITDA from $870 million to $930 million, and adjusted diluted EPS from $4.42 to $4.73. The outlook includes approximately $50 million in planned investments, primarily to accelerate the company’s entry into the power conversion market.

Nextpower expects deliveries of its newly acquired Apex inverter to begin in early 2027. It plans to commission more than 10 GW of inverter manufacturing capacity in the U.S. by the summer of 2027.

Shugar said customer response to Nextpower’s inverter technology, domestic manufacturing, cybersecurity, and service plans had been strong. The company aims to deliver inverter and power conditioning products for solar and storage projects.

The company expects its eBOS business to contribute more than $100 million in revenue during FY 2027. Nextpower has booked 850 MW of its NX PowerMerge solution, with deliveries expected to begin in the current quarter.

The company expects energy storage to become a significant growth segment, with the market projected to expand at a compound annual growth rate of 33% from 2025 to 2028. It plans to serve solar developers, stand-alone storage companies, utilities, hyperscalers, and data center customers through its integrated solar and storage offerings.

Nextpower reiterated its long-term gross margin target in the low-30% range and operating margin target in the low-20% range. Quarterly margins may vary based on product mix, tariff recoveries, investments in new businesses, and policy developments.