Nextpower — formerly Nextracker — is the world's largest solar tracker manufacturer, with the top global market share for ten consecutive years and more than 100 GW shipped cumulatively since its founding. The company is headquartered in Fremont, California and trades on the Nasdaq under the ticker NXT. It was founded in 2013 by Dan Shugar, a veteran of SunPower and Solaria, alongside Marco Garcia, Alex Au, and Ty Jagerson. The founders built the company around a specific architectural choice — the independent-row tracker — that addressed reliability and terrain limitations of earlier linked-row systems.
In November 2025, the company rebranded from Nextracker to Nextpower to reflect an expansion beyond trackers into a broader portfolio of utility-scale solar plant components: electrical balance of systems, steel foundations, robotics, and now power conversion equipment. The core tracker business remains dominant — FY2025 revenue of $2.96 billion, $777 million in adjusted EBITDA, and $622 million in free cash flow — but the strategic direction is toward supplying a larger share of everything a utility-scale solar plant requires.
The NX Horizon is a single-axis horizontal tracker where each row operates independently rather than being mechanically linked to adjacent rows. Each row carries its own small PV panel and battery to power its motor and controls, and communicates wirelessly rather than through trenched cables. The practical consequences are significant: no single-point mechanical failure can cascade across a field, installation does not require communication trenching (which adds cost and time), and the system can handle sloped or uneven terrain that would require expensive grading for linked-row alternatives. The NX Horizon Hail Pro variant — with over 9 GW booked in FY2025 — stows panels in a protective angle during hail events. The XTR series handles extreme terrain with module torque tube extensions; more than 17 GW of XTR trackers were sold in FY2025.
TrueCapture is Nextracker's intelligent control software, which adjusts tracker row angles dynamically across a plant in real time based on irradiance sensors, weather data, and row-level shading models rather than following a fixed astronomical tracking algorithm. By accounting for backtracking under diffuse conditions and optimizing each row's angle based on its local conditions, TrueCapture delivers a measured energy yield uplift — typically 1–3% annually — over standard tracking algorithms. It is sold as an add-on to NX Horizon hardware and had record bookings in FY2025. The software layer represents an ongoing revenue stream and a sticky customer relationship that pure hardware sales do not create.
In May 2025, Nextpower acquired Bentek Corporation for approximately $78 million, adding pre-assembled electrical balance of systems (eBOS) — the wiring harnesses, combiners, and distribution equipment that connect tracker rows to inverters. Bentek's products reduce field labor by pre-assembling these components in a factory. The foundations business, which makes the steel piles and posts that anchor tracker rows to the ground, booked more than 1 GW in the final two quarters of FY2025. In May 2026, Nextpower announced a definitive agreement to acquire the power conversion assets of Zigor Corporation and its U.S. subsidiary Apex Power for approximately $80.5 million, entering the inverter market for utility-scale solar, battery storage, and data center applications. Combined, these additions address the company's stated target of non-tracker products representing roughly one-third of revenue by 2030.
Dan Shugar founded Nextracker in 2013 as a spinout from Solaria, drawing on his prior experience building SunPower's systems business. The founding team addressed a specific problem: first-generation trackers linked rows mechanically and required communication cables trenched across a field, creating installation cost and a single point of failure that could take down large sections of a plant. The NX Horizon's independent-row, self-powered architecture was the answer.
In 2015, contract manufacturer Flex Ltd. acquired Nextracker for $330 million. The Flex relationship gave Nextracker access to a global manufacturing and supply chain network without building it from scratch — a significant advantage for a hardware company trying to scale quickly across geographies. Under Flex's ownership, Nextracker expanded into Australia, India, and Latin America and became the world's top tracker supplier by shipped GW in 2016. By 2019 the company had shipped 20 GW cumulatively.
Nextracker went public in February 2023 in what was, at the time, the largest U.S. clean energy IPO of the year, raising approximately $638 million on the Nasdaq. Flex retained a significant stake through the IPO and distributed its remaining shares to Flex shareholders in a spin-off completed in January 2024, at which point Nextracker became fully independent. The November 2025 rebrand to Nextpower followed a series of acquisitions that expanded the product portfolio beyond trackers for the first time since founding.
Nextpower's fiscal year ends March 31. FY2025 revenue was $2.96 billion, up 18% from $2.5 billion in FY2024, which itself was up 31% from $1.9 billion in FY2023. Adjusted EBITDA reached $777 million in FY2025, a 26.2% margin, up from $521 million and a 21% margin in FY2024. GAAP net income was $509 million. Free cash flow of $622 million and a balance sheet with $766 million in cash and no debt give the company significant financial flexibility.
The backlog provides unusual forward visibility for a hardware company. It ended FY2025 significantly above $4.5 billion — representing more than 18 months of revenue at the current run rate. Guidance for FY2026 is $3.2 to $3.4 billion in revenue, with longer-range targets of $3.8 to $4.1 billion in FY2027 and $4.8 to $5.6 billion by FY2030. The FY2030 target assumes non-tracker products (eBOS, foundations, inverters) contribute roughly one-third of revenue, compared to a negligible share today.
The global solar tracker market is moderately concentrated. Nextpower, Array Technologies, and Arctech Solar together hold roughly 55–60% of global shipments. Nextpower's 26% share in 2025 (28.5 GW shipped) is roughly double that of Array Technologies, its closest Western peer. Chinese competitors — Arctech, Trina Solar's tracker division, PVHardware — are price-competitive in markets outside the U.S. and have been gaining share globally, while domestic U.S. market dynamics have been more favorable to Nextpower and Array.
Array Technologies has pursued a different integration strategy, acquiring a New Mexico steel mill to control torque tube supply and reduce steel cost. Nextpower's approach — adding electronics, software, and now power conversion — bets that differentiation comes from the intelligence and integration of the system rather than the cost of the steel. The two strategies reflect different views of where durable margin lives in the tracker industry.
The Nextpower rebrand signals a specific strategic thesis: that utility-scale solar developers will increasingly prefer to buy an integrated system from fewer suppliers rather than separately procuring trackers, eBOS, foundations, and inverters. By owning all of those product lines, Nextpower can offer a coordinated solution that installs faster, has fewer integration failure modes, and creates a single accountability relationship for the developer. The inverter acquisition accelerates this by adding the most complex and highest-value component in the power conversion stack.
The demand backdrop supports continued growth. Global solar capacity additions have exceeded every prior forecast, and the AI data center buildout is accelerating U.S. utility-scale solar procurement by major technology companies. Nextpower's backlog visibility, geographic diversification (North America, Latin America, Australia, India, Europe), and product breadth across terrain types and hail zones position it broadly across the market.
The platform expansion creates execution risk that the tracker-only business did not carry. Inverters are a competitive, technically complex market with established players (SMA, SolarEdge, Sungrow, Huawei) that have decades of product development and field experience. Entering through a relatively small acquisition of Zigor and Apex Power gives Nextpower a product to sell, but building market share in power conversion requires a long track record that the company does not yet have. Margins in inverters are also not obviously better than in trackers, which already carry strong EBITDA margins.
Tariff policy on imported steel is a persistent cost variable. Tracker torque tubes and structural steel are a large share of product cost, and U.S. steel tariffs directly affect manufacturing economics. Nextpower manages this through its Flex-era supply chain relationships and domestic sourcing, but significant tariff changes — in either direction — flow through to project economics and potentially to demand.
The tracker market's growth is ultimately tied to the pace of utility-scale solar capacity additions. Any policy change that significantly slows U.S. or global solar development — tariff increases on imported modules, ITC rollback, interconnection backlogs — would reduce the addressable market for Nextpower's entire product line. The company's international diversification provides some buffer, but roughly half of revenue historically comes from North America.
This profile was compiled from publicly available information including:
Nextpower Investor Relations — Earnings releases, SEC filings (10-K, 8-K), and press releases.
FY2025 earnings release — Full-year financial results and FY2026 guidance.
Nextpower rebrand announcement (Nov 2025) — Strategic rationale and platform expansion.
PV Tech — Rebrand analysis and product expansion context.
Canary Media (Feb 2023) — IPO and company history.
PV Magazine USA (Jun 2025) — Global tracker market share data.
This profile is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security.