Nextpower, formerly Nextracker, is the world's largest solar tracker manufacturer, with the top global market share for eleven consecutive years and more than 160 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.
On November 12, 2025, the company renamed itself from Nextracker to Nextpower, a full legal name change effected through an amended Delaware certificate of incorporation, to reflect an expansion beyond trackers into a broader portfolio of utility-scale solar plant components: electrical balance of systems, steel foundations, module frames, and now power conversion equipment. The core tracker business remains dominant (FY2026 revenue of $3.56 billion, $854 million in adjusted EBITDA, and $514 million in adjusted 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; cumulative XTR sales passed 50 GW during FY2026.
TrueCapture is Nextpower'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 of typically 1–3% annually over standard tracking algorithms. It is sold as an add-on to NX Horizon hardware, and the company is piloting NX One, a unified software platform spanning its product lines. The software layer is an ongoing revenue stream and a sticky customer relationship that pure hardware sales do not create.
The platform has been assembled through a series of acquisitions. The foundations business came from Ojjo (June 2024, ~$119 million, truss foundations for hard and rocky soils) and Solar Pile International (July 2024, ~$48 million, pile foundations for soft soils). Bentek Corporation (May 2025, ~$78 million) added pre-assembled electrical balance of systems (eBOS): the wiring harnesses, combiners, and distribution equipment that connect tracker rows to inverters. Origami Solar (September 2025, ~$53 million) added roll-formed steel PV module frames, which now feed a gigawatt-scale, multi-year U.S.-made frame supply agreement with JinkoSolar. In May 2026, Nextpower announced a definitive agreement to acquire the power conversion assets of Zigor Corporación 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; the deal was still awaiting Spanish government approval as of early July 2026, with U.S. production planned from 2027. And in June 2026 the company announced its largest acquisition yet: Zimmermann PV-Steel Group of Germany, for up to 330 million euros, adding European fixed-tilt racking, solar carports, agrivoltaics, and floating solar with roughly 300 million euros of run-rate revenue, expected to close in the second half of fiscal 2027. Combined, these additions address the company's stated target of non-tracker products making up 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. FY2026 revenue was $3.56 billion, up 20% from $2.96 billion in FY2025 and well above the original guidance range of $3.2 to $3.4 billion. Adjusted EBITDA reached $853.7 million, a 24.0% margin, up from $777 million in FY2025. GAAP net income was $585.9 million ($3.84 diluted), with adjusted diluted EPS of $4.50. Adjusted free cash flow was $513.6 million, and the balance sheet held $1.1 billion in cash at year-end; the company achieved an investment-grade credit rating during the year.
The backlog provides unusual forward visibility for a hardware company. It ended FY2026 at a record above $5.25 billion, following a record bookings quarter in Q4, which covers well over a year of revenue at the current run rate. FY2027 guidance, raised in May 2026, calls for revenue of $3.8 to $4.1 billion, adjusted EBITDA of $825 to $900 million, and adjusted diluted EPS of $4.21 to $4.59, absorbing roughly $50 million of incremental costs to accelerate the inverter market entry. The company guides to more than 40% growth in the non-tracker business in FY2027, taking it to about 15% of revenue, on the way to the FY2030 targets set at the November 2025 capital markets day: $4.8 to $5.6 billion in revenue with roughly one-third from non-tracker products and services.
The global tracker market had its strongest year on record in calendar 2025, with shipments of 134 GWdc, up 19%, according to Wood Mackenzie. Nextpower ranked first for the eleventh consecutive year with roughly 40 GWdc shipped and about 30% global share, and extended its U.S. share above 50%; GameChange, Arctech, Array Technologies, and PVHardware rounded out the global top five, and Nextpower, Array, and GameChange together hold roughly 90% of the U.S. market. Chinese competitors, led by Arctech, 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 the American suppliers. In June 2026, Nextpower filed a patent lawsuit against GameChange in Delaware federal court, alleging that GameChange's tracker systems and software infringe three patents covering self-powered tracker architecture and TrueCapture-style energy optimization; GameChange has said it will vigorously defend itself.
Array Technologies has pursued a different integration strategy, securing domestic torque-tube steel through supply partnerships and building its own U.S. tracker factory to control steel cost and qualify for domestic-content incentives. 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, which had not yet closed as of early July 2026, 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. The June 2026 Zimmermann deal adds a further integration workload in a new geography at the same time.
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, and booked some tariff cost recoveries from customers in the fourth quarter of FY2026, 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. The One Big Beautiful Bill Act of July 2025 accelerated the phase-out of federal tax credits for new solar projects; management has said the law resolved much of the tax-credit uncertainty, that its deep backlog and flexible U.S. supply chain position the company well, and, as of May 2026, that safe-harbor deadlines are "not a bottleneck for the industry at this time." The record bookings since suggest demand has held, but the post-safe-harbor project economics of the early 2030s are the open question for the whole sector. Nextpower's international diversification, extended by the Zimmermann acquisition in Europe, provides some buffer, though management guides to a U.S. revenue mix in the high-70s percent for FY2027.
This profile was compiled from publicly available information including:
Nextpower Investor Relations — Earnings releases, SEC filings (10-K, 8-K), and press releases.
Q4 and FY2026 earnings release (May 12, 2026) — Full-year financial results, backlog, and FY2027 guidance.
Wood Mackenzie global tracker market share, CY2025 — Shipment and market share rankings.
Acquisition announcements: Ojjo (June 2024), Solar Pile International (July 2024), Bentek (May 2025), Origami Solar (September 2025), Zigor/Apex Power (May 2026), Zimmermann PV-Steel Group (June 2026); Nextpower-GameChange patent lawsuit filing (June 2026).
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.