Nextpower Highlights Record Revenue, $5.5B Backlog and Clean-Energy Expansion

Nextpower NASDAQ: NXT used its 2026 annual shareholder meeting to highlight its expansion beyond solar tracking, reporting record revenue, a backlog exceeding $5.5 billion excluding energy storage, and continued investment in a broader clean-energy technology platform.

CEO and Founder Dan Shugar said the company has continued to strengthen its position in solar tracking while adding technologies intended to support customers across the life cycle of energy projects. He said Nextpower has deployed more than 160 gigawatts of solar tracker technology in more than 50 countries.

“2025 marked our 11th consecutive year as the global leader in solar tracker market share, while also maintaining our leadership position in the U.S.,” Shugar said.

Shugar pointed to the company’s November transition from the Nextracker name to Nextpower as a milestone reflecting its broader strategy. He said the company has been building an integrated technology platform through internal innovation and acquisitions.

Nextpower’s expanded portfolio includes foundations, steel panel frames, electrical balance-of-system products, software, robotics, power electronics and energy storage, according to Shugar. The company said its energy-storage business adds more than $300 million in backlog beyond the more than $5.5 billion backlog reported for the rest of its business.

Shugar said the company’s performance during the year included record revenue, healthy profitability and cash flow, and a strong balance sheet. He attributed the results to disciplined execution, customer demand and contributions from the broader technology platform.

Looking ahead, Shugar cited growing global electricity demand from electrification, artificial intelligence, data centers, industrial expansion and demand for more resilient energy infrastructure. He said Nextpower believes its global operations and growing product portfolio position it to address those needs.

During the formal portion of the virtual meeting, shareholders approved all four items on the company’s agenda, based on preliminary voting results announced by Chief Legal and Compliance Officer Lindsey Wiedmann. Mark Menezes, Dan Shugar, William Watkins and Howard Wenger were elected as Class 1 directors for three-year terms expiring at the 2029 annual meeting. Shareholders ratified Deloitte as Nextpower’s independent registered public accounting firm for the fiscal year ending March 31, 2027. Shareholders approved, on a non-binding advisory basis, the compensation of the company’s named executive officers. Shareholders approved amendments to the company’s second amended and restated certificate of incorporation to remove legacy Class B common stock and other outdated provisions and rename the Class A common stock.

Wiedmann said the final voting results, including votes cast during the meeting, would be filed with the Securities and Exchange Commission on Form 8-K within four business days. The meeting was held virtually, and no shareholder questions were submitted during the question-and-answer session.

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day.