Nextpower, a leading global solar tracker company, presented its strategic initiatives and financial performance at the Barclays 40th Annual Energy-Power Conference on September 10, 2026. The company, led by CEO Dan Shugar and CFO Chuck Boynton, detailed its progress in diversification, revenue growth, and market expansion.
Nextpower has completed 13 acquisitions over the past 2.5 years, including the power conversion and inverter business of Apex Power, a subsidiary of Spanish electronics company Zigor, and the energy storage business of Prevalon, formerly part of Mitsubishi Heavy Industries’ battery division. The company is also pursuing the acquisition of Zimmermann, a Germany-based company, which is expected to close by November 16.
Financially, Nextpower reported a revenue of $3.5 billion for the prior fiscal year and a path to $5.2 billion by fiscal 2030. The company's last twelve months' revenue reached $3.63 billion, reflecting a 17% year-over-year growth. The market capitalization stands at $12.1 billion, with a P/E ratio of 21.35, a current ratio of 2.69, and a return on equity of 27%. The company has $1.2 billion in cash and a credit line of roughly the same size, with a $500 million stock buyback plan approved over a three-year period.
Nextpower's diversification goals include increasing non-tracker products to more than one-third of revenue by fiscal 2030. The company is the No. 1 global solar tracker company for 11 straight years, with a global market share of about 30% and a U.S. share of about 55%. The company has a cumulative shipments of more than 160 gigawatts and operates in 45 to 50 countries, which will expand to about 65 countries upon closing the Zimmermann deal.
The company's U.S. manufacturing operations include 35 factories, alongside facilities in Saudi Arabia and Brazil. A new U.S. power conversion manufacturing facility is expected to produce double-digit gigawatts and become operational next year. Nextpower Energy Storage is working on a 1.3 gigawatt tier-1 inference data center project, and the Idaho Power project includes a 200 megawatt, 800 megawatt-hour system, the largest in Idaho, used for grid augmentation near a semiconductor manufacturer.
Headwinds include Section 232 tariffs causing a mid-single-digit impact on power purchase agreement (PPA) pricing, geopolitical factors affecting liquefied natural gas supply, and regulatory requirements causing delivery disruptions. Despite these challenges, Nextpower remains on track to meet its revenue and earnings growth targets, with significant vectors of additional growth in other product categories.
CEO Dan Shugar emphasized the company's progress in revenue growth, earnings growth, and diversification, highlighting the strategic importance of these initiatives. He also noted the need for highly reliable products and services, addressing the commoditization and reliability issues in the market.
