Nextpower (NXT) Q3 2025 earnings summary

Executive summary

• Year-to-date revenue grew 15% year-over-year to $2.03 billion, with Q3 revenue at $679 million; U.S. accounted for 66–70% of sales, Rest of World 30–34%.

• Adjusted EBITDA for the nine months was $534 million, up 48% year-over-year; Q3 adjusted EBITDA was $186 million, up 11% year-over-year, with a 27% margin.

• Record backlog now significantly exceeds $4.5 billion, more than doubling since IPO, with robust bookings in both U.S. and international markets.

• Net income for the nine months rose 32% year-over-year to $359.4 million, with EPS of $2.46 basic and $2.41 diluted.

• Expanded R&D and manufacturing network, completed two acquisitions, and achieved over 100 GW of solar tracker systems shipped globally.

Financial highlights

• Q3 revenue: $679 million (66% U.S., 34% rest of world); YTD revenue: $2.0–$2.03 billion (+15% YoY).

• Adjusted EBITDA: $186 million in Q3 (27% margin, +11% YoY); $534 million YTD (+48% YoY, 26% margin).

• Adjusted gross margin: 36% in Q3 (+6 pts YoY); YTD adjusted gross margin: 34.6–35%.

• Adjusted free cash flow: $135 million in Q3, $395 million YTD; cash and equivalents: $693.5–$694 million; total liquidity: $1.6 billion.

• YTD adjusted diluted EPS: $2.93 (+40% YoY); Q3 adjusted diluted EPS: $1.03 (+7% YoY).

Outlook and guidance

• Fiscal 2025 revenue expected at $2.8–$2.9 billion; adjusted EBITDA guidance raised to $700–$740 million.

• Adjusted diluted EPS guidance increased to $3.75–$3.95; expected adjusted tax rate ~20%.

• U.S. revenue mix projected at two-thirds of total; backlog provides strong visibility, with 76–87% expected to convert over the next eight quarters.

• Management expects continued growth driven by U.S. demand, expanded product offerings, and benefits from the Inflation Reduction Act.