Nextpower (NXT) Q2 2027 earnings summary

Executive summary

• Record Q2 FY27 revenue of $1.109B and adjusted EBITDA of $250M; bookings lifted backlog above $6B, with demand extending beyond tracker products.

• Non-tracker products represented ~22% of Q2 revenue as integrated platform adoption continued.

Financial highlights

• Revenue was $1.109B, up 23% YoY; GAAP net income was $165M and GAAP operating income was $208M.

• Adjusted EBITDA was $250M; cash flow from operations was $158M and adjusted free cash flow was ~$135M in Q2.

• Bookings exceeded $1B and were well above book-to-bill of one; non-tracker bookings were more than 20% of the total.

Outlook and guidance

• FY27 revenue guidance rose to $4.2B–$4.45B, adjusted EBITDA to $890M–$940M, and adjusted diluted EPS to $4.61–$4.87.

• FY27 GAAP net income guidance is $559M–$598M; free cash flow estimate increased from $450M to more than $500M.

• Q3 revenue is expected to decline sequentially from Q2 while growing ~10% YoY; second-half revenue is weighted toward Q4.

• FY27 adjusted gross margin is expected in the low 30s and adjusted EBITDA margin in the low 20s; second-half margins are expected in the high 20s and high teens, respectively.

• Adjusted EBITDA guidance excludes ~$185M for stock compensation, net intangible amortization and acquisition costs; adjusted EPS excludes ~$0.99 for these items, net of tax.