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NXT Nasdaq Russell 1000 Earnings call

Nextpower (NXT) · Q1 2026 results and valuation

Share price: $100.59 · 2026-11-11

Results Q1 2026 vs Q4 2025 · previous quarter · fiscal Q4 2026 · published 12 May 2026 and 28 Jan 2026

Net income up 14.8% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+14.8%

Net income vs Q4 2025

Outlook given

Net income 150.6M vs 131.2M

Revenue −3.2%

Against the same quarter last year (Q1 2025) it is −8.7%, so the move on last quarter looks seasonal or timing-related rather than a trend.

2 · How management spoke

Upbeat

More upbeat than 68% of company calls

Answers to analysts: typical, in line with the script.

Similar to last call.

3 · What stood out

Figure

NXT reduced installation time by 20% for its flagship NX Horizon tracker over the past year to improve operational efficiency.

Valuation

Is Nextpower undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2026-03-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 20.0% growth a year (3-year revenue growth), the model's fair value is $173.67 a share — the stock trades 42% below it. Today's price assumes 12.1% growth a year.

Current price

$100.59

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+12.1% for 10 yrs

Fair value / share

$173.67

Buy below

$130.25

Price vs fair value

Undervalued 42%

Price vs buy-below price

Undervalued 23%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Demand strength is backed by 20% annual revenue growth and a record backlog above $5.25 billion.

    Source quote
    “Demand remains healthy and we continue to see strong bookings momentum supported by a flight to quality across our customer... Including 20% revenue growth year over year, strong profitability, and record backlog of over 5.25 billion. Let me lay out a few key themes you will hear during today's call.”
  2. Key theme

    Generated $154 million in cash this quarter, while full-year earnings of $854 million surpassed both initial and updated plans.

    Source quote
    “Cash generation continues to be a hallmark of Next Power, We generated $154 million of adjusted free cash flow in the quarter... For the full year, adjusted EBITDA was $854 million well above our initial plan and our updated plan for Q4. Ended the quarter with approximately $1.1 billion in cash and cash equivalents and no debt, and we achieved an investment grade credit rating during the year.”
  3. Guidance

    Given its strong bookings position, Nextpower is increasing the target that it outlined at Capital Markets Day 6 months ago to revenue in the range of $3.8 billion…

  4. Guidance

    Profit margin guidance is in the low 30% range, reflecting high freight and logistics costs from Middle East disruptions.

    Source quote
    “We expect gross margins to continue to be in the low 30s including elevated freight and logistics costs, particularly related to disruptions in The Middle East.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.

Prepared remarks Upbeat (was upbeat)
Answers to analysts Typical (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“Including 20% revenue growth year over year, strong profitability, and record backlog of over 5.25 billion.”
“Overall, we believe the business is well positioned to deliver continued growth and profitability supported by strong backlog, disciplined execution and ongoing investment in our platform.”
“Supported by strong backlog increasing customer adoption of our platform, ongoing investment in innovation.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)

Metric Q1 2026period end 2026-03-31 Q4 2025period end 2025-12-31 Change Q1 2025 YoY
Revenue 880.5M 909.4M −3.2% 924.3M −4.7%
Gross profit 297.4M 288.1M +3.2% 305.7M −2.7%
Operating income 153.6M 176.1M −12.8% 195.3M −21.4%
Net income 150.6M 131.2M +14.8% 164.9M −8.7%
EPS 0.98 0.85 +15.3% 1.06 −7.5%
P/E today 21.4 31.4 22.2 +9.2 12.1 +19.3

Topics

Most discussed now

  • New Most of the time, they are executing to a pre agreed plan with it.
  • As Nextpower looks ahead, demand remains healthy across its markets, and overall pipeline visibility remains strong.
  • The quality of Nextpower's bookings and backlog remains very high providing excellent visibility into project timing and execution.
  • This was above Nextpower's expectations driven by higher gross margins offset by growth in investments in OpEx, primarily R&D and...
  • The platform supports new projects for solar and batteries which are typically 1.5 thousand volts, but it is designed...

Faded since Q4 2025

  • Dropped What Nextpower has seen happen in storage is the same thing that happened in photovoltaic cells where there was this cost...
  • Dropped It was a little bit weighted to the United States, just to give you some color.
  • Fading Nextpower followed that with a Technology and Market Symposium, where it engaged directly with customers to showcase its expanding…
  • Fading The JV is already off to a strong start and will supply 2.25 gigawatts of advanced tracking systems to one...

Latest announcements

Official filings, newest first.

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