Nextpower (NASDAQ:NXT) reported a 34% surge in third-quarter revenue, clearing the path for a massive $500 million share repurchase program and signaling the solar industry’s continued resilience amid a global shift toward renewable infrastructure.
The Fremont, California-based company, which rebranded from Nextracker in late 2025 to reflect its expansion into digital and electrical power systems, posted revenue of $909 million for the quarter ended Dec. 31.
The results comfortably outpaced the $679 million reported in the same period last year, driven by a record backlog that has now topped $5 billion.
Profitability followed suit, with GAAP operating income rising 17% to $176 million.
The company’s adjusted EBITDA reached $214 million, a 15% year-over-year increase, even as Nextpower aggressivey invests in new manufacturing hubs in the U.S. Southeast and joint ventures in Saudi Arabia to meet accelerating demand.
Bolstered by its liquidity position, Nextpower’s board authorized a three-year program to buy back up to $500 million of common stock.
The move underscores management's confidence in the company's long-term trajectory as it evolves from a hardware supplier into an integrated power technology provider.