Nextpower Inc. · NASDAQ:NXT
Nextpower — Investor Day (November 2025)
88 slides from Nextpower's investor day presentation, Nov 12, 2025
Slide 1: Capital Markets Day
Capital Markets Day © 2025 NEXTPOWER 1
Slide 2: Forward-Looking Statements
Forward -Looking Statements This presentation contains forward -looking statements within the meaning of Section 27A of the Securities Act and restrictions on eligibility for 45X and investment tax credits relating to foreign entities of concern (FEOC); our of 1933, as amended, and Section 21E of th
Slide 3: Capital Markets Day
Capital Markets Day 8:45 a.m. Welcome and Opening Remarks Comprehensive Energy Technology Platform Innovation Center Tour Break Customer Panel Utilities Perspective Fireside Chat Financials and Outlook Executive Q&A Noon Networking Lunch 12:30 p.m. Center for Solar Excellence R&D tour © 2025 NEXTPOW
Slide 4: Dan Shugar
Dan Shugar CEO & Founder, Nextpower © 2025 NEXTPOWER 5
Slide 5: Delivering Value to Shareholders from Day One
Delivering Value to Shareholders from Day One Revenue ($ Billions) 3.4 Since our IPO, NXT has delivered: 3.0 • $7.7B Revenue 2.5 1.9 • 21% CAGR 1.5 1.2 • $1.3B Free Cash Flow IPO • Performance Meeting and Exceeding Expectations FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 ( est ) #1 150+ GW 1,712 Global Trac
Slide 6: What's Next?
What's Next? © 2025 NEXTPOWER 7
Slide 7: What's Driving our Future
What’s Driving our Future Nextpower is extraordinarily well positioned to address three powerful, long -term secular drivers Demand Customer Need Economics Electricity demand Customers want integrated No other source can has entered an electricity solutions; systems that are compete with super -cycl
Slide 8: Solar Continues to Lead New Power Generation
Solar Continues to Lead New Power Generation Solar 474 Hydro 182 Wind 182 Solar added more than twice as much global electricity generation Coal 149 as any other source in 202 4 Gas 103 Nuclear 69 Other Renewables 20 Other Fossil Change in electricity generation, 2024 vs 2023 (TWh) Source: Ember - G
Slide 9: Electricity Super-Cycle
Electricity Super -Cycle We are 1 TW here Toward Terawatt -scale Deployment Global power capacity additions ( Gw ac per year ) SOLAR PV Nuclear Gas Hydro Onshore wind Offshore wind Battery Other Coal 1990 1995 2000 2005 2010 2015 2020 2025 2030 Source: Rystad Energy - Energy Macro Report 2025 © 2025
Slide 10: Solar vs. Traditional Power: The LCOE Advantage
Solar vs. Traditional Power: The LCOE Advantage U.S. Levelized Cost of Energy by Technology U.S. Utility-Scale Solar Levelized Cost of Energy (USD/MWh unsubsidized) (USD/MWh unsubsidized) 250 250 200 200 150 150 100 100 50 50 -54% 0 0 Solar Gas CCGT Coal Nuclear 2015 2010 2025 2035 2020 2030 Source:
Slide 11: The Demand is Urgent: Timelines Matter
Nuclear 1 GW The Demand is Urgent: Timelines Matter 10+ Years - $15B Gas 1 GW 3-4 Years - $2B Solar 1 GW Cost 1 Year - $1B 1 2 3 4 5 6 7 8 9 10 11 12 Source: Lazard – LCOE+ Report June 2025; Rystad Energy; Ember - Global Electricity Review 2025 GridLab ; Development Time (Years) Development Time def
Slide 12: Our Comprehensive Energy Technology Platform
Our Comprehensive Energy Technology Platform © 2025 NEXTPOWER November 12, 2025
Slide 13: The Nextpower Integrated Technology Platform
The Nextpower Integrated Technology Platform Software and Services NX One - TrueCapture Nextpower Technology Platform Robotics - AI - Tools Electrical eBOS - PCS - Inverters Structural Frames - Foundations Trackers NX Horizon - NX Horizon XTR Hail Pro - Low Carbon © 2025 NEXTPOWER 13
Slide 14: The Connected Power Plant: An Integrated, Intelligent System
The Connected Power Plant: An Integrated, Intelligent System The connected power plant understands, integrates, manages and optimizes everything that happens behind the solar panel. © 2025 NEXTPOWER 14
Slide 15: Tracker at the Core: Defining Market Leadership
Tracker at the Core: Defining Market Leadership Tracking technology is at the core of the connected plant and what we do. That’s not going to change. We have been the market leader for over a decade. © 2025 NEXTPOWER 17
Slide 16: Building our Technology Platform
Building our Technology Platform Expanding Nextpower's product line portfolio to create synergies across the connected plant Internal Innovation Acquisition and Acceleration • Innovative engineering solutions applied to • Strategic acquisitions accelerate time to every element of the power plant mar
Slide 17: Introducing NX Power Conversion Products
Introducing NX Power Conversion Products Solutions for Solar and Storage • Power conversion has long represented an opportunity for improvement in solar and storage and storage systems • Customers want products that are efficient, reliable, easy to service, and cyber -secure • We have deep legacy PC
Slide 18: Software: The NX One Digital Ecosystem
Software: The NX One Digital Ecosystem We make the plant intelligent, predictive, and reliable • A unified software platform that optimizes the design, deployment, and operation of Nextpower's product suite • Integrates trackers, structural, electrical, Netxpower’s Remote robotics, and services into
Slide 19: Nextpower's Competitive Advantage
Nextpower's Competitive Advantage Establishing and leading a new category from a position of strength Customer Base Talent Innovation DNA Scale & Execution Financial We serve 90% of Experienced senior Over 1400 patents Doing business in High ROIC, strong the top owners, leadership, issued and pendin
Slide 20: Poised for continued growth
$5.2B * 32% Poised for continued growth Demand for electricity has never been greater. $3.4B We're delivering the integrated infrastructure * 13% solutions that meet this need. Other 68% Products Nextpower is positioned for significant growth over the next four years, with approximately 87% one-thir
Slide 21: What's Next? Vision and Mission
What's Next? VISION MISSION We envision a world Our mission is to be the trusted electrified by clean partner delivering the world's most energy. intelligent, reliable, and productive clean -power technology. © 2025 NEXTPOWER 23
Slide 22: Howard Wenger
Howard Wenger President, Nextpower © 2025 NEXTPOWER 5
Slide 23: Our Comprehensive Energy Technology Platform
Our Comprehensive Energy Technology Platform © 2025 NEXTPOWER November 12, 2025
Slide 24: Please do more.
Please do more. CEO, Tier 1 Owner -Developer © 2025 NEXTPOWER 24
Slide 25: Our Customers Want Maximum, Pain-Free ROI
Our Customers Want Maximum, Pain -Free ROI Owners and EPCs want trusted partnership Speed : Simplified procurement and install, delivered on time Cost : Cost efficient across project lifecycle Reliable : Proven execution, partnering with customers to deliver high -quality projects with maximum yield
Slide 26: What Customers See Today
What Customers See Today A fragmented solution set: Not optimized, wasted time, lower ROI Company 11 Company 9 Company 14 Company 13 TRACKERS Company 8 EBOS Company 15 FOUNDATIONS Company 18 Company 10 Company 6 Company 12 Company 19 Company 16 ALUMINUM Company 7 PANEL FRAMED Company 17 INVERTERS AT
Slide 27: The Connected Power Plant: An Integrated, Intelligent System
The Connected Power Plant: An Integrated, Intelligent System The connected power plant understands, integrates, manages and optimizes everything that happens behind the solar panel. © 2025 NEXTPOWER 27
Slide 28: Nextpower Technology Platform
Nextpower Technology Platform Trackers Software + Services Trackers Software Controls Services, Robotics & AI Foundations Module Frames eBOS Power Conversion Structural Electrical © 2025 NEXTPOWER 28
Slide 29: NX One Digital Ecosystem
Nextpower: Delivering the Connected Power Plant The Power of One Software and Services One One NX One Digital Ecosystem Call Supplier Electrical Structural One One Warranty Platform Trackers © 2025 NEXTPOWER 29
Slide 30: Platform Synergy Examples for EPCs and Owners
Platform Synergy Examples for EPCs and Owners Design Phase Deployment Phase Operational Phase Engineer higher energy Detect installation errors Produce up to 6%+ more Software & production with TrueSim before commissioning, with energy with TrueCapture Services optimization software Robotics & AI se
Slide 31: LCOE Benefits: The Power of Integration
LCOE Benefits: The Power of Integration -7% -8% -15% Total LCOE Benefit* * U.S. Utility-Scale PV System example Baseline Utility NX Horizon Nextpower Scale Tracker Technology Platform System Benefit Benefits © 2025 NEXTPOWER 31
Slide 32: Platform Triples Our Market Opportunities
Platform Triples Our Market Opportunities Historical 1% Current Software and Services 10% Electrical 9% Addressable Share 7% 27% Addressable Share Structural 9% 9% • Nextpower wallet share approximations for U.S. Utility-Scale PV System Capital Costs (%) Trackers • Historical wallet share approximat
Slide 33: Our Market Footprint and Position Enables Scaling the Platform
Our Market Footprint and Position Enables Scaling the Platform Europe North America Installed Nextpower Systems Asia Nextpower Global Offices Middle East Latin America Africa India Australia 45 100+ #1 Share >1 GW Country Presence Global Manufacturing On Four Continents* Per Week Sites Deployment Sc
Slide 34: Poised for Significant Growth Across All Categories
Poised for Significant Growth Across All Categories Revenue Software and Services Electrical $5.2B* Structural Additional products and Trackers 32% services comprise ~32% $3.4B* of targeted FY30 revenue 13% % Revenue 87% 68% FY26 Outlook FY30 Target *FY26 $3.4B represents rounded midpoint outlook fo
Slide 35: Meet Nextpower's Technical Experts
Meet Nextpower's Technical Experts Trackers Structural Electrical Software and Services Jake Morin Ryan Schofield Jyoti Jain Chief Product Officer VP and GM: Electrical Head of Software Product Management © 2025 NEXTPOWER 35
Slide 36: Trackers, Foundations, and Frames
Trackers, Foundations, and Frames An integrated structural platform November 12, 2025
Slide 37: Trackers: Our Core Business
Trackers: Our Core Business The Plant Backbone Our flagship product and core of our business: $3.0B TTM Total Revenue (as of 2Q FY26) • Customer ROI is maximized by ensuring that every panel is positioned to optimize energy production under any conditions. • Our networked trackers, combined with our
Slide 38: Structural: Foundations and Frames
Structural: Foundations and Frames The Skeleton of the Plant's Structural Subsystem Foundations and frames are mission -critical $284M* components of the plant's structural subsystem: TTM Total Revenue (as of 2Q FY26) • Foundations anchor the entire system, significant opportunity for integration sy
Slide 39: Jake Morin
Jake Morin Chief Product Officer © 2025 NEXTPOWER 39
Slide 40: The Connected Power Plant: Trackers and Structural
The Connected Power Plant: Trackers and Structural © 2025 NEXTPOWER 40
Slide 41: Tracking Technology
Tracking Technology Nextpower Innovation A brief history Independent Row Trackers Smart, Adaptable Trackers Integrated Structural Tech Phase 2 LCOE reduction: Phase 3 LCOE reduction: Phase 4 LCOE reduction: • More energy • Site -specific energy gains • Increased installation velocity • Reduced O&M •
Slide 42: Nextpower's Existing Global Tracker Network
Nextpower’s Existing Global Tracker Network 1,500 150 GW 1 Sites Shipped 75,000 Global data network Intelligent weather stations 3,750,000 Smart, interconnected trackers © 2025 NEXTPOWER 42
Slide 43: NX Horizon: Lower LCOE by Design
NX Horizon: Lower LCOE by Design Intelligent Resilience Higher Yield Bankable and Proven Integration Advantage Reduced O&M Costs © 2025 NEXTPOWER 43
Slide 44: The Power of Integration
The Power of Integration Foundations and Trackers Designed to Work Together NX Earth Truss TM NX Anchor TM Up too 1 million Fewer Components* 20% Faster Install* Standard H piles *Nextpower internal research estimates for a typical 500MW U.S. plant © 2025 NEXTPOWER 44
Slide 45: Build on Any Soil, Assemble Trackers Faster
Build on Any Soil, Assemble Trackers Faster Nextpower integrated foundation systems NX Earth Truss TM NX Anchor TM Rock -solid foundations Secure, fast installing, low risk Precision, single -touch installation Customizable for a wide range of soils with Blade Piles with Screw Piles with Round Piles
Slide 46: Smarter Foundation Installation Technology
Smarter Foundation Installation Technology NX Truss Driver NX Anchor Driver GPS -guided, eliminates separate pre - Drives two piles at once, cutting install drilling, one-touch foundation installation time by 30 –40%. Reduces site grading and installation steps, Adaptable to a wide variety of soil -
Slide 47: Advanced Patented Module Frames
Advanced Patented Module Frames Module frame and supporting tracker parts form an integrated system to deliver lower LCOE -7% Faster installation -8% Superior long -term reliability Low carbon footprint 100% U.S. -made, tariff-free supply chain Up to 2.1x Mechanical strength of traditional aluminum
Slide 48: Technology Roadmap: Today and Tomorrow
Technology Roadmap: Today and Tomorrow Systems forming the backbone of the connected plant Today 2030 NX Horizon TM Expand our tracker network to deliver true plant intelligence NX Horizon Hail Pro TM NX Horizon -XTR TM Automated foundation installation NX Horizon Low Carbon Fully integrated structu
Slide 49: Electrical
Electrical eBOS and Power Conversion November 12, 2025
Slide 50: Electrical: eBOS and Power Conversion
Electrical: eBOS and Power Conversion The electron highway $59M TTM Total Revenue as of 2Q FY26* Nextpower's acquisition and integration of Bentek creates an opportunity to be a global leader in providing end -to-end, fully integrated electrical ~$530M BOS solutions, including: • Cable and wiring To
Slide 51: Ryan Schofield
Ryan Schofield Vice President and General Manager: Electrical – eBOS and Power Conversion © 2025 NEXTPOWER 51
Slide 52: The Connected Power Plant: Electrical
The Connected Power Plant: Electrical © 2025 NEXTPOWER 52
Slide 53: Complete eBOS Product Portfolio
Complete eBOS Product Portfolio Nextpower supports trunk and combiner systems Trunk Systems Nextpower eBOS Components + + Wire Harnessing NX PowerMerge TM Disconnect Box (LBD) Combiner Systems + Wire Harnessing Combiner Box (CB) © 2025 NEXTPOWER 53
Slide 54: The Importance of Nextpower's Electron Highway
The Importance of Nextpower's Electron Highway 250,000+ Total connections 0% Acceptable failure rate (typical U.S. plant*) *Nextpower internal estimates for typical 500MW US plant, includes both module and non-module connections © 2025 NEXTPOWER 54
Slide 55: eBOS: Customer Advantages from Panel to Inverter
eBOS : Customer Advantages from Panel to Inverter Integration and synergy Access to early design stage Products engineered for real - High quality, integrated information means: world conditions means: products mean: • Optimized harnessing solutions • Safer and faster installation • Enhanced reliabi
Slide 56: New Power Conversion Products
New Power Conversion Products Pilot deployment with key customers planned in summer 2026 Modular, high Innovative thermal High reliability and Made in USA, efficiency management field swappable cyber -secure © 2025 NEXTPOWER 56
Slide 57: Technology Roadmap: Today and Tomorrow
Technology Roadmap: Today and Tomorrow Systems forming the backbone of the connected plant Today 2030 + Inverters for solar and Cable and Wiring PCS for storage Harnesses + 2000 Volt Systems Connectors + Applied AI and Software Combiners + Highly Integrated Designs © 2025 NEXTPOWER 57
Slide 58: Software and Services
Software and Services (Software, Controls, Robotics, Services) November 12, 2025
Slide 59: Software and Services
Software and Services Our technology platform is the plant neural network Nextpower’s products and services across every phase of $81M the plant’s lifecycle are connected by software: TTM Total Revenue (as of 2Q FY26) • Software makes each piece of hardware intelligent, capable of collecting , trans
Slide 60: Jyoti Jain
Jyoti Jain Head of Software © 2025 NEXTPOWER 60
Slide 61: The Connected Power Plant: Software and Services
The Connected Power Plant: Software and Services © 2025 NEXTPOWER 61
Slide 62: The Connected Plant Generates Two Things: Power and Data
The Connected Plant Generates Two Things: Power and Data 500 Million New data records added to the NX cloud every day © 2025 NEXTPOWER 62
Slide 63: NX One Software Suite: A Superb Software Experience
NX One Software Suite: A Superb Software Experience A software suite designed around customer goals For Portfolio For Site For Field • Key metrics through the project • Mitigate extreme weather risk to • Enhance speed and efficiency of lifecycle receive favorable insurance terms commissioning • Driv
Slide 64: Robotic and AI-enabled Services: A Better Way
Robotic and AI -enabled Services: A Better Way We're deploying data and software to make the total electrical scope of the plant smarter. • Generate pre -emptive maintenance activity with AI powered video and thermal imaging • Scan eBOS and tracker systems for QA/QC prior to energizing • Identify po
Slide 65: Services Across the Project Lifecycle
Services Across the Project Lifecycle Design Phase Deployment Phase Operational Phase Site Assessment Training Robotic Inspections Structural Engineering Onsite Support Automated Fire Monitoring Electrical Engineering Installation Tools Robotic Cleaning Energy Yield Simulation Robotic QA/QC Technica
Slide 66: The Nextpower Integrated Technology Platform
The Nextpower Integrated Technology Platform Design Phase Deployment Phase Operational Phase Software and Services NX ONE Digital Ecosystem Electrical Structural Trackers © 2025 NEXTPOWER 66
Slide 67: Technology Roadmap: Today and Tomorrow
Technology Roadmap: Today and Tomorrow Systems forming the backbone of the connected plant Today 2030 Software and Controls NX One Platform Enabled: TrueCapture ® NX Navigator TM Software suite for full project life cycle NX Pulse TM management NX One TM Robotic services that include automated Servi
Slide 68: Customer Panel Speakers
Nick Cohen Dan Barcelo Craig Cornelius President & CEO, Doral LLC Chairman & CEO, T1 Energy President & CEO, Clearway Energy Group and Clearway Energy, Inc. Proprietary & Confidential | © 2025 NEXTPOWER 68
Slide 69: © 2025 NEXTPOWER
(9 NEXTPOWER. @ NEXTPOWER.
Slide 70: Jeff Guldner
Jeff Guldner Nextpower Board Member Former CEO and Chair of Pinnacle West and Arizona Public Service Company © 2025 NEXTPOWER 5
Slide 71: Chuck Boynton
Chuck Boynton CFO, Nextpower © 2025 NEXTPOWER 71
Slide 72: Our Next Chapter of Growth
Our Next Chapter of Growth © 2025 NEXTPOWER November 12, 2025
Slide 73: Historically Strong Revenue and Adjusted EBITDA Growth
Historically Strong Revenue and Adjusted EBITDA Growth Nextpower has delivered for our investors before and since our IPO, reflecting disciplined operations, strong leadership, and prudent capital allocation Revenue ($ Billions) Adjusted EBITDA ($ Millions) 776 3.0 2.5 521 1.9 1.5 1.2 179 209 92 FY2
Slide 74: Investments: Driving Revenue, Margin, and Growth
Investments: Driving Revenue, Margin, and Growth $172M Cumulative investment in R&D (FY2023 through 2Q FY26) Investment in R&D and strategic acquisitions have helped sustain and extend margins, even as we grow cash Adjusted Free Cash Flow ($ Millions) $332M Strategic acquisition investments and Adju
Slide 75: Combined with R&D, Transform our Revenue Profile
...And, Combined with R&D, Transform our Revenue Profile Trackers Structural Electrical Software and Services % of Revenue Outlook 87% 13% (FY26) % of Revenue FY30 (est) 68% 32% LOWER © 2025 NEXTPOWER 75
Slide 76: Anticipated Relative Profitability
Anticipated Relative Profitability Software and Services HIGHER Anticipated Gross Electrical Low 20s Aggregated % Adj. EBITDA Margin Margin across all our businesses Trackers (outlook) LOWER Structural See Appendix for reconciliation of each non -GAAP financial measure to the most comparable financi
Slide 77: Operating Leverage
Targeted OPEX as a % of Revenue Operating Leverage We are investing in our business operations infrastructure for efficiency, scale, and growth 9-10% 8-9% FY26 FY30 We expect operating leverage as OPEX % of revenue to decline Integration of acquired businesses and commercializing internal R&D initia
Slide 78: 4 Year Targets: Rollup
4 Year Targets: Rollup $3.3B - 3.5B* Revenue Tracker Other Products & Services Total Revenue FY26 (Outlook) ($ Billions) 4.8-5.6 $3.6 - 3.8B 3.6-3.8 3.3-3.5 1.5-1.8 3.0 0.5 -0.6 0.4 -0.5 0.3 3.3- 3.1- Total Revenue FY27 (Outlook) 2.7 2.9- 3.8 3.2 3.0 FY25 FY26 FY27 FY30 $4.8 - 5.6B Actual Outlook Ou
Slide 79: Nextpower: Financial Outlook
Nextpower: Financial Outlook FY25 Actual FY26 Outlook FY27 Outlook FY30 Target Revenue $ 2.96B $3.275 - $3.475B $ 3.60 - $ 3.80B $ 4.80 - $ 5.60B Adj. EBITDA $776M $775 - $815M $800 - $900M $ 1.10 - $ 1.30B Adj. FCF $622M $400 - $500M $550 - $650M $0.8 - $ 1.0B See Appendix for reconciliation of eac
Slide 80: Capital Allocation Strategy
Capital Allocation Strategy © 2025 NEXTPOWER November 12, 2025
Slide 81: Organic Growth: Investing in Our Future
Organic Growth: Investing in Our Future Smart R&D investments lead to revenue growth and protect margins $500M + Planned R&D investment through FY30 Annual R&D Spend ($ Millions) 105 71 >1,400 Patents issued and pending 22 35 ~600 Engineers employed at Nextpower FY23 FY24 FY25 FY26 (est) See Appendi
Slide 82: Disciplined Capital Allocation: Our M&A Strategy
Disciplined Capital Allocation: Our M&A Strategy Evaluating opportunities in context of talent, technology, and scaling potential Structural Electrical Software and Services IP $332M Dollar amounts represent aggregate total purchase price including any applicable deferred consideration and aggregate
Slide 83: High Return on Invested Capital (ROIC)
High Return on Invested Capital (ROIC) Adjusted free cash flow and capital light strategy sustain high ROIC We expect to continue generating significant Adjusted Free Cash Flow ($ Millions) Adj. FCF over time and reinvest back in the 800 -1,000 business to protect our margins and drive growth 550 -6
Slide 84: A Compelling Growth Story
A Compelling Growth Story • Multiple, long-term secular demand drivers shaping all our end markets • A comprehensive platform strategy to meet customer needs • Large and growing portfolio of best -in-class products and services • Disciplined operations and capital allocation strategy, strong balance
Slide 85: Executive Q&A
Executive Q&A © 2025 NEXTPOWER 85
Slide 86: © 2025 NEXTPOWER
© 2025 NEXTPOWER 94
Slide 87: Appendix
Appendix © 2025 NEXTPOWER 87
Slide 88: Reconciliation of GAAP to Non-GAAP financial measures
Schedule | Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures (In thousands, except percentages) Trailing twelve Yeartodateended months ended Fiscal year ended March 31, ‘September 26, 2025 September 26, 2025 2025 2024 2023 2022 2021 GAAP net income & margin $ 304,044 17.2% S$ 579,