Slide 1: Shareholder Letter Q3 FY2026
Shareholder Letter Q3 FY2026 January 27, 2026
Slide 2: YTD Performance Through Q3 FY26 Financial Highlights
YTD Performance Through Q3 FY26 Financial Highlights YTD FY25 Revenue ($M) 2,035 YTD FY25 YTD FY25 444 703 YTD FY26 2,679 YTD FY26 YTD FY26 544 863 GAAP (Gross Profit ($M) Shareholder Letter Q3 FY2026 +32% GAAP (Operating Income ($M) YTD FY25 YTD FY25 531 714 YTD FY25 Adjusted EBITDA ($M) 26% 534 YT
Slide 3: Dear Nextpower Shareholder
Dear Nextpower Shareholder, Shareholder Letter Q3 FY2026 In November, we rebranded our company from Nextracker to Nextpower. Our company was founded in 2013 to address the limitations of legacy tracker systems through independent-row architecture and smarter controls, with the goal of helping accele
Slide 4: Middle East joint venture and expansion into power conversion
Structural Trackers Trackers Foundations Shareholder Letter Q3 FY2026 The next major phase of our strategy involves expansion into the power conversion space, where we believe Nextpower has a meaningful opportunity to improve system efficiency, reliability, serviceability, and cybersecurity across t
Slide 5: Q3 and YTD FY26 Results
Q3 and YTD FY26 Results $909 Million Revenue +34% YoY Q3 revenue increased 34% YoY to $909 million and year-to-date (through Q3) revenue increased 32% YoY to approximately $2.68 billion. The geographic mix of total revenue for Q3 was 81% U.S. and 19% Rest of World, and 75% U.S. and 25% Rest of World
Slide 6: Business Highlights
Business Highlights Corporate Updates Rebranded the company to Nextpower at our inaugural Capital Markets Day, reflecting our evolution from a pure-play tracking systems supplier to an end-to-end solar technology platform Achieved an investment grade credit rating from Fitch, reflecting strong cash
Slide 7: Looking Ahead
Founder & CEO Dan Shugar Looking Ahead Shareholder Letter Q3 FY2026 President Howard Wenger Our Q3 performance validates Nextpowerˇs strategy of customer-focused innovation and execution in our core tracker business while expanding our technology platform through a combination of internal R&D and M&
Slide 8: Nextpower Arabia joint venture with Abunayyan Holding
Shareholder Letter Q3 FY2026 We are pleased to announce that we have completed the formation of our Nextpower Arabia joint venture with Abunayyan Holding in Saudi Arabia. This milestone represents a significant step forward in our strategy to accelerate the deployment of utility-scale solar power pl
Slide 9: Fiscal Year 2026 Outlook
See Appendix for reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Additional Modeling Assumptions Fiscal Year 2026 Outlook Revenue Adjusted (EBITDA GAAP (Net Income Adjusted (Diluted EPS GAAP (Diluted EPS $4.26 to $4.
Slide 10: Financial Results
Financial Results Shareholder Letter Q3 FY2026 Page 10 Wright Solar Plant, featuring NX Horizon-XTR", Nextpowerˇs terrain following tracker paired with TrueCapture® Split Boost Control
Slide 11: Revenue
Revenue ($M) Financial Results Nextpower asset management team at utility-scale plant in California, featuring NX Horizon-XTR" Q3 FY25 679 Q4 FY25 924 Shareholder Letter Q3 FY2026 Q1 FY26 864 Q2 FY26 905 Q3 FY26 909 Revenue Mix RoW % U.S. % RoW U.S. YoY Change YoY Change In Q3, revenue increased 34%
Slide 12: Adjusted EBITDA
Adjusted EBITDA ($M) Financial Results Q3 FY25 27% 186 Q4 FY25 26% 242 Shareholder Letter Q3 FY2026 Q1 FY26 25% 215 See Appendix for reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. *Q3 FY25, Q4 FY25, Q1 FY26, Q2 FY26
Slide 13: Quarterly Results
Quarterly Results Financial Results Adj. Diluted EPS Adj. Net Income Adj. EBITDA Margin Adj. EBITDA Adj. Operating Margin Adj. Operating Income Adj. Total Operating Expense Adj. R&D Adj. SG&A Adj. Gross Margin Adj. Gross Profit Revenue Adj. Total Operating Expense % Adj. R&D % Adj. SG&A % $M, except
Slide 14: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Financial Results Adjusted Free Cash Flow Capital Expenditures Cash From Operations Adj. Free Cash Flow Conversion Cash Conversion Cycle Net Working Capital AP & Accrued Expenses Inventories AR & Contract Assets Debt, Current & Long-Term Ending Cash & Cash Equivalents $M,
Slide 15: Forward Looking Statements
Forward Looking Statements Shareholder Letter Q3 FY2026 This shareholder letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and unce
Slide 16: Channels for Disclosure of Information; Use of Adjusted Financial Information
Channels for Disclosure of Information Use of Adjusted Financial Information Nextpower intends to announce material information to the public through the Nextpower Investor Relations website investors.nextpower.com, SEC filings, press releases, public conference calls, and public webcasts. Nextpower
Slide 17: Unaudited condensed consolidated statements of operations
Shareholder Letter Q3 FY2026 Nextpower Inc. Unaudited condensed consolidated statements of operations((In thousands, except per share data) Schedule I Page 17
Slide 18: Unaudited condensed consolidated statements of operations (continued)
Shareholder Letter Q3 FY2026 Nextpower Inc. Unaudited condensed consolidated statements of operations (continued)((In thousands, except per share data) Schedule I Page 18
Slide 19: Unaudited condensed consolidated balance sheets
Shareholder Letter Q3 FY2026 Nextpower Inc. Unaudited condensed consolidated balance sheets((In thousands) Schedule II Page 19
Slide 20: Unaudited condensed consolidated statements of cash flows
Shareholder Letter Q3 FY2026 (1) Adjusted free cash flow conversion is calculated by dividing adjusted free cash flow by adjusted EBITDA for the same period. (Refer to Schedule IV for the reconciliation of GAAP net income to adjusted EBITDA. Nextpower Inc. Unaudited condensed consolidated statements
Slide 21: Reconciliation of GAAP to Non-GAAP financial measures
Shareholder Letter Q3 FY2026 Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures((In thousands, except percentages and per share data) Schedule IV Page 21
Slide 22: Reconciliation of GAAP to Non-GAAP financial measures (continued)
Shareholder Letter Q3 FY2026 Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures (continued)((In thousands, except percentages and per share data) Schedule IV Page 22
Slide 23: Non-GAAP financial measures explanation
Shareholder Letter Q3 FY2026 To supplement Nextpowerˇs unaudited selected financial data presented consistent with U.S. Generally Accepted Accounting Principles (˝GAAP˛), the Company discloses certain non-GAAP financial measures that exclude certain charges and gains, including adjusted earnings bef