Nextracker

What Nextracker does

Nextpower (Nasdaq: NXT; formerly Nextracker) is the world's largest solar tracker manufacturer with approximately 26% global market share and more than 160 GW shipped, serving utility-scale solar developers, independent power producers, and utilities. The company designs, manufactures, and supplies single-axis solar tracking systems, primarily the NX Horizon 1P and NX Gemini 2P product lines, complemented by the NX Anchor integrated foundation system and the NX PowerMerge trunk collector for electrical balance-of-system (eBOS) components. Its technology stack combines hardware (trackers, foundations, eBOS, battery enclosures) with AI-powered monitoring, autonomous inspection robotics, and predictive maintenance software acquired through OnSight Technology, SenseHawk, and Amir Robotics.

Revenue is generated primarily through direct enterprise sales of solar tracking hardware and related components to utility-scale solar project developers on a project-by-project basis, with a $5+ billion backlog of signed customer orders holding safe harbor status under the Inflation Reduction Act. The go-to-market is geographically diversified (77% U.S., 23% international) and being expanded into Europe via the Zimmermann PV-Steel Group acquisition and into the Middle East via the Nextpower Arabia joint venture with Abunayyan Holding. Pricing is not publicly disclosed, but FY2026 revenue guidance is $3.425-$3.5 billion with adjusted EBITDA guidance of $810-$830 million and Q4 FY2026 adjusted gross margin of 34.5%.

The company is pivoting from a single-product tracker vendor to an integrated utility-scale power platform spanning trackers, foundations, eBOS, power conversion, battery energy storage systems (via Prevalon Energy), fixed-tilt and floating PV systems (via Zimmermann), and AI-driven O&M services. Management has guided to FY2030 revenue of $4.8-$5.6 billion with non-tracker sales expected to rise from 13% to 32% of total revenue, supported by a BBB- investment-grade rating from Fitch that expands access to debt capital for further M&A and international build-out.

Name

Nextracker

Legal name

Nextpower Inc.

Website

https://nextracker.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Nextpower (Nasdaq: NXT; formerly Nextracker) is the world's largest solar tracker manufacturer with about 26% global share and 160+ GW deployed, serving utility-scale solar developers, IPPs, and utilities with single-axis trackers, foundations, eBOS, BESS, and AI-driven O&M.

Ownership category

akta.pro rank

Product category

Utility-Scale Solar Tracker Systems

NAICS

Electrical Equipment, Appliance, and Component Manufacturing (335), Relay and Industrial Control Manufacturing (335314)

SIC

Switchgear & Switchboard Apparatus (3613), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electronic Coils, Transformers & Other Inductors (3677), Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Solar Mounting, Racking, Trackers & Structural BOS Manufacturing (EUAMAHAC)

akta.pro secondary industries

Solar Balance-of-System Components (Cables, Combiner Boxes, Switchgear, Transformers) (EUAMABAG), Solar Inverters, Power Electronics & MLPE (String/Central Inverters, Optimizers, Microinverters) (EUAMABAE), Power Electronics for Renewable & Grid-Tied Applications (Solar inverters, wind converters, grid-tie interfaces) (IMAGADAJ), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC), Renewable Monitoring, Controls & SCADA Hardware Manufacturing (Sensors, RTUs, Meters) (EUAMAHAJ)

Keywords

• Utility-scale solar trackers
• Solar tracker manufacturing
• Electrical balance of systems
• Battery energy storage
• Solar power plant foundations

Headquarters

HQ city

Fremont

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Solar Tracking Systems (Trackers): Core revenue stream from solar tracker systems including NX Horizon 1P, NX Gemini 2P, and related hardware. Legacy solar-tracking technology generates approximately 90% of revenues. Revenue per project is being enhanced through add-on products.
2. Battery Energy Storage Systems (BESS): Through the acquisition of Prevalon Energy (up to $365 million), Nextpower is integrating BESS and energy management software into its solar platform, expanding total addressable market into storage and controls.
3. European Fixed-Tilt and Complementary Solar Products: Revenue from Zimmermann PV-Steel Group acquisition includes fixed tilt, carports, trackers, agriPV, and floating PV product lines for the European market. Zimmermann business expected to contribute ~300 million euros in annual revenue on a run-rate basis.
4. eBOS (Electrical Balance of Systems) and Power Conversion: Nextpower's NX PowerMerge trunk collector system and emerging power conversion products are expanding revenue per project. Non-tracker sales expected to rise from 13% to 32% of total revenue by FY2030.
5. AI and Robotics Services: Autonomous inspection robots, modeling, and inspection capabilities acquired through OnSight Technology, SenseHawk IP, and Amir Robotics. Supporting power plant maintenance, modeling, and inspection across Nextpower's global fleet.
6. Solar Panel Frames (Origami Solar): Roll-formed steel frame technology for solar panels acquired via Origami Solar, expanding into the panel frame market with U.S.-based manufacturing. TAM for solar panel frames in the U.S. exceeds $750 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Nextpower designs, manufactures, and integrates utility-scale solar power infrastructure hardware, including single-axis solar trackers (NX Horizon 1P, NX Gemini 2P), the NX Anchor foundation system, and NX PowerMerge electrical balance-of-system (eBOS) products. Through acquisitions, the company has expanded into battery energy storage systems, power conversion products, AI-driven autonomous inspection, and roll-formed steel solar panel frames, providing utility-scale solar developers and IPPs with an integrated platform from design through operations.

Product overview

Nextpower (formerly Nextracker, Nasdaq: NXT) operates as a utility-scale solar integrated platform, transitioning from a solar tracker-focused business to a comprehensive power infrastructure platform. The core product portfolio centers on solar tracking systems including the NX Gemini 2P and NX Horizon 1P single-axis trackers, complemented by the NX Anchor foundation system. The company has expanded through acquisitions into adjacent markets: NX PowerMerge (electrical balance-of-system components via Bentek acquisition), Origami Solar (steel frame technology), autonomous inspection and AI/robotics capabilities (OnSight, SenseHawk, Amir Robotics acquisitions), battery energy storage systems and energy management software (Prevalon acquisition), and fixed-tilt/agrivoltaics/floating PV systems (Zimmermann PV-Steel Group acquisition). The platform aims to triple project revenue per customer through AI-driven optimization and integrated solutions across the solar project lifecycle from design through operations.

Differentiator

Problem solved

Functional benefit

Products and services

• NX Horizon 1P Solar Tracker System Single-row horizontal single-axis solar tracker designed for utility-scale solar power plants. The tracker continuously orients solar panels toward the sun to maximize energy yield, increasing annual output by 15-25% compared to fixed-tilt systems. Used by utility-scale solar developers and IPPs.
• NX Gemini Two-in-Portrait (2P) Solar Tracker System Reimagined two-in-portrait solar tracker system designed for utility-scale solar deployments, targeting the European market. Co-engineered with the NX Anchor foundation system for enhanced durability, performance, and installation speed in variable soil conditions.
• NX Anchor Integrated Foundation System Co-engineered foundation system for the NX Horizon 1P tracker that offers up to 70% less embedment depth than standard H-piles and up to 20% faster installation across variable soil conditions including soft, expansive, frost-prone, and mixed soils.
• NX PowerMerge Trunk Collector System (eBOS) Balance-of-system (eBOS) trunk collector system designed to optimize electrical components in utility-scale solar projects, reducing installation complexity and costs and integrating with the company's solar tracker platform.
• Power Conversion Products Power conversion technology line including inverters and related power electronics that enable efficient conversion of DC solar power to AC grid-compatible electricity. First shipments expected in 2026.
• Battery Energy Storage Systems (BESS) Battery energy storage systems integrated into the solar power platform to enable grid-scale energy storage, load management, and enhanced power reliability for utility-scale projects. Acquired via Prevalon Energy.
• Origami Solar Steel Frame Technology Roll-formed steel frame technology for solar panels offering superior strength, competitive cost, a localized supply chain, and a significantly lower carbon footprint compared to traditional extruded aluminum frames. Estimated U.S. TAM exceeds $750 million.
• Fixed-Tilt, AgriPV, Floating PV, and Carport Systems (Zimmermann Portfolio) Fixed-angle solar mounting systems, agrivoltaics, floating solar, and solar-powered carport structures acquired through the Zimmermann PV-Steel Group expansion, providing complementary product lines for the European market.
• Autonomous Inspection Solutions (OnSight Technology) AI-powered robotic inspection technology for autonomous monitoring of solar power plants, using thermographic and visual sensors to detect defects, hot spots, and performance anomalies in solar panels.
• Solar Modeling and Analytics Platform (SenseHawk) AI and data analytics platform providing modeling, simulation, and performance analysis for utility-scale solar installations, supporting site design, predictive maintenance, and energy yield optimization.
• Energy Management Software (Prevalon) Software platform for monitoring, controlling, and optimizing solar power plant operations and battery storage integration, delivered as part of the Prevalon Energy offering.

Quantifiable outcome

• Solar trackers increase annual energy yield by 15-25% compared to fixed-tilt systems
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature8 records

Partnerships

Five partnerships are on record, tiered flagship, core and minor.

• Abunayyan Holding CompanyflagshipStrategic or Co-development Partner · 1 October 2025Abunayyan Holding (75 years of regional infrastructure leadership) and Nextracker formed Nextpower Arabia, a Riyadh-headquartered JV to manufacture and supply advanced solar tracking systems for utility-scale projects across Saudi Arabia and the MENA region. The JV supports Saudi Arabia's 130 GW clean energy goal by 2030 and the MENA region's projected 180+ GW by 2030. A manufacturing facility planned in Jeddah. JV incorporation completed January 2026.
• T1 EnergycoreStrategic or Co-development Partner · 1 October 2025Nextracker and T1 Energy announced a strategic partnership to produce U.S.-made solar module frames using Nextracker's patented steel technology at T1 Energy's new 5-GW solar manufacturing facility in Dallas, Texas. The collaboration shifts industry reliance from imported aluminum to domestically produced steel frames, supporting domestic content incentives under the IRA.
• Lightsource bpcoreStrategic or Co-development Partner · 1 October 2025ARENA (Australian Renewable Energy Agency) funded Nextracker $4.96 million to deploy GPS-guided automated pile-driver technology at Australian solar projects, including Lightsource bp's 450 MW Goulburn River solar project in New South Wales. The technology reduces installation time by 20% and enables deployment on previously challenging terrain.
• Dr. Francesco BorrelliminorOthers · 1 July 2025Dr. Francesco Borrelli was appointed as Chief AI and Robotics Officer at Nextracker to lead the integration of AI and robotics into its solar technology platform. He supports the company's AI/robotics business initiative supported by strategic acquisitions.
• GameChange EnergyminorOthersGameChange Energy, a global energy infrastructure company, has been sued by Nextpower for allegedly infringing three patents related to solar tracker technology. GameChange denies the allegations and states it intends to vigorously defend, claiming its Genius Tracker system was independently developed. GameChange has delivered over 63 GW of systems globally and ranks among the top 3 global solar tracker companies.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Enphase Energy: U.S. power-electronics leader in MLPE and energy storage; comparable as a power-conversion/adjacency competitor relevant to Nextpower's 2026 power-conversion product launch and BESS roadmap.
• Sungrow: Largest global solar inverter manufacturer and major BESS provider. The incumbent power-conversion competitor into which Nextpower is now expanding with its own inverter line launching in 2026.
• First Solar: U.S. utility-scale thin-film PV module manufacturer; while not a tracker maker, it is a broad incumbent that often co-deployed with Nextpower's trackers on large utility projects and benefits from the same AI/data-center solar demand thesis.

Direct peers

• STi Norland: Spanish-headquartered single-axis solar tracker manufacturer with strong presence in EMEA, Latin America, and Australia. Competes directly with Nextpower on utility-scale tracker tenders outside the U.S.
• K2 Systems: Germany-based mounting and racking manufacturer expanding into trackers; acquired by S:FLEX and is comparable to Nextpower's Zimmermann-acquired fixed-tilt and mounting product portfolio.
• Array Technologies: U.S.-listed (ARAY) single-axis solar tracker manufacturer and Nextpower's largest direct competitor in utility-scale global markets. Both companies compete head-to-head on price, installation speed, and tech for multi-hundred-MW projects.
• Soltec: Spanish solar tracker and EPC company supplying utility-scale single-axis trackers globally. A direct global peer competing with Nextpower on tenders in EMEA, LATAM, and Asia.
• PV Hardware (PVH): Solar tracker manufacturer headquartered in Spain with strong LATAM and EMEA footprint. Competes directly with Nextpower for utility-scale tracker projects in markets outside North America.
• GameChange Solar: Global solar tracker competitor with 63+ GW shipped; currently the defendant in Nextpower's patent infringement suit over the Genius Tracker system. Operates as a direct challenger to Nextpower's NX Horizon and NX Gemini products.

Emerging players

• Trinasolar: Global Tier-1 solar module manufacturer and vertically-integrated project developer with growing tracker exposure. Comparable to Nextpower as a solar-infrastructure incumbent with overlapping utility-scale customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nextpower
• LinkedInlinkedin.com/company/nextracker-inc
• Facebookfacebook.com/nextpowerofficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds15 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nextracker