Earnings release
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Exhibit 99.1 Nextpower Reports Q2 Fiscal Year 2027 Financial Results Record Revenue of $1.1 Billion Record Bookings Increase Backlog to over $6 Billion FREMONT, Calif., October 28, 2026 – Nextpower (Nasdaq: NXT), a leading provider of clean power technology solutions, today announced financial results for the second quarter for fiscal year 2027, ended October 2, 2026. Financial Summary (In millions, except per share) Q2 FY27 Q1 FY27 Q2 FY26 Revenue $1,109 $935 $905 GAAP Gross Profit $345 $336 $293 GAAP Gross Margin 31.1 % 35.9 % 32.4 % GAAP Net Income $165 $165 $147 GAAP Net Income Margin 14.9 % 17.7 % 16.2 % GAAP Diluted EPS $1.08 $1.07 $0.97 Adjusted Gross Profit $355 $342 $300 Adjusted Gross Margin 32.0 % 36.6 % 33.1 % Adjusted EBITDA $250 $233 $224 Adjusted EBITDA Margin 22.5 % 24.9 % 24.7 % Adjusted Net Income $202 $186 $181 Adjusted Diluted EPS $1.31 $1.20 $1.19 Q2 FY27, Q1 FY27, and Q2 FY26 results include approximately $99 million, $99 million, and $67 million, respectively, of IRA 45X advanced manufacturing tax credit vendor rebates and tariffs, net. Please refer to Nextpower’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for more information on schedules III, IV and V attached to this press release for a reconciliation of non-GAAP to GAAP financial measures. Additional information can be found on the Investor Relations section of our website. Business Highlights Company Highlights • Delivered record quarterly results, including revenue of over $1.1 billion, net income of $165 million, and adjusted EBITDA of approximately $250 million. • Completed the Zimmermann PV-Steel Group acquisition for approximately €230 million, subject to customary working capital adjustments, with no stock or earnout. • Announced Sarah Slusser and Michael Alvarez will join our Board, bringing experience across renewables, power generation, project operations, finance, and risk management. Products and Innovation • Deployed NX Earth Truss™ foundations with NX Horizon® trackers equipped with Hail Pro™, demonstrating complementary product integration across our technology platform. ™
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• Secured a U.S. patent for NX PowerMerge™, which is now in commercial deployment at scale, with more than 2 GW in backlog. • Added fixed-tilt and structural solutions to our product portfolio through the Zimmermann acquisition. Market and Sales Momentum • Bookings reached a quarterly record, and backlog exceeded $6 billion. • Secured a 1.1 GW inverter framework agreement across five projects and shipped first NX Power Conversion systems to customers. • eBOS bookings exceeded $100 million, a quarterly record; foundations also posted record quarterly bookings. • Zimmermann acquisition provides access to an established European customer base for complementary products, and the acquisition added 15 countries, expanding our reach to a total of 68 countries. “Nextpower delivered record quarterly revenue and bookings and grew backlog to more than $6 billion, reflecting continued demand strength for our tracker products, alongside rapidly accelerating demand and orders for our additional products and services,” said Dan Shugar, CEO and founder of Nextpower. “Customer adoption of our integrated platform is growing. Recent examples include energy storage and other complementary offerings accounting for approximately 22% of our Q2 revenue, record quarterly eBOS bookings of more than $100 million, and a 1.1-gigawatt inverter supply agreement signed with a leading Tier 1 IPP. These achievements reflect the strength of our customer relationships and differentiated technology. We remain focused on expanding our participation across the project lifecycle, helping customers build faster, enhance yield, and optimize long-term operation.” “Our team’s strong execution across the business led to record quarterly revenue and adjusted EBITDA with cash flow from operations of $158 million and strong adjusted free cash flow of approximately $135 million,” said Chuck Boynton, CFO of Nextpower. “We ended the quarter with over $1 billion of cash and cash equivalents and no debt, while funding new acquisitions and returning approximately $162 million to shareholders through share repurchases. We look forward to sharing more about our long-term strategy and financial framework at our Capital Markets Day in Las Vegas on November 16 .” FY2027 Annual Outlook Updated Outlook Previous Outlook Revenue $4.2 to $4.45 billion $4.1 to $4.4 billion GAAP Net Income $559 to $598 million $540 to $573 million GAAP Diluted EPS $3.62 to $3.87 $3.42 to $3.64 Adjusted EBITDA $890 to $940 million $870 to $930 million Adjusted Diluted EPS $4.61 to $4.87 $4.42 to $4.73 Updated outlook includes Q3 FY27 revenue at approximately 10% year over year growth, and Q3 FY27 adjusted EBITDA margin roughly 1 to 2 percentage points below Q4 FY27. Adjusted EBITDA range of $890 million to $940 million excludes approximately $185 million for stock-based compensation, net intangible amortization, and acquisition related costs. Adjusted Diluted EPS range of $4.61 to $4.87 excludes approximately $0.99 for stock-based compensation, net intangible amortization, and acquisition related costs, net of impacts for tax. th
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Q2 FY2027 Earnings Call October 28, 2026 2:00 p.m. PT / 5:00 p.m. ET Live webcast available on investors.nextpower.com We encourage you to review our Q2 FY27 Shareholder Letter, which, along with this press release, is available on the Nextpower Investor Relations website and includes important information for Nextpower shareholders that supplements and expands on the information in this press release. The webcast replay will be available on the Nextpower Investor Relations website following the conclusion of the event. About Nextpower Nextpower (Nasdaq: NXT) innovates and delivers integrated technology solutions for modern energy infrastructure. Its solar and energy storage platforms help customers design, build, and operate utility-scale power plants and other critical power infrastructure with faster project delivery, improved system performance, greater reliability, and long-term operational value. Building on more than a decade of energy technology leadership, Nextpower partners with customers worldwide to accelerate the deployment of reliable firm power needed for a rapidly electrifying world. Learn more at www.nextpower.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements relating to: the trends for energy demand and future solar adoption; the demand for our products (including but not limited to trackers, foundations, eBOS, NX PowerMerge, fixed-tilt and structural solutions and our other products and our bundled solutions); the ability to grow our core tracker business, our bookings and backlog, including our ability to convert our backlog into revenue; our competitiveness and global market share; our expansion into energy storage solutions, data center power infrastructure and our ability to provide integrated solutions across solar, energy storage and data center applications; the expected benefits of recent acquisitions, including the benefits our customers may realize as a result of integrating these businesses and assets into Nextpower’s; and statements regarding our updated outlook for fiscal year 2027 and other periods. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including but not limited to: our ability to execute our strategies, mission, plans, objectives and goals; our ability to integrate our recently completed acquisitions and to realize their anticipated benefits and synergies; the market demand for our products, solutions and services and our ability to deliver them to customers; projections regarding the U.S. and global demand for electricity and solar power; macro-economic trends; changing business conditions in our industry and markets overall; and legislative, regulatory and economic developments. These forward-looking statements are based on various assumptions and on the current expectations of Nextpower’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextpower’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextpower has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextpower is not aware of or that Nextpower currently believes are immaterial that could also cause actual results to differ from these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextpower assumes no obligation to update these forward-looking statements. ™
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Use of Adjusted Financial Information An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules III, IV and V attached to this press release, and can be found, along with other financial information including the Earnings Presentation, on the investor relations section of our website at investors.nextpower.com. Channels for Disclosure of 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 uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextpower encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Investor Contact: Sarah Lee Investor@nextpower.com Media Contact: Brandy Lee Media@nextpower.com
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Schedule I Nextpower Inc. Unaudited condensed consolidated statements of operations (In thousands, except per share data) Three-month periods ended October 2, 2026 July 3, 2026 September 26, 2025 Revenue $ 1,109,276 $ 935,170 $ 905,268 Cost of sales 763,960 599,317 612,408 Gross profit 345,316 335,853 292,860 Selling, general and administrative expenses 92,202 100,438 84,626 Research and development 45,568 44,508 26,889 Operating income 207,546 190,907 181,345 Interest expense 350 253 730 Other income, net (7,876) (8,271) (2,110) Income before income taxes 215,072 198,925 182,725 Provision for income taxes 49,619 33,570 35,864 Net income 165,453 165,355 146,861 Earnings per share: Basic $ 1.09 $ 1.10 $ 0.99 Diluted $ 1.08 $ 1.07 $ 0.97 Weighted-average shares used in computing per shareamounts: Basic 151,496 150,778 148,028 Diluted 153,909 155,142 152,018
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Nextpower Inc. Unaudited condensed consolidated statements of operations (continued) (In thousands, except per share data) Six-month periods ended October 2, 2026 September 26, 2025 Revenue $ 2,044,446 $ 1,769,521 Cost of sales 1,363,277 1,194,935 Gross profit 681,169 574,586 Selling, general and administrative expenses 192,640 158,562 Research and development 90,076 48,449 Operating income 398,453 367,575 Interest expense 603 1,946 Other income, net (16,147) (8,063) Income before income taxes 413,997 373,692 Provision for income taxes 83,189 69,648 Net income 330,808 304,044 Earnings per share: Basic $ 2.19 $ 2.06 Diluted $ 2.14 $ 2.01 Weighted-average shares used in computing per share amounts: Basic 151,131 147,480 Diluted 154,520 151,110
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Schedule II Nextpower Inc. Unaudited condensed consolidated balance sheets (In thousands) As of October 2, 2026 As of March 31, 2026 ASSETS Current assets: Cash and cash equivalents $ 1,029,886 $ 1,094,976 Accounts receivable, net of allowance of $2,273 and $2,078,respectively 584,299 417,043 Contract assets 615,732 533,257 Inventories 264,136 262,276 Section 45X credit receivable 359,681 352,598 Other current assets 204,932 186,406 Total current assets 3,058,666 2,846,556 Property and equipment, net 108,639 78,356 Goodwill 653,594 488,950 Other intangible assets, net 233,382 78,046 Deferred tax assets 510,231 511,815 Other assets 74,950 69,489 Total assets $ 4,639,462 $ 4,073,212 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 643,664 $ 533,490 Accrued expenses 147,052 130,133 Deferred revenue 413,762 307,492 Other current liabilities 169,007 192,747 Total current liabilities 1,373,485 1,163,862 Tax receivable agreement (TRA) liability 373,811 372,659 Long-term deferred revenue 100,826 102,493 Other liabilities 145,533 99,801 Total liabilities 1,993,655 1,738,815 Total stockholders’ equity 2,645,807 2,334,397 Total liabilities and stockholders’ equity $ 4,639,462 $ 4,073,212
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Schedule III Nextpower Inc. Unaudited condensed consolidated statements of cash flows (In thousands) Six-month periods ended October 2, 2026 September 26, 2025 Cash flows from operating activities: Net income $ 330,808 $ 304,044 Depreciation and amortization of intangible assets 23,689 13,150 Changes in working capital and other, net (75,336) (48,991) Net cash provided by operating activities 279,161 268,203 Cash flows from investing activities: Payment for business acquisitions, net of cash acquired (132,455) (108,346) Purchases of property and equipment (39,026) (26,732) Other investing activities (8,000) (7,443) Net cash used in investing activities (179,481) (142,521) Cash flows from financing activities: Repurchase of common stock (162,068) — Proceeds from exercises of options awards 32,820 — TRA payment (19,381) (27,427) Payment of acquisition deferred purchase price (16,141) (14,013) Distribution to former non-controlling interest holder — (3,010) Payment of revolver issuance costs — (1,993) Net cash used in financing activities (164,770) (46,443) Net (decrease) increase in cash and cash equivalents (65,090) 79,239 Cash and cash equivalents beginning of period 1,094,976 766,103 Cash and cash equivalents end of period $ 1,029,886 $ 845,342 Six-month periods ended Adjusted free cash flow October 2, 2026 September 26, 2025 Net cash provided by operating activities $ 279,161 $ 268,203 Purchases of property and equipment (39,026) (26,732) Adjusted free cash flow $ 240,135 $ 241,471
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Schedule IV Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures (In thousands, except percentages and per share data) Three-month periods ended October 2, 2026 July 3, 2026 September 26, 2025 GAAP gross profit & margin $ 345,316 31.1% $ 335,853 35.9% $ 292,860 32.4% Stock-based compensation expense 5,602 4,445 5,077 Intangible amortization 4,513 1,985 1,649 Adjusted gross profit & margin $ 355,431 32.0% $ 342,283 36.6% $ 299,586 33.1% GAAP operating income & margin $ 207,546 18.7% $ 190,907 20.4% $ 181,345 20.0% Stock-based compensation expense 29,936 29,638 31,653 Intangible amortization 8,958 3,375 2,918 Acquisition related costs 206 4,148 2,577 Adjusted operating income & margin $ 246,646 22.2% $ 228,068 24.4% $ 218,493 24.1% GAAP net income & margin $ 165,453 14.9% $ 165,355 17.7% $ 146,861 16.2% Stock-based compensation expense 29,936 29,638 31,653 Intangible amortization 8,958 3,375 2,918 Adjustment for taxes (2,601) (16,254) (3,420) Acquisition related costs 206 4,148 2,577 Adjusted net income & margin $ 201,952 18.2% $ 186,262 19.9% $ 180,589 19.9% GAAP net income & margin $ 165,453 14.9% $ 165,355 17.7% $ 146,861 16.2% Interest, net (9,612) (9,159) (5,911) Debt extinguishment cost — — 5,121 Provision for income taxes 49,619 33,570 35,864 Depreciation expense 5,965 5,391 4,443 Intangible amortization 8,958 3,375 2,918 Stock-based compensation expense 29,936 29,638 31,653 Acquisition related costs 206 4,148 2,577 Other (819) 235 — Adjusted EBITDA & margin $ 249,706 22.5% $ 232,553 24.9% $ 223,526 24.7% Diluted earnings per share GAAP diluted earnings per share $ 1.08 $ 1.07 $ 0.97 Earnings per share attributable to Non-GAAPadjustments 0.23 0.13 0.22 Adjusted diluted earnings per share $ 1.31 $ 1.20 $ 1.19 Diluted shares used in computing per shareamounts 153,909 155,142 152,018
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Nextpower Inc. Reconciliation of GAAP to Non-GAAP financial measures (continued) (In thousands, except percentages and per share data) Six-month periods ended October 2, 2026 September 26, 2025 GAAP gross profit & margin $ 681,169 33.3% $ 574,586 32.5% Stock-based compensation expense 10,047 7,315 Intangible amortization 6,498 2,808 Adjusted gross profit & margin $ 697,714 34.1% $ 584,709 33.0% GAAP operating income & margin $ 398,453 19.5% $ 367,575 20.8% Stock-based compensation expense 59,574 53,963 Intangible amortization 12,333 4,977 Acquisition related costs 4,354 3,656 Adjusted operating income & margin $ 474,714 23.2% $ 430,171 24.3% GAAP net income & margin $ 330,808 16.2% $ 304,044 17.2% Stock-based compensation expense 59,574 53,963 Intangible amortization 12,333 4,977 Adjustment for taxes (18,855) (10,549) Acquisition related costs 4,354 3,656 Adjusted net income & margin $ 388,214 19.0% $ 356,091 20.1% GAAP net income & margin $ 330,808 16.2% $ 304,044 17.2% Interest, net (18,771) (11,282) Debt extinguishment cost — 5,121 Provision for income taxes 83,189 69,648 Depreciation expense 11,356 8,173 Intangible amortization 12,333 4,977 Stock-based compensation expense 59,574 53,963 Acquisition related costs 4,354 3,656 Other (584) — Adjusted EBITDA & margin $ 482,259 23.6% $ 438,300 24.8% Diluted earnings per share GAAP diluted earnings per share $ 2.14 $ 2.01 Earnings per share attributable to Non-GAAP adjustments 0.37 0.35 Adjusted diluted earnings per share $ 2.51 $ 2.36 Diluted shares used in computing per share amounts 154,520 151,110 See the accompanying notes on Schedule V attached to this press release
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Schedule V Nextpower Inc. Notes To supplement Nextpower’s 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 before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), adjusted EBITDA margin, adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted operating margin, adjusted net income, adjusted net income margin, adjusted diluted earnings per share, and adjusted free cash flow. These supplemental measures exclude certain legal and other charges, stock-based compensation expense and intangible amortization, other discrete events as applicable and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with Nextpower’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Nextpower’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company’s performance. In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company’s operating performance on a period-to-period basis because such items are not, in our view, related to the Company’s ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering: • the ability to make more meaningful period-to-period comparisons of the Company’s ongoing operating results; • the ability to better identify trends in the Company’s underlying business and perform related trend analysis; • a better understanding of how management plans and measures the Company’s underlying business; and • an easier way to compare the Company’s operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures. The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures: Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions, and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact stock-based compensation expense has on its operating results.
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Intangible amortization consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors. Acquisition costs consist primarily of nonrecurring transaction costs, including integration and diligence activities. Adjustment for taxes relates to the tax effects of the various adjustments that we incorporate into non-GAAP measures to provide a more meaningful measure on non-GAAP net income and certain adjustments related to non-recurring settlements of tax contingencies or other non-recurring tax charges, when applicable. Debt extinguishment cost consists of nonrecurring costs for the termination of our prior credit agreement related to the revolver credit facilities originally entered into on February 13, 2023. Other includes an immaterial amount of non-cash equity in loss for the Nextpower Arabia joint venture which is accounted for under the equity method investment accounting.