Nextpower Inc. (NASDAQ: NXT) has secured a 2.25‑GWp order for its NX Horizon solar tracking systems from Larsen & Toubro (L&T) for the Bisha Solar Project in Saudi Arabia’s Asir Province. The order is being fulfilled through Nextpower Arabia, a joint venture between Nextpower and Abunayyan Holding, and will be the first major contract for the newly formed venture.
The deal underscores Nextpower’s strategy to localize production in the Kingdom. Nextpower Arabia is building a 12‑GW‑per‑year manufacturing facility in Jeddah that is slated to open in Q2 2026, reducing shipping costs and supporting Saudi Arabia’s Vision 2030 industrialization goals. The Bisha project, part of the National Renewable Energy Program Wave 6, will use the NX Horizon tracker, the company’s flagship product known for its high performance and resilience in harsh desert conditions.
Financially, the contract adds a substantial win to Nextpower’s backlog, which topped $5 billion at the end of 2025. The order is expected to generate significant revenue over the coming years and signals strong demand for Nextpower’s technology in a key growth market. The announcement comes on the heels of Nextpower’s Q3 FY2026 earnings, where revenue rose to $909.35 million—up 34% YoY—and adjusted EPS hit $1.10, beating the $0.93 consensus by $0.17 (a 18% beat). The company raised its full‑year FY2026 revenue guidance to $3.43‑$3.50 billion from $3.14‑$3.20 billion, and adjusted EPS guidance to $4.26‑$4.36 from $3.90‑$4.00, reflecting confidence in sustained demand and cost discipline.
Management highlighted the strategic importance of the Bisha deal. CEO Dan Shugar said the project “builds on our longstanding partnerships with ACWA Power and L&T and marks an important milestone for our new joint venture with Abunayyan Holding.” He added that localizing production “strengthens the local supply chain to support Saudi Arabia’s long‑term energy transition goals.” The deal also attracted analyst attention, with KeyBanc upgrading Nextpower to “Overweight” and raising its price target to $142, citing the company’s expanding platform beyond trackers. Wells Fargo and TD Cowen similarly increased their price targets, underscoring the market’s positive reception to the contract and the company’s broader growth trajectory.
The Bisha order positions Nextpower to capture a larger share of the rapidly expanding Saudi solar market, while the Jeddah facility enhances its competitive advantage by reducing lead times and shipping costs. Combined with the company’s strong earnings performance and raised guidance, the deal signals robust execution and a clear path to higher revenue and profitability in the coming years. Investors and industry observers view the contract as a key driver of Nextpower’s future growth and a validation of its strategy to become a comprehensive energy technology solutions provider.
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