nxt-20251231

00018521312026Q3False--03-31P2YDerivative financial instruments

Cash Flow Hedges

During the fiscal quarter ended December 31, 2025, the Company entered into forward foreign exchange contracts to effectively lock in the value of anticipated foreign currency denominated revenues against foreign currency fluctuations. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The Company’s forward foreign exchange contracts, including cash flow hedges, are measured at fair value as Level 2 by hierarchy level on a recurring basis, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers. The effective gain or loss on cash flow hedges is initially recorded as a component of other comprehensive income, net of tax, and is subsequently reclassified into the line item within the unaudited condensed consolidated statements of operations in which the hedged items are recorded, in the same period in which the hedged item affects earnings. The aggregate notional amount of these outstanding cash flow hedge contracts as of December 31, 2025 was 45.0 million Euros. Deferred losses were $0.2 million as of December 31, 2025 and are expected to be recognized primarily as a component of revenue in the unaudited condensed consolidated statements of operations over the next twelve-month period.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended December 31, 2025

			Or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

			Commission file number: 001-41617
			Nextpower Inc.
			(Exact name of registrant as specified in its charter)


Delaware		36-5047383
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

6200 Paseo Padre Parkway, Fremont, California 94555
(Address, including zip code of registrant’s principal executive offices)

	(510) 270-2500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value

NXT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of January 23, 2026, there were 148,475,843 shares of the registrant’s Class A common stock outstanding and no shares of the registrant’s Class B common stock outstanding.


	TABLE OF CONTENTS
	PART I. FINANCIAL INFORMATION	Page
Item 1.	Financial Statements:	2
	Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and March 31, 2025	2
	Unaudited Condensed Consolidated Statements of Operations for the three-month and nine-month periods ended December 31, 2025 and December 31, 2024	3
	Unaudited Condensed Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended December 31, 2025 and December 31, 2024	4
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three-month and nine-month periods ended December 31, 2025 and December 31, 2024	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the nine-month periods ended December 31, 2025 and December 31, 2024	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35

	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67
Item 3.	Defaults Upon Senior Securities	67
Item 4.	Mine Safety Disclosures	67
Item 5.	Other Information	67
Item 6.	Exhibits	68
Signatures		69

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Nextpower Inc.

Unaudited condensed consolidated balance sheets

(In thousands, except share and per share amounts)


	As of December 31, 2025		As of March 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	952,624	$	766,103
Accounts receivable, net of allowance of $1,960 and $1,472, respectively	452,235		472,462
Contract assets	443,358		405,890
Inventories	275,292		209,432
Section 45X credit receivable	301,149		215,616
Other current assets	134,941		88,483
Total current assets	2,559,599		2,157,986
Property and equipment, net	84,752		60,395
Goodwill	485,300		371,018
Other intangible assets, net	80,577		53,241
Deferred tax assets	517,646		498,778
Other assets	72,192		51,098
Total assets	$	3,800,066	$	3,192,516
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	560,075	$	585,299
Accrued expenses	106,573		97,000
Deferred revenue	321,882		247,127


Other current liabilities	96,242		104,086
Total current liabilities	1,084,772		1,033,512

Tax receivable agreement (TRA) liability	371,179		394,879
Long-term deferred revenue	97,580		96,635
O

SEC Form 10-Q filed by Nextpower Inc.