Zigor-Apex Unlocks BESS and Data Center Entry

Research evidence excerpt

Zigor-Apex Unlocks BESS and Data Center Entry

TD Cowen Nextpower

Global Research May 12, 2026

Key Takeaways from the Call: (Continued)

3 Continued) Management positioned power conversion as the final piece of the

everything-but-the-panel platform and as the gateway into Battery Energy Storage

Systems and data center verticals, where the PCS layer enables battery integration,

power-quality management, and millisecond-scale ramping capabilities that gas

generation can’t deliver. Revenue contribution in FY27 is expected to be small with

the ramp building through the year, but management expressed increased

confidence in exceeding the 2030 revenue targets disclosed at last November's

Capital Markets Day and indicated updated targets will be provided at a Capital

Markets Day later this year.

4) The core tracker business continues to strengthen alongside the platform

expansion, with management citing one of the highest bookings quarters in company

history and a flight to quality across the customer base. A third-party engineering

study referenced on the call indicated installation time for the flagship NX Horizon

tracker has been reduced by 20% over the past year, and the firm released the next

generation of its SPC control system, including TrueCapture. Cumulative NX Horizon-

XTR shipments surpassed 50 GW and NX Hail Pro deployments exceeded 30 GW, with

4,605 hail stows executed across 57 events featuring hailstones up to three inches in

diameter and a 99.99% module survival rate. Management was explicit that the firm

will not compromise on quality, reliability, or safety to win incremental projects.

5) Management raised FY27 revenue and EBITDA guidance supported by sequential

backlog growth. Non-tracker revenue is expected to grow 40% and account for 15%