NXT: FY4Q26 Quick Take - Rev and adj. EBITDA Beat; FY27 Guide Increase; Power Conversion Acquisition

Research evidence excerpt

NXT: FY4Q26 Quick Take - Rev and adj. EBITDA Beat; FY27 Guide Increase; Power Conversion Acquisition

erter manufacturing capacity in the U.S. with a production ramp

expected to begin in 2027.

On the earnings call, we believe investors will be focused on: 1) demand and order outlook; 2) M&A and longer term strategy; 3)

2027 outlook and margin expectations; 4) uptake of new product offerings (Bentek EBOS). Conference call at 5 PM ET.

FY4Q26 details

• Total revenue of $880.5mm came in above RBCe/consensus of $839mm/$829mm

• Adj. gross profit of $304mm (margin of 34.5%) compares to RBCe/consensus of $270mm/$263mm (margin of 32.2%/31.8%)

• Adj. operating income of $196mm vs RBCe/consensus of $183mm/$179mm

• Adj. EBITDA of $202mm (margin of 22.9%) vs RBCe/consensus of $187.5mm/$181mm (margin of 22.3%/21.8%)

• Adj. diluted EPS of $1.05 vs RBCe/consensus of $0.94/$0.92

• The company reported that total backlog had grown to record levels of "over $5.25bn" compared to "over $5bn" in FY3Q26,

implying a book-to-bill of ~1.2x. The company increased bookings for new products and bundled solutions and achieved record

eBOS quarterly bookings including bookings of over 100 MW for the new NX PowerMerge trunk bus connector

• The company ended the qtr with ~$1,095mm in cash and cash equivalents vs $953mm last qtr. FCF was an inflow of ~$150mm

FY27 guidance updated

• Revenue guide of $3.8-$4.1bn vs prior $3.6-$3.8bn (+~7% at the midpoint) and vs RBCe/consensus of $3.95bn/$3.93bn

• Adj. EBITDA guide of $825-$900mm (implied margin of ~21.8% at the midpoint) vs prior $800-$900mm (~23% at the midpoint)

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: May 12, 2026 16:43EDT; Produced: May 12, 2026 16:43EDT