v3.26.1
Segment reporting
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment reporting Segment reporting
Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or a decision-making group, in deciding how to allocate resources and in assessing performance. Resource allocation decisions and Nextpower’s performance are assessed by its Chief Executive Officer, identified as the CODM, using consolidated net income as the primary measure of segment profit to support business expansion, new product development and operational efficiencies.
The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.
For all periods presented, Nextpower has one operating and reportable segment. The following table presents significant segment expenses with respect to the Company’s single reportable segment for the fiscal years ended March 31, 2026, 2025 and
2024 (prior year segment expenses have been reclassified to separately present tariffs to be consistent with the current year presentation):
Fiscal year ended March 31,
202620252024
(In thousands)
Revenue$3,559,390 $2,959,197 $2,499,841 
Less:
Material cost2,226,920 1,799,343 1,498,699 
45X vendor credits(379,874)(224,879)(121,405)
Tariffs130,406 19,729 16,775 
Freight, labor and other cost of sales421,843 356,179 292,723 
Selling, general and administrative expenses341,920 290,321 183,571 
Research and development120,909 79,392 42,360 
Interest expense2,623 13,096 13,820 
Other income, net(19,183)(22,000)(34,699)
Provision for income taxes127,943 130,770 111,782 
Net income$585,883 $517,246 $496,215 
The following table sets forth geographic information of revenue based on the locations to which the products are shipped:
Fiscal year ended March 31,
202620252024
Revenue:
(In thousands, except percentages)
U.S.$2,730,69977%$2,031,60369%$1,702,61168%
Rest of the World828,69123%927,59431%797,23032%
Total$3,559,390$2,959,197$2,499,841
The United States is the principal country of domicile.
The following table summarizes the countries that accounted for more than 10% of revenue in fiscal years 2026, 2025 and 2024. Revenue is attributable to the countries to which the products are shipped.
Fiscal year ended March 31,
202620252024
Revenue:
(In thousands, except percentages)
U.S.$2,730,69977%$2,031,60369%$1,702,61168%
Brazil— *— *281,272 11%
* Percentage below 10%
No other country accounted for more than 10% of revenue for the fiscal years presented in the table above.
As of March 31, 2026 and 2025, property and equipment, net in the United States was $73.7 million and $56.6 million, respectively, which represents substantially all of the Company’s consolidated property and equipment, net. No other countries accounted for more than 10% of property and equipment, net as of March 31, 2026 and 2025.