Risk Sleuth
NXT · 10-K filed 19 May 2026 · year to 31 Mar 2026

Nextpower

37 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Customers

Top five customers

concentrated in · 34.3%named as a risk
The loss of any one of our top five customers could have a materially adverse effect on our revenue and profits.Market risk (Item 7A)

Also named by AEHR, AROC, GXO, HAS, RKLB, RMBS, RXO, WAB

Partners and platforms

Nextpower Arabia (joint venture with Abdullah Abunayyan Investment Holding)

operates in
In fiscal year 2026, we established a joint venture in the Kingdom of Saudi Arabia with Abdullah Abunayyan Investment Holding (“Abunayyan”) to support the continued growth of our business in the Middle East and North Africa region.Business (Item 1)

Competitors

Array Technologies

competes with
Our principal competitors are Arctech Solar, Array Technologies, GameChange Solar, PV Hardware, Shoals Technologies Group and TrinaSolar Co., Ltd.Business (Item 1)

Places

United States

earns from · 77% of our revenue
For fiscal year 2026, we derived 77% of our revenue from projects in the U.S. and 23% from projects in international markets.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

India

operates in · approximately 27% of our employees
As of March 31, 2026, approximately 48% of our employees were based in the U.S., approximately 27% of our employees were based in India and the remainder of our employees were based in other international offices.Business (Item 1)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Spain and Brazil collective bargaining agreements

operates in · approximately 15% of our workforce
In addition, all of our employees in Spain and Brazil, which together represented approximately 15% of our workforce as of March 31, 2026, are covered by local collective bargaining agreements.Business (Item 1)

China

depends onnamed as a risk
A significant portion of the steel used to produce our products is derived directly or indirectly from steel mills located in China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Malaysia

depends onnamed as a risk
Since April 2022, Nextpower has imported proprietary CSPV smart modules from Malaysia and Thailand that provide off-grid power to our controllers.Risk factors (Item 1A)

Also named by A, ANET, AVGO, CGNX, DELL, FSLR, LITE, MSI and 6 more

Thailand

depends onnamed as a risk
Since April 2022, Nextpower has imported proprietary CSPV smart modules from Malaysia and Thailand that provide off-grid power to our controllers.Risk factors (Item 1A)

Also named by ADI, CB, CIEN, INGR, LITE, LZB, MCHP, TER and 3 more

Strait of Hormuz

depends onnamed as a risk
Similarly, the U.S.-Iran war has resulted in a cessation or substantial curtailment of shipments through the Strait of Hormuz.Risk factors (Item 1A)

Also named by BBY, CSW, DDS, DKS, LRCX, WSM

Suez Canal and Red Sea

depends onnamed as a risk
For example, in the recent past we have seen many shipping companies pause or reroute shipments through the Suez Canal and the Red Sea as a result of attacks against commercial vessels in the area, causing rerouting of commercial vessels.Risk factors (Item 1A)

Bay Area, Northern California

operates innamed as a risk
Our headquarters and testing facilities, which conduct functional and reliability testing for our components and products, are located in the Bay Area of Northern California and our solar projects are located in the U.S. and around the world.Risk factors (Item 1A)

Hazards

Hail

named as a risk
Even if our tracker products and other products and technologies are not damaged, severe weather, natural disasters and catastrophic events may cause damage to the solar panels that are mounted to our tracker products, which could result in decreased demand for our products, loss of customers and the withdrawal of coverage for solar panels and solar tracking systems by insurance companies.Risk factors (Item 1A)

Commodities and inputs

Steel

exposed to its pricenamed as a risk
For example, our products are manufactured from steel and, as a result, our business is significantly affected by the price of steel.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Solar panels

exposed to its pricenamed as a risk
Substantial pricing declines for panels can make the returns on investment for tracker technology less competitive in comparison to fixed tilt racking systems.Risk factors (Item 1A)

Also named by PWR

Regulators

U.S. Customs and Border Protection (CBP)

subject tonamed as a risk
The outcome of the litigation challenging the duty exemption and CBP’s treatment of Nextpower’s certifications remains unclear.Risk factors (Item 1A)

Also named by BALL, BJ, CHRW, CROX, EXPD, FDX, FDXF, JBHT and 12 more

U.S. Department of Commerce

subject tonamed as a risk
In December 2025, Commerce issued the final results of the changed circumstances review and granted an exclusion for Nextpower’s off-grid smart CSPV modules for purposes of the CVD order on CSPV cells and modules from China, retroactive to January 1, 2022, and also for purposes of the AD order on CSPV cells and modules from China, retroactive to December 1, 2022.Risk factors (Item 1A)

Also named by AIR, ALAB, AMKR, AXON, DELL, DLTR, ENTG, FSLR and 9 more

U.S. Department of the Interior

subject tonamed as a risk
The memo mandates that 69 categories of previously routine permitting and review activities related to wind and solar projects be elevated to top levels within the Department of Interior, which may substantially slow approval timelines and reduce the number of projects permitted.Risk factors (Item 1A)

Also named by CHRD, DVN, GEV

Laws and programs

Section 45X Advanced Manufacturing Production Credit

subject to · $0.87 per kilogram and $2.28 per kilogramnamed as a risk
In the case of torque tubes and structural fasteners, the credit amount is equal to $0.87 per kilogram and $2.28 per kilogram, respectively, through the end of 2029.Risk factors (Item 1A)

Also named by AA, FSLR

U.S. Section 301 tariffs on China

subject to · 25% on Chinese steel productsnamed as a risk
At present, Section 301 tariffs are 50% on Chinese crystalline solar photovoltaic (“CSPV”) cells and modules, 25% on Chinese steel products, 25% on Chinese parts of lead-acid storage batteries (including separators thereof) and 25% on Chinese lithium-ion non-EV batteries.Risk factors (Item 1A)

Also named by ANET, WES

U.S. Section 122 Tariffs

subject to · 10% tariffnamed as a risk
Effective February 24, 2026, President Trump imposed a 10% tariff on most goods under Section 122 of the Trade Act of 1974 (“Section 122 Tariffs”).Risk factors (Item 1A)

Also named by TGT

Section 48E Clean Electricity Investment Tax Credit

subject to · 30% tax creditnamed as a risk
As a result of changes made by the IRA, United States taxpayers may be entitled to a 30% tax credit under the ITC (now Section 48E), for certain qualifying projects and increased further to 40% for projects that satisfy certain "domestic content" requirements.Risk factors (Item 1A)

Inflation Reduction Act of 2022 (IRA)

subject tonamed as a risk
As a result, the final interpretation and implementation of the provisions in the IRA or OBBBA could have a material adverse impact on us.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

Uyghur Forced Labor Prevention Act

subject tonamed as a risk
To the extent that such detentions occur, solar modules may not reach project sites, which may result in significant delays in the development and entry into operation of solar energy projects.Risk factors (Item 1A)

Also named by AMRC, ANET, ASO, CROX, DDS, FND, FSLR, LULU and 7 more

One Big Beautiful Bill Act of 2025 (OBBBA)

subject tonamed as a risk
In particular, the OBBBA significantly altered the availability of the Section 48E and 45Y tax credits our customers rely upon for qualified solar facilities.Risk factors (Item 1A)

Also named by COO, FSLR, MRVL, PVLA, TT, WDC

Public Utility Regulatory Policies Act (PURPA)

subject tonamed as a risk
These regulatory changes have introduced additional uncertainty and may reduce the availability or attractiveness of PURPA-based project opportunities, including by lowering contract prices or narrowing eligibility for new projects, which could reduce demand for solar energy systems.Risk factors (Item 1A)

Also named by CWST

State renewable portfolio standards (RPS)

subject tonamed as a risk
Reduction or elimination of RPSs, restrictions or prohibitions imposed on solar projects, as well as changes to other renewable-energy and solar-energy policies, could reduce the potential growth of the solar energy industry and materially and adversely affect our business.Risk factors (Item 1A)

Also named by MYRG

Section 45Y Clean Electricity Production Tax Credit

subject tonamed as a risk
Alternatively, solar projects that begin construction after July 4, 2026 must be placed in service by December 31, 2027 to qualify for the Section 48E and 45Y credits.Risk factors (Item 1A)

OBBBA foreign entity of concern (FEOC) restrictions

subject tonamed as a risk
To the extent that our suppliers are disqualified from 45X eligibility as a result of FEOC restrictions, our cost of goods sold may increase and we may become less profitable and/or competitive.Risk factors (Item 1A)

IRS Notice 2025-42

subject tonamed as a risk
Under this guidance the 5% safe harbor was eliminated effective September 2, 2025 and additional requirements were imposed on solar projects for purposes of demonstrating both the start of physical construction and continuous physical construction thereafter.Risk factors (Item 1A)

IRA domestic content bonus credit

subject tonamed as a risk
In light of the foregoing, our U.S. sales, profitability and results of operations in the United States may be adversely affected by applicable domestic content requirements which must be satisfied in order for solar projects to be eligible for these incremental credits.Risk factors (Item 1A)

IRA prevailing wage and apprenticeship requirements

subject tonamed as a risk
If we or a significant portion of our customers are unable to satisfy prevailing wage and apprenticeship requirements under the IRA, demand for our tracker products may be adversely impacted by the reduced tax credits available to our customers, which could have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)

U.S. Section 232 steel, aluminum and copper tariffs

subject tonamed as a risk
Although the April 6, 2026 revisions reduced our tariff exposure for certain imported components, Section 232 tariffs continue to affect our costs and gross margins and could result in interruptions in the steel, aluminum or copper supply chains.Risk factors (Item 1A)

U.S. Solar Circumvention Determination AD/CVD orders

subject tonamed as a risk
If the U.S. courts strike down one of the exemptions Nextpower relied upon or Nextpower’s certifications are found to be invalid, Nextpower could be required to pay AD/CVD amounts with respect to the applicable entries of the modules.Risk factors (Item 1A)

AD/CVD investigations on CSPV from India, Indonesia and Laos

subject tonamed as a risk
Although we have taken steps to mitigate potential exposure through supply chain adjustments, any AD/CVD cash deposits, retroactive assessments, final determinations or changes in sourcing availability could adversely affect our costs, supply chain flexibility, project timing and results of operations.Risk factors (Item 1A)

Section 232 polysilicon investigation

subject tonamed as a risk
It is possible that such Section 232 tariffs could apply to CSPV cells and modules, which would negatively impact our business.Risk factors (Item 1A)

FERC Order No. 2023

subject tonamed as a risk
While these reforms are intended to improve the efficiency of interconnection processes, their implementation may result in delays, increased costs, withdrawal of projects from interconnection queues or other unintended consequences.Risk factors (Item 1A)