Nextpower (NXT) Q3 FY2024 earnings: revenue $710 million, up 38.4% on the year

Nextpower Inc. (NXT) reported revenue of $710 million for Q3 FY2024, the quarter ended 31 December 2023, up 38.4% on the same quarter a year earlier. Net income was $41 million, down 2.8% on the year, and diluted earnings per share $0.87. The figures are the company's own, from the 10-Q it filed with the SEC on 7 February 2024.

Revenue$710 millionup 38.4%

Net income$41 milliondown 2.8%

Diluted EPS$0.87

QuarterQ3 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	710	573	n/a	n/a
Cost of revenue	501	424	n/a	n/a
Gross profit	210	149	n/a	n/a
Gross margin	29.5%	26.0%	n/a
Research and development	12.9	7.1	n/a	n/a
Selling, general and administrative	48.4	47.9	n/a	n/a
Operating income	148	94.1	n/a	n/a
Operating margin	20.9%	16.4%	n/a
Pre-tax income	167	85.4	n/a	n/a
Income tax	38.8	4.0	n/a	n/a
Effective tax rate	23.3%	4.7%	n/a
Net income	41.4	39.3	n/a	n/a
Net margin	5.8%	6.8%	n/a
Diluted EPS	$0.87	$0.55	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	64.8	26.9	n/a	n/a
Capital expenditure	2.4	0.7	n/a	n/a
Free cash flow	62.4	26.2	n/a	n/a
Free cash flow margin	8.8%	4.6%	n/a
Cash from investing	-2.4	-0.7	n/a	n/a
Cash from financing	-67.5	-8.4	n/a	n/a
Depreciation and amortisation	1.1	1.0	n/a	n/a
Share-based compensation	13.0	18.2	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	147m	147m	n/a	n/a
Shares outstanding at period end	137m	62m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	-3,117	-2,641	n/a	n/a
Redeemable equity	3,869	3,316	n/a	n/a
Debt	145	146	n/a	n/a
Other liabilities	1,199	1,213	n/a	n/a
Total liabilities and equity	2,095	2,034	n/a	n/a
Fixed assets	8.4	7.5	n/a	n/a
Goodwill	265	265	n/a	n/a
Intangible assets	1.6	1.2	n/a	n/a
Cash and equivalents	368	373	n/a	n/a
Receivables	365	347	n/a	n/a
Inventory	203	196	n/a	n/a
Other assets	884	844	n/a	n/a
Total assets	2,095	2,034	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	573	710	737	720	636	679	924	864	905	909	881	935
Cost of revenue	424	501	396	482	411	438	619	583	612	621	583	599
Gross profit	149	210	340	237	225	241	306	282	293	288	297	336
Gross margin	26%	30%	46%	33%	35%	35%	33%	33%	32%	32%	34%	36%
R&D	7.1	12.9	16.7	16.5	19.2	20.1	23.6	21.6	26.9	29.3	43.2	44.5
SG&A	47.9	48.4	53.1	60.8	72.1	70.6	86.8	73.9	84.6	82.7	101	100
Operating income	94.1	148	271	160	133	150	195	186	181	176	154	191
Operating margin	16%	21%	37%	22%	21%	22%	21%	22%	20%	19%	17%	20%
Pre-tax income	85.4	167	283	152	137	160	199	191	183	180	160	199
Tax rate	5%	23%	21%	18%	15%	27%	21%	18%	20%	27%	6%	17%
Net income	39.3	41.4	205	122	115	115	157	157	147	131	151	165
Net margin	7%	6%	28%	17%	18%	17%	17%	18%	16%	14%	17%	18%
Diluted EPS	$0.55	$0.87	n/a	$0.84	$0.79	$0.79	$1.05	$1.04	$0.97	$0.85	$0.97	$1.07
Operating cash flow	26.9	64.8	111	121	154	144	237	81.3	187	123	171	121
Capital expenditure	0.7	2.4	2.3	2.9	12.0	8.9	10.1	11.3	15.5	4.7	17.8	15.9
Free cash flow	26.2	62.4	109	118	142	135	227	70.1	171	119	154	105
Buybacks	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	62m	137m	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 7 February 2024, accession 0001628280-24-003593: the filing on EDGAR. All of Nextpower Inc.'s filings: EDGAR company page.

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