Nextracker acquires Origami Solar for $53 million to enter panel frame market

FREMONT, Calif. - Nextracker Inc. (NASDAQ:NXT), a prominent player in the solar tracking industry with a market capitalization of $20.95 billion, announced Monday it has acquired Origami Solar, Inc. for approximately $53 million in an all-cash transaction that includes future contingent earnout consideration. According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score, suggesting strong fundamentals for executing strategic acquisitions.

The acquisition marks Nextracker’s entry into the solar panel frame market, with the company specifically targeting steel frames as an alternative to traditional aluminum frames used in solar panels.

Origami Solar has spent four years developing roll-formed steel frame technology designed as a drop-in replacement for conventional aluminum frames. The company’s frames have already been tested and qualified by leading panel manufacturers.

Dan Shugar, founder and CEO of Nextracker, noted that solar panel frame technology has remained largely unchanged for over 45 years, despite significant increases in panel size and wind loads. "From a structural engineering perspective, the shift from aluminum to steel is compelling – steel offers greater strength at competitive cost and significantly reduced carbon intensity," Shugar said.

According to Nextracker, steel frames provide superior strength and durability, competitive cost, a more localized supply chain, and a lower carbon footprint compared to aluminum alternatives. The company also suggests steel frames could enable new mounting approaches, including robotic assembly.

Nextracker estimates the total addressable market for this technology exceeds $750 million in the U.S. alone. The company’s robust financial position, with analysts setting a high price target of $65 per share, positions it well to capture this market opportunity. For deeper insights into Nextracker’s growth potential and comprehensive financial analysis, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks.

Gregg Patterson, CEO of Origami Solar, said, "Our team has solved key challenges around design, performance, and high-volume production."

Nextracker indicated it has U.S.-based fabrication capacity in place to support rapid scaling of the technology. The acquisition brings dedicated panel frame design and engineering talent to Nextracker to drive continued innovation around optimized panel-tracker solutions.

The announcement was made in a press release statement from Nextracker. The company’s stock has shown strong momentum, trading near its 52-week high of $56.58, reflecting investor confidence in its strategic initiatives and market position.

In other recent news, Flex Ltd. reported impressive first-quarter earnings for fiscal year 2026, with an adjusted earnings per share (EPS) of $0.72, surpassing analyst expectations of $0.63. The company’s revenue also exceeded forecasts, reaching $6.6 billion against the anticipated $6.26 billion. Despite these strong financial results, KeyBanc Capital Markets maintained its Overweight rating on Flex, viewing the recent stock sell-off as a buying opportunity. The research firm highlighted that Flex raised its revenue guidance to $26.5 billion, up from $25.9 billion, although investor concerns lingered over the unchanged operating margin guidance of 6.0-6.1%.

Additionally, Flex has entered into a five-year warrant agreement with Amazon.com Inc., which Raymond James interprets as a positive signal of a long-term partnership. Meanwhile, Flex filed a prospectus supplement with the SEC, including a legal opinion related to its shares. In related industry news, Nextracker Inc., a company associated with Flex, launched its NX PowerMerge trunk connector, enhancing its electrical balance of systems portfolio. These developments reflect ongoing strategic moves and partnerships for Flex in the market.

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