10-Q Filing

Nextpower Inc. CIK: 1852131 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-064963`
Period End Date	20221231
Filing Date	20230309
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	d474996d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 40 Cash Flow Statement 35 Stockholders Equity 30

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit loss on accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.57M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$100.08M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$29.07M	USD	Point-in-time
Allowance for credit loss on accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.93M	USD	Point-in-time
Accounts receivable, net of allowance of $1,926 and $3,574, respectively	`AccountsReceivableNetCurrent`	$285.80M	USD	Point-in-time
Temporary equity, par value per share	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Temporary equity, par value per share	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance of $1,926 and $3,574, respectively	`AccountsReceivableNetCurrent`	$168.30M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$292.41M	USD	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	238,096.00	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$267.67M	USD	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	23.81M	shares	Point-in-time
Inventories	`InventoryNet`	$172.21M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	238,096.00	shares	Point-in-time
Inventories	`InventoryNet`	$251.20M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	23.81M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$52.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$49.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$954.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$714.06M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.42M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.91M	USD	Point-in-time
Goodwill	`Goodwill`	$265.15M	USD	Point-in-time
Goodwill	`Goodwill`	$265.15M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.38M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.53M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$28.12M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$30.91M	USD	Point-in-time
Total assets	`Assets`	$1.26B	USD	Point-in-time
Total assets	`Assets`	$1.02B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$266.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$311.35M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$26.18M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$44.19M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$77.87M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$173.22M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$39.31M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$41.19M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$63.42M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$34.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$473.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$604.61M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$35.91M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$42.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$640.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$516.16M	USD	Point-in-time
Redeemable preferred units, $0.001 par value, 23,809,524 units and 238,096 units issued and outstanding, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$522.92M	USD	Point-in-time
Redeemable preferred units, $0.001 par value, 23,809,524 units and 238,096 units issued and outstanding, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$504.17M	USD	Point-in-time
Accumulated net parent investment	`AccumulatedNetParentInvestment`	$-3.04M	USD	Point-in-time
Accumulated net parent investment	`AccumulatedNetParentInvestment`	$96.26M	USD	Point-in-time
Total parent company equity (deficit)	`StockholdersEquity`	$96.26M	USD	Point-in-time
Total parent company equity (deficit)	`StockholdersEquity`	$-3.04M	USD	Point-in-time
Total parent company equity (deficit)	`StockholdersEquity`	$86.40M	USD	Point-in-time
Total parent company equity (deficit)	`StockholdersEquity`	$463.58M	USD	Point-in-time
Total parent company equity (deficit)	`StockholdersEquity`	$456.05M	USD	Point-in-time
Total parent company equity (deficit)	`StockholdersEquity`	$488.52M	USD	Point-in-time
Total liabilities, redeemable preferred units and parent company equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time
Total liabilities, redeemable preferred units and parent company equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.26B	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.02B	USD	3 Qtrs
Revenue	`Revenues`	$513.37M	USD	1 Quarter
Revenue	`Revenues`	$1.38B	USD	3 Qtrs
Revenue	`Revenues`	$337.61M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.19B	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$431.11M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$303.84M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$909.70M	USD	3 Qtrs
Gross profit	`GrossProfit`	$108.08M	USD	3 Qtrs
Gross profit	`GrossProfit`	$196.66M	USD	3 Qtrs
Gross profit	`GrossProfit`	$82.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$33.76M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$55.48M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.61M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$39.15M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$13.28M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.65M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.60M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$127.90M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$17.11M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$58.33M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$58.66M	USD	1 Quarter
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$2.37M	USD	1 Quarter
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$1.12M	USD	3 Qtrs
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$-371.00K	USD	3 Qtrs
Interest and other (income) expense, net	`InterestIncomeExpenseNonoperatingNet`	$-91.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.02M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$61.03M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$129.02M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$57.96M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$12.84M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$35.22M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.47M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$18.44M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$45.12M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$93.80M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$12.55M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$42.59M	USD	1 Quarter

Cash Flow Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$45.12M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$93.80M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$12.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.59M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.89M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.59M	USD	3 Qtrs
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$160.75M	USD	3 Qtrs
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$25.02M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-105.74M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$72.38M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.12M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	3 Qtrs
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$167.00K	USD	3 Qtrs
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$24.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.96M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.63M	USD	3 Qtrs
Net transfers (to) from Parent	`NetTransfersFromToParent`	$-1.26M	USD	3 Qtrs
Net transfers (to) from Parent	`NetTransfersFromToParent`	$14.87M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.26M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.87M	USD	3 Qtrs
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-125.57M	USD	3 Qtrs
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$71.01M	USD	3 Qtrs
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.08M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.02M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.07M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.59M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.08M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.02M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.07M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$190.59M	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$480.00K	USD	3 Qtrs
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$422.00K	USD	3 Qtrs
Capitalized offering costs	`CapitalizedOfferingCosts`	$2.53M	USD	3 Qtrs
Capitalized offering costs	`CapitalizedOfferingCosts`	$3.81M	USD	3 Qtrs
Legal settlement paid by Parent, net of insurance recoveries	`LegalSettlementPaidByParentNetOfInsuranceRecoveries`	$20.43M	USD	3 Qtrs

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$96.26M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.04M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$86.40M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$463.58M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$456.05M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$488.52M	USD	Point-in-time
Beginning Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	$522.92M	USD	Point-in-time
Beginning Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	$504.17M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$842.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$940.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.79M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.22M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$45.12M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$93.80M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$12.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.59M	USD	1 Quarter
Paid-in-Kind dividend for Series A redeemable preferred units	`IncreaseDecreaseInDividendPaidInKind`	$-18.75M	USD	3 Qtrs
Paid-in-Kind dividend for Series A redeemable preferred units	`IncreaseDecreaseInDividendPaidInKind`	$-6.25M	USD	1 Quarter
Net transfers from Parent	`NetTransfersFromParent`	$21.45M	USD	3 Qtrs
Net transfers from Parent	`NetTransfersFromParent`	$-27.42M	USD	1 Quarter
Net transfers to Parent	`NetTransfersToParent`	$11.55M	USD	1 Quarter
Net transfers to Parent	`NetTransfersToParent`	$-14.87M	USD	3 Qtrs
Ending Balance	`StockholdersEquity`	$96.26M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.04M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$86.40M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$463.58M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$456.05M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$488.52M	USD	Point-in-time
Ending Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	$522.92M	USD	Point-in-time
Ending Balance, Units	`TemporaryEquityCarryingAmountAttributableToParent`	$504.17M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.