SCHEDULE: FMR LLC, Abigail Johnson Disclose 11.6% Stake in NextPower

FMR LLC and its Chairman and CEO, Abigail P. Johnson, have disclosed beneficial ownership of 11.6% of NextPower Inc.'s Class A Common Stock as of December 31, 2025.

Summary

• FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 17,203,278.08 shares of NextPower Inc.'s Class A Common Stock.
• This ownership represents 11.6% of the total outstanding Class A Common Stock.
• The reported ownership level was reached as of December 31, 2025.
• FMR LLC, a Delaware-organized entity, holds sole voting power over 17,175,945.49 shares and sole dispositive power over 17,203,278.08 shares.
• Abigail P. Johnson, a U.S. citizen, holds sole dispositive power over 17,203,278.08 shares, but no sole or shared voting power directly.
• The filing explicitly states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of NextPower Inc.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.

Sentiment

Score: 5

Explanation: The filing is a standard disclosure of beneficial ownership and does not contain information that would inherently suggest a positive or negative sentiment regarding the issuer's performance or prospects.

Positives

• The disclosure of a significant 11.6% stake by FMR LLC, a major institutional investor, could be interpreted as a vote of confidence in NextPower Inc.'s long-term prospects.
• The filing indicates a passive investment stance, as the securities are held in the ordinary course of business and not for influencing control, which may reduce concerns about activist investor intervention.

Risks

• No specific operational or financial risks for NextPower Inc. are disclosed within this beneficial ownership filing.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant passive investment by a major asset manager, FMR LLC (Fidelity), in NextPower Inc. Such disclosures are standard for large institutional investors reaching or exceeding the 5% ownership threshold in publicly traded companies. It primarily reflects FMR's investment strategy and portfolio allocation rather than specific industry trends for NextPower Inc. itself.

Related Party Transactions

• The filing details the relationship between FMR LLC and Abigail P. Johnson, noting that Abigail P. Johnson is a Director, Chairman, and CEO of FMR LLC. The Johnson family, including Abigail P. Johnson, are predominant owners of Series B voting common shares of FMR LLC, representing 49% of the voting power, and form a controlling group with respect to FMR LLC. This establishes the related party nature of their joint filing for beneficial ownership.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which may influence market perception and liquidity.
• Management: Awareness of a large, passive institutional holder, though the filing explicitly states no intent to influence control.

Key Dates

Recommendation

This filing is a routine disclosure of beneficial ownership by a large institutional investor. While the significant stake (11.6%) by FMR LLC and its CEO, Abigail P. Johnson, could be interpreted as a vote of confidence, the filing explicitly states the investment is in the ordinary course of business and not for the purpose of influencing control. As such, it provides no new operational or financial information about NextPower Inc. that would warrant a change in investment thesis. An investor would typically hold their position and await further fundamental news or financial reports from NextPower Inc. to make a more informed decision.

Keywords

NextPower Inc, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, SEC Filing, Equity Stake, Investment Disclosure