10-Q · May 14, 2026
NeoVolta reported Q3 FY2026 revenue of $2 million, slightly above the prior year's $2.01 million but significantly lower than the previous quarter's $5 million. The diluted EPS improved to -$0.08 from an estimated…
Earnings analysis · 10-K
NEOV earnings analysis
Filed September 23, 2026 · Our reading of the company's report
The latest report
NeoVolta delivered fiscal 2026 revenue growth to $13.33 million, but profitability and cash generation deteriorated sharply: net loss reached $21.47 million, operating cash burn was $15.19 million, and gross margin fell…
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NeoVolta delivered fiscal 2026 revenue growth to $13.33 million, but profitability and cash generation deteriorated sharply: net loss reached $21.47 million, operating cash burn was $15.19 million, and gross margin fell to approximately 16%. The investment case now depends heavily on executing the Georgia utility-scale manufacturing ramp and funding up to $25.0 million of additional joint-venture contributions, with potential ownership dilution if financing is unavailable. While $25.4 million of cash and restricted cash provides near-term liquidity, the absence of quantitative fiscal 2027 guidance and the company’s customer, credit, control, and execution risks support a bearish outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.55
- Segment
- One reportable segment: development and commercialization of energy storage products.
What stood out
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Strategy Expands Into Utility-Scale Storage
NeoVolta is transitioning from a residential and small-commercial storage manufacturer into an integrated energy-solutions platform spanning Residential, Commercial & Industrial, and Utility-Scale markets. Its Georgia joint venture is 80%-owned by NeoVolta and is expected to provide expanded utility-scale manufacturing capacity.
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Revenue Grew, But Margin Compressed
Fiscal 2026 revenue increased to $13.33 million from $8.43 million in fiscal 2025, but gross margin declined to approximately 16% from 18%. The company recorded a $1.119 million inventory obsolescence reserve related to weaker demand for legacy products.
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Liquidity Improved Through Financing
The company ended fiscal 2026 with $25.4 million of cash and restricted cash and $26.1 million of net working capital. However, operating cash use increased to $15.19 million from $4.43 million in fiscal 2025, while net loss widened to $21.47 million from $5.03 million.
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Georgia Plant Is the Core Growth Investment
NeoVolta invested $15.0 million in initial cash contributions to its Georgia joint venture and expects to contribute up to an additional $25.0 million through June 30, 2027. Initial plant construction is expected to be completed at the end of fiscal 2027 Q1.
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Product Roadmap Adds New Battery Module
Research and development expense rose to $1.56 million from $0.16 million in fiscal 2025, reflecting accelerated new-product development. The October 2025 Neubau asset acquisition added complementary battery-module technology, with sales expected to begin in the second half of calendar 2026.
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Capital Raised to Fund Expansion
The company raised approximately $48.6 million of net equity proceeds during fiscal 2026, including $26.3 million from the May 2026 underwritten offering, supporting working capital and the Georgia joint venture.
What to watch
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JV Funding Could Cause Dilution
NeoVolta is obligated to make additional joint-venture contributions of up to $25.0 million through June 30, 2027, while operating cash flow remains negative at $15.19 million for fiscal 2026. If financing is insufficient, the foreign partner’s parent may add new members, diluting NeoVolta’s current 80% ownership of NVP.
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Georgia Ramp Has Significant Execution Risk
The Georgia plant faces execution and commercialization risk before production begins: the filing cites competition, demand volatility, supply-chain constraints, regulatory compliance, cybersecurity, and technological-obsolescence risks, while initial production is expected to be limited after fiscal 2027 Q1. The facility also carries future undiscounted lease payments of approximately $11.4 million.
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Customer Concentration and Credit Risk
Customer and credit exposure materially worsened as federal tax-law changes affected legacy distributors and installers. The allowance for expected credit losses on receivables increased to $2.961 million from $314,200, while the three largest dealers represented approximately 39%, 15%, and 11% of fiscal 2026 revenue and 45%, 31%, and 14% of net accounts receivable.
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Material Control and Cybersecurity Weaknesses
Management concluded that internal controls over financial reporting were not effective at June 30, 2026 and identified two material weaknesses, largely because the small employee base prevents full segregation of accounting and reporting duties. The company also has no formal cybersecurity policies or procedures due to its small size.
Management's outlook
No quantitative fiscal 2027 revenue or EPS guidance is provided. The filing expects the initial phase of the Georgia plant to be completed at the end of fiscal 2027 Q1, followed by limited battery production.
Earlier filings 4
10-Q · February 13, 2026
Revenue surged to $4,645,517 for the three months ended December 31, 2025 (up from $1,071,581 a year earlier), but profitability deteriorated materially: gross margin fell to 16.6% and the company reported a net loss of…
10-Q · November 10, 2025
NeoVolta reported a strong top-line quarter with revenue of $6,650,258 (vs. $590,236 in the prior-year quarter), driving gross profit of $1,577,252 and a gross margin of ~23.7% (up from 15.7% YoY). Operating loss…
10-K · September 29, 2025
NeoVolta positions itself as a safety‑focused ESS manufacturer targeting residential retrofit and growing into commercial & industrial markets. The filing documents a rapid quarter‑by‑quarter revenue ramp (from low…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.