NeoVolta Reports Fourth Quarter and Fiscal Year 2026 Financial Results
NeoVolta Inc. (NEOV) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEOVOLTA, INC. NASDAQ: NEOV NeoVolta Reports Fourth Quarter and Fiscal Year 2026 Financial Results 58% year-over-year revenue growth to $13.3 million revenue in fiscal year 2026 U.S. BESS manufacturing facility progressing to production ramp-up SK ON collaboration ac
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on revenue growth, loss magnitude, and strategic partnerships, offering traders actionable insight into valuation and risk.
Market read
First‑report FY2026 earnings for a micro‑cap in the fast‑growing BESS sector; new supply deal may shift market sentiment.
What to watch
Potential regulatory risk if IRA tax credit eligibility is challenged; execution risk on Pendergrass ramp‑up.
NeoVolta Reports Fourth Quarter and Fiscal Year 2026 Financial Results
Fiscal year revenue increased 58% year-over-year to $13.3 million, but fourth quarter revenue fell to $13,460 from $4,750,913, producing a gross loss and a substantially wider quarterly GAAP net loss. Fiscal year GAAP net loss and Adjusted EBITDA loss also widened, despite cash raised through equity offerings and progress toward the Pendergrass production ramp.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue from contracts with customers, fourth quarterGAAP | $ 13,460 | – | – |
| Revenue from contracts with customers, fiscal yearGAAP | $ 13,332,953 | – | 58% |
| Cost of goods sold, fourth quarterGAAP | $ (1,152,857 ) | – | – |
| Cost of goods sold, fiscal yearGAAP | $ (11,194,753 ) | – | – |
| Gross profit, fourth quarterGAAP | $ (1,139,398 ) | – | – |
| Gross profit, fiscal yearGAAP | $ 2,138,199 | – | – |
| General and administrative expense, fourth quarterGAAP | $ 7,974,994 | – | – |
| General and administrative expense, fiscal yearGAAP | $ 18,347,045 | – | – |
| Research and development expense, fourth quarterGAAP | $ 1,036,449 | – | – |
| Research and development expense, fiscal yearGAAP | $ 1,556,043 | – | – |
| Depreciation and amortization expense, fourth quarterGAAP | $ 136,537 | – | – |
| Depreciation and amortization expense, fiscal yearGAAP | $ 376,827 | – | – |
| Total operating expenses, fourth quarterGAAP | $ 9,147,980 | – | – |
| Total operating expenses, fiscal yearGAAP | $ 20,279,915 | – | – |
| Loss from operations, fourth quarterGAAP | $ (10,287,378 ) | – | – |
| Loss from operations, fiscal yearGAAP | $ (18,141,716 ) | – | – |
| Net loss, fourth quarterGAAP | $ (11,660,188 ) | – | – |
| Net loss, fiscal yearGAAP | $ (21,470,711 ) | – | – |
| Net loss per share - basic and diluted, fourth quarterGAAP | $ (0.24 ) | – | – |
| Net loss per share - basic and diluted, fiscal yearGAAP | $ (0.55 ) | – | – |
| Weighted average shares outstanding - basic and diluted, fourth quarterGAAP | 47,896,780 | – | – |
| Weighted average shares outstanding - basic and diluted, fiscal yearGAAP | 39,294,032 | – | – |
| Adjusted EBITDA, fourth quarternon-GAAP | $ (8,000,164 ) | – | – |
| Adjusted EBITDA, fiscal yearnon-GAAP | $ (12,801,449 ) | – | – |
Fiscal year 2027 outlook
- NoteComplete Site Acceptance Test and commissioning of the Pendergrass, Georgia facility, with production ramp underway from the second quarter of fiscal year 2027.
- NoteConversion of non-binding utility-scale and C&I pipeline into binding orders, including the Infinite Grid Capital letter of intent as well as progress toward future order documents contemplated by the broader SK On pack-manufacturing collaboration.
- NoteProgress toward a second Pendergrass production line, which could scale site capacity toward 8 GWh of annual BESS production capacity in calendar year 2028.
- NoteCapital allocation priorities for fiscal year 2027 are focused on funding working capital for the production ramp and investment in the second production line.
What drove it
- Fiscal year 2026 revenue increased 58% year-over-year to $13.3 million, reflecting the Company's expansion beyond its historical residential base.
- Fourth quarter revenue reflected a substantial decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026.
- Fourth quarter GAAP net loss increase was primarily driven by a $3.9 million provision for credit losses and bad debt expenses and $1.1 million of residential inventory obsolescence reserve.
- NeoVolta Power entered into a binding capacity reservation agreement with Infinite Grid Capital to provide BESS for North Ontario Edge AI datacenter projects for calendar year 2027.
- The SK On collaboration includes a signed agreement to supply 9 GWh of U.S.-manufactured LFP battery cells to NeoVolta Power from 2027 through 2031.
Concerns
- Fourth quarter revenue was $ 13,460, compared to $ 4,750,913 in the fourth quarter of fiscal year 2025.
- Fourth quarter gross profit was $ (1,139,398 ), compared to $ 575,439 in the fourth quarter of fiscal year 2025.
- Fiscal year GAAP net loss was $ (21,470,711 ), compared to $ (5,034,596 ) in fiscal year 2025.
- Fiscal year Adjusted EBITDA was $ (12,801,449 ), compared to $ (2,614,703 ) in fiscal year 2025.
- The Infinite Grid Capital LOI for approximately 1.1 GWh is non-binding.
What to watch
- Site Acceptance Test, commissioning and production ramp at the Pendergrass, Georgia facility from the second quarter of fiscal year 2027.
- Conversion of utility-scale and C&I pipeline opportunities into binding orders.
- Execution of the SK On signed cell-supply agreement and broader pack-manufacturing collaboration framework from 2027 through 2031.
- Progress toward a second Pendergrass production line and capacity toward 8 GWh of annual BESS production capacity in calendar year 2028.
- Working-capital funding and investment in the second production line.
Balance sheet and cash flow
- Cash and cash equivalents of $ 22,201,975 as of June 30, 2026, compared to $ 794,836 as of June 30, 2025.
- Restricted cash of $ 3,150,000 as of June 30, 2026, compared to – as of June 30, 2025.
- Cash, restricted cash and cash equivalents at end of period of $ 25,351,975, compared to $ 794,836.
- Net cash flows used in operating activities of $ (15,191,570 ), compared to $ (4,425,752 ).
- Net cash flows used in investing activities of $ (8,631,323 ), compared to –.
- Net cash flows from financing activities of $ 48,380,032, compared to $ 4,234,161.
- Proceeds of public equity offerings of $ 35,628,565.
- Proceeds of private equity offering of $ 13,000,000, compared to $ 1,087,000.
- Short-term notes payable of $ 1,120,000 as of June 30, 2026, compared to $ 2,603,223 as of June 30, 2025.
- Subsequent to June 30, 2026, the Company entered into a senior secured term loan facility providing $20 million (less an original issue discount of $1.0 million) in initial funding with the potential to increase the aggregate loan commitment by up to an additional $10 million upon mutual agreement of the Company and participating lenders.
Analysis
NeoVolta reported fiscal year 2026 revenue of $ 13,332,953, up 58% year-over-year from $ 8,426,835. The annual growth reflected expansion beyond the Company’s historical residential base. The fourth quarter, however, was markedly weaker: revenue was $ 13,460 versus $ 4,750,913 in the fourth quarter of fiscal year 2025, which the Company attributed to a substantial decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026.
The quarterly revenue decline drove a fourth quarter gross loss of $ (1,139,398 ), compared with gross profit of $ 575,439 a year earlier. General and administrative expense was $ 7,974,994 and research and development expense was $ 1,036,449 in the quarter. Fourth quarter loss from operations was $ (10,287,378 ) and GAAP net loss was $ (11,660,188 ), versus $ (1,649,634 ) a year earlier. Management identified a $3.9 million provision for credit losses and bad debt expenses and $1.1 million of residential inventory obsolescence reserve as primary contributors to the increased quarterly GAAP net loss.
For the fiscal year, gross profit rose to $ 2,138,199 from $ 1,506,705, but operating expenses increased to $ 20,279,915 from $ 6,222,895. Fiscal year GAAP net loss was $ (21,470,711 ), compared with $ (5,034,596 ), and Adjusted EBITDA was $ (12,801,449 ), compared with $ (2,614,703 ). This was the first period in which the Company disclosed Adjusted EBITDA as a supplemental non-GAAP measure. The reconciliation excludes interest, depreciation and amortization, share-based compensation, loss on debt exchanges, and nonoperating credit loss and other items.
Liquidity was supported by proceeds of public equity offerings of $ 35,628,565 and proceeds of a private equity offering of $ 13,000,000. Cash and cash equivalents were $ 22,201,975 and restricted cash was $ 3,150,000 at June 30, 2026, while net cash used in operating activities was $ (15,191,570 ) and net cash used in investing activities was $ (8,631,323 ). Subsequent to year-end, the Company entered into a senior secured term loan facility providing $20 million, less an original issue discount of $1.0 million, in initial funding, with potential for an additional $10 million upon mutual agreement.
Fiscal year 2027 priorities center on completion of Pendergrass commissioning, production ramp from the second quarter of fiscal year 2027, and conversion of the utility-scale and C&I pipeline into binding orders. The Company also cited its binding capacity reservation agreement with Infinite Grid Capital for calendar year 2027 and the SK On signed agreement for 9 GWh of U.S.-manufactured LFP cells from 2027 through 2031. The release provides no quantitative fiscal year 2027 revenue, gross margin, operating expense, or tax-rate outlook.
Management, verbatim
More importantly, fiscal 2026 was defined by the progress we made at Pendergrass. Our facility is advancing through commissioning and production-ramp activities, and our strategic collaboration with SK On supports our long-term capacity-expansion plans through a multi-year U.S.-manufactured LFP cell-supply agreement and broader pack-manufacturing collaboration. Combined with the growth of our utility-scale and C&I pipeline, we believe NeoVolta enters fiscal year 2027 with a stronger platform to execute our growth strategy,
Ardes Johnson, Chief Executive Officer of NeoVolta
Beginning this quarter, we are introducing Adjusted EBITDA as a supplemental disclosure to provide investors with greater visibility into our underlying operating performance as our business grows. Our balance sheet was strengthened by the completion of our May offering, and subsequent to year-end, we entered into a senior secured term loan facility that provides additional capital for working capital and general corporate purposes. As we enter fiscal year 2027, our focus is on disciplined execution of the Pendergrass production ramp and converting commercial opportunities into durable growth,
Jing Nealis, Chief Financial Officer of NeoVolta
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- No segment revenue, segment year-over-year change, segment quarter-over-quarter change, or segment driver table was reported.
- Prior-quarter figures and quarter-over-quarter changes were not reported for the financial metrics.
- No quantitative fiscal year 2027 revenue guidance was reported.
- No quantitative fiscal year 2027 gross margin, operating expense, or tax-rate guidance was reported.
- No dividend, share repurchase, or other capital return was reported.
- No prior outlook was provided for comparison.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
NeoVolta is transitioning from residential battery storage to utility‑scale projects, backed by a new joint‑venture and a multi‑year SK On cell supply agreement.
Ticker impact
NeoVolta Inc. filed its 8‑K reporting FY2026 results, showing 58% revenue growth and a GAAP net loss of $21.5 M.
Potential short‑term volatility; upside if market focuses on revenue growth and strategic partnership.
First‑report earnings with material numbers for a micro‑cap; investors will reassess valuation based on loss magnitude versus growth and new supply agreement.
Market effects
Highlights growing demand for utility‑scale BESS and LFP cell supply in the U.S., may benefit peers in energy storage.
U.S. battery manufacturing sector sees increased capacity commitments through 2031.
SK On partnership signals broader shift toward domestic cell supply, relevant for global EV battery supply chain.
Counterpoint
Losses may be deeper than indicated; cash burn could force dilution, making the stock overvalued despite revenue growth.
Key entities
- CompanyNeoVolta Inc.
U.S. energy‑storage firm reporting FY2026 results.
- CompanySK On
Battery cell supplier entering a multi‑year agreement with NeoVolta.
