NeoVolta (NEOV) Q4 2026 Financial Results Summary
QuoteReporter
NeoVolta, Inc. (NEOV) Q4 2026: Revenue Growth Overshadowed by Increased Losses — Disappointing Quarter
NeoVolta, Inc. (NASDAQ: NEOV) reported its fourth quarter and fiscal year 2026 financial results, revealing a significant year-over-year revenue growth of 58% to $13.3 million for the fiscal year, compared to $8.4 million in fiscal year 2025. However, the fourth quarter revenue was approximately $13.5 thousand, a stark decline from $4.8 million in the same quarter of the previous year. This decline reflects a challenging environment for the company, particularly due to changes in federal tax laws that adversely affected residential and traditional installer-channel sales.
Key Financial Metrics
- Fiscal Year 2026 Revenue: $13.3 million, up $4.9 million or +58% YoY from $8.4 million in fiscal year 2025.
- Fourth Quarter Revenue: Approximately $13.5 thousand, down $4.8 million or -99.7% YoY from $4.8 million in Q4 2025.
- GAAP Net Loss for Fiscal Year 2026: $21.5 million, compared to a net loss of $5.0 million in fiscal year 2025.
- Fourth Quarter GAAP Net Loss: $11.7 million, up $10.1 million from a net loss of $1.6 million in Q4 2025.
- Adjusted EBITDA for Fiscal Year 2026: $(12.8) million, compared to $(2.6) million for fiscal year 2025.
- Fourth Quarter Adjusted EBITDA: $(8.0) million, compared to $(0.7) million in Q4 2025.
- Cash and Cash Equivalents: $22.2 million as of June 30, 2026, plus $3.2 million of restricted cash, totaling $25.4 million.
Analyst Opinion
This quarter is disappointing for shareholders, primarily due to the drastic decline in fourth-quarter revenue and the substantial increase in net losses. While the year-over-year revenue growth for the fiscal year is commendable, the fourth quarter's performance indicates significant operational challenges. The company's inability to maintain revenue levels in the face of regulatory changes raises concerns about its market adaptability and future profitability.
The increase in net loss from $5.0 million in fiscal year 2025 to $21.5 million in fiscal year 2026, alongside a fourth-quarter net loss that ballooned to $11.7 million, suggests that NeoVolta is facing severe headwinds. The provision for credit losses and bad debt expenses, totaling $3.9 million, along with a $1.1 million residential inventory obsolescence reserve, further highlight the operational difficulties the company is encountering.
Market Movements and Guidance
NeoVolta did not announce any changes to its dividend or share buyback programs in this report. However, the company is focusing on its strategic initiatives, including the ramp-up of its U.S. Battery Energy Storage System (BESS) manufacturing facility and a collaboration with SK On to enhance capacity expansion from 2027 to 2031.
Forward Catalyst
Investors should closely monitor the progress of the Pendergrass facility, which is expected to begin production ramp-up in the second quarter of fiscal year 2027. Additionally, the conversion of non-binding utility-scale and commercial and industrial (C&I) pipeline opportunities into binding orders will be crucial for NeoVolta's recovery and growth trajectory. The company's ability to navigate the regulatory landscape and adapt to market conditions will be key factors to watch in the upcoming quarters.
In summary, while NeoVolta has laid the groundwork for future growth, the current quarter's results reflect significant challenges that need to be addressed for the company to regain investor confidence.
Note: The amounts in the following tables are in thousands.
NEOVOLTA INC. Consolidated Statements of Operations
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Year Ended June 30, 2026 | Year Ended June 30, 2025 | |
|---|---|---|---|---|
| Revenue from customers | $13,500 | $4,800 | $13,300 | $8,400 |
| Cost of goods sold | $(11,000) | $(4,100) | $(11,000) | $(6,900) |
| Gross profit | $(1,100) | $575 | $2,100 | $1,500 |
| Operating expenses | $7,970 | $1,920 | $18,000 | $6,060 |
| Research and development | $1,030 | $78 | $1,500 | $157 |
| Depreciation and amortization | $136 | $- | $376 | $- |
| Total operating expenses | $9,140 | $2,000 | $20,000 | $6,220 |
| Loss from operations | $(10,000) | $(1,400) | $(18,000) | $(4,700) |
| Other income (expense) | $- | $- | $(1,000) | $- |
| Interest expense | $(22,000) | $(217) | $(66,000) | $(320) |
| Non recurring credit loss | $(14,000) | $- | $(14,000) | $- |
| Total other income (expense) | $(1,300) | $(217) | $(30,000) | $(318) |
| Net loss | $(11,500) | $(1,600) | $(21,500) | $(5,000) |
| Weighted-average shares used to compute net income per share, basic | $47,800 | $34,100 | $39,000 | $33,500 |
| Net loss per share, basic and diluted | $(0.24) | $(0.05) | $(0.55) | $(0.15) |
NEOVOLTA INC. Consolidated Balance Sheets
| Assets | June 30, 2026 | June 30, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $22,201,975 | $794,836 |
| Restricted cash | $3,150,000 | $- |
| Accounts receivable, net | $2,945,468 | $2,983,841 |
| Inventory, net | $2,133,153 | $2,137,912 |
| Prepaid expenses and other current assets (including prepaid inventory in amounts of $931,685 and $535,938, respectively) | $2,145,487 | $748,044 |
| Other current assets | $272,280 | $- |
| Total current assets | $32,848,363 | $6,664,633 |
| Construction in progress | $9,602,302 | $- |
| Property and equipment, net | $323,804 | $- |
| Net property and equipment | $9,926,106 | $- |
| Intellectual property (net of accumulated amortization of $333,859) | $1,064,641 | $- |
| Other assets: | ||
| Lease right-of-use assets, net | $8,082,546 | $140,540 |
| Prepaid service fee under third party platform | $1,631,944 | $- |
| Miscellaneous assets | $84,347 | $- |
| Total assets | $53,637,947 | $6,805,173 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable - other | $3,590,368 | $689,216 |
| Accounts payable - related party | $233,910 | $- |
| Accrued liabilities | $1,038,936 | $78,934 |
| Lease liabilities | $695,269 | $140,540 |
| Short-term notes payable | $1,120,000 | $2,603,223 |
| Total current liabilities | $6,678,483 | $3,511,913 |
| Payable to line of credit lender | $- | $383,538 |
| Lease liabilities | $7,392,124 | $- |
| Total liabilities | $14,070,607 | $3,895,451 |
| Commitments and contingencies (Note 7) | $- | $- |
| Stockholders' equity: | ||
| Common stock, $0.001 par value, 100,000,000 shares authorized, 58,308,247 shares and 34,124,873 shares issued and outstanding, respectively | $58,308 | $34,125 |
| Additional paid-in capital | $86,756,877 | $28,652,731 |
| Accumulated deficit | $(47,247,845) | $(25,777,134) |
| Total stockholders' equity | $39,567,340 | $2,909,722 |
| Total liabilities and stockholders' equity | $53,637,947 | $6,805,173 |
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