NeoVolta Inc.'s revenue rises 58% as loss widens to US$21.5M
June-quarter sales fell to about US$13,500, while a post-year-end secured loan added US$20 million in initial funding.
Ines Halvorsen
Fiscal 2026 revenue rose 58 per cent to US$13.3 million at NeoVolta Inc. NASDAQNEOV, according to its earnings release. The battery storage company's annual GAAP net loss widened to US$21.5 million from US$5 million in fiscal 2025. NeoVolta's manufacturing venture has a signed agreement with SK On for 9 gigawatt-hours of US-made battery cells to be supplied from 2027 through 2031.
The full-year revenue increase concealed a steep exit from the year: sales in the quarter ended June 30 fell to about US$13,500 from US$4.8 million a year earlier. NeoVolta attributed the drop to lower residential and installer-channel sales following changes in federal tax law early in 2026. Its fourth-quarter net loss widened to US$11.7 million from US$1.6 million, including a US$3.9 million credit-loss provision and a US$1.1 million reserve for aging residential inventory.
Cash and cash equivalents stood at US$22.2 million on June 30, after the company's May 2026 public offering, with another US$3.2 million restricted. After fiscal year-end, NeoVolta entered a secured loan facility with US$20 million of initial funding, less a US$1 million original issue discount. A further US$10 million requires mutual agreement with participating lenders, so it is not committed capital. NeoVolta has not given a monthly cash-use forecast or the cost of its proposed second manufacturing line, leaving the expansion's cash runway unquantified.
NeoVolta shares on NASDAQNEOV fell 5.65 per cent to US$3.17 at the 4 p.m. EDT close on Sept. 23. The earnings release followed at 4:15 p.m. EDT, so that closing price preceded the results.
"As we enter fiscal year 2027, our focus is on disciplined execution of the Pendergrass production ramp and converting commercial opportunities into durable growth," NeoVolta chief financial officer Jing Nealis said in the Sept. 23 release.
Pendergrass Ramp Awaits Site Acceptance
NeoVolta owns 80 per cent of NeoVolta Power, the venture building battery storage systems in Pendergrass, Georgia. Its first line is still in commissioning and site acceptance testing. The company targets a production ramp in the second quarter of its fiscal 2027, which ends Dec. 31, 2026. It describes a second line and 8 gigawatt-hours of annual system capacity by calendar 2028 as a possible expansion, subject to funding and the production ramp.
NeoVolta's Sept. 17 announcement describes a binding reservation of about US$53 million in manufacturing capacity for Infinite Grid Capital's Northern Ontario data-centre program in calendar 2027. That is reserved capacity, while the wider 1.1 gigawatt-hour, roughly US$200 million supply opportunity remains a nonbinding letter of intent. No contracted price per megawatt-hour is disclosed for either arrangement, and the company has not reported battery-system deliveries under them.
The signed SK On cell-supply agreement covers 9 gigawatt-hours over five years. A further 9 gigawatt-hours of cells and proposed pack purchases sit in a broader framework, with future orders still to be negotiated. Cell availability therefore has a stated window, but the release does not turn the full 18 gigawatt-hours into contracted battery-system sales.
CBAK Energy Technology Limited NASDAQCBAT said on Sept. 23 that its proposed 12 gigawatt-hour battery-cell expansion in Nanjing would advance in the second half of 2027 only if financing is secured. Its separate existing-site addition targets the end of 2026.
Read more: CBAK Energy signs Nanjing pact for planned 12 GWh battery capacity
NeoVolta's next dated test is its planned Pendergrass production ramp during its fiscal second quarter ending Dec. 31, 2026. The company has not disclosed a shipment month within its 2027 customer window.
