58% year-over-year revenue growth to
SK ON collaboration accelerates capacity expansion with 2027-2031
Fourth Quarter and Fiscal Year 2026 Financial Highlights
- Fiscal year 2026 revenue increased 58% year-over-year to
$13.3 million , compared to$8.4 million in fiscal year 2025, reflecting the Company's expansion beyond its historical residential base. - Fourth quarter revenue was approximately
$13.5 thousand , compared to$4.8 million in the fourth quarter of fiscal year 2025, reflecting a substantial decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026. - GAAP net loss of
$21.5 million , or$(0.55) per share, for fiscal year 2026, compared to a net loss of$5.0 million , or$(0.15) per share, for fiscal year 2025. Fourth quarter GAAP net loss was$11.7 million , compared to$1.6 million in the fourth quarter of fiscal year 2025. 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. - Adjusted EBITDA of
$(12.8) million for fiscal year 2026, compared to$(2.6) million for fiscal year 2025. Fourth quarter Adjusted EBITDA was$(8.0) million , compared to$(0.7) million in the fourth quarter of fiscal year 2025. This is the first period for which the Company is disclosing Adjusted EBITDA as a supplemental non-GAAP measure.1 - Cash and cash equivalents of
$22.2 million as ofJune 30, 2026 , plus$3.2 million of restricted cash, for total cash, restricted cash and cash equivalents of$25.4 million , following the Company’sMay 2026 public offering. - Fiscal year 2026 marked the completion of the Company’s transformation into a multi-market energy storage platform, anchored by the
U.S . BESS manufacturing joint venture,NeoVolta Power LLC .
Business Highlights
Fiscal year 2026 was a transformational year for
- Launch of
NeoVolta Power, LLC , the Company’s 80%-ownedPendergrass, Georgia utility and C&I scale energy storage manufacturing joint venture. - Receipt of a formal opinion confirming Foreign Entity of Concern (FEOC) compliance for the
Pendergrass facility, the NVApex 5MWh BESS and the NVWave residential product, positioning our products’ eligibility under IRA Section 48E. - Expansion of the Company’s commercial pipeline into utility-scale and C&I markets, including a non-binding letter of intent (“LOI”) with
Infinite Grid Capital (“IGC”) for approximately 1.1 GWh (representing approximately$200 million in potential deployments) of utility-scale battery systems. Pursuing the LOI, in September,NeoVolta Power entered into a binding capacity reservation agreement with IGC to provide BESS for North Ontario Edge AI datacenter projects for calendar year 2027. - Appointment of
Jing Nealis as Chief Financial Officer, effectiveMay 18, 2026 , further strengthening the Company’s executive leadership team ahead of the production ramp. - Subsequent to fiscal year-end, on
August 31, 2026 ,NeoVolta Power announced a five-year strategic supply and manufacturing collaboration with SK On. The collaboration includes a signed agreement for SK On to supply 9 GWh ofU.S .-manufactured LFP battery cells toNeoVolta Power from 2027 through 2031, as well as a framework for broader collaboration under which SK On would supply an additional 9 GWh of LFP cells and purchase energy storage packs manufactured byNeoVolta Power from 2027 through 2031. Together, the signed agreement and broader framework are expected to support up to 18 GWh of combined activity between the companies.
Fiscal Year 2027 Key Milestones
- Complete Site Acceptance Test and commissioning of the
Pendergrass, Georgia facility, with production ramp underway from the second quarter of fiscal year 2027. - Conversion 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. - Progress toward a second
Pendergrass production line, which could scale site capacity toward 8 GWh of annual BESS production capacity in calendar year 2028, supported by the signed SK On cell-supply agreement and the broader pack-manufacturing collaboration framework. - Capital allocation priorities for fiscal year 2027 are focused on funding working capital for the production ramp and investment in the second production line. 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. The facility complements the Company’s broader capital formation strategy to fund the rapid growth in the coming quarters.
Fiscal year 2026 was the year
“More importantly, fiscal 2026 was defined by the progress we made at
“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
Conference Call Information
- Date:
Wednesday, September 23, 2026 - Time:
5:00 pm ET - Dial-in: +1 (201) 389-0908
- Webcast and accompanying slide presentation: Registration Link
A telephonic replay will be available from
The webcast replay and accompanying presentation will be available on the Investor Relations section of the Company’s website at neovolta.com/investors.
About NeoVolta
NeoVolta is an innovator in energy storage solutions dedicated to advancing reliable, high-performance power infrastructure for residential, commercial, and utility applications. With a focus on scalable technology, domestic manufacturing, and strategic partnerships, NeoVolta is positioned to support the accelerating transition toward resilient energy systems.
For more information, visit www.neovolta.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the production ramp and first commercial production at the Company’s Pendergrass, Georgia facility, potential development of a second Pendergrass production line and the scaling of annual production capacity, the SK Battery America supply agreement and related pack collaboration, expected recovery in residential volumes, conversion of pipeline opportunities into binding orders (including the non-binding Infinite Grid Capital letter of intent), the Company’s senior secured term loan facility, and the Company’s fiscal year 2027 outlook. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results may differ materially. Factors that could cause actual results to differ include, among others, risks related to the Company’s manufacturing ramp and facility commissioning, joint venture execution, customer order conversion, residential market conditions, changes in federal tax policy or IRA incentive programs, supply arrangements including the SK Battery America collaboration, availability and terms of additional financing, and access to capital, as well as other factors described in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Measures
To supplement our financial results presented on a basis in conformity with generally accepted accounting principles in the United States (“GAAP”), we use the non-GAAP measure: Adjusted EBITDA which excludes from our GAAP net loss, interest, taxes, depreciation and amortization, as well as other significant expenses including stock-based compensation that we believe are helpful in understanding our past financial performance. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Management believes that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as they exclude expenses and gains not reflective of ongoing operating results or that may be infrequent and/or unusual in nature. We exclude the nonoperating credit loss expenses and loss on debt exchanges as these costs were non-operational in nature and they are not indicative of our ongoing operational results. We also adjust for the effect of stock-based compensation expenses noting that such expenses will recur in future periods. Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance internally excluding stock-based compensation expenses.
Management also believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies. In this press release, we provided a reconciliation of non-GAAP Adjusted EBITDA to GAAP net loss, the most directly comparable GAAP financial measure.
Contacts
NEOV Investors
Bryan Baritot
Alliance Advisors IR
ir@neovolta.com
NEOV Media
Email: press@neovolta.com
Phone: 800-364-5464
Consolidated Balance Sheets | |||||||
| 2026 | 2025 | ||||||
| Assets | |||||||
| 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 | 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 | 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, | 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 | |||
Consolidated Statements of Operations | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues from contracts with customers | $ | 13,460 | $ | 4,750,913 | $ | 13,332,953 | $ | 8,426,835 | |||||||
| Cost of goods sold | (1,152,857 | ) | (4,175,474 | ) | (11,194,753 | ) | (6,920,130 | ) | |||||||
| Gross profit | (1,139,398 | ) | 575,439 | 2,138,199 | 1,506,705 | ||||||||||
| Operating expenses: | |||||||||||||||
| General and administrative | 7,974,994 | 1,929,423 | 18,347,045 | 6,065,590 | |||||||||||
| Research and development | 1,036,449 | 78,417 | 1,556,043 | 157,305 | |||||||||||
| Depreciation and amortization | 136,537 | – | 376,827 | – | |||||||||||
| Total operating expenses | 9,147,980 | 2,007,840 | 20,279,915 | 6,222,895 | |||||||||||
| Loss from operations | (10,287,378 | ) | (1,432,401 | ) | (18,141,716 | ) | (4,716,190 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Loss on debt exchanges | – | – | (1,266,030 | ) | – | ||||||||||
| Interest expense | (22,097 | ) | (217,372 | ) | (667,741 | ) | (320,417 | ) | |||||||
| Nonoperating credit loss and other | (1,430,837 | ) | – | (1,532,998 | ) | – | |||||||||
| Interest income | 80,125 | 139 | 137,775 | 2,011 | |||||||||||
| Total other income (expense) | (1,372,809 | ) | (217,233 | ) | (3,328,994 | ) | (318,406 | ) | |||||||
| Net loss | $ | (11,660,188 | ) | $ | (1,649,634 | ) | $ | (21,470,711 | ) | $ | (5,034,596 | ) | |||
| Weighted average shares outstanding - basic and diluted | 47,896,780 | 34,124,873 | 39,294,032 | 33,589,818 | |||||||||||
| Net loss per share - basic and diluted | $ | (0.24 | ) | $ | (0.05 | ) | $ | (0.55 | ) | $ | (0.15 | ) | |||
Consolidated Statements of Cash Flows | |||||||
| Year Ended | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (21,470,711 | ) | $ | (5,034,596 | ) | |
| Adjustments to reconcile net loss to net cash used in operations: | |||||||
| Stock compensation expense | 4,963,440 | 2,101,488 | |||||
| Loss on debt exchanges | 1,266,030 | – | |||||
| Amortization of ROU asset | 238,261 | 80,570 | |||||
| Depreciation and other amortization expense | 411,550 | – | |||||
| Provision for expected credit losses/bad debt expense | 4,580,554 | (4,253 | ) | ||||
| Inventory obsolescence reserve | 1,119,013 | – | |||||
| Changes in assets and liabilities | |||||||
| Accounts receivable | (3,005,031 | ) | (1,630,876 | ) | |||
| Inventory | (834,062 | ) | 41,864 | ||||
| Prepaid expenses and other current assets | (3,205,228 | ) | (606,429 | ) | |||
| Other long term assets | (84,347 | ) | – | ||||
| Accounts payable | 498,386 | 683,900 | |||||
| Accrued expenses | 505,735 | 23,150 | |||||
| Other changes, net | (175,160 | ) | (80,570 | ) | |||
| Net cash flows used in operating activities | (15,191,570 | ) | (4,425,752 | ) | |||
| Cash flows from investing activities: | |||||||
| Additions to construction in progress | (6,364,051 | ) | – | ||||
| Additions to other property & equipment | (767,272 | ) | – | ||||
| Additions to notes receivable | (1,500,000 | ) | – | ||||
| Net cash flows used in investing activities | (8,631,323 | ) | – | ||||
| Cash flows from financing activities: | |||||||
| Proceeds of public equity offerings | 35,628,565 | – | |||||
| Proceeds of private equity offering | 13,000,000 | 1,087,000 | |||||
| Borrowings under lines of credit | 1,370,000 | 500,000 | |||||
| Repayments of lines of credit | (633,538 | ) | (116,462 | ) | |||
| Borrowings under short-term notes payable | 6,697,612 | 5,106,343 | |||||
| Repayments of short-term notes payable | (7,597,341 | ) | (2,503,120 | ) | |||
| Prepayment of issuance costs for planned equity offering | (85,266 | ) | – | ||||
| Proceeds from exercise of common stock warrants | – | 160,400 | |||||
| Net cash flows from financing activities | 48,380,032 | 4,234,161 | |||||
| Net increase (decrease) in cash and restricted cash | 24,557,139 | (191,591 | ) | ||||
| Cash, restricted cash and cash equivalents at beginning of period | 794,836 | 986,427 | |||||
| Cash, restricted cash and cash equivalents at end of period | $ | 25,351,975 | $ | 794,836 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 863,083 | $ | 136,580 | |||
| Cash paid for income taxes | – | – | |||||
| Cash paid for amounts included in operating lease liabilities | 250,017 | 93,190 | |||||
| Supplemental disclosures of financing and investing activities: | |||||||
| Issuance of common stock for debt exchanges | $ | 2,969,524 | $ | – | |||
| Addition of assets for common stock | 998,000 | – | |||||
| Right-of-use assets obtained for operating lease liabilities | 8,184,869 | 221,110 | |||||
| Other equity contribution for services | 568,800 | – | |||||
GAAP to Non-GAAP Reconciliation of Net Loss to Adjusted EBITDA | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss | $ | (11,660,188 | ) | $ | (1,649,634 | ) | $ | (21,470,711 | ) | $ | (5,034,596 | ) | |||
| Interest expense | 22,097 | 217,372 | 667,741 | 320,417 | |||||||||||
| Interest income | (80,125 | ) | (139 | ) | (137,775 | ) | (2,011 | ) | |||||||
| Depreciation and amortization | 136,537 | – | 376,827 | – | |||||||||||
| Share-based compensation | 2,150,677 | 732,904 | 4,963,440 | 2,101,487 | |||||||||||
| Loss on debt exchanges | – | – | 1,266,030 | – | |||||||||||
| Nonoperating credit loss and other | 1,430,837 | – | 1,532,998 | – | |||||||||||
| Adjusted EBITDA | (8,000,164 | ) | (699,497 | ) | (12,801,449 | ) | (2,614,703 | ) | |||||||
1Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" and the accompanying reconciliation table for further information.
