NeoVolta Restores Gross Profit After Near-Zero Quarter

The Tip Desk · November 13, 2026 · 3 min read

Revenue was $2.8 million in the quarter ended September 30, 2026. Gross profit was $1.0 million, and first-batch residential TPO projects contributed $2.7 million in revenue.

NeoVolta Inc. (NEOV), a U.S.-based energy technology company delivering scalable energy storage solutions, reported revenue of $2.8 million for the quarter ended September 30, 2026, a sequential recovery from approximately $13.5 thousand in the quarter ended June 30, 2026.

The company said the rebound reflected initial sales of installed residential energy storage projects through its third-party ownership, or TPO, platform. It recognized $2.7 million of that revenue from the first batch of residential projects, including estimated California Self-Generation Incentive Program rebates recorded as variable consideration.

Gross profit was $1.0 million, or 36.5% of revenue, compared with a $1.1 million gross loss in the prior quarter. NeoVolta attributed the swing to the higher value of fully installed project sales versus a product-sale-only mix.

GAAP net loss narrowed to $7.7 million, or $(0.13) a share, from $11.7 million, or $(0.24) a share. The June quarter’s loss had included a $3.9 million provision for credit losses and bad debt and a $1.1 million residential inventory obsolescence reserve. Adjusted EBITDA was $(5.5) million, compared with $(8.0) million.

Operating expenses rose with the manufacturing build-out. General and administrative expense was $7.3 million, research and development $767 thousand, and depreciation and amortization $232 thousand. Loss from operations was $7.3 million.

The Pendergrass, Georgia facility opened in September and is on a production ramp, the company said. Inventory, net, increased to $5.9 million from $2.1 million at June 30, and contract assets appeared at $1.7 million versus none. Net property and equipment rose to $18.0 million from $9.9 million as equipment moved from construction in progress.

Utility-scale pipeline converted into backlog. NeoVolta signed a $116 million master purchase agreement for battery energy storage systems built at the Georgia plant, with deliveries anchoring the 2027 production ramp. In October it launched commercial and industrial sales under an agreement providing a minimum of $10 million in purchases through 2027, with multiple units scheduled to ship in the fourth quarter of calendar 2026.

NeoVolta Power also announced a strategic supply and manufacturing collaboration with SK On, including a signed agreement for 9 GWh of U.S.-manufactured lithium iron phosphate cells for delivery from 2027 through 2031.

Cash, restricted cash and cash equivalents were $28.8 million as of September 30, compared with $25.4 million at June 30. During the quarter the company closed a $20 million senior secured term loan to support working capital and general corporate purposes, with an additional uncommitted amount of up to $10 million subject to lender agreement. Short-term debt payable was $15.1 million.

Chief Executive Officer Ardes Johnson said the company’s focus is to execute the Pendergrass ramp, meet customer requirements and convert pipeline to committed backlog, and that utility-scale and C&I backlog plus residential recovery going into 2027 give a more defined foundation for growth. Chief Financial Officer Jing Nealis said results reflected initial execution of the residential TPO model alongside continued investment in manufacturing, and that capital allocation priorities remain working capital, customer delivery and disciplined investment aligned with customer demand.